MIRA
INFORM REPORT
|
Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
HINDUJA NATIONAL POWER CORPORATION LIMITED |
|
|
|
|
Registered Office
: |
C/o. Gulf Oil
Corporation Limited, Post Bag No 1,Kukatpally, Sanathnagar, Hyderabad-500018,
Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.03.1994 |
|
|
|
|
Com. Reg. No.: |
01-017199 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 585.794 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109AP1994PLC017199 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH2426D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Oil Products and Industrial Exposures |
|
|
|
|
No. of Employees
: |
8042 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2065000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Hinduja Group. It is well established company
having satisfactory track record. Their appears slight accumulated losses recorded by the company.
However, liquidity position appears to be good. Fundamental are strongs.
Trade relations are reported to be fair. Business is active. Payment are
reported to be usually correct and as per commitment. In view of strong holding the company can be considered for business
dealing at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting for
more than half of India's output, with only one-third of its labor force. India
has capitalized on its large educated English-speaking population to become a
major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Bank Facilities) |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk |
|
Date |
September, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Satheesh |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-24960707 |
|
Date : |
21.11.2012 |
LOCATIONS
|
Registered Office : |
C/o. Gulf Oil Corporation Limited, Post Bag No.1,Kukatpally, Sanathnagar
I. E., Hyderabad-500018, Andhra Pradesh, India |
|
Tel. No.: |
91- 40-23810671 / 23861383 |
|
Fax No.: |
91- 40-23813860 / 23861373 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Hinduja House, 171, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
Tel. No.: |
91-22-24960707 |
|
Fax No.: |
91-22-24960747 |
DIRECTORS
As on 22.09.2011
|
Name : |
Mr. Ashok Parmanand Hinduja |
|
Designation : |
Whole-time director |
|
Address : |
Param
Jamuna, J. R. Mhatre Marg, Juhu, Mumbai-
400049, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1950 |
|
Date of Appointment : |
01.05.2011 |
|
DIN No.: |
00123180 |
|
|
|
|
Name : |
Mr. Ramkrishan Prakash Hinduja |
|
Designation : |
Director |
|
Address : |
13B, Chemin De Prevote, 1223
Cologny, Geneva, Switzerland |
|
Date of Birth/Age : |
20.01.1971 |
|
Date of Appointment : |
18.12.2009 |
|
DIN No.: |
00278711 |
|
|
|
|
Name : |
Mr. Dheeraj Gopichand Hinduja |
|
Designation : |
Director |
|
Address : |
24, Carlton House Terrace,
London- SW153AP, United Kingdom |
|
Date of Birth/Age : |
27.07.1971 |
|
Date of Appointment : |
17.03.2008 |
|
DIN No.: |
00133410 |
|
|
|
|
Name : |
Mr. Seshasayee Ramaswami |
|
Designation : |
Director |
|
Address : |
Ashley House, 6, Boat Club,
ll-Avenue, Chennai- 600028, Tamil
Nadu, India |
|
Date of Birth/Age : |
01.06.1948 |
|
Date of Appointment : |
18.12.2009 |
|
DIN No.: |
00047985 |
|
|
|
|
Name : |
Mr. Prakash Shah |
|
Designation : |
Director |
|
Address : |
3102, Forum, Uday Baug, Wanorite, Pune- 411013,
Maharashtra, India |
|
Date of Birth/Age : |
04.07.1939 |
|
Date of Appointment : |
28.09.2010 |
|
DIN No.: |
00120671 |
|
|
|
|
Name : |
Mr. Sridharan Kesavan |
|
Designation : |
Director |
|
Address : |
8,
Solayappa, Mudali
Street, Mylapore, Chennai- 600004,
Tamil Nadu, India |
|
Date of Birth/Age : |
16.08.1953 |
|
Date of Appointment : |
31.10.2001 |
|
DIN No.: |
00051976 |
|
|
|
|
Name : |
Mr. Ashok Kumar Puri |
|
Designation : |
Managing director |
|
Address : |
FlatNo.702, Marvella, Plot No.730, 11th Road, Khar (West), Mumbai- 400052, Maharashtra, India |
|
Date of Birth/Age : |
08.02.1948 |
|
Qualification : |
B.E(Electrical Engg), MBA(Marketing and Finance) |
|
Experience : |
41 years |
|
Date of Appointment : |
19.09.2011 |
|
PAN No.: |
AAAPP2313B |
|
DIN No.: |
00122119 |
|
|
|
|
Name : |
Mr. Abin Kumar Das |
|
Designation : |
Alternate director |
|
Address : |
61-Atlas Apts, J.M.Mehta Road, Mumbai- 400006, Maharashtra, India |
|
Date of Birth/Age : |
02.08.1940 |
|
Date of Appointment : |
05.09.2012 |
|
DIN No.: |
00122913 |
|
|
|
|
Name : |
Mr. Yashodhan Madhusudan Kale |
|
Designation : |
Alternate director |
|
Address : |
2, Sumit, 31, Carmichael Road, Dr. G. Desmukh Marg, Mumbai-
400026, Maharashtra,
India |
|
Date of Birth/Age : |
04.11.1947 |
|
Date of Appointment : |
20.05.2012 |
|
DIN No.: |
00013782 |
