MIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ABHIJEET MADC NAGPUR ENERGY PRIVATE LIMITED |
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Registered
Office : |
39, Ambazari Layout, |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
12.07.2007 |
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Com. Reg. No.: |
11-172271 |
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Capital
Investment / Paid-up Capital : |
Rs.486.613 Millions |
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CIN No.: [Company Identification
No.] |
U40109MH2007PTC172271 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPA04487A |
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PAN No.: [Permanent Account No.] |
AAGCA5519B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider of thermal power plants of capacity 5000
MW. |
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No. of Employees
: |
Not Divulged by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca [16] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Project Implementation |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2007, the project is
still on its implementation stage. Payment terms are not known. Initially, the company can be considered for business dealings with
some caution. |
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
|
Name : |
Mr. Balaji |
|
Designation : |
Finance Head |
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Contact No.: |
91-9372315669 |
|
Date : |
04.07.2011 |
LOCATIONS
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Registered / Corporate Office : |
39, Ambazari Layout, |
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Tel. No.: |
91-712-224 9905 / 5570 / 7972 / 7760 |
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Fax No.: |
91-712-223 6660 |
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E-Mail : |
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Website : |
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Branch Office : |
5th Floor, Regus Business Centre, |
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Tel. No.: |
91-712-3011400 |
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Fax No.: |
91-712-6639416 |
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Also Located at
:
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DIRECTORS
As on 20.05.2010
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Name : |
Mr. Manoj Jayaswal |
|
Designation : |
Director |
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Address : |
246, Usha Sadan, Pt R.S.S. Marg, |
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Date of Birth/Age : |
25.03.1955 |
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Date of Appointment : |
12.07.2007 |
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DIN : |
00127254 |
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Name : |
Mr. Anand Arvindkumar Jayaswal |
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Designation : |
Director |
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Address : |
246, Usha Sadan, Pt. R.S.S. Marg, Civil Lines, |
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Date of Birth/Age : |
10.11.1976 |
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DIN : |
00192612 |
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Name : |
Mr. Abhishek Manoj Jayaswal |
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Designation : |
Director |
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Address : |
246, Usha Sadan, Pt. R.S.S. Marg, Civil Lines, |
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Date of Birth/Age : |
10.04.1978 |
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Date of Appointment : |
14.11.2009 |
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DIN : |
00191841 |
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Name : |
Mr. Bhaurao Kisanrao Bhonde |
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Designation : |
Director |
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Address : |
102, The Grace, 12/13, Cosmopolitan Society, Pushpapark, Aundh,Pune –
411007, |
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Date of Birth/Age : |
26.05.1947 |
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Date of Appointment : |
02.04.2009 |
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Din : |
02633660 |
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Name : |
Mr. Krishan Puthucode Narayanswami |
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Designation : |
Director |
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Address : |
102, Govinddham, 8 Union Park, Chembur, Mumbai – 400071, |
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Date of Birth/Age : |
23.09.1958 |
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Date of Appointment : |
03.09.2009 |
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Din : |
00003925 |
KEY EXECUTIVES
|
Name : |
Mr. A B Panchpakesan |
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Designation : |
Secretary |
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Address : |
413,Utkarsha Nirmal, |
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Date of Birth/Age : |
11.07.1954 |
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Date of Appointment : |
01.07.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Manoj Jayaswal |
|
4500 |
|
Abhishek Manoj Jayaswal |
|
4500 |
|
Abhijeet Infrastructure Limited, Mumbai Joint With Abhijeet Infra
Limited, Kolkata |
|
37506068 |
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Abhijeet Infra Limited, Kolkata |
|
17073532 |
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Swati Jayswal |
|
100 |
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Abhijeet Jayaswal |
|
100 |
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Maharashtra Airport Development Company Limited, Mumbai |
|
19072510 |
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Total |
|
73661310 |
As on 14.10.2010
|
Names of Shareholders |
|
No. of Shares |
|
Abhijeet Infrastructure Limited, Mumbai Joint With Abhijeet Infra
Limited, Kolkata |
|
20966719 |
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Abhijeet Infra Limited, Kolkata |
|
9544481 |
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Maharashtra Airport Development Company Limited, Mumbai |
|
10827490 |
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Total |
|
41338690 |
As on 20.05.2010
|
Category |
Percentage |
|
Bodies corporate |
74.09 |
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Directors or relatives of Directors |
0.02 |
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Other |
25.89 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of thermal power plants of capacity 5000
MW. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by Management |
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Bankers : |
