MIRA
INFORM REPORT
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Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.03.1994 |
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Com. Reg. No.: |
11- 077041 |
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Capital
Investment / Paid-up Capital : |
Rs.16400.500
millions |
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CIN No.: [Company Identification
No.] |
L74999MH1994PLC077041 |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchange. |
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Line of Business
: |
Subject is primarily engaged in the business of generation of power, operation
and maintenance of power plants and trading in power. |
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No. of Employees
: |
1060 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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 241016000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
The company is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
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Name : |
Mr. Divyakumar Bhair |
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Designation : |
Accounts Manager |
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Date : |
20.08.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-23513000/ 43437199 |
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Fax No.: |
91-22-23526400 |
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E-Mail : |
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Website : |
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Corporate Office : |
The Enclave, Behind Marathe Udyog Bhavan, New |
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Tel. No.: |
91-22-6783 8000 |
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Fax No.: |
91-22-2432 0740 |
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Vijayanagar Plant : |
Post Box No. 9, Toranagallu, District |
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Tel. No.: |
91-8395-252124 |
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Fax No.: |
91-8395-250757 |
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Ratnagiri Plant : |
Village Nandiwade, Post Jaigad, Taluka and District
Ratnagiri – 415 614, |
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Tel. No.: |
91-2357-242501 |
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Fax No.: |
91-2357-242508 |
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Hydro Project : |
Kuther Hydroelectric Project, Village and PO Garola, Tehsil
Bharmour, District Chamba – 176 309, |
DIRECTORS
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Name : |
Mr. Sajjan Jindal |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. N.K. Jain |
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Designation : |
Vice-Chairman |
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Name : |
Mr. Lalit Kumar Gupta |
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Designation : |
Joint Managing Director and Chief Executive Officer |
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Name : |
Mr. S.S. Rao |
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Designation : |
Whole-Time Director |
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Date of Birth/ Age : |
11.11.1947 |
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Qualification : |
B.E. (Electrical
Engineering) and Masters degree in Business Administration. |
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Expertise in specific functional area : |
Mr. S. S. Rao has over 40 years of experience in establishing Greenfield thermal power projects, negotiating and implementing PPAs and fuel supply agreements, power pricing, tariff structures and mechanisms, environment friendly and safe methods in operating and maintenance of power plants. Mr. Rao is a member of the New York Academy of Sciences,
Chartered Engineer ( |
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Date of
Appointment : |
12.04.2007 |
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Name : |
Mr. T. R. Bajalia |
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Designation : |
Nominee Director of IDBI Bank Limited |
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Name : |
Mr. P. Abraham, IAS (Retired) |
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Designation : |
Director |
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Name : |
Mr. D.J. Balaji Rao |
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Designation : |
Director |
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Name : |
Mr. Chandan Bhattacharya |
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Designation : |
Director |
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Date of Birth/ Age : |
13.01.1945 |
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Qualification : |
B.A (Honours) and CAIIB. |
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Expertise in specific functional area : |
Mr. Chandan
Bhattacharya is an Independent Director on the Board of the Company. He is
the former Managing Director of State Bank of India (SBI). He has also served
as member of Securities Appellate Tribunal (SAT) for 2 years. He has wide
range of experience of over 42 years in Banking, Trade and Commerce including
2 years stint in SAT which gave him valuable insight and knowledge about the
working of the capital market. He was a member of Managing Committee of Indian
Banking Association, Executive Committee of FICCI, Banking and Finance
Committee of ASSOCHAM and Head of Inter – Institutional Group on financing of
fast track Power Projects. He has also served on the Boards of SBI, |
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Date of
Appointment : |
06.03.2007 |
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Directorship in other Indian Public Limited Companies as on 31st March, 2011 : |
v Meghmani Organics
Limited v HNG Floatglass
Limited v Great Offshore
Limited v Liberty Videocon
General Insurance Company Limited v
JSW Power Trading Company Limited |
KEY EXECUTIVES
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Name : |
Mr. S. Madhavan |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. R.R. Pillai |
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Designation : |
Executive
Director |
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Name : |
Mr. Sanjay Sagar
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Designation : |
President |
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Name : |
Mr. Satish
Jindal |
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Designation : |
Chief Operating Officer
(Power Trading) |
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Name : |
Mr. Navraj Singh
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Designation : |
Senior Vice
