|
|
|
Country |
India |
|
Company Name |
MAHARASHTRA
STATE POWER GENERATION COMPANY LIMITED |
Principal Name 1 |
Mr. Subrat Ratho |
|
Status |
Good |
Principal Name 2 |
Mr. Gulabsingh Girase |
|
|
|
Registration # |
04-153648 |
|
Street Address |
Prakashgad, Plot
No. G-9, Anant Kanekar Marg, Bandra (EAST), Mumbai-400051, Maharashtra,
India. |
||
|
Established Date |
31.05.2005 |
SIC Code |
-- |
|
Telephone# |
91-22-26474211 |
Business Style 1 |
Generation and Supply of Electricity |
|
Fax # |
91-22-26475454 |
Business Style 2 |
- |
|
Homepage |
|
Product Name 1 |
- |
|
# of employees |
16773
(Approximately) |
Product Name 2 |
- |
|
Paid up capital |
Rs.25,000,500,000/- |
Product Name 3 |
- |
|
Shareholders |
Government [ Central
and State]- 0.01 % Government Company-99.99 % |
Banking |
The South Indian
Bank limited |
|
Public Limited Corp. |
No |
Business Period |
7 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
|
|
|
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
90,447,271,000 |
Current Liabilities |
71,941,436,000 |
|
Inventories |
12,733,678,000 |
Long-term Liabilities |
163,729,662,000
|
|
Fixed Assets |
86,998,614,000 |
Other Liabilities |
17,216,284,000 |
|
Deferred Assets |
0 |
Total Liabilities |
252,887,382,000 |
|
Invest& other Assets |
120,395,239,000 |
Retained Earnings |
9,721,919,000 |
|
|
0 |
Net Worth |
57,687,420,000 |
|
Total Assets |
310,574,802,000 |
Total Liab. & Equity |
310,574,802,000 |
|
Total Assets (Previous Year) |
272,779,863,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
121,164,887,000 |
Net Profit |
3,094,568,000 |
|
Sales(Previous yr) |
110,832,506,000 |
Net Profit(Prev.yr) |
2,033,984,000 |
|
Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Prakashgad, Plot No. G-9, Anant Kanekar Marg, Bandra (EAST),
Mumbai-400051, Maharashtra, India. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
04-153648 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.25000.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40100MH2005SGC153648 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation and Supply of Electricity |
|
|
|
|
No. of Employees
: |
16773 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 230000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a state government company. It is a well established
company having satisfactory track. The creditors and the lenders can be
confident of their exposure in the company since it is government run. Trade
relations are fair. Business is active. Payments are reported to be regular. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Prakashgad, Plot No. G-9, Anant Kanekar Marg, Bandra (EAST),
Mumbai-400051, Maharashtra, India. |
|
Tel. No.: |
91-22-26474211 |
|
Fax No.: |
91-22-26475454 |
|
E-Mail : |
DIRECTORS
As on 16.09.2011
|
Name : |
Mr. Subrat Ratho |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Chairman and Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Municipal Banglow, B.G.Khair Marg, Next Phiroz Shah, Mehta Garden,
Mumbai- 400006, India. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.10.1962 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.7.2006 (MD wef 02.02.09) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00502716 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Gulabsingh Girase |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
4/701 Wimbledon, Park Near Cadbury, Pokharan 1, Thane(W) 400606 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.02.1957 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
05.05.2007 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01554984 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. P.V.Page |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
131 Poornanand, Malabar Hills, Mumbai 400006 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.09.1953 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.12.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00096443 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Chandrakant S Thotwe |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
301 MSEB Colony, Bandra Kurla, Complex Bandra (E), Mumbai, India. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
14.08.1962 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
31.08.2009 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01572936 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sitaram Kunte |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Dept of IE&L Mantralaya, Mumbai, India. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
3.11.1961 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
25.08.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02670899 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Manikrao Waghmode |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Saudamini Bldg, Haji Ali, Mahalaxmi, Mumbai, India. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.05.1953 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.03.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03405474 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2011
|
Names of Shareholders |
No. of Shares |
|