KEY EXECUTIVES
|
Name : |
Mr. Prasenjit Guha |
|
Designation : |
Secretary |
|
Address : |
1303, Spenta, 13th Floor, Hiranandani Gardens,
Ghodbunder Road, Thane (West), Mumbai, Thane- 400607, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1958 |
|
Date of Appointment : |
12.11.2010 |
|
PAN No.: |
ABFPG2715E |
|
|
|
|
Name : |
Mr. Satheesh |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2011
|
Names of
Shareholders |
|
No. of Shares |
|
Sridharan K |
|
75 |
|
Amasnp Utilties Limited, U. K |
|
27132 |
|
Machen Development Corporation, Panama |
|
58551703 |
|
R J Shahaney |
|
75 |
|
Jeet Chugani |
|
1 |
|
Ashok P. Hinduja |
|
76 |
|
Abin Kumar Das |
|
75 |
|
R S Deshmukh |
|
1 |
|
Subhas S Pramanik |
|
76 |
|
A. Satyanarayana |
|
1 |
|
S. Subramanian |
|
1 |
|
P S Murthy |
|
1 |
|
Vishin G Gurnani |
|
75 |
|
Harsha A Hinduja |
|
75 |
|
Hinduja Energy (India) Limited, India |
|
684000 |
|
Total |
|
59263367 |
As on 18.10.2011
|
Names of Allottee |
|
No. of Shares |
|
Hinduja Energy (India) Limited, India |
|
591798695 |
|
Total |
|
591798695 |
As on 26.06.2012
|
Names of Allottee |
|
No. of Shares |
|
Hinduja Energy Limited, Mauritius |
|
15570590 |
|
Total |
|
15570590 |
As on 21.03.2012
|
Names of Allottee |
|
No. of Shares |
|
Steag Energy Services GmbH, Germany |
|
46504433 |
|
Total |
|
46504433 |
Equity Share Break up (Percentage of Total Equity)
As on 22.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
98.84 |
|
Bodies corporate |
1.15 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Oil Products and Industrial Exposures |
GENERAL INFORMATION
|
No. of Employees : |
8042 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
State Bank of India, Kota Branch, Panjagutta,
Hyderabad, Andhra Pradesh, India ·
IDBI Bank, Panjagutta, Hyderabad, Andhra Pradesh,
India ·
HDFC Bank, Panjagutta, Hyderabad, Andhra Pradesh,
India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution: |
SBICAP Trustee
Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai -
400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Lodha Excelus 1st
Floor Apollo Mills Compound N.M. Joshi Marg Mahalakshmi Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AAIFB7355D |
|
|
|
|
Holding Company: |
Machen Development Corporation, Panama |
|
|
|
|
Holding Company
of MDC: |
Amas Holdings SA |
|
|
|
|
Fellow subsidiary: |
Ashok Leyland Limited, India PAN No.: AAACA4651L CIN No.: L34101TN1948PLC000105 |
|
|
|
|
Enterprises over
which Directors have significant influence: |
·
Hinduja Group India Limited, India PAN No.: AAACH2457B CIN No.: U74999MH1993PLC072925 ·
Aasia Management and Consultancy Private Limited,
India PAN No.: AAACI3370C CIN No.: U72200MH1995PTC088486 ·
Hinduja Global Solutions Limited PAN No.: AAACT1763A CIN No.: L92199MH1995PLC084610 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58579367 |
Equity Shares |
Rs.10/- each |
Rs.585.794 Millions |
|
|
|
|
|
As on 22.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59263367 |
Equity Shares |
Rs.10/- each |
Rs.592.634 Millions |
|
|
|
|
|
After 22.09.2011
Authorised Capital : 15000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 5225.779 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
585.794 |
585.794 |
585.794 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(69.557) |
(42.004) |
(67.746) |
|
|
NETWORTH |
516.237 |
543.790 |
518.048 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
8994.996 |
1250.000 |
103.000 |
|
|
TOTAL BORROWING |
8994.996 |
1250.000 |
103.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9511.233 |
1793.790 |
621.048 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8474.332 |
2755.844 |
526.737 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
27.210 |
|
|
Project Development Expenditure |
0.000 |
0.000 |
1108.579 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
2694.405
|
88.544 |
13.675 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
28.867
|
2.670 |
3.529 |
|
Total
Current Assets |
2723.272
|
91.214 |
17.204 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1408.067
|
960.722 |
967.742 |
|
|
Other Current Liabilities |
264.140
|
90.498 |
89.906 |
|
|
Provisions |
14.164
|
2.048 |
1.034 |
|
Total
Current Liabilities |
1686.371
|
1053.268 |
1058.682 |
|
|
Net Current Assets |
1036.901
|
(962.054) |
(1041.478) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9511.233 |
1793.790 |
621.048 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
1.176 |
55.650 |
0.488 |
|
|
|
TOTAL |
1.176 |
55.650 |
0.488 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee related expenses |
2.936 |
0.000 |
17.166 |
|
|
|
Administrative selling other expenses |
34.288 |
16.297 |
|
|
|
|