President |
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Name : |
Mr. Kamal Kant |
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Designation : |
Senior Vice
President |
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Name : |
Mr. Ajai
Srivastava |
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Designation : |
Senior Vice
President |
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Name : |
Mr. Samirendra
Ghosh |
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Designation : |
Senior Vice
President |
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Name : |
Mr. Pramod Menon |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Divyakumar Bhair |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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190,865,332 |
11.64 |
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1,067,405,842 |
65.08 |
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1,258,271,174 |
76.72 |
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370 |
- |
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|
370 |
- |
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Total shareholding of Promoter and Promoter Group (A) |
1,258,271,544 |
76.72 |
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(B) Public Shareholding |
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1,306,320 |
0.08 |
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94,448,846 |
5.76 |
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61,663,357 |
3.76 |
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157,418,523 |
9.60 |
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26,937,362 |
1.64 |
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51,249,311 |
3.12 |
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34,828,167 |
2.12 |
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111,349,888 |
6.79 |
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17,200 |
- |
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2,815,897 |
0.17 |
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3,450 |
- |
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|
315,294 |
0.02 |
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108,198,047 |
6.60 |
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224,364,728 |
13.68 |
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Total Public shareholding (B) |
381,783,251 |
23.28 |
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Total (A)+(B) |
1,640,054,795 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
1,640,054,795 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionShareholding
belonging to the category:
"Promoter and Promoter Group"
|
Sl. |
Name of the
Shareholder |
Number |
As a % |
|
1 |
JSW Investments Private Limited |
530,760,647 |
32.36 |
|
2 |
Sun Investments Private Limited |
159,605,900 |
9.73 |
|
3 |
Sun Investments Limited |
111,285,670 |
6.79 |
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4 |
Vrindavan Services Private Limited |
90,933,690 |
5.54 |
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5 |
JSW Steel Limited |
77,980,500 |
4.75 |
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6 |
Sajjan Jindal |
74,144,262 |
4.52 |
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7 |
Sangita Jindal |
41,313,125 |
2.52 |
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8 |
Gagan Trading Company Limited |
46,959,910 |
2.86 |
|
9 |
Tarini Jindal |
25,000,000 |
1.52 |
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10 |
Tanvi Jindal |
25,000,000 |
1.52 |
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11 |
Parth Jindal |
25,000,000 |
1.52 |
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12 |
Ispat Industries Limited |
23,625,000 |
1.44 |
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13 |
Vrindavan Services Limited |
19,212,500 |
1.17 |
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14 |
JSW Investments Private Limited |
5,440,500 |
0.33 |
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15 |
JSW Cement Limited |
1,559,610 |
0.10 |
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16 |
Urmila Bhuwalka |
100,900 |
0.01 |
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17 |
Saroj Bhartia |
100,000 |
0.01 |
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18 |
Seema Jajodia |
100,000 |
0.01 |
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19 |
Nirmala Goyal |
100,000 |
0.01 |
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20 |
Narmada Fintrade Limited |
40,500 |
0.00 |
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21 |
Tarini Jindal |
2,225 |
0.00 |
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22 |
Tanvi Jindal |
2,225 |
0.00 |
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23 |
Parth Jindal |
2,225 |
0.00 |
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24 |
Sun Investments Private Limited |
600 |
0.00 |
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25 |
Jindal South West Holdings Limited |
445 |
0.00 |
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26 |
Ratan Jindal |
370 |
0.00 |
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27 |
Prithvi Raj Jindal |
370 |
0.00 |
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28 |
Nalwa Sons Investments Limited |
370 |
0.00 |
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Total |
1,258,271,544 |
76.72 |
Shareholding
belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
Life Insurance Corporation of |
80,475,310 |
4.91 |
|
2 |
Steel Traders Limited |
59,372,000 |
3.62 |
|
3 |
Indus Capital Group Limited |
48,826,047 |
2.98 |
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4 |
|
17,478,240 |
1.07 |
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Total |
206,151,597 |
12.57 |
Details of
Locked-in Shares
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Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares
as % of |
|
1 |
JSW Investments Private Limited
|
328,509,886 |
20.03 |
|
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Total |
328,509,886 |
20.03 |
BUSINESS DETAILS
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Line of Business : |
Subject is primarily engaged in the business of generation of power, operation
and maintenance of power plants and trading in power. |
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Products/ Services : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
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2010-2011 |
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Licensed and Installed Capacity-Power (as certified by the management, being a technical matter) |
MW |
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1460 |
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GENERAL INFORMATION
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No. of Employees : |
