MIRA
INFORM REPORT
|
Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA STATE ELECTRICITY TRANSMISSION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Prakashganga Plot No. C 19, E Block Bandra Kurla Complex, Bandra East,
Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
11-153646 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109MH2005SGC153646 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM27049E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM2936N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Company engaged in transmission of electricity. |
|
|
|
|
No. of Employees
: |
Information Declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 123300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a state Government Company engaged in transmission of
electricity. It is a well established company having fine track. The creditors and
lenders can be confident of their exposures in the company. 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.
INFORMATION DECLINED BY
|
Name : |
Dr. Jyoti Arora |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-22-26595031 91-9930444303 |
|
Date : |
09.11.2011 |
LOCATIONS
|
Registered Office : |
Prakashganga Plot No. C 19, E Block Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26595031 |
|
Mobile No.: |
91-9930444303 (Ms. Jyoti Arora) |
|
Fax No.: |
91-22-26592316 |
|
E-Mail : |
|
|
|
|
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Arvind Singh |
|
Designation : |
Managing Director |
|
Address : |
36, Ambar Narayan Dabholkar Marg, Malber Hills, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
14.05.1963 |
|
Date of Appointment : |
21.08.2009 |
|
DIN No.: |
02780573 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U40100MH2005SGC153649 |
MSEB
HOLDING COMPANY LIMITED |
Director |
23-06-10 |
21-08-09 |
- |
Active |
NO |
|
2 |
U40109MH2005SGC153646 |
MAHARASHTRA
STATE ELECTRICITY TRANSMISSION COMPANY LIMITED |
Managing
director |
11-06-10 |
21-08-09 |
- |
Active |
NO |
|
Name : |
Mr. Subrat Prafulla Chandra Ratho |
|
Designation : |
Director |
|
Address : |
38, Amber Apartments, 9th floor, Narayan Dabholkar Marg,
Malba Hills, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1962 |
|
Date of Appointment : |
22.06.2010 |
|
DIN No.: |
00502716 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U40100MH2005SGC153649 |
MSEB
HOLDING COMPANY LIMITED |
Managing
director |
27-06-06 |
27-06-06 |
- |
Active |
NO |
|
2 |
U40109MH2005SGC153645 |
MAHARASHTRA
STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED |
Director |
28-11-06 |
07-07-06 |
09-08-11 |
Active |
NO |
|
3 |
U40105DL2005PTC138458 |
RATNAGIRI
GAS AND POWER PRIVATE LIMITED |
Nominee
director |
29-08-08 |
15-07-06 |
- |
Active |
NO |
|
4 |
U40100MH2005SGC153648 |
MAHARASHTRA
STATE POWER GENERATION COMPANY LIMITED |
Managing
director |
15-06-10 |
28-07-06 |
- |
Active |
NO |
|
5 |
U10102MH2006SGC165327 |
MAHAGUJ
COLLIERIES LIMITED |
Managing
director |
02-02-09 |
01-11-06 |
- |
Active |
NO |
|
6 |
U40109MH2005SGC153646 |
MAHARASHTRA
STATE ELECTRICITY TRANSMISSION COMPANY LIMITED |
Director |
29-09-10 |
30-11-06 |
02-08-11 |
Active |
NO |
|
7 |
U40109MH2007SGC176309 |
MAHARASHTRA
STATE ELECTRIC POWER TRADING COMPANY PRIVATE LIMITED |
Director |
29-11-07 |
29-11-07 |
29-03-08 |
Active |
NO |
|
8 |
U10100UP2008PLC036169 |
U C
M COAL COMPANY LIMITED |
Nominee
director |
28-05-09 |
28-05-09 |
- |
Active |
NO |
|
9 |
U74999MH2007SGC174243 |
MAHAGENCO
POWER GENERATION CONSULTANCY SERVICES LIMITED |
Nominee
director |
01-06-09 |
01-06-09 |
- |
Under
Process of Striking off |
NO |
|
10 |
U14200MH2009SGC195294 |
MAHA
TAMIL COLLIERIES LIMITED |
Nominee
