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Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
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Name : |
UPPER TAMAKOSHI HYDROPOWER
LIMITED |
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Registered Office : |
Bishnudhan Niwas, Annapurna
Marg Gyaneswor, |
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Country : |
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Financials (as on) : |
15.07.2010 |
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Date of Incorporation : |
9.03.2007 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
To Develop Hydropower Projects. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Nepal |
B1 |
B1 |
|
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 |
UPPER
TAMAKOSHI HYDROPOWER LIMITED
Bishnudhan Niwas, Annapurna Marg
Gyaneswor, Kathmandu, Nepal
P.O.Box No. 26070, Kathmandu
Tel. No.: 977-1-4421988, 4420295
Fax No.: 977-1-4412569
Email: info@utkhpl.org.np, neautp@mos.com.np
History :
It is a
private limited company incorporated at Kathmandu under His Majesty Govt.
Act
No.P0991 of 9.03.2007
Directors :
Chief Executive Officer
and Project Director : Mr. Sunil Kumar Dhungel
Company Secretary:
Mr. Ram Sundar Shrestha
Legal Advisor: Mr.
Murali Prasad Sharma
Bankers : 1. Nepal Rastriyo Bank
Shareholders : Share hold by govt. of Nepal
Auditors: S.K. Ratna & Co.., Kathmandu
(Nepal)
Business : Nepal Electricity Authority (NEA) has established an autonomous company
named Upper Tamakoshi Hydropower Limited (UTKHPL) in March 2007 (2063/11/25
B.S.) as an executing agency for the implementation of the Project. There are six
full time and two invitee members in the Board of Directors (BoD) at present.
Out of six full time members, four members from NEA, one from Employees
Provident Fund (EPF) and one from Nepal Telecom (NTC) are representing in the
BoD. Similarly, representatives of Citizen Investment Trust (CIT) and Rastriya
Beema Sansthan (RBS) are also in the BoD as invitee members.
The majority share (51%) of the Company is hold
by four public entities, namely, Nepal Electricity Authority (NEA), Nepal
Telecom (NTC), Citizen Investment Trust (CIT) and Rastriya Beema Sansthan
(RBS). NEA has 41% stake, NTC has 6% and CIT & RBS each has 2% stake in the
Company. Similarly, general public and residents of Dolakha District will have
15% and 10% share respectively. The remaining 24% share will be taken over by
contributors in Employees Provident Fund (EPF), NEA & Companys staffs and
staffs of financial institutions providing loans.
The Upper Tamakoshi Hydroelectric Project is the
national priority project and when it is completed, it will be the largest
hydroelectric plant in Nepal. The Project is entirely financed from the
domestic financial institutions and companies.
The Company has planned to develop hydropower
projects in Tamakoshi River basin as below:
Japan International Co-operation Agency
(JICA); while preparing a Master plan of the Koshi Basin Water Resources
Development, had identified a TA-6 project close to the existing project site
of the Upper Tamakoshi Hydroelectric Project. During a study of the Himalayan
region in 1999, an Austrian, Mr. Christian Ulhar carried out pre-feasibility
studies and concluded that the project would have an installed capacity of 120
MW.
Because of the competitively
low project cost and its overall attractiveness, NEA conducted a first stage
detailed feasibility study in 2001 mobilizing their own physical, financial and
human resources. This study showed that the new feature of the project when
installed would have a capacity of 250 MW and an annual average energy
generation of 1570 GWh, at a cost of US$ 1100 per KW. During the study, they
completed a detailed engineering design of a 28.5 km long access road and seven
different bridges. The study was completed in 2003.
With financial and environmental
attractiveness of the project, it was recommended for the second phase of the
Detailed Feasibility study, as per international standards. Accordingly, with
financial assistance from the Government of Norway, the Norwegian consultant
Norconsult AS completed a Bankable Detailed Design Feasibility Study in May
2005. This study presents the installed capacity of the project at 309 MW, with
an annual average generation of 1737 GWh of energy.
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Particular |
July 15, 2010
|
July 15, 2009
|
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Sources of Funds |
NP Rs. In Lacs |
NP Rs. In Lacs |
|
Share Capital |
2.62 |
0.59 |
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Reserves & Surplus |
13.56 |
3.40 |
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Unsecured Loans |
2.67 |
4.30 |
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Deferred Tax
Liability (Net) |
0.01 |
0.01 |
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Total Liabilities |
18.86 |
8.30 |
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Application Of Funds |
||
|
Gross Block |
1.28 |
0.88 |
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Less: Depreciation |
0.43 |
0.24 |
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Net Block |
0.85 |
0.64 |
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Current Assets, Loan and Advances |
||
|
Inventories |
30.24 |
22.01 |
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Sundry Debtors |
10.84 |
9.63 |
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Cash And Bank
Balances |
0.14 |
0.82 |
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Loans and
Advances |
2.49 |
1.31 |
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|
43.71 |
33.77 |
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Less : Current Liabilities & Provisions |
||
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Current Liabilities |
23.56 |
25.09 |
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Provisions |
2.18 |
1.06 |
|
|
25.74 |
26.15 |
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Net Current Assets |
17.97 |
7.62 |
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Miscellaneous Expenditure |
0.04 |
0.04 |
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Total Assets |
18.86 |
8.30 |
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Particulars |
July 15, 2010
|
July 15, 2009
|
|
PAT / Total Income (%) |
2.17 |
3.89 |
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Net Profit Margin (PBT/ Total Income) (%) |
3.33 |
5.30 |
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Return on Total Assets (PBT/Total Assets} (%) |
7.13 |
11.32 |
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Return on Investment (ROI) (PBT/Net worth) |
0.20 |
0.98 |
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Debt Equity Ratio (Total Liability/Net worth) |
1.76 |
7.63 |
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Current Ratio (Current Asset/Current Liability) |
1.70 |
1.29 |
Remarks :
Payments are reported to be correct and regular as per commitments. Trade relations are fair. Consider good for
normal business Engagement as usual trade terms & condition.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.87 |
|
|
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.