1060 (Approximately) |
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Bankers : |
v IDBI Bank Limited v ICICI Bank Limited v Punjab National Bank v
State Bank of |
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Facilities : |
Notes for
Secured Loans: Terms of
Redemptions: a) 20% Secured Redeemable
Non-Convertible Debentures of Rs.10.000 millions each, redeemable at par in
44 quarterly installments commenced from 15th July, 2001. b) Floor Rate:
6.40% and Cap Rate: 6.50% linked to MIBOR, Secured Redeemable Non-Convertible
Debentures of Rs.1.000 million each redeemable on 23rd May, 2011. c) 9.75% Secured
Redeemable Non-Convertible Debentures of Rs.1.000 million each redeemable at
par in 10 half yearly installments commencing from 20th January,
2016. d) Coupon Rates
ranging from 9% to 9.75% Secured Redeemable Non-Convertible Debentures of
Rs.1.000 million each having tranches of Rs.1200.000 millions each,
aggregating to Rs.24000.000 millions. Each tranches are redeemable at par at
different intervals commencing from 31st March, 2013 and ending at
1st November, 2022. Details of
Security : 1. Debentures
amounting to Rs.73.900 millions mentioned in 1 (a), Rupee Term Loan
aggregating to Rs.103.900 millions included in 2 (a) and (b) are secured on a
pari passu basis by (a) a first ranking legal mortgage of immovable property
of the Company’s SBU I (2 x 130 MW Thermal Power Plant at Toranagallu,
Karanataka) situated in state of Maharashtra, (b) a first ranking charge by
way of equitable mortgage of immovable assets of the Company’s SBU I and SBU
II (2 x 300 MW Thermal Power Plant at Toranagallu, Karnataka) situated in the
State of Karnataka, (c) a first ranking charge by way of hypothecation of
moveable fixed assets of the Company’s SBU I and II (d) a second ranking
charge by way of hypothecation on the current assets of Company’s SBU I and
SBU II including stock and receivables (both present and future). 2. Debentures
aggregating to Rs.1000.000 millions, mentioned in 1 (b) are secured on a pari passu basis by first ranking
legal mortgage on the freehold land situated at Mouje Maharajpura, Taluka
Kadi, District Mehsana, in the state of Gujarat. 3. Debentures
aggregating to Rs.12000.000 millions, mentioned in 1 (c) are secured on a pari passu basis by (a) a first
ranking charge by way of legal mortgage on the freehold land situated at
Mouje Maharajpura, Taluka Kadi, District Mehsana, in the state of Gujarat,
(b) a first ranking charge by way of legal mortgage of immovable assets of
the Company’s SBU I and SBU II situated in the State of Karnataka, (c) a first
ranking charge by way of hypothecation of moveable fixed assets of the
Company’s SBU I and SBU II. 4. Debentures
aggregating to Rs.24000.000 millions, mentioned in 1 (d) are secured on a
pari passu basis by (a) a first ranking charge by way of legal mortgage on
the freehold land situated at Mouje Maharajpura, Taluka Kadi, District
Mehsana, in the state of Gujarat, and (b) to be secured on a pari passu basis by a first ranking
charge by way of mortgage on fixed assets of SBU III (4 x 300 MW Thermal
Power Plant situated at District Ratnagiri, Maharashtra). 5. Rupee Term
Loan aggregating to Rs.3200.000 millions included in 2 (a) and (b) are
secured on a pari passu basis
by (a) a first ranking charge by way of equitable mortgage of immovable
assets of the Company’s SBU I and SBU II situated in the State of Karnataka, (b) a first
ranking charge by way of hypothecation of moveable fixed assets of the
Company’s SBU I and SBU II situated in the State of Karnataka, (c) a second
ranking charge by way of hypothecation on the current assets of Company’s SBU
I and SBU II including stock and receivables (both present and future). 6. Rupee Term
Loan aggregating to Rs.2200.500 millions included in 2 (a) is secured on a pari passu basis by (a) a first
ranking legal mortgage of immovable property of the Company’s SBU II situated
in state of Maharashtra, (b) a first ranking charge by way of equitable
mortgage of immovable assets of the Company’s SBU I and SBU II situated in
the State of Karnataka, (c) a first ranking charge by way of hypothecation of
moveable fixed assets of the Company’s SBU I and II (d) a second ranking
charge by way of hypothecation on the current assets of Company’s SBU I and
SBU II including stock and receivables (both present and future). 7. Rupee term loan
included in 2 (b) aggregating to Rs.121.500 millions are secured on a pari passu basis by (a) second
charge by way of mortgage on the immovable assets of Company’s SBU I and (b)
second charge by way of hypothecation of movable assets (excluding book debts)
of the Company’s SBU I. 8. Rupee Term
Loan included in 2 (b) amounting to Rs.1708.200 millions is availed, on which
security is to be created. The security for the said facility is first
ranking charge on the JSWEL’s share (i.e. 50%) in the property being
developed at Village Kole Kalyan, Taluka South Salsette, District of Mumbai
Suburban. 9. Rupee term
loan included in 2 (a) and (b) aggregating to Rs.10280.600 millions are
secured on a pari passu basis
by (a) first ranking charge by way of legal mortgage on the Company’s SBU III
immovable property situated in Ratnagiri and (b) a first ranking charge by
way of Hypothecation of moveable assets both present and future of Company’s
SBU III situated in Ratnagiri, Maharashtra. 10. Working
Capital Loans pertaining to SBU II included in 4, aggregating to Rs.2.000
millions are secured on a pari passu
basis by (a) a second ranking charge by way of equitable mortgage of
immovable assets of the Company’s SBU II situated in the State of Karnataka,
(b) a second ranking charge by way of hypothecation of moveable fixed assets
of the Company’s SBU II, (c) a first ranking charge by way of hypothecation
on the current assets of Company’s SBU II including stock and receivables
(both present and future).
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
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Address : |
Mumbai, |
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Direct and step down Subsidiaries (Control exists) : |
v JSW Power Trading Company Limited v Raj WestPower Limited v
PT. Param v Jaigad Power Transco Limited v JSW Energy (Raigarh) Limited v
JSW Energy ( v JSW Green Energy Limited v JSW Energy Natural Resources (BVI) Limited v JSW Energy Minerals Mauritius Limited v JSW Energy Natural Resources Mauritius Limited v
JSW Energy Natural Resources v South African Coal Mining Holdings Limited |
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Associates/Parties with whom the Company has entered into transactions
during the year : |
