MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
HIMACHAL PRADESH POWER CORPORATION LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.12.2006 |
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Com. Reg. No.: |
06-30591 |
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Capital Investment
/ Paid-up Capital : |
Rs.3899.782 Millions |
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CIN No.: [Company Identification
No.] |
U40101HP2006SGC030591 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLH11804C |
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PAN No.: [Permanent Account No.] |
AABCH8615G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Hydroelectric Power Generation. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 25000000 |
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Status : |
Projects under Implementation |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Himachal Pradesh State Government undertaking company
engaged in the development of Hydroelectricity Power projects. Available
information indicates high financial responsibility of the company. The
company has various hydroelectric power projects are under implementation.
Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions being a state government company. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-177-2633812 / 2633815 / 2633816 /
26633818 |
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Fax No.: |
91-177-2633813 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Tarun Kapoor |
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Designation : |
Managing Director |
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Address : |
West View, Kelstone Estate, Shimla – 171001, |
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Date of Birth/Age : |
23.11.1961 |
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Date of Appointment : |
03.02.2008 |
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DIN No. : |
00030762 |
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Name : |
Mrs. Rajwat Sandhu |
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Designation : |
Chairman |
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Address : |
Set No. 14, Type – VI, Mehli, Near Kasumpti, Shimla – 171009, |
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Date of Birth/Age : |
18.03.1952 |
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Date of Appointment : |
01.08.2010 |
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DIN No. : |
03232689 |
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Name : |
Mr. Ajay Tyagi |
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Designation : |
Nominee Director |
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Address : |
D-1/62, Bharti Nagar, |
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Date of Birth/Age : |
10.12.1958 |
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Date of Appointment : |
10.09.2009 |
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DIN No. : |
00187429 |
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Name : |
Mr. Deepak Sanam |
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Designation : |
Nominee Director |
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Address : |
House No. 10, Type V, Kasumpti, Shimla – 171009, |
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Date of Birth/Age : |
02.01.1957 |
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Date of Appointment : |
03.12.2009 |
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DIN No. : |
02830225 |
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Name : |
Mr. Subhash Chander Negi |
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Designation : |
Director |
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Address : |
Type – VI, Sector No. 1, Kasumpti, Shimla – 171009, |
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Date of Birth/Age : |
06.08.1953 |
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Date of Appointment : |
29.05.2009 |
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DIN No. : |
01830394 |
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Name : |
Mr. Anil Chander Sharma |
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Designation : |
Whole-time Director |
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Address : |
Type – V, House, Kelston, Shimla – 171001, |
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Date of Birth/Age : |
31.07.1952 |
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Date of Appointment : |
29.01.2010 |
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DIN No. : |
02808598 |
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Name : |
Mr. Bhagat Singh Negi |
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Designation : |
Whole-time Director |
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Address : |
House No. 74, Lane – 1, Main Road, Sector – 2, Type – B, Shimla –
171009, Himachal Pradesh, India |
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Date of Birth/Age : |
09.06.1952 |
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Date of Appointment : |
01.01.2009 |
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DIN No. : |
02538162 |
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Name : |
Mr. Anil Kumar Dutta |
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Designation : |
Nominee Director |
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Address : |
19, |
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Date of Birth/Age : |