Research development expenditure |
(28.292) |
0.000 |
|
|
|
|
TOTAL |
8.932 |
16.297 |
17.166 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(7.756) |
39.353 |
(16.678) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.307 |
13.611 |
46.793 |
|
|
|
|
|
|
|
|
|
|
NET
PROFIT/ (LOSS) BEFORE TAX, PRIOR PERIOD AND EXTRAORDINARY ITEMS |
(13.063) |
25.742 |
(63.471) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR
PERIOD ITEMS |
(0.510) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(13.573) |
25.742 |
(63.471) |
|
|
|
|
|
|
|
|
|
Less |
TAX
|
(15.000) |
0.000 |
(0.442) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(28.573) |
25.742 |
(63.913) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(42.004) |
(67.746) |
(3.833) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(69.557) |
(42.004) |
(67.746) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.48) |
0.44 |
(2.09) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
30.09.2009 |
|
PAT / Total Income |
(%) |
(2429.68)
|
46.26 |
(13096.93) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.12)
|
0.90 |
(11.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
(0.03)
|
0.05 |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
20.69
|
4.24 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
0.09 |
0.02 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
1408.067
|
960.722 |
967.742 |
|
Total |
1408.067
|
960.722 |
967.742 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------ |
|
22] |
Litigations that the firm
/ promoter involved in |
------ |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------ |
|
26] |
Buyer visit details |
------ |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
Yes |
PROJECT STATUS
The directors have
taken significant steps to progress the 1040 MW power project at Vizag. The
Company has already acquired almost all the land needed for the project. EPC contract
has already been executed with BHEL and implementation activities are in full
swing. The Company has also executed Power Purchase Agreement with PTC India
Limited. The Company has already tied up Project term loan with 14 banks and
executed the loan documents. Piling work for boiler, ESP, Chimney, Power House
Structure and mill bunker for both units is in progress. Boiler erection works
for Unit-I commenced on May 30, 2011, one month ahead of schedule. ESP erection
started on June 30,2011 one month ahead of schedule. More than 1300 personnel
are currently working on site
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U40109AP1994PLC017199 |
|
Name of the company |
HINDUJA NATIONAL POWER CORPORATION LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Post Bag No.1,Kukatpally, Sanathnagar, Hyderabad-500018, Andhra
Pradesh, India |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Uncalled share capital ·
Immovable property ·
Any interest in immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Calls made but not paid ·
Goodwill ·
Patent, license under a patent ·
Trademark ·
Copyright or license under a copyright ·
Project Documents, approvals and bank accounts |
|
Particular of charge holder |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade,
Colaba,, Mumbai - 400005, Maharashtra, India Email: corporate@sbicaptrustee.com
|
|
Nature of instrument creating charge |
Indenture of Mortgage dated August 25, 2011 (copies whereof are attached
as Annexure A hereto) executed by the Company in favour of SBICAP Trustee
Company Limited acting as Security Trustee on behalf and for the benefit of
the Lenders (specified in the list of charge holders attached as Annexure B
hereto) for securing the term loans of Rs.41590.000 Millions and all other
cost, charges and expenses payable to the secured parties in terms of the
Financing Documents. |
|
Date of instrument Creating the charge |
25.08.2011 |
|
Amount secured by the charge |
Rs. 41590.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Terms of Repayment The principal amounts of the Loan to each of the Lenders (the list of
Lenders has been provided in the Annexure B attached herewith) is to be repaid
in 42 equal quarterly installments commencing from a day during the half year
ending 31st December 2014 such that the door to door tenor does not exceed
14.75 years. Margin Debt Equity Ratio shall be 75:25 Security Margin of 22% (twenty two percent) Extent and Operation of the charge The charge operates as security for the due repayment by the Company
of the Loan Facility together with all Interest, Additional Interest,
Liquidated Damages, upfront and commitment fees, Prepayment Premium, LC Commission,
Fronting Commission, costs, charges, expenses and other monies and all other