v JSW Steel Limited v JSoft Solutions Limited v Windsor Residency Private Limited v Toshiba JSW Turbine and Generator Private Limited v JSW Cement Limited v Gagan Trading Company Limited v JSW Realty and Infrastructure Private Limited v JSW Techno Projects Management Limited v Barmer Lignite Mining Company Limited** v JSW Jaigarh Port Limited v JSW Infrastructure Limited v JSW Infrastructure and Development Private Limited v Jindal Technologies and Management Services Private Limited v Jindal Steel and Power Limited ** Joint Venture between a subsidiary RajWest Power Limited and
Rajasthan State Minerals and Metals Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 millions |
|
|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1640054795 |
Equity Shares |
Rs.10/- each |
Rs.16400.500
millions |
|
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The above
includes:
(a) 31816044 Equity
Shares of Rs.10 each allotted to the shareholders of erstwhile JSW Energy
(Vijayanagar) Limited, pursuant to the Scheme of Amalgamation without payment
being received in cash
(b) 987812147
Equity Shares of Rs.10 each issued as fully paid up Bonus Shares by
Capitalisation of General Reserves and Surplus in P and L Account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16400.500 |
16400.500 |
5465.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
43853.400 |
37265.700 |
14182.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
60253.900 |
53666.200 |
19648.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
54690.600 |
20051.800 |
23311.400 |
|
|
2] Unsecured Loans |
0.000 |
1000.000 |
0.000 |
|
|
TOTAL BORROWING |
54690.600 |
21051.800 |
23311.400 |
|
|
DEFERRED TAX LIABILITIES |
1405.400 |
1181.900 |
815.100 |
|
|
|
|
|
|
|
|
TOTAL |
116349.900 |
75899.900 |
43775.100 |
|
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
47245.900 |
22647.200 |
5680.500 |
|
|
Capital work-in-progress |
28897.800 |
1739.100 |
18796.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
22870.000 |
43104.100 |
19399.400 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4808.000
|
2567.500
|
322.700 |
|
|
Sundry Debtors |
5326.000
|
2678.500
|
1114.500 |
|
|
Cash & Bank Balances |
8213.000
|
5410.100
|
264.200 |
|
|
Other Current Assets |
1283.700
|
1042.800
|
41.000 |
|
|
Loans & Advances |
11718.700
|
3530.600
|
1500.700 |
|
Total
Current Assets |
31349.400
|
15229.500
|
3243.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5158.800 |
3324.400 |
3152.900 |
|
|
Other Current Liabilities |
6897.800
|
2005.000
|
153.300 |
|
|
Provisions |
1956.600
|
1490.600
|
37.800 |
|
Total
Current Liabilities |
14013.200
|
6820.000
|
3344.000 |
|
|
Net Current Assets |
17336.200
|
8409.500
|
(100.900) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116349.900 |
75899.900 |
43775.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
38619.300 |
23728.700 |
15910.400 |
|
|
|
Other Income |
1192.200 |
681.600 |
29.400 |
|
|
|
TOTAL (A) |
39811.500 |
24410.300 |
15939.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Fuel |
20780.500 |
9268.400 |
6202.400 |
|
|
|
Operation, Maintenance
and Other Expenses |
2610.300 |
1581.600 |
1266.500 |
|
|
|
TOTAL (B) |
23390.800 |
10850.000 |
7468.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16420.700 |
13560.300 |
8470.900 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
3409.800 |
2623.000 |
1202.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13010.900 |
10937.300 |
7268.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2116.100 |
1243.200 |
596.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10894.800 |
9694.100 |
6671.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2038.700 |
1227.400 |
891.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8856.100 |
8466.700 |
5780.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12044.300 |
12280.200 |
6499.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
1815.700 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
1640.100 |
1230.000 |
0.000 |
|
|
|
Dividend Distribution Tax |
266.100 |
204.300 |
0.000 |
|
|
|
Utilised for issue of Bonus Shares |
0.000 |
7268.300 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
17178.500 |
12044.300 |
12280.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Coal |
12498.900 |
4892.000 |
133.600 |
|
|
|
Stores and Spares |
3.600 |
3.300 |
6.900 |
|
|
|
Plant and Machinery |
342.300 |
0.100 |
9598.900 |
|
|
|
Furniture and Fixtures |
1.100 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
12845.900 |
4895.400 |
9739.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.40 |
5.86 |
4.23 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
11788.100 |
|
Total Expenditure |
|
|
7725.700 |
|
PBIDT (Excl OI) |
|
|
4062.400 |
|
Other Income |
|
|
200.400 |
|
Operating Profit |
|
|
4262.800 |
|
Interest |
|
|
1045.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
3217.800 |
|
Depreciation |
|
|
835.000 |
|
Profit Before Tax |
|
|
2382.800 |
|
Tax |
|
|
480.200 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
1902.600 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
1902.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
22.25
|
34.68
|
36.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.21
|
40.85
|
41.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.86
|
25.59
|
74.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.18
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
0.52
|
1.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.23
|
0.97 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
1574.100 |
2673.400 |
1465.700 |
|
Project related Creditors |
3584.700 |
651.000 |
1687.200 |
|
|
5158.800 |
3324.400 |
3152.900 |
HISTORY
Subject, a group company of Jindal South West group, is the
first Independent Power Producer in
FINANCIAL
PERFORMANCE
Standalone
v The total revenue
of the Company for fiscal 2011 stood at Rs.39811.500 millions as against
Rs.24410.300 millions for fiscal 2010 showing an increase of 63.09%.
v The EBIDTA increased
by 21.09% from Rs.13560.300 millions in fiscal 2010 to Rs.16420.700 millions in
fiscal 2011. Profit After Tax witnessed a growth of 4.60% from Rs.8466.700
millions in fiscal 2010 to Rs.8856.100 millions in fiscal 2011.
v The net worth of
the Company increased to Rs.60253.900 millions at the end of fiscal 2011 from
Rs.53666.200 millions at the end of fiscal 2010.
v The debt gearing
of the Company was at 0.91 times as at the end of fiscal 2011 compared to 0.39
times at the end of fiscal 2010.
AMALGAMATION
The Hon’ble High
Court of Bombay vide its Order dated 24th September, 2010 approved the Scheme
of Amalgamation of JSW Energy (Ratnagiri) Limited (JSWERL), the Company’s
wholly owned subsidiary, with the Company with effect from the appointed date
viz. 1st April, 2010. The Scheme became effective on 2nd November, 2010. In
accordance with the Scheme, the assets and liabilities of JSWERL were
transferred to and vested with the Company with effect from the appointed date
- 1st April, 2010.