director |
07-05-10 |
07-05-10 |
- |
Active |
NO |
|
Name : |
Mr. Wasudeo Rambhau Aswar |
|
Designation : |
Whole Time Director |
|
Address : |
C- Soudamaini MSEB Smit Quarts, Hajiali, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
28.07.1949 |
|
Date of Appointment : |
04.03.2008 |
|
DIN No.: |
02101334 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U40109MH2005SGC153646 |
MAHARASHTRA
STATE ELECTRICITY TRANSMISSION COMPANY LIMITED |
Whole-time
director |
22-09-08 |
04-03-08 |
03-03-11 |
Active |
NO |
|
2 |
U40102MH2008PLC181433 |
JAIGAD
POWERTRANSCO LIMITED |
Director |
02-06-09 |
05-11-08 |
07-04-11 |
Active |
NO |
|
3 |
U40101DL2010PTC202936 |
VIRTUOUS
ENERGY PRIVATE LIMITED |
Additional
director |
01-08-11 |
01-08-11 |
- |
Active |
NO |
|
Name : |
Mr. Uttam Gopinathrao Zalte |
|
Designation : |
Whole Time Director |
|
Address : |
3B, Saudamini, MSEB, Officer’s Haji Ali, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
09.03.1955 |
|
Date of Appointment : |
05.08.2010 |
|
DIN No.: |
03178875 |
|
Name : |
Mr. Avinash Lakshmikant Patil |
|
Designation : |
Director |
|
Address : |
Lakshmi Nirmal House, Plot No. 299, N-3, Sector – CIDCO, Aurangabad –
431003, India |
|
Date of Birth/Age : |
14.10.1957 |
|
Date of Appointment : |
03.12.2008 |
|
DIN No.: |
00506035 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74899DL1991PTC046574 |
APARV
CONSTRUCTIONS PRIVATE LIMITED |
Director |
15-12-92 |
15-12-92 |
- |
Active |
NO |
|
2 |
U55200MH1991PTC060981 |
LAKSHMI
NIRMAL HOLIDAY HOME PRIVATE LIMITED |
Director |
27-03-95 |
27-03-95 |
- |
Active |
NO |
|
3 |
U62100MH1998PTC115509 |
VIJAY
AIRWAYS PRIVATE LIMITED |
Director |
25-06-98 |
25-06-98 |
- |
Active |
NO |
|
4 |
U80302PN2001PLC135348 |
MAHARASHTRA
KNOWLEDGE CORPORATION LIMITED |
Director |
25-11-06 |
25-11-06 |
01-04-11 |
Active |
NO |
|
5 |
U31101MH2007PTC168740 |
ADYAM
ENERGY SOLUTIONS PRIVATE LIMITED |
Director |
14-03-07 |
14-03-07 |
- |
Active |
NO |
|
6 |
U01407MH2007PTC169172 |
VIJAYALAKSHMI
AGRO FOODS PRIVATE LIMITED |
Director |
26-03-07 |
26-03-07 |
- |
Active |
NO |
|
7 |
U40109MH2005SGC153646 |
MAHARASHTRA
STATE ELECTRICITY TRANSMISSION COMPANY LIMITED |
Director |
30-12-09 |
03-12-08 |
25-07-11 |
Active |
NO |
|
8 |
U15400MH2008PLC184574 |
WESTERN
HILL FOODS LIMITED |
Director |
16-11-10 |
16-11-10 |
- |
Active |
KEY EXECUTIVES
|
Name : |
Dr. Jyoti Arora |
|
Designation : |
Secretary |
|
Address : |
508 B-Wing Meera Arcade Sector – 20, Shilpa Chowk, Kharghar, Navi
Mumbai – 410210, Maharashtra, India |
|
Date of Birth/Age : |
18.02.2010 |
|
Date of Appointment : |
31.08.1976 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Subrat Ratho |
|
49940 |
|
Arvind Singh |
|
10 |
|
D.D. Wavhal |
|
20 |
|
Kunda DS |
|
10 |
|
C.K. Jadhav |
|
10 |
|
D.K. Kharat |
|
10 |
|
|
|
|
|
Total |
|
50000 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company engaged in transmission of electricity. |
GENERAL INFORMATION
|
No. of Employees : |
Information Declined by the management |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial
Institute : |
Power Finance
Corporation Limited, 'Urjanidhi', 1,Barakhamba Lane,, Connaught Place, New
Delhi – 110001, Delhi, INDIA |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Taparia Chartered Accountants |
|
Address : |
12, Navjeevan Wadi, Dhobi Talao, Mumbai – 400002, Maharashtra, India |
|
Pan No.: |
AAOFS0663D |
|
|
|
|
Holding Company : |
MSEB Holding Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Note : All the above shares are held by nominees on behalf of Government
of Maharashtra pending transfer of same to MSEB Holding Company Limited
pursuant to transfer scheme.
