MIRA
INFORM REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
OPG POWER GENERATION PRIVATE LIMITED |
|
|
|
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Registered
Office : |
26, k. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
|
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|
Date of
Incorporation : |
21.02.2005 |
|
|
|
|
Com. Reg. No.: |
55-055442 |
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|
|
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CIN No.: [Company Identification
No.] |
U40109TN2005PTC055442 |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHEO03592B |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Services Provider of Electricity Distribution. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5700000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company having satisfactory track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
26, K. Bharthidasan Road, Teynampet, Chennai-600018, Tamil Nadu, India |
|
Tel No : |
91-44-42030836 / 42130575 |
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Fax No : |
91-44-42030835 |
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E-Mail : |
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Website : |
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Overseas Office : |
OPG Power Ventures Plc, IOMA
House, Hope Street, Douglas, Isle of Man, United Kingdom |
|
Tel No : |
91-44- 1624-681391 |
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Fax No : |
91-44-1624-681200 |
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|
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Branches : |
India 117, P S Sivaswami Salai, ST Ebbas Ave, Mylapore, Chennai-600004,
Tamil Nadu, India Tel No : 91-44-42911222 Fax No: 91-44-42911209 |
DIRECTORS
As On : 27.09.2010
|
Name : |
Mr. Arvind Gupta |
|
Designation : |
Managing Director |
|
Address : |
No.17, Bishopgarden Rapuram, Chennai-600018, Tamil Nadu, India |
|
Date of Birth/Age : |
26.02.1961 |
|
Date of Appointment : |
21.02.2005 |
|
DIN No : |
00092677 |
|
|
|
|
Name : |
Mr. K Ramamoorthy |
|
Designation : |
Director |
|
Address : |
13, Gangai Street, Kalashetra Colony, Besant Nagar, Chennai-600090,
Tamil Nadu, India |
|
Date of Birth/Age : |
10.08.1938 |
|
Date of Appointment : |
16.09.2006 |
|
DIN No : |
00187030 |
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|
|
|
Name : |
Mr. Munish Chandra Gupta |
|
Designation : |
Chairman |
|
Address : |
House No.771, Sector.15, Partii Guragon-122001, Haryana, India |
|
Date of Birth/Age : |
23.07.1938 |
|
Date of Appointment : |
26.09.2007 |
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DIN No : |
01362556 |
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|
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Name : |
Mr. V. Narayan Swami |
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Designation : |
Director |
|
Address : |
72, Arunadale Nagar, Appar Street, Kalashetra Colony, Chennai-600090,
Tamil Nadu, India |
|
Date of Birth/Age : |
26.09.1950 |
|
Date of Appointment : |
26.09.2007 |
|
DIN No : |
00321833 |
|
|
|
|
Name : |
Mr. R. B. Moorthy |
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Designation : |
Director |
|
Address : |
C-15, Block ‘C’, 1st Floor, Sairam Flats 95/96, arcot Road,
Chennai-600087, Tamil Nadu, India |
|
Date of Birth/Age : |
19.11.1944 |
|
Date of Appointment : |
14.07.2010 |
|
DIN No : |
03153952 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
Class A |
|
Sri Hari Vallabhaa Enterprises and Investments Private Limited, India |
|
1925000 |
|
Dhanvarsh Enterprises and Investments Private Limited, India |
|
1925000 |
|
Total |
|
3850000 |
|
|
|
|
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
Class B |
|
Gita Energy Private Limited, Cyprus |
|
4888730 |
|
Gita Holding Private Limited, Cyprus |
|
4893914 |
|
Total |
|
9782644 |
AS ON 12.11.2010
|
Names of Allottee |
|
No. of Shares |
|
Gita Energy Private Limited, Cyprus |
|
108424 |
|
Gita Holding Private Limited, Cyprus |
|
108424 |
|
Total |
|
216848 |
AS ON 27.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
71.76 |
|
Bodies corporate |
|
28.24 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Services Provider of Electricity Distribution. |
GENERAL INFORMATION
|
Bankers : |
v Punjab National
Bank, Mylapore Branch, 150, LUZ Church Road, Mylapore, Chennai-600004, Tamil
Nadu, India v Indian Bank v Oriental Bank of
Commerce |
|||||||||||||||
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|||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Om Prakash and Company Chartered Accountant |
|
Address : |
