MIRA
INFORM REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ADANI POWER MAHARASHTRA LIMITED |
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Registered Office : |
Adani House, Near Mithakhali |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.04.2007 |
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Com. Reg. No.: |
04-50506 |
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Capital Investment / Paid-up Capital : |
Rs..21.819 Millions |
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CIN No.: [Company
Identification No.] |
U40101GJ2007PLC050506 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA07282C |
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PAN No.: [Permanent
Account No.] |
AAGCA4102J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of power generation. |
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No. of Employees : |
195 (Approximately ) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 32340000 |
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Status : |
Project Under implementation |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Adani group, Engaged in the business of
generation of power. The project of the company is still on its implementation
stage. Business is active. Payments are reported to be usually correct. In view of strong promoters, 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 PARTED BY
|
Name : |
Mr. Prashant |
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Designation : |
Accountant |
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Contact No.: |
91-9545554954 |
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Date : |
16.06.2011 |
LOCATIONS
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Registered Office : |
Adani House, Near Mithakhali |
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Tel. No.: |
91-79-26565555 |
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Fax No.: |
91-79-26565500 |
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E-Mail : |
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Factory: |
Plot No.1A, Tirora Growth Centre, MIDC, Tirora, Gondia, India |
DIRECTORS
AS ON 20.08.2010
|
Name : |
Mr. Rajesh Shantilal Adani |
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Designation : |
Chairman |
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Address : |
15, Suryaja Bunglows, Behind Sarathi Restaurant, Vastrapur, Ahmedabad
– 380 015, |
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Date of Birth/Age : |
07.12.1964 |
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Date of Appointment : |
11.04.2007 |
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Name : |
Mr. Rajendra Kumar Madan |
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Designation : |
Director |
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Address : |
K - 4/ 6, DLF Phase II, Gurgaon – 122 001, |
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Date of Birth/Age : |
28.08.1941 |
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Date of Appointment : |
25.09.2008 |
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Name : |
Mr. Subrato M. Trivedi |
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Designation : |
Director |
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Address : |
101, 1st Floor, Merlin Villa, |
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Date of Birth/Age : |
13.04.1950 |
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Date of Appointment : |
06.08.2008 |
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Name : |
Mr. Devang Sanat Desai |
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Designation : |
Director |
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Address : |
201, Parikrama, Opposite Shetrunjay Tower, Off 132 Ring Road,
Saterlite, Ahmedabad – 380015 |
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Date of Birth/Age : |
13.04.1950 |
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Date of Appointment : |
06.08.2008 |
KEY EXECUTIVES
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Name : |
Mr. Krunal D. Bhatt |
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Designation : |
Company Secretary |
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Address : |
J-7, Komal Enclave, Opposite PPCC Ground, Near Shantivan Cross Roads,
Paldi, Ahmedabad – 380 007, |
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Date of Birth/Age : |
18.10.1981 |
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Date of Appointment : |
01.03.2009 |
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Name : |
Mr. Rajesh Ramchandra Shah |
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Designation : |
Company Secretary |
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Address : |
16, Hilton Residency, Opp Shaligram 2, Anand Nagar, Seterlite, Ahmedabad
– 380051, India |
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Date of Birth/Age : |
18.10.1981 |
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Date of Appointment : |
01.03.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2010
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Names of Shareholders |
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No. of Shares |
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Adani Power Limited, Ahmedabad |
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755499896 |
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Rajesh S. Adani (Nominee of Adani Power Limited) |
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50 |
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Gautam S. Adani (Nominee of Adani Power Limited) |
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50 |
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Ameet H. Desai (Nominee of Adani Power Limited) |
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1 |
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Devang Desai (Nominee of Adani Power Limited) |
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1 |
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K. Venugopal (Nominee of Adani Power Limited) |
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1 |
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Rahul C. Shah (Nominee of Adani Power Limited) |
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1 |
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NSDL EQ, Mauritius |
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53000000 |
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Total |
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808500000 |
AS ON 20.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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6.56 |
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Bodies
corporate |
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93.44 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
S Subject is engaged in the business of power generation. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
195 (Approximately ) |
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Bankers : |
State Bank of India, State Bank Bhavan, Madame Cama Road, Mumbai -
400021, Maharashtra, India |
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Facilities: |
1. Secured Loans aggregating to Rs. 6,895,706,763 (As at 31st March,
2009 - NIL) are secured by first mortgage and charge on all immovable and
movable assets, both present and future of Phase - I & II on pari passu
basis. 2. Secured Loans aggregating to Rs. 1,047,500,000 (As at 31st March,
2009 - NIL) (Subordinate Debt) are secured by second mortgage and charge on
all immovable and movable assets, both present and future of Phase -1 &
II on pari passu basis.The above Secured Loans are further secured by pledge
of 242,620,000 Equity Shares of the Company through execution of Pledge
Agreement with Adani Power Limited as : 3. First charge for Secured Loans from Banks/Financial Institutions
aggregating Rs. 6,895,706,763 (As at 31st March, 2009 - NIL); and Second
charge for Secured Loans from Banks aggregating Rs. 1,047,500,000 (As at 31st
March, 2009 - NIL). 4. Out of above loans payable within 12 Months Is NIL (As at 31st March, 2009-NIL). |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C.C. Chokshi and Company Chartered Accountants |
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Address : |
Heritage, Third Floor, Near Gujarat Vidyapith, Off |
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Tel No.: |
91-79-27582542/27582543 |
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Fax No.: |
91-79-27582551 |
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Ultimate Holding Company: |
Adani Enterprise Limited |
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Holding Company : |
Adani Power
Limited CIN No.: U40100GJ1996PLC030533 |
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Associates: |
Shantikrupa Estate Private Limited |
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Subsidiaries : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3150000000 |
Equity Shares |
Rs.10/- each |
Rs.31500.000 millions |
|
750000000 |
Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs.7500.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
808500000 |
Equity Shares |
Rs.10/- each
|
Rs.8085.000
millions |
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Note:
Of the above equity shares 70550000 shares are
held by Adani Power Limited, the holding company and its nominees.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8085.000 |
3018.000 |
0.100 |
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2] Share Application Money |
0.00 |
0.000 |
323.273 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8085.000 |
3018.000 |
323.373 |
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LOAN FUNDS |
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1] Secured Loans |
7943.207 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.00 |
0.000 |
0.000 |
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TOTAL BORROWING |
7943.207 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16028.207 |
3018.000 |
323.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
208.326 |
111.326 |
96.196 |
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Capital work-in-progress |
13609.776 |
1543.924 |
32.038 |
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Project Development Expenditure |
1327.044 |
710.370 |
174.864 |
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Construction Material at Site |
644.421 |
134.926 |
9.857 |
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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 |
974.068
|
639.563 |
2.652 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1308.144
|
19.678 |
12.310 |
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Total
Current Assets |
2282.212
|
659.241 |
14.962 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2014.791
|
156.383 |
24.902 |
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Current Liabilities |
54.702
|
7.062 |
0.000 |
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Provisions |
3.757
|
2.092 |
0.143 |
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Total
Current Liabilities |
2073.250
|
165.537 |
25.045 |
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Net Current Assets |
208.962
|
493.704 |
(10.083) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
20.501 |
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Balance of Statement of Expenses |
29.678 |
23.750 |
0.000 |
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TOTAL |
16028.207 |
3018.000 |
323.373 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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INCOME |
-- |
-- |
-- |
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EXPENSES |
15819.242 |
2524.292 |
333.450 |
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IMPORTS |
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Capital Goods |
9323.661 |
390.793 |
NA |
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TOTAL IMPORTS |
9323.661 |
390.793 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
-- |
-- |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
-- |
-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
-- |
-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
-- |
-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
0.05 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
|
1.10
|
3.98 |
0.60 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
2014.791
|
156.383 |
24.902 |
Increase in Authorised and Paid Up
Share Capital:
During the year under review, the
company has increased the authorized share capital from Rs. 27500.000 Millions
(consisting of 2,000,000,000 equity shares of Rs. 10/- each and 750,000,000
Compulsorily Convertible Preference Shares of Rs. 10/- each) to Rs. 39000.000
Millions (consisting of 3,150,000,000 equity shares of Rs. 10/- each and
750,000,000 Compulsorily Convertible Preference Shares of Rs. 10/- each).
The company has made further issue
of 506,700,000 equity shares of Rs. 10/- each during the year 2009-10 making
the subscribed, issued and paid up equity capital to Rs. 8085.000 Millions
Project of the Company:
During the year, the company has
proposed to expand its capacity of power project at Tiroda, Dist. Gondia,
Maharashtra from 1980 MW to 3300 MW by setting up additional capacity of 1320
MW (2 unit of 660 MW- Phase III). The estimated project cost of phase III
project is approximately Rs. 63000.000 Millions which is proposed to be
financed with a senior debt - subordinate debt- equity mix of 75:5:20.
FIXED ASSETS:
- Building
- Plant and
Machinery
- Computer
- Office
Equipments
- Furniture and
Fixtures
- 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 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.44.93 |
|
|
1 |
Rs.72.42 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.