S.J. Kunte |
49940 |
|
Subrat Rathod |
10 |
|
Gulab Singh Girase |
10 |
|
C. K. Jadhav |
10 |
|
K. A. Retherekar |
10 |
|
L.N.Sadafule |
10 |
|
D.K. Kharat |
10 |
|
MSEB Holding Company Limited |
2500000000 |
|
Total |
2500050000 |
As on 16.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Government [
Central and State] |
0.01 |
|
Government Company |
99.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation and Supply of Electricty |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
16773 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
The South Indian Bank limited, 289, EMCA House, Ground Floor, S B Singh
Road, Fort, Mumbai-400038, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditor 1 : |
|
|
Name : |
CVK and Associates Chartered Accountant |
|
Address : |
2, Samarth Apartments, D.S. Babrekar Road, Dadar (West), Mumbai-400028,
Maharashtra, india. |
|
PAN.: |
AAAFC3657K |
|
|
|
|
Auditor 2 : |
|
|
Name : |
G. M. Kapadia Chartered Accountant |
|
Address : |
36 B Tamarind House, Tamarind Lane Fort, Mumbai-400001, Maharashtra,
India. |
|
PAN.: |
AAAFG4713G |
|
|
|
|
Holding Company : |
MSEB Holding Company limited |
|
|
|
|
Subsidiaries : |
·
Dhule thermal Power Company limited ·
Dhopave Coastal power limited ·
Mahaguj Collieries limited |
CAPITAL STRUCTURE
After 16.09.2011
Authorised Capital : Rs. 250000.000
Million
Issued, Subscribed & Paid-up Capital : Rs. 51408.467 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs 50000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500050000 |
Equity Shares |
Rs.10/- each |
Rs.25000.500
Millions |
Note:
Out of the above, 2500000000
shares are held by MSEB Holding Company Limited and balance 50000 shares held
by the nominees on behalf of Government of Maharashtra)
FINANCIAL DATA
[all figures are
in Rupees Millions]
.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25000.500 |
25000.500 |
25000.500 |
|
|
2] Share Capital Suspense A/C |
633.634 |
633.634 |
633.634 |
|
|
3] Share Application Money |
22331.367 |
16312.667 |
9640.000 |
|
|
4] Reserves & Surplus |
9721.919 |
6627.351 |
4593.367 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
57687.420 |
48574.152 |
39867.501 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
117285.171 |
93104.614 |
65212.428 |
|
|
2] Unsecured Loans |
46444.491 |
36775.304 |
22389.895 |
|
|
TOTAL BORROWING |
163729.662 |
129879.918 |
87602.323 |
|
|
DEFERRED TAX LIABILITIES |
8189.241 |
5008.079 |
3839.236 |
|
|
|
|
|
|
|
|
TOTAL |
229606.323 |
183462.149 |
131309.060 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
86998.614 |
59589.339 |
60985.822 |
|
|
Capital work-in-progress |
119298.517 |
103532.073 |
61135.940 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.600 |
1.100 |
1.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12733.678
|
10878.903 |
8254.256 |
|
|
Sundry Debtors |
50643.351
|
32408.578 |
26863.957 |
|
|
Cash & Bank Balances |
434.134
|
2162.111 |
1901.814 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
39369.786
|
64207.444 |
58489.122 |
|
Total
Current Assets |
103180.949
|
109657.036 |
95509.149 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
35388.867
|
59148.582 |
61942.200 |
|
|
Other Current Liabilities |
36552.569
|
23810.063 |
18494.676 |
|
|
Provisions |
9027.043
|
6359.069 |
5886.856 |
|
Total
Current Liabilities |
80968.479
|
89317.714 |
86323.732 |
|
|
Net Current Assets |
22212.470
|
20339.322 |
9185.417 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Assets retired form active use and held for sale |
1095.122 |
0.315 |
0.281 |
|
|
|
|
|
|
|
|
TOTAL |
229606.323 |
183462.149 |
131309.060 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
121164.887 |
110832.506 |
93464.936 |
|
|
|
Other Income |
1037.014 |
1032.889 |
1341.116 |
|
|
|
TOTAL (A) |
122201.901 |
111865.395 |
94806.052 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of fuel |
82817.316 |
83130.208 |
71562.499 |
|
|
|
Generation, Admn & Other Exp. |
12233.777 |
11324.139 |
8764.069 |
|
|
|
Employee cost |
8705.599 |
5566.868 |
6301.210 |
|
|
|
TOTAL (B) |
103756.692 |
100021.215 |
86627.778 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18445.209 |
11844.180 |
8178.274 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6574.331 |
4698.813 |
4483.297 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11870.878 |
7145.367 |
3694.977 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3981.266 |
3009.420 |
3075.329 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7889.612 |
4135.947 |
619.648 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4905.648 |
1910.375 |
(113.178) |
|
|
|
|
|
|
|
|
|
Add |
Prior period
adjustment |
110.604 |
191.588 |
108.125 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
3094.568 |
2033.984 |
840.951 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Fuel |
0.000 |
0.000 |
0.000 |
|
|
|
Components and Spare parts |
5.267 |
13.033 |
216.633 |
|
|
|
Capital Goods |
0.000 |
2160.802 |
0.000 |
|
|
TOTAL IMPORTS |
5.267 |
2173.835 |
216.633 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.68 |
0.55 |
1.345 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.53
|