08.09.1955 |
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Date of Appointment : |
03.05.2010 |
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DIN No. : |
03106826 |
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Name : |
Mr. Chandrashekhar Bantwal Baliga |
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Designation : |
Whole-time Director |
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Address : |
Flat No.11, Block No. 12, Sectoe 6, Phase 3, Shimla – 171009, |
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Date of Birth/Age : |
06.08.1953 |
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Date of Appointment : |
02.07.2010 |
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DIN No. : |
03173413 |
KEY EXECUTIVES
|
Name : |
Mr. Sudershan Kumar Sharma |
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Designation : |
Secretary |
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Address : |
A-495, Sector – IV, Near Reserve Bank of |
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Date of Birth/Age : |
01.05.1964 |
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Date of Appointment : |
07.08.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ajay Tyagi |
|
10 |
|
Subhash Chander Negi |
|
10 |
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Deepak Sanam |
|
10 |
|
Anil Kumar Dutta |
|
10 |
|
Rajwat Sandhu |
|
10 |
|
Governor of Himachal Pradesh through Principal Secretary |
|
2877770 |
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|
1021962 |
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Total |
|
3899782 |
As on 30.09.2010
|
Category |
Percentage |
|
Government (Central and State) |
60.00 |
|
Other |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Hydroelectric Power Generation. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
Power Finance Corporation Limited, Urjanidhi, 1, Barakhamba Lane,
Connaught Place, New Delhi – 110001, Delhi, India |
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Auditors : |
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Name : |
D. L. Duggal and Company Chartered Accountant |
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Address : |
Flat No. 4, Block No. C-16, Vikas Nagar, Shimla – 171009, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.1000/- each |
Rs.4000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3899782 |
Equity Shares |
Rs.1000/-each |
Rs.3899.782
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 |
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1] Share Capital |
3899.782 |
2606.200 |
10.000 |
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2] Advance from State Government towards Share Capital |
1738.607 |
608.100 |
791.100 |
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|
3] HPSEB (Expenditure) Pending Allocation |
723.324 |
1427.031 |
0.000 |
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4] Reserves & Surplus |
0.000 |
0.000 |
137.745 |
|
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6361.713 |
4641.331 |
938.845 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
1148.855 |
547.164 |
751.628 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1148.855 |
547.164 |
751.628 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7510.568 |
5188.495 |
1690.473 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
750.508 |
530.185 |
439.181 |
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Capital work-in-progress |
3038.520 |
1546.218 |
1134.856 |
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Incidental expenses pending Allocation |
886.700 |
559.710 |
568.278 |
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INVESTMENT |
17.750 |
0.250 |
0.250 |
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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 |
9.079
|
7.012 |
17.793 |
|
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
4202.789
|
3605.676 |
502.900 |
|
|
Other Current Assets |
258.838
|
343.026 |
73.879 |
|
|
Loans & Advances |
894.694
|
693.451 |
283.031 |
|
Total
Current Assets |
5365.400
|
4649.165 |
877.603 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.225
|
1.225 |
1.225 |
|
|
Other Current Liabilities |
2568.064
|
2243.039 |
1472.252 |
|
|
Provisions |
8.703
|
11.561 |
2.510 |
|
Total
Current Liabilities |
2577.992
|
2255.825 |
1475.987 |
|
|
Net Current Assets |
2787.408
|
2393.340 |
(598.384) |
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MISCELLANEOUS EXPENSES |
29.682 |
158.792 |
146.292 |
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|
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TOTAL |
7510.568 |
5188.495 |
1690.473 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.60 |
2.37 |
|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.06 |
0.59 |
LOCAL AGENCY FURTHER INFORMATION
GENESIS
Subject was incorporated
in December 2006 under the Companies Act 1956, with the objective to plan,
promote and organize the development of all aspects of hydroelectric power on
behalf of Himachal Pradesh State Government (GoHP) and Himachal Pradesh State
Electricity Board (HPSEB) in the State of
Subject is a fast
upcoming power generating utility with all the technical and organizational
capabilities at par with other CPSU/PSUs like NTPC/SJVNL/NHPC. Efforts are
afoot to further strengthen the respective departments with professionals of
proven credentials and qualified technical manpower.
IN-HAND PROJECTS AT A GLANCE
Presently, 12 Nos.
Hydroelectric Projects are under implementation with HPPCL.