amounts whatsoever stipulated in as payable by the Borrower in terms of, the
Financing Documents. Others The security created under the said Indenture of Mortgage is to be a
continuing security till the full repayment of the facilities. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All piece and parcel of freehold N.A. land of 387.50 sq. mtrs. known
as plot no. 32 of survey no. 332A+334A+338A of mouje Zaap, Taluka Sudhagad,
District Raigad, Maharashtra together with all buildings, erections, godowns and constructions of
every description excluding Project assets All rights, title, interest and benefits in all movable assets
(present and future) including plant and machinery, spares, fixtures,
implements, fittings, furniture, vehicles, etc All rights, title, interest, benefits, claims and demands of the
Company in, to, under, and/or in respect of Project Documents All rights, title, interest, benefits, claims and demands of the
Company in, to, under, and/or in respect of Insurance Contracts All rights, title, interest, benefits, claims and demands of the
Company in, to, under, and/or in respect of all Bank accounts pertaining to
the Project All rights, title, interest, benefits, claims and demands of the
Company in, to, under, and/or in respect of all Bank accounts pertaining to
the Project All rights, title, interest, benefits, claims and demands of the
Company in, to, under, and/or in respect of all receivables All other assets of the Company, both present and future including
uncalled share capital, general assets More particularly described in the Schedule |
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
(Rs. in millions)
|
PARTICULARS |
31.03.2011 |
|
Guarantees issued by the Company’s banker on behalf of the
Company |
384.706 |
PRESS RELEASE:
HINDUJA GROUP FORMS POWER SECTOR JV WITH GERMANY'S STEAG
Mumbai, Mar 28
MUMBAI: As part of its plans to become a major player in power sector, diversified conglomerate Hinduja group on Wednesday said it has joined hands with German energy giant STEAG to form a joint venture for operations and maintenance of various power projects in India.
As per the agreement, Hinduja group's power sector holding company Hinduja
Energy India Ltd will set up the JV with STEAG Energy Services (India) Private
Limited, Indian subsidiary of the German major.
Besides, STEAG has also acquired five per cent stake in Hinduja National Power
Corporation Ltd (HNPCL) through its subsidiary STEAG Energy Services GmbH and
would have the option to invest in future power projects of the group.
The joint venture will operate the Visakhapatnam plant of HNPCL and would also carry out operations and maintenance activities of new power projects in India. HNPCL's 1,040 MW coal-based thermal power plant is currently in advanced stages of construction for commissioning in 2013.
Hinduja group has previously announced plans to set up 10,000 megawatts of
power generation capacity over the next 7-8 years with an estimated investment
of about Rs 12-14 billion.
The group said in a statement that the new JV would back its plans to become a
major power sector player in India. Commenting on the new joint venture, HNPCL
Chairman Ashok P Hinduja said that the groups sees power sector as a key driver
to India's economic growth and he anticipates a successful partnership with
STEAG.
STEAG's Executive Board Chairman Joachim Rumstadt said that the group was
expanding its commitment to international power plant business through its
cooperation with its Indian partner in the JV.
Hinduja group said that STEAG would be an important technology partner for it
and could be a preferred partner in new power projects on the anvil.
"The technical expertise and experience of STEAG and their coming on board
well ahead of commissioning will greatly benefit the operations of the
project," HNPCL's Managing Director A K Puri said.
Founded in 1914, the group has presence across a number of sectors such as
financial services, automobile, media and entertainment, infrastructure, oil
and gas and power across 35 countries, including India. The group has
identified power as one of its focus areas of business.
STEAG GmbH, the fifth largest electricity producer in Germany with annual sales
of about 2.8 billion euro, has been active in power generation business for more
than 70 years. Globally, it has power plants in Colombia, Turkey and the
Philippines.
FIXED ASSETS:
·
Land – Freehold
·
Factory Building-Site
Office
·
Furniture, Fittings and
Equipments
·
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 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.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.