1.82 |
0.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.51
|
3.73 |
0.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
2.78 |
0.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.09 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.24
|
4.51 |
4.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.23 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate identity number of the company |
U40100MH2005SGC153648 |
|
Name of the company |
MAHARASHTRA
STATE POWER GENERATION COMPANY LIMITED |
|
Address of the registered office or of the
principal place of business in |
Prakashgad, Plot
No G-9, Anant Kanekar Marg, Bandra (East), Mumbai-400051, Maharashtra, India. Email- csmahagenco@gmail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge
to be modified |
10146571 |
|
Type of charge |
·
Immovable property ·
Movable property (not being pledge) |
|
Particular of charge holder |
Rural
Electrification Corporation Limited, Core 4Scope Complex, 7 Lodi Road, New
Delhi-110003 Email - mlkumawat@recl.nic.in |
|
Nature of instrument creating charge |
Addendum to
Indenture of Mortgage for term loan no 1 -2X500MW Chadrapur Expn project between
MS Power Gen Co Ltd and REC Ltd. dated 30.7.11 for increasing the amount of
original Charge from Rs 16800.000 Millions as per indenture of mortgage dated
28.1.09 to Rs 44000.000 Millions and for creation of first charge on movable
and immovable properties both present and future of borrower MS power Gen CO
Ltd under scheme code no 2600002/C90002 |
|
Date of instrument Creating the charge |
30.07.2011 |
|
Amount secured by the charge |
|
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest The interest
rate , applicable for the above loan would be generation category of schemes
with options of reset every 3 years /10 years and further amendments issued
from time to time by REC Ltd Terms of repayment The repayment
will be for a period of 10 years from 6months of COD or from the date of
first disbursement whichever is earlier Margin 20% Extent and operation of the charge The charge will
be first charge and extend to Rs 44000.000 Millions and operate on existing
immovable properties land and bldg situated at Chandrapur TPS expn project at
Chandrapur in Maharashtra state admeasuring 105.55 hectares and first charge
on all movable and immovable properties (both present and future) to be
created out of project of mortgager in the terms of indenture of mortgage
dated 28.1.2009 and Addendum to Mortgage 30.7.2011 and loan agreement dated 26.8.08 and supplementary loan
agmt18.10.10 |
|
Short particulars of the property or asset(s)
charged (including complete address and location of the property) |
First charge on all existing immovable properties
situated at Chandrapur TPS expn project (2X500MW) situated at Chandrapur in
Maharashtra state admeasuring 105.55 hectares and first charge on all movable and
immovable properties (both present and future) to be created out of project
of mortgager in the terms of indenture of mortgage dated 28.1.2009 and
addendum to Mortgage deed 30.7.2011 and loan agreement
dated 26.8.08 and supplementary loan agreement dated 18.10.10 |
|
Particulars of the present modification |
The original
charge created for term loan of Rs 16800.000 Millions is modified for
securing additional term loan of Rs 27200.000 Millions total amount
aggregating Rs 44000.000 Millions. The Charge is secured on all immovable and
movable properties (both present and future) in favor of REC for Chandrapur
(2X500MW) TPS expansion project. |
Contingent liability:
(Rs. In Millions)
|
Sr. No. |
Particulars |
2010-11 |
2009-10 |
|
A |
Claims against company not acknowledged as
debts |
3377.035 |
3390.800 |
|
B |
Disputed Duties / Tax demands |
1226.788 |
280.714 |
|
C |
JV (Mahaguj collieries ltd.) |
138.975 |
138.975 |
Note :
An amount of Rs.1226.788
Millions shown against “Disputed Duties and Tax Demands” include an amount of
Rs. 1135.146 Millions towards penalty levied by Income Tax Department vide
order dated 31-03-2011, issued u/s 271(1)© of Income Tax Act in respect of
assessment for AY 2006-07. MSPGCL has preferred an appeal with Commissioner
(Income Tax Appeals) against the said penalty order.
FIANANCIAL
PERFORMANCE
Total Income of
the company for the year increased by 9.24 % to Rs 122201.901 Millions from Rs
111865.395 Million during the previous year. The Profit after tax but before
prior period adjustments has gone up to Rs 2983.964 Millions from Rs 2225.572
Millions. The Net profit after tax has gone up to Rs 3094.568 Millions from Rs
2033.984 Millions up 52 % over last year.
Fixed Assets :
·
Land (Including
development)
·
Freehold
·
Leasehold
·
Building
·
Factory Buildings
·
Hydraulic Works
·
Other Civil Works
·
Railway Sidings
·
Road and Others
·
Plant, Machinery and
Equipments
·
Lines and Cable Networks
·
Vehicles
·
Furniture and Fixtures
·
Other Equipments
(Including Computers)
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.48.94 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.65.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
64 |
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.