No.356, Mint Street, 2nd Floor, Chennai-600079, Tamil Nadu,
India |
|
Tel. No.: |
91-44-25385665 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares Class A |
Rs. 10/- each |
Rs. 40.000 millions |
|
10000000 |
Equity Shares Class B |
Rs. 10/- each |
Rs. 100.000 millions |
|
|
Total |
|
Rs. 140.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3850000 |
Equity Shares Class A |
Rs. 0.10 paisa each |
Rs. 0.385
million |
|
9782644 |
Equity Shares Class B |
Rs. 10 each |
Rs. 97.826
millions |
|
|
Total |
|
Rs. 98.211 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
98.211 |
95.711 |
0.100 |
|
|
2] Share Application Money |
0.000 |
470.383 |
506.650 |
|
|
3] Reserves & Surplus |
1330.284 |
1130.420 |
0.018 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.0000 |
|
|
NETWORTH |
1428.495 |
1696.514 |
506.768 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2170.144 |
1185.428 |
267.731 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.0000 |
|
|
TOTAL BORROWING |
2170.144 |
1185.428 |
267.731 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
3598.639 |
2881.942 |
774.499 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
168.787 |
147.431 |
92.703 |
|
|
Capital work-in-progress |
3557.783 |
2456.705 |
589.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.838 |
110.535 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
94.090
|
0.000 |
0.000 |
|
|
Sundry Debtors |
108.658
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
35.283
|
168.152 |
49.483 |
|
|
Other Current Assets |
0.000 |
0.000 |
33.750 |
|
|
Loans & Advances |
63.333
|
153.225 |
9.925 |
|
Total
Current Assets |
301.364
|
321.377 |
93.158 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
169.339
|
0.559 |
0.000 |
|
|
Other Current Liabilities |
261.794
|
153.547 |
0.185 |
|
|
Provisions |
0.000
|
0.000 |
0.499 |
|
Total
Current Liabilities |
431.133
|
154.106 |
0.684 |
|
|
Net Current Assets |
(129.769)
|
167.271 |
92.474 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
3598.639 |
2881.942 |
774.499 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
103.415 |
NA |
NA |
|
|
|
Other Income |
14.914 |
14.380 |
0.025 |
|
|
|
TOTAL |
118.329 |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.467 |
4.551 |
0.014 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.185 |
2.234 |
0.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
2.282 |
2.317 |
0.010 |
|
|
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.93
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.35
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.74
|
0.97 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.82
|
0.79 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70
|
2.08 |
136.19 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 26, Nooker Nala Muthu Street, Chennai-600001,
Tamil Nadu, India to the present address w.e.f.01.04.2007
FORM 8
|
Corporate
identity number of the company |
U40109TN2005PTC055442 |
|
Name of the
company |
OPG
POWER GENERATION PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
26, K. Bharthidasan Road, Teynampet, Chennai-600018, Tamil Nadu. |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of charge
holder |
Punjab National Bank, Mylapore Branch, 150, LUZ Church Road, Mylapore,
Chennai-600004, Tamil Nadu, India |
|
Nature of
instrument creating charge |
Title Deed Register |
|
Date of
instrument Creating the charge |
22.12.2010 |
|
Amount secured by
the charge |
Rs.2900.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per Original charge dated 25/06/2010 Terms of
repayment As
per Original charge dated 25/06/2010 Margin As
per Original charge dated 25/06/2010 Extent and
operation of the charge As per agreement Other 1)
Punjab National Bank : Rs.1250.000
millions. 2)
Indian Bank :
Rs.1150.000 millions. 3)
Bank of India : Rs.
500.000 millions. Total : Rs.2900.000
millions. |
|
Short particulars
of the property charged (Including location of the property) |
Immovable
property details as per attachment. |
|
Charge
identification number of the charge to be modified |
10232394 |
|
Particulars of
the present modification |
By
the present modification, There
is no change in the existing limits. Deposit
of title deeds of company's land admeasuring 28 acres and 24 cents situate at
Pappankuppam village, Gummidipoondi TK, Thiruvalluvar Dist., as security to
secure the limit of Rs.2900.000 millions. |
FIXED ASSETS
v
Free Hold Land
v
Lease Hold Land
v
Computer and Accessories
v
Furniture and Fixtures
v
Office Equipments
v
Tools
v
Vehicles
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.45.20 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.