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Facilities : |
Out
of the above Rupee/Foreign Currency Loans from bank amounting to Rs 252.718 (P Y NIL) together with interest there on are repayable with in one year. The above loans are
secured by:- (a) A
first mortgage and charge on all
immovable properties, pertaining to the project, both present and future,
including the project land, (b) a
first charge by way of ail tangible movable assets pertaining to the project,
including movable plant and machinery, machinery spares, tools and
accessories, furniture, fixtures, vehicles, consumables and all other movable
assets both present and future (c) a
first charge on borrower's receivables, including operating cash flows of
whatsoever nature and wherever
arising both present and future (d) a
first charge over all accounts, including without limitation, the trust and retention
account, the senior debt service reserve account, and the other retention
accounts (or any other accounts in substitution thereof, and such other bank
accounts as may be opened in terms hereof and of project documents and in all
funds from lime to time deposited therein and in all authorised investments, or other securities
representing all amounts credited thereto {e) a first charge on all intangibles of borrower including but not
limited to goodwill, undertakings, and
uncalled capital present and future, (f) a
first charge by way of assignment or otherwise creation of security interest
in (i) all the right, title, interest, benefits, claims and demands whatsoever of the
borrower in the project documents, duly acknowledged and consented to by the
relevant counter parties to
such project documents, all as amended, varied or
supplemented from time to time (ii)
the right, title, and interest of the borrower in, to and under all the
government approvals (iii) all the rights, title, interest benefits, claims
and demands what so ever of the borrower in any letter of credit, Guarantees
including Contractors Guarantees, and liquidated damages and performance bond
provided by any party to the project document (iv) all insurance contracts
and Insurance proceeds (g)
Pledge of equity shares held by the promoters aggregating to Fifty One percent (51%) of
the paid up and voting equity share capital Buyers
credit (Foreign Currency Loans) are secured byway of Guarantee assistance by one
of the consortium bank. The
aforesaid mortgages, charges, assignments and Guarantees shall in all respect
rank pari passu inter se among the
senior rupee lenders and
BCB Lenders without any preference or priority to one over the other or
others. The Subordinate
Rupee Lender shall have second charge over the aforesaid secured properties The Rupee Term Loans are further secured by Irrevocable and unconditional corporate guarantee of Abhijeet Infrastructure Limited guaranting to cover any shortfall in the amount payable in respect of loans in the event of the termination of the concession agreement. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi Sohan and Company Chartered Accountant |
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Address : |
320,Tulsiani Chambers, Nariman Point, Mumbai – 400021, |
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Holding Company : |
CIN :
U45200WB2007PLC145295 |
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Associate Company : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
75,000,000 |
Equity Shares |
Rs.10/-each |
Rs.750.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
48,661,310 |
Equity Shares |
Rs.10/-each |
Rs.486.613 millions |
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Of the above
equity shares 4072510 [P.Y.Nil] equity shares are allotted as fully paid up for
consideration other than cash
After 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,000,000 |
Equity Shares |
Rs.10/-each |
Rs.1250.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
115,000,000 |
Equity Shares |
Rs.10/-each |
Rs.1150.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.12.2009 [9 Months] |
31.03.2009 [12 months] |
31.03.2008 [12 months] |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
486.613 |
445.888 |
0.888 |
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|
2] Share Application Money |
1006.961 |
77.783 |
154.367 |
|
|
3] Reserves & Surplus |
150.000 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
1643.574 |
523.671 |
155.255 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
3849.927 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
6.466 |
|
|
TOTAL BORROWING |
3849.927 |
0.000 |
6.466 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5493.501 |
523.671 |
161.721 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.785 |
4.014 |
1.365 |
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Capital work-in-progress |
5046.711 |
2124.829 |
151.880 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
0.000 |
0.000 |
0.000 |
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|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
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|
Cash & Bank Balances |
800.240
|
2.013 |
2.764 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
28.762
|
0.310 |
3.803 |
|
Total
Current Assets |
829.002
|
2.323 |
6.567 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.003
|
0.120 |
0.179 |
|
|
Other Current Liabilities |
600.028
|
1620.509 |
0.690 |
|
|
Provisions |
0.000
|
0.615 |
0.128 |
|
Total
Current Liabilities |
610.031
|
1621.244 |
0.997 |
|
|
Net Current Assets |
218.971
|
[1618.921] |
5.570 |
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|
MISCELLANEOUS EXPENSES |
177.034 |
13.749 |
2.906 |
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|
TOTAL |
5493.501 |
523.671 |
161.721 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 [9 Months] |
31.03.2009 [12 months] |
31.03.2008 [12 months] |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.71
|
3.09 |
0.05 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
0.00 |
6.59 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from F – 8, MIDC Industrial Area,
Sundry Creditors
Details
Rs. in millions
|
Particulars |
31.12.2009 [9 Months] |
31.03.2009 [12 months] |
31.03.2008 [12 months] |
|
|
|
|
|
|
Sundry Creditors |
10.003 |
0.120 |
0.179 |
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|
Total |
10.003 |
0.120 |
0.179 |
Status of Project
With dedicated efforts of
all concerned parties, the activities for construction of the thermal power
plant have progressed well and as per schedule, Till date some major milestones
have been completed as per the construction schedule. During the year the
project configuration has been modified to 4 Units of 61.5 MW each after
evaluating the economic feasibility, which has been well supported by the
lenders and concession granting authority and ail of them have come forward to
support the same.