SUBSIDIARIES
The details of the
Subsidiary Companies are as follows:
Raj WestPower
Limited (RWPL)
RWPL, a wholly
owned subsidiary of the Company, is implementing the 8X135 MW Lignite based
Thermal Power Plant in Village Bhadresh, Barmer District, Rajasthan at a total
estimated cost of Rs.60850.000 millions. During the year, RWPL commenced
commercial operation of its Second Unit of 135 MW on 4th October,
2010, thereby increasing the installed capacity to 270 MW. RWPL has achieved
Plant Load Factor (PLF) of 53.28% and has generated 938.45 million units
(gross) during the year from this project. Out of the gross generation, RWPL
has sold 794.95 million units to Rajasthan Distribution Companies (Discoms).
The project is expected to be fully commissioned in fiscal 2012 in phases.
RWPL had executed
Implementation Agreement (IA) with the Government of Rajasthan on 29th May,
2006 for the implementation, operation and maintenance of Lignite Mining cum
Thermal Power Plant with associated facilities of 8X135 MW Power Plant based on
Lignite mined from the Jalipa and Kapurdi Mines in the Barmer District of
Rajasthan. In accordance with the IA, Barmer Lignite Mining Company Limited
(BLMCL) was incorporated on 19th January, 2007 as a Joint Venture
Company between Rajasthan State Mines and Minerals Limited (RSMML), a
Government of Rajasthan enterprise and RWPL, with equity participation of 51%
and 49% respectively to develop lignite mines in two contiguous blocks viz.
Kapurdi and Jalipa in the district of Barmer for supplying lignite to the
mine-head located 1080 MW (8x135 MW) capacity Thermal Power Plant of RWPL.
BLMCL will meet the entire fuel requirement of the Power Plant. BLMCL has
acquired land and mine development activity has commenced at Kapurdi block
while the land acquisition is being completed for Jalipa block. The transfer of
mining lease of Kapurdi Mining Block in favour of BLMCL is under process. The
lignite mining is expected to commence in fiscal 2012 for Kapurdi block and in
fiscal 2013 for Jalipa block. Fuel Supply Agreement (FSA) has been entered
between RWPL and BLMCL on 16th February, 2008 to provide lignite to
RWPL by BLMCL for a period of 30 years. BLMCL has incurred a cost of
Rs.7992.700 millions till 31st March, 2011. RWPL has invested equity
of Rs.98.000 millions besides providing subordinate unsecured debt of
Rs.3111.000 millions.
RWPL also plans to
expand capacity by setting up another 2X135 MW Power Plant at the same location
for which necessary regulatory consents are awaited. The cost of this Project
was estimated at Rs.13500.000 millions and was proposed to be financed with a
Debt to Equity ratio of 75:25. RWPL has incurred a cost of Rs.612.500 millions
towards the expansion project and the entire amount has been financed out of
the investment by the Company in RWPL.
RWPL has incurred
Rs.50880.700 millions for the project (excluding investment in BLMCL and
towards expansion project) as on 31st March, 2011. The Company has
invested Rs.21487.300 millions in RWPL (including equity for expansion project
and BLMCL) till 31st March, 2011.
RWPL and BLMCL
have filed petition with Rajasthan Electricity Regulatory Commission for grant
of provisional tariff and transfer price of lignite respectively which will
enable the units to operate on the pit-head based Power Plant.
JSW Power Trading
Company Limited (JSWPTC)
JSWPTC, a wholly
owned subsidiary of the Company, is engaged in power trading activities with a
category “I” license, the highest Power Trading license issued by Central
Electricity Regulatory Commission to trade in power in
During financial
year 2010-11, JSWPTC has procured power from the Company and its associates as
well as other suppliers. It has traded 6,227.10 MUs as against 3,774.94 MUs
during the previous financial year and generated total sales turnover of
Rs.30950.000 millions with Profit after Tax of Rs.101.700 millions. JSWPTC is a
member in both the Power Exchanges namely, IEX-India Energy Exchange and
PXIL-Power Exchange of India Limited. With the already commissioned Terminals
of these Power Exchanges, it has traded 381.28 MUs in financial year 2010-11.
JSWPTC has,
through its efforts over a period of time, emerged as one of the leading Power
Trading Companies and is today amongst the top six power trading Companies in
Jaigad
PowerTransco Limited (JPTL)
The Company
entered into a Joint Venture Agreement with Maharashtra State Electricity
Transmission Company Limited [(“MSETCL”) (74% held by the Company and 26% held
by MSETCL)] for development of Transmission System as part of Intra-state
transmission system aimed at evacuation of power generated from the Ratnagiri
region.
JPTL is one of the
few private players to have entered into transmission system under the Public
Private Partnership (PPP) model and the Company has demonstrated exceptional
capabilities in terms of executing amidst difficult and challenging
environmental terrain.
The Transmission
System is being developed by JPTL consisting of 400kV Double Circuit Quad
Transmission Lines of about 55 km between Jaigad - New Koyna and of about 111
km between Jaigad to Karad and is being developed at a project cost of
Rs.5760.000 millions. JPTL was granted Transmission License for 25 years from
Maharashtra Electricity Regulatory Commission (MERC).
Jaigad-New Koyna
transmission line achieved Commercial Operation Date (COD) on 7th
July, 2010. This Transmission Line segment is presently evacuating the power
generated from power station at Ratnagiri. The second segment of the
Transmission Project, 400kV Double Circuit Quad Jaigad – Karad Transmission Line is under
advanced stage of construction and is expected to be ready in the first quarter
of financial year 2011-12.