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
26959.920 |
26959.920 |
26959.920 |
|
|
3] Reserves & Surplus |
3855.534 |
1405.399 |
7134.069 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30815.954 |
28365.819 |
34094.489 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
38552.516 |
28054.258 |
24827.917 |
|
|
2] Unsecured Loans |
1111.163 |
41.163 |
41.163 |
|
|
TOTAL BORROWING |
39663.679 |
28095.421 |
24869.080 |
|
|
DEFERRED TAX LIABILITIES |
7170.460 |
6580.246 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77650.093 |
63041.486 |
58963.569 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
57002.842 |
48314.677 |
45678.325 |
|
|
Capital work-in-progress |
30951.421 |
18558.898 |
11748.586 |
|
|
Assets not in use |
127.901 |
50.587 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
152.176 |
152.176 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1989.991
|
2319.307 |
1808.785 |
|
|
Sundry Debtors |
1338.985
|
1693.590 |
1483.138 |
|
|
Cash & Bank Balances |
3590.778
|
5176.878 |
5250.235 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6896.010
|
8421.085 |
6456.117 |
|
Total
Current Assets |
13815.764
|
17610.860 |
14998.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18005.802 |
14578.948 |
8922.591 |
|
|
Other Current Liabilities |
1544.432
|
2089.980 |
1122.254 |
|
|
Provisions |
4849.777
|
4976.784 |
3435.152 |
|
Total
Current Liabilities |
24400.011
|
21645.712 |
13479.997 |
|
|
Net Current Assets |
(10584.247)
|
(4034.852) |
1518.278 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
18.380 |
|
|
|
|
|
|
|
|
TOTAL |
77650.093 |
63041.486 |
58963.569 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
15997.315 |
18699.459 |
15867.543 |
|
|
|
Other Income |
1083.674 |
673.683 |
666.195 |
|
|
|
TOTAL (A) |
17080.989 |
19373.142 |
16533.738 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
3043.315 |
3935.333 |
2470.496 |
|
|
|
Employees Costs |
3939.736 |
6035.825 |
2603.685 |
|
|
|
Administrative Expenses |
1034.433 |
1432.239 |
394.924 |
|
|
|
TOTAL (B) |
8017.484 |
11403.397 |
5469.105 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9063.505 |
7969.745 |
11064.633 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2099.865 |
2561.450 |
2212.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6963.640 |
5408.295 |
8852.381 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2996.154 |
3217.488 |
4946.517 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3967.486 |
2190.807 |
3905.864 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1230.214 |
790.141 |
979.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2737.272 |
1400.666 |
2926.864 |
|
|
|
|
|
|
|
|
|
|
SHORT PROVISION
FOR EARLIER YEAR’S TAX |
0.000 |
(8.225) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
CHARGES (NET) |
(287.138) |
(17.305) |
(344.823) |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE
YEAR |
2450.134 |
1375.135 |
2582.041 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
93.899 |
6146.469 |
4347.228 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
7103.805 |
217.800 |
|
|
|
Contribution to Special Reserves |
135.200 |
93.700 |
107.700 |
|
|
|
Contribution to Contingency Reserves |
245.400 |
230.200 |
457.300 |
|
|
BALANCE CARRIED
TO THE B/S |
2163.434 |
93.899 |
6146.469 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4.562 |
0.000 |
3.955 |
|
|
TOTAL EARNINGS |
4.562 |
0.000
|
3.955 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
49.003 |
27.503 |
51.641 |
|
|
|
Diluted |
0.91 |
0.51 |
0.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.02
|
7.22 |
17.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.80
|
11.71 |
24.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.60
|
3.32 |
6.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.11 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
1.75 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56
|
0.81 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
