|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
COASTAL GUJARAT POWER LIMITED |
|
|
|
|
Registered
Office : |
34, Sant Tukaram Marg, Carnac Bunder, Mumbai-400009, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-182213 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 48866.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40102MH2006PLC182213 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation and Distribution of Power. |
|
|
|
|
No. of Employees
: |
417 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 51700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Tata Group company. It is a power project is Gujarat. It is an established company having satisfactory track record. Even
though the company was incorporated in the year 2006, it has commenced with its
commercial operation from 7th March 2012. There appears some
accumulated losses recorded by the company. However, company is reputed and
directors are experienced and respectable businessmen. Trade relations are
reported as fair. Business is active .Payments are reported to be usually
correct and as per commitment. In view of strong holding the company can be considered normal for
business dealings 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = A- (SO) |
|
Rating Explanation |
Having adequate degree of safety and carry low credit risk. |
|
Date |
17.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA- (SO) |
|
Rating Explanation |
Having High degree of safety and very low credit risk. |
|
Date |
17.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ (SO) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
17.10.2013 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No. :91-22-67171000)
LOCATIONS
|
Registered Office : |
34, Sant Tukaram Marg, Carnac Bunder, Mumbai-400009, |
|
Tel. No.: |
91-22-67171000 / 67171231 / 67172911 / 67171644 |
|
Fax No.: |
91-22-67171950 / 67171953 / 66100863 / 67171649 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate office : |
148, Lt Gen J Bhonsle Marg, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
DIRECTORS
As on 08.08.2012
|
Name : |
Mr. Ramkrishnan Ramaiengar Sowmyan |
|
Designation : |
Director |
|
Address : |
A-701, NCPA Apartments, A Block, Nariman Point, Mumbai-400021, |
|
Date of Birth/Age : |
19.02.1949 |
|
Date of Appointment : |
22.04.2007 |
|
DIN : |
00005090 |
|
|
|
|
Name : |
Mr. Anil Kumar Dev Dutta Sardana |
|
Designation : |
Director |
|
Address : |
22 A/B, New Akash Ganga Society, 80 Bhulabhai Desai Road,
Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1959 |
|
Date of Appointment : |
22.04.2007 |
|
DIN : |
00006867 |
|
|
|
|
Name : |
Mr. Nawshir Hoshang Mirza |
|
Designation : |
Additional Director |
|
Address : |
6A, |
|
Date of Birth/Age : |
04.04.1950 |
|
Date of Appointment : |
29.01.2011 |
|
DIN : |
00044816 |
|
|
|
|
Name : |
Mr. Chandan Roy |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 158, Madan Lal Block, Asiad Games Village, New Delhi-110049,
India |
|
Date of Birth/Age : |
16.07.1950 |
|
Date of Appointment : |
14.09.2012 |
|
DIN No.: |
00015157 |
|
|
|
|
Name : |
Mr. Krishna Kumar Sharma |
|
Designation : |
Manager |
|
Address : |
Coastal Gujarat Power Limited, Block B6/A1, Ashiyana Township, NH-8A Extension
Moti Khakhar, Mundra – 370421, Gujarat, India |
|
Date of Birth/Age : |
01.04.1953 |
|
Date of Appointment : |
01.10.2012 |
|
DIN No.: |
06391026 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Narayanswamy Subramanyam |
|
Designation : |
Secretary |
|
Address : |
904 A, Eternia Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra,
India |
|
Date of Birth/Age : |
27.06.1969 |
|
Date of Appointment : |
26.07.2007 |
|
PAN : |
AANPS8972J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
The Tata Power Company Limited, India |
|
3970499994 |
|
The Tata Power Company Limited, India With A S Bapat |
|
1 |
|
The Tata Power Company Limited, India With A Charan |
|
1 |
|
The Tata Power Company Limited, India With H M Mistry |
|
1 |
|
The Tata Power Company Limited, India With B J Shroff |
|
1 |
|
The Tata Power Company Limited, India With S Ramakrishna |
|
1 |
|
The Tata Power Company Limited, India With Sanjay Dubey |
|
1 |
|
Total |
|
3970500000 |
Allottees as on 01.02.2013
|
Names of Allottees |
|
No. of Shares |
|
The Tata Power Company Limited, India |
|
148700000 |
|
Total |
|
148700000 |
Allottees as on 13.06.2013
|
Names of Allottees |
|
No. of Shares |
|
The Tata Power Company Limited, India |
|
281000000 |
|
Total |
|
281000000 |
As on 08.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation and Distribution of Power. |
GENERAL INFORMATION
|
No. of Employees : |
417 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Project Finance Sbu, Voltas House, 23, J N Herdia Marg,Ballard Estate, Fort, Mumbai - 400001, Maharashtra, India ICICI Bank Limited The Hongkong and Shanghai Banking Corporation Limited BNP Paribas |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
NOTES: LONG TERM BORROWING (a) The term loans from banks and other parties have been secured by a pari passu charge on all present and future movable and immovable properties (including a major portion of the project land) in favour of the project lenders.
(b) The Company has created security on movable and immovable properties {including a major portion of the project land) in favour of the Project Lenders on pari-passu basis. (c) In addition the Company has hedging facilities from State Bank of India (SBI), ICICI Bank Limited (ICICI), The Hongkong and Shanghai Banking Corporation Limited (HSBC) and BNP Paribas (BNP). As per the Hedging Agreements and Financing Documents, the Company has created security in favour of Hedge Providers, on movable and immovable properties of the Company on pari-passu basis along with the Project Lenders. (d) Further, the security on the balance project land had to be created by 30th June, 2011 as per section 4 of the Seventh Waiver Agreement. However, the same could not be created for 1) pending transfer of title in respect of such land in favour of CGPL and 2) necessary permission from the local government authorities. Therefore, CGPL had requested Project Lenders to extend the time for creation of security on the balance project land. In accordance with the 9th Waiver Agreement executed, the Project Lenders have agreed to waive the security creation on the balance project land up to 30th June, 2013. As at 31st March, 2013 the Company has created security on land of 1,029 hectare (720 hectare of Govt, land + 179 hectare of Private land + 130 hectare of forest land) being 76.5 percent of total Project land of 1,345 hectare. |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
|
|
Auditors : |
|
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
Address : |
12, |
|
|
Tel No.: |
91-22-6667 9000 |
|
|
Fax No.: |
91-22-6667 9100 / 9025 |
|
|
PAN : |
AACFD4815A |
|
|
|
|
|
|
Holding Company : |
The Tata Power Company Limited (TPCL), Inida |
|