- Sawra Kuddu Hydro-Electric Project (111
MW)
- Renuka Ji Dam Project (40 MW)
- Integrated Kashang Hydro-Electric
Project (243 MW)
- Shongtong-Karcham Hydro-Electric
Project (450 MW)
- Sainj Hydro-Electric Project (100 MW)
- Chirgaon-Majhgaon Hep (60 MW)
- Tidong-II (60 MW)
- Gyspa Dam HEP (300 MW)
- Nakthan HEP (520 MW)
- Beri Nichli HEP (78 MW)
- Surgani Sundla HEP (48 MW)
CHANGE OF ADDRESS :
Registered office of the company has been
shifted from Shanti Kutir, Kamna Nagar, Chakkar, Shimla,
FORM 8 :
|
Corporate
identity number of the company |
U40101HP2006SGC030591 |
|
Name of the
company |
HIMACHAL PRADESH POWER CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable property |
|
Particular of charge
holder |
Power Finance Corporation Limited, Urjanidhi, 1, Barakhamba Lane,
Connaught Place, New Delhi – 110001, Delhi, India |
|
Nature of
instrument creating charge |
Loan Transfer
Agreement entered between Himachal Pradesh Power Corporation Limited, Shimla
(Borrower) and Power Finance Corporation Limited, New Delhi (Lender) on dated
13/01/2011 for creation of charge on all movable assets both present and
future of one Hydro Electric Project, named Kashang HEP created and to be
created with the loan amount financed by Power Finance Corporation Limited. |
|
Date of
instrument Creating the charge |
13.01.2011 |
|
Amount secured by
the charge |
Rs.2000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Loan shall be
repaid with interest tax, service charges, charges, additional interest, etc.
thereon and costs, charges expenses, losses and other monies etc. as per
terms and conditions of related loan documents. Terms of
repayment : Borrower i.e
Himachal Pradesh Power Corporation Limited, Shimla shall repay to the Power
Finance Corporation Limited(PFC) said loan along with interest tax, service
charges, charges, additional interest, etc. thereon and costs, charges
expenses, losses and other monies etc. in accordance with the terms and
conditions set out under the related loan documents. Further, the borrower
shall repay loan and interest, interest tax, other expenses etc to PFC
Limited at its registered office at Extent and
operation of the charge : The charge will
extend to and operate on the whole of movable assets created/to be created
under Kashang HE Project at District Kinnaur (H.P.) 172107.consisting of
movable plants and machineries , machinery spares, materials , fuel , stocks,
tools and accessories plant turbine and various equipment etc to secure the
loan amount of PFC and as per terms of loan documents. Others : As per Loan
documents deemed to have been executed
by the Borrower in terms of land. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Borrower's all
movable assets both present and future of Kashang HEP created and to be
created with the loan amount financed by Power Finance Corporation Limited. The location of
the above assets is in Kashang Project and surrounding area of the project at
Distt. Kinnaur (H.P.) 172107. |
FIXED ASSETS :
- Land
- Residential Building
- Non Residential Building
- Office Equipments
- Plant and Machinery
- Wireless System
- Transit Camp
- Furniture and Fixtures
- Vehicles
- Project Planner
- Computers
- Shed
- Software
- Recreation Centre
- Survey Instrument
- Laboratory Equipments
- Testing Labs
- ]Water Treatment System Plant
- Roads and Bridges
- Miscellaneous Fixed Assets
WEBSITE DETAILS
BACKGROUND
Subject was incorporated in December 2006 under the Companies Act 1956, with the objective to plan, promote and organize the development of all aspects of hydroelectric power on behalf of Himachal Pradesh State Government (GoHP) and Himachal Pradesh State Electricity Board (HPSEB) in Himachal Pradesh. The GoHP has a 60%, and HPSEB, a 40% shareholding in HPPCL.
Subject is entrusted with a target of achieving 3000 MW power generating capacity by March 2017 and 5000 MW by the year 2022.
Towards achieving this target HPPCL is engaged with development of several power projects in various parts of the state with a total projected capacity of more than 1000 MW.
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.