JPTL has incurred
Rs.4910.000 millions on the Project till 31st March, 2011. The
Company has invested Rs.1069.000 millions as Equity contribution (including
share application money) till 31st March 2011.
JSW Energy
(Raigarh) Limited (JERL)
JERL, a wholly
owned subsidiary of the Company, was incorporated on 31st August, 2009 for
setting up a 1,320 MW power plant at Raigarh, Raipur District, Chhattisgarh
based on coal. Total land required for the Project is approximately 795 acres
and acquisition process is in progress. Public Hearing was successfully done on
7th August, 2010 and final clearance from Ministry of Environment and Forests
is awaited. The total Project Cost is estimated at Rs.65000.000 millions and is
proposed to be financed with a debt equity ratio of 75:25. The Company has
invested Rs.540.400 millions as Equity contribution (including share
application money) till 31st March, 2011.
JSW Energy (
JSWEBL was
incorporated on 8th February, 2010 as a SPV between JSW Bengal Steel Limited
(JSWBSL) and the Company with 26% of share holding held by JSWBSL and 74% by
the Company. JSWEBL proposes to set up a 300 MW power plant in the 1st phase
and 1,320 MW captive power plant in the subsequent phases to meet the power
requirement of JSWBSL’s projects as a Captive Power Plant (CPP). A part of the
surplus power is proposed to be sold to West Bengal State Electricity and
Distribution Company Limited (WBSEDCL) for which JSWEBL has entered in to a
Power Purchase Agreement with WBSEDCL on 29th December, 2010 subject
to the approval of West Bengal Electricity Regulatory Commission and balance
power is proposed to be sold on merchant basis.
JSWEBL has entered
into long-term Coal Supply Agreement in March 2010 with West Bengal Mineral
Development Corporation Limited (WBMDCL) for supply of coal from the Ichhapur
coal block.
The Company has
invested Rs.564.900 millions as Equity contribution (including share
application money) till 31st March, 2011.
JSW Green Energy
Limited (JSWGEL)
JSWGEL was incorporated
on 12th January, 2011 as a wholly owned subsidiary Company for
taking up the business pertaining to Renewable Energy.
The Company has
invested Rs.0.500 million as Equity contribution till 31st March,
2011.
OVERSEAS
SUBSIDIARIES
PT Param Utama
Jaya (PTPUJ)
The Company had
acquired controlling interest in financial year 2007 in PTPUJ, an Indonesian
Company. The Company is actively evaluating the opportunities to acquire Coal
mining assets in
JSW Energy
Minerals Mauritius Limited (JSWEMML)
JSWEMML was
incorporated on 19th April, 2010 in
The Company has
made equity investment of Rs.355.500 millions in JSWEMML and advance of
Rs.1152.000 millions as loan as on 31st March, 2011.
JSW Energy Natural
Resources Mauritius Limited (JSWENRML)
JSWENRML was
incorporated on 19th April, 2010 in
JSW Energy Natural
Resources
JSWENRML has
acquired 100% shareholding of JSWENRSAL, a South African Company amounting to
Rs.266.100 millions. JSWENRSAL has invested an amount of Rs.219.100 millions in
Equity of Royal Bafokeng Capital (Proprietary) Limited (RBC) and has given an
advance of Rs.104.500 millions to RBC. Further JSWENRSAL has invested an amount
of Rs.269.900 millions in Equity of South African Coal Mining Holdings Limited
(SACMH) and advanced Rs.457.300 millions as loan as on 31st March,
2011 and balance amount advanced to SACM Breyton (PTY) Limited, subsidiary of
SACMH.
JSW Energy Natural
Resources (BVI) Limited (JSWENRBL)
JSWENRBL was
incorporated on 3rd December, 2010 in
NEW PROJECTS,
INITIATIVES AND JOINT VENTURES
Kuther Hydro
Project
The Company is implementing
the 240MW (3X80 MW), run of the river Hydro Electric Project (HEP) on the upper
reaches of river Ravi in the district of Chamba, Himachal Pradesh. An
Implementation Agreement (IA) is signed with Himachal Pradesh Government on 4th
March, 2011.
Central
Electricity Authority (CEA) has granted consent for the project on 31st
August, 2010 and has approved the estimated project cost at Rs.17981.300
millions. The Company intends to finance the Project with a Debt Equity ratio
of 75:25. In terms of IA, the Company will be required to sell certain quantum
of power to the Government of Himachal Pradesh with the balance power being
available for sale by way of short-term power purchase agreements through
JSWPTC.
The Project is
progressing well and the Company has invested Rs.1194.200 millions into the
Project upto 31st March, 2011.
660 MW Power Plant
at Vijayanagar
The Company
proposes to expand the capacity at Vijayanagar by setting up one unit of 660MW
based on super critical technology. Steps have been initiated to obtain
necessary consents to set up and operate the Power Plant. Total project cost is
estimated at Rs.36300.000 millions and is proposed to be financed with a debt
equity ratio of 75:25.
3200 MW Power
Plant at Ratnagiri
The Company is
also considering the development of the 4 X 800 (3200) MW super-critical
coal-based power plant at Ratnagiri,
The Company has
acquired certain portion of the land and also proposes to acquire/lease further
land for this project as may be required / necessary. The estimated project
cost is approximately Rs.150000.000 millions. The Company has invested
Rs.610.000 millions on this project as on 31st March, 2011.