Financial Progress
As informed earlier, the Company had achieved financial
closure for 3 Units of 50 MW to the extent of Rs. 7140.000 millions approximately.
In view of the enhanced configuration and further addition of another Unit, the
Company had approached its Lenders for part funding of the same. The management
takes pleasure in informing that all the existing Lenders have whole heartedly supported
the same by way of enhancing their exposure to the Project. With the proposed
change, the total capital cost is expected to be Rs. 13820.000 millions. The
Company proposes to complete all financial closure related formalities within a
short time.
The Company has also
entered into discussion with Reliance Energy Trading Limited for sale of
surplus power available after supplying to MIHAN on profitable terms and expects that on the commercial operation of
the power plant, the same would generate considerable profits for the
shareholders of the Company.
Licenses and Approvals
All major license, permits
and approvals required for setting up of the Project, have either been granted
or are in different stages of approvals and the management do not envisage any
constraint in receiving the same, MADC, in all earnest is pursuing for
allocation of coal linkage for the Project with the Ministry of Coal,
Government of India and the Company reasonably expects that the same would be
achieved. Further during the year under review, MADC, has approved higher Unit
configuration and confirmed the lead technical member status of Abhijeet
Infrastructure Limited. All the other licenses and permits required for setting
up the Project is under progress and the same are not likely to affect the
completion schedule of the Project. In order to distribute electricity within
the MIHAN Area, MADC is required to obtain distribution license under the
Electricity Act, 2005 which is in process. In terms of the concession
agreement, the entire land required for setting up the power plant and its
ancillary facilities is to be provided by Maharashtra Airport Development
Company Limited, transfer of which has been delayed and the same is in process.
The management expects that the same would be completed soon.
In the absence of revenue,
the Board does not recommend any dividend for the year 2009.
Contingent
Liabilities
|
Particulars |
31.12.2009 [9 Months] |
31.03.2009 [12 months] |
|
In
respect of Counter Guarantees Executed
in favour of Banks against Letter of Credits and Bank Guarantees Opened by
them |
980.400 |
0.000 |
|
in respect of obligations
against Procurement under EPCO Scheme |
41110.000 |
0.000 |
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U40109MH2007PTC172271 |
|
Name of the
company |
ABHIJEET MADC
NAGPUR ENERGY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
39, Ambazari
Layout, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10171452 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank Limited, |
|
Nature of
instrument creating charge |
Deed of
assignment dated 11.11.2010 between SREI Infrastructure Finance Limited,
State Bank of Mysore, Axis Bank [as security trustee and lenders agent] and
company. |
|
Date of
instrument Creating the charge |
11.11.2010 |
|
Amount secured by
the charge |
Rs.11051.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 12.75% p.a ( Floating)- Senior Rupee Loan and Add Senior Rupee Loan,
Subordinate Rupee Loan - 14.75 % p.a (floating) linked to the Axis Bank BPLR
and ECB Loan- 6 months USD LIBOR + Margin 485 bps p.a. Terms of
Repayment – -> ECB Loan- Repayment shall be made in forty
eight quarterly installments commencing from June 30, 2011 (each a
"Repayment Installment") by way of credit to ECB lender's Bank
Account. Other loans i. e. Senior Rupee Loan, Additional Senior Rupee Loan, -> Subordinate
Rupee Loan and Subordinate Rupee Loan, the repayment shall commence from
April 30, 2011 which is the first repayment date and end on March 31, 2023. Margin - 75:5:20 Extent and
Operation of the charge - First Pari Passu Charge in favour Rupee Lenders,
ECB Lenders and Additional Senior Rupee Lenders and Second Pari Passu Charge
in favour of subordinate Rupee Lender and Additional Subordinate Rupee
Lender. |
|
Particulars of
the present modification |
Pursuant to assignment
of facility amounting to Rs.904.600 millions by SREI Infrastructure Finance
Limited [SREI] to State Bank of |
FIXED ASSETS :
·
·
Free
·
Computer
·
Software
·
Office Equipments
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 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.44.49 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.