For Capital
Expenditure |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
|
|
|
|
Due to Others |
4080.459 |
3014.624 |
634.130 |
|
For Other than
capital Expenditure |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
|
|
|
|
Due to others |
5526.047 |
4624.917 |
2479.904 |
|
Payable to companies under same management |
2452.434 |
2058.689 |
2039.079 |
|
Consumers contribution |
4844.290 |
3122.525 |
2283.678 |
|
Government grant |
1102.572 |
1758.193 |
1485.800 |
|
|
|
|
|
|
Total |
18005.802 |
14578.948 |
8922.591 |
BACKGROUND:
Subject (MSETCL)
was incorporated the Companies Act, 1956 on 31st May, 2005. The
Certificate of Commencement of Business was received on 15thSeptember, 2005 from
the Registrar of Companies. The Company was incorporated as per provisions of
the notification of Maharashtra State Electricity Reforms Transfer Scheme, 2005
(hereinafter referred to as the Transfer Scheme) which was issued on 4th June,
2005, As per the aforesaid notification, assets and liabilities forming part of
the Transmission Undertaking of erstwhile Maharashtra State Electricity Board
as set out in 'Schedule A' of the said Notification were transferred and vested
to' the company with effect from 6thJune, 2005. The transfer of Assets and
Liabilities under the above Transfer Scheme was made by the Government of
Maharashtra. The consideration for the transfer of undertaking being excess of
assets over liabilities will be discharged by issue of Equity Shares of Rs.
26959.920 millions to MSEB Holding Company Limited.
The assets and
liabilities of the company as on June 06, 2005 contain balances, which are
transferred under the Maharashtra Electricity Reforms, Transfer Scheme, 2005
(Transfer Scheme). Accordingly, these balances are approved by MSEB Holding
Company Limited. The Final Transfer Scheme is yet to be notified by the
Government of Maharashtra, which may have an impact on the financial statements
of the Company.
FINANCIAL HIGHLIGHTS
During the year
the revenue decreased by 12% to Rs. 17081.000
millions from Rs. 19313.000
millions over the previous year due to decrease in tariff. Profit before Tax
for the year 2009-10 is placed at Rs. 3967.500 millions as against Rs. 2130.700 millions during 2008-09.
Profit After Tax is placed at Rs. 2450.200 millions as against Rs. 1375.200 millions during 2008-09.
JOINT VENTURE
Their Company have invested 26% in the Jaigad Power Limited Joint venture between Maharashtra
State Electricity Transmission Company Limited (MSETCL) and JSW Energy Limited
(JSWEL) to develop Transmission system in the state of Maharashtra. The
detailed status of the project is as under
:
The JV Company was
formed to take up development of Transmission system for evacuation of power
from 1200 MW Jaigad Thermal Power Project of JSW Energy (Ratnagiri) Limited (JSWERL) being set up in Ratnagiri
district in Maharashtra.
The JV Company had
been awarded Transmission license dated 8th February, 2009 by Maharashtra
Electricity Regulatory Commission (MERC) under Section 14 of the Electricity Act,
2003. The License is the first of its kind to be granted to a JV Company
between the State Transmission Utility and the private company in Transmission
sector. The License authorizes the company to establish, operate and maintain
400 kV Jaigad - New Koyna and Jaigad – Karad Transmission lines for 25 years.
The JV Company had
also awarded Engineering Procurement Construction (EPC) contract to Larsen and
Toubro Limited, ECC Division through National level competitive bidding process
for arriving at least cost option to minimize the project cost. Tested 400 kV towers and foundation designs /
drawings were sourced from Power Grid Corporation of India. Powerlinks
Transmission Limited with relevant expertise of executing 400 kV Transmission lines in India, were
appointed as Project Management Consultants to ensure quality of work and
timely implementation of the project.