1620 MW - Coal
based Thermal Power Plant at Jharkhand
The Company has
plans to develop a 1,620 MW Power Plant near Baranda, Jharkhand. The Company is
still in the process of finalizing the location for the Power Plant and
initiating steps to secure the fuel linkage for the proposed power project.
Toshiba JSW
Turbine and Generator Private Limited (Toshiba JSW)
Toshiba JSW has
been incorporated with a shareholding of 75% by Toshiba Corporation Limited,
The land
development, civil work, engineering and procurement of equipment have been
completed and Toshiba JSW has achieved 86 % progress on construction of
manufacturing facility on land leased from Government of Tamil Nadu near
MJSJ Coal Limited
(MJSJ)
In terms of the
Joint Venture Agreement to develop Utkal-A and Gopal Prasad (West) Thermal coal
block in Orissa, the Company has participated in the 11% equity of MJSJ, Orissa
along with four other partners. The Government of India has decided to allot
1,522 acres of Gopal Prasad west area to MJSJ. Mahanadi Coalfields Limited, a
Public sector Company holds 60% of the equity. Land acquisition is currently
under progress. The Company has invested Rs.44.100 millions in MJSJ for 11%
stake as on 31st March, 2011.
Power Exchange of
India Limited (PXIL)
The Company has
acquired 3.64% stake by investing Rs.12.500 millions in PXIL which provides the
platform for trading in electricity. PXIL is promoted by National Stock
Exchange of India Limited and National Commodities and Derivatives Exchange Limited.
CIC Energy Corp
(CIC)
The Company has
entered into a binding Agreement with CIC, a Company incorporated in the
British Virgin Islands and listed on the Toronto and Botswana Stock Exchanges
and having Coal reserves of 2.7 billion tons in Botswana, to acquire all of the
shares of CIC at a price of CAD 7.42 per share, amounting to a total
consideration of approximately CAD 422 million. The acquisition is to be
effected by a subsidiary of the Company which is subject to regulatory
approvals and completion of confirmatory due diligence while CIC has to comply
with certain conditions precedent to the offer.
Acquisition of
South African Coal Mining Holdings Limited (SACMH)
The Company
through JSWENRSAL has acquired 49.80% shareholding of Royal Bafokeng Capital
(Proprietary) Limited (RBC), a majority shareholder of SACMH with 58.47%
shareholding. JSWENRSAL has acquired an additional 30.37% stake in SACMH under
the open offer for acquiring the shares of SACMH. Thus, the Company now has an
aggregate holding of 59.49% in SACMH as on 31st March, 2011.
CREDIT RATING
CARE has assigned
'CARE AA-' (Double AA minus) rating to the long-term bank facilities of the
Company, aggregating to Rs.13860.100 millions. Non Convertible Debentures of
the Company aggregating to Rs.12000.000 millions and Rs.24000.000 millions also
have rating 'CARE AA-' (Double AA minus). The rating assigned to the shortterm
bank facilities of the Company, aggregating to Rs.11510.000 millions is 'PR 1+'
(PR One Plus). The rating assigned to the Non Convertible Debentures of the
Company aggregating to Rs.1000.000 millions is 'PR 1+' (PR One Plus).
Management Discussion and Analysis
Background
While they witnessed
a strong economic recovery, runaway inflation primarily driven by rise in
prices of food articles and commodities due to growing disposable income as
also supply side constraints lead to tightening of monetary policy. With the
focus of the government having shifted towards reining inflation through a
series of quantitative measures, the growth momentum is likely to ease in the
short run. This will provide an opportunity for the economy to consolidate and
prepare itself for the next round of sustained growth.
Industry Overview:
The XIth plan
period is expected to witness the highest capacity addition in power generation
in any plan period with estimates being revised to 62,000 MW during the Plan
Period (2007-2012). This has been feasible due to the favourable climate
provided by the government by way of reforms and active private sector
participation. The capacity additions are expected to ease out the burgeoning
deficit in the power sector and provide opportunity to consumers for quality
power.
Proper directional
policy and timely reforms are primary foundations for sustained development of
the sector in realizing the laid down objectives. Power sectors reforms have
been lopsided, restricted only to the generation segment while implementation
in the transmission and distribution segments has not kept pace. The generation
capacity additions with slow paced reforms in the transmission and distribution
segment may significantly impact perception about the sector. Hence, it is
essential for fast track implementation of reforms to keep pace with the
requirements of the sector.
Though the power
deficit continues unabated, the ability of the various distribution licensee’s
in procuring power are showing diminishing signs due to depleting financial
strength owing to transmission and distribution losses as also very inadequate
tariff revisions. This is resulting in the distribution licensee’s resorting to
load management (another name for load shedding) even though generation
capacities exist and remain idle.
The economy
continues to rely primarily on coal based thermal power plants to meet a large
portion of the power requirement. Thus, a lot of generating capacities are
being set up as planned on domestic coal and imported coal. However, the
domestic coal availability has lagged the requirements of the power sector,
which may either lead to lower capacity utilization and/or reliance on imported
coal. The demand-supply mismatch in coal is projected to increase from about 80
MT by 2011-12 to over 230 MT by 2016-17, according to official data.
The development of
captive domestic mines has been very slow due to a number of factors including
delays in environmental and forest clearances. To further add to the industry
woes, is the coal linkage which has proved to be inadequate in meeting the
demand from the power sector.
Although,
The industry also continues
to face challenges related to land acquisition, environment approval,
availability of skilled manpower.
Industry
Performance during the Financial Year 2010-11
The cumulative electricity generation during fiscal 2011
in the country, has been 811 billion units as against actual generation of 768
billion units during the previous fiscal.
The performance of
Thermal Power Plants based on coal in fiscal 2011 shows a growth of 4% over
fiscal 2010, at 535 billion units. However, the PLF has disappointed with a
significant drop to 75% in fiscal 2011 as against 78% in fiscal 2009-10.
The merchant sale
market is also maturing with increasing share of power exchanges, though
sizeable portion of the power continues to be contracted on bilateral trade
basis as it offers sustained power over a longer term besides operational
efficiency.
An Overview of the
price movements in the power trading markets indicate that bilateral prices are
relatively stable when compared to the power exchange rates.
Financial Performance
on Standalone Basis as per Indian GAAP:
During fiscal
2011, JSW Energy (Ratnagiri) Limited (JSWERL), a wholly owned subsidiary of the
Company, setting up a 1,200 MW (4 X 300 MW) power plant at Ratnagiri,
The Plant Load
Factor (PLF) of the power plant at Vijayanagar was in excess of 95%
demonstrating efficiency in operations and effective maintenance practices.
While PLF for the 600 MW plant at Vijayanagar increased from 89.78% in fiscal
2010 to 95.15% in fiscal 2011, the PLF for the 260 MW plant declined marginally
from 100.03% in fiscal 2010 to 97.72% in fiscal 2011. The PLF for the newly
commissioned 600 MW plant at Ratnagiri for fiscal 2011 was 77.34% primarily due
to plant stabilisation issues for a
The gross
generation increased by 64% to 8914 MUs in fiscal 2011 primarily due to
increase in generation capacity at Ratnagiri by 600 MW.
The auxillary
consumption was marginally higher in fiscal 2011 primarily due to higher consumption
at the additional capacity of 600 MW commissioned at Ratnagiri.
The net generation
at 8221 MUs in fiscal 2011, was higher compared to fiscal 2010 by 64% due to
increased gross generation. Despite significant increase in generation, the
Company was able to maintain almost the same proportion of merchant sales in
fiscal 2011 as that of the previous year.
Other Major
Developments:
v The Company
(through its wholly owned step down subsidiary) had acquired 49.8% stake in
Royal Bafokeng Capital (Proprietary) Limited (RBC) which holds 58.47% in South
Africa Coal Mining Holdings Limited (SACMH). Pursuant to an open offer,
resulting from the acquisition of shares in RBC, the Company has directly
acquired (through its wholly owned step down subsidiary in South
v In line with the
long-term objective of securing long-term fuel security, the Company has entered
into a binding acquisition agreement for acquisition of 100% equity
shareholding of CIC Energy Corp, a Company with mining assets in
v The Company also
commenced commercial operations of the second unit of its 8 X 135 MW power
plant at Barmer on 4th October 2010.
v The Board of
Directors of the Company have approved setting up a 660 MW super critical
technology based power plant at Vijayanagar at an estimated cost of
Rs.36300.000 millions. This expansion project will be set up adjacent to the
existing facility of 860 MW.
v The 240 MW Hydro
Electric project at Kutehr has received Techno Economic clearance from the
Central Electricity Authority (CEA) in August 2010. The public hearing for
environment clearance has already been held successfully and the Expert
Advisory committee of MOEF has recommended Environment clearance for the
Project. Prequalification of vendors has been completed for the civil works.
v The public hearing
for the 1320 MW Chattisgarh project for the MOEF clearance has been
successfully completed in August 2010 and the land acquisition activity is
progressing satisfactorily.
v The Company has
formed an SPV as a 74:26 Joint Venture with JSW Bengal Steel Limited for
setting up a 1,620 MW Power Plant in phases, subject to necessary approvals.
v Jaigad Power
Transco Limited, a 74:26 joint venture between the Company and Maharashtra
State Electricity Transmission Company Limited (MSETCL), commenced commercial
operation of the first circuit of the Double circuit Quad Moose Conductor
Transmission line, built over a distance of about 57 kms, linking Jaigad with
New Koyna from 7th July, 2010. The construction of the Jaigad-Karad
line is also nearing completion.
SCHEME OF
AMALGAMATION:
Amalgamation of
JSW Energy (Ratnagiri) Limited (JSWERL) with the Company:
A Scheme of
Amalgamation (Scheme) of the Transferor Company with the Company was sanctioned
by the Hon’ble High Court of Judicature of
a) With effect
from the Appointed date i.e. 1st April, 2010, all the assets and
liabilities recorded in the books of the Transferor Companies are transferred
to and vested in the Company pursuant to the Scheme and are recorded by the
Company at their book values.
b) The Company’s
100% equity shareholding in JSWERL has been cancelled.
c) The
Amalgamation has been accounted for under the “ Pooling of Interests Method” as
prescribed by Accounting Standard (AS) 14 ”Accounting for Amalgamations”
prescribed by the Company’s (Accounting Standards) Rules, 2006.
Pursuant to the Merger,
in respect of free hold land and lease hold land at Ratnagiri, steps are being
taken to transfer the title deeds into the name of the Company.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2011 (Rs in Millions) |
|
Guarantees/Bank
Guarantees Outstanding |
6966.400 |
|
Pledge of
Securities |
4343.800 |
|
Income Tax
matters (excluding additional interest, if any) |
783.500 |
|
Other tax
matters |
8.400 |
FIXED ASSETS
Tangible Assets
v
v
v Buildings
v Plant and Machinery
v Furniture and Fittings
v Motor Vehicles
Intangible Assets
v Specialised Softwares
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.