MSETCL has taken
up, on behalf of the 3V Company, the work of erection of Terminal Bays to
facilitate termination of Transmission lines at MSFTCL's EHV substations at New
Koyna and Karad. MSETCL Board has accorded their approval for the same and work
of erection of Terminal Bays at New Koyna has been successfully completed. Land
acquisition at Karad EHV substation is also completed and erection of Terminal
Bays at Karad has been taken up.
The 400kV D/C
Jaigad - New Koyna Transmission Line has been successfully charged on 6 April 2010 from the New Koyna end
and on completion of GIs work on 1200MW 3aigad Power Project, the Transmission
Line is transmitting the startup power from New Koyna EHV substation to Jaigad
for commissioning activities of 300 MW
Unit of 1200MW Jaigad Power Project w.e.f. 16 April 2010.
FORM 8
|
Corporate
identity number of the company |
U40109MH2005SGC153646 |
|
Name of the
company |
MAHARASHTRA STATE
ELECTRICITY TRANSMISSION COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
Prakashganga Plot
No. C 19 Eblock Bandra Kurla, Complex Bandra (east), Mumbai – 400051,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Power Finance
Corporation Limited, 'Urjanidhi', 1,Barakhamba Lane,, Connaught Place, New
Delhi – 110001, Delhi, INDIA |
|
Nature of
instrument creating charge |
1. Memorandum of
Agreement Dated 16.09.2011 2. Deed of
Hypothecation Dated 16.09.2011 Loan No. 21603081 |
|
Date of
instrument Creating the charge |
16/09/2011 |
|
Amount secured by
the charge |
Rs. 5580.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Prevailing At The
Date of Each Disbursement(Presently 12% P.A. after a rebate of 0.25% For
Timely Repayment) ,Along with Interest Tax At The Rate Applicable From Time
To Time Terms of repayment Loan repayment in
60 equal quarterly installments falling due on 15th of January 2015 and
subsequent installment on April, July
and October every year. Interest and interest tax will be payable quarterly
on 15th of January 2015 and subsequently on April, July and October every
year. Margin As per the terms
of agreement dated 16.09.2011 Extent and operation of the charge The charge shall
operate to secure the principal sum of the term loan, interest and other
charges by way of exclusive first charge by way of hypothecation in favour of
the corporation of all movable assets (except
book debts) including movable machinery , spares, etc. At the project site
400/200Kv, 2X500 Mva Kudus (Padghe-II)
Sub Station(Comprising Of 7 X
167 mva single phase units including a spare unit) and associated
transmission lines district Thane- Maharashtra Other Nil |
|
Short particulars
of the property charged (Including location of the property) |
Whole of the
movable assets including ICT Bay, Spare ICT Bay, Line Bays Future Bays , Side
ICT Bays, BC and TBC Bays, Twin conductors, Quad conductors, PLCC and
Telemetering equipments, Workshop and Testing Workshop and
Testing equipments etc off the borrower at the site of 400/200Kv, 2X500 MVA
Kudus (Padghe-II) Sub station (comprising of 7 X 167 MVA Single Phase units
including a spare unit) and associated
transmission lines in District Thane, Maharashtra, present and future,
consisting of its movable plants and machineries, machinery spares ,materials
, fuel stocks, tools and accessories , plant turbine and
other various equipments etc. including associated balance of plant
equipment/ items) and other movables, (save and except book debts), present
and future whether installed or not and whether now
lying loose or in cases or which are
not lying in stored in or about or shall hereafter from time to time during
the continuance of the security of these presents be brought into or upon or be stored or
be in or about the Borrower`s factories , premises and or wherever else the
same may be or be held by any party to the order or disposition of the Borrower
or in the course of transit or on high seas
or on order ,or delivery ,howsoever, and wheresoever’s in the possession of
the Borrower and either by way of substitution or addition. |
FIXED ASSETS
·
Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery and
Equipments
·
Vehicles
·
Furniture and Fixtures
·
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 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. 49.78 |
|
|
1 |
Rs. 80.10 |
|
Euro |
1 |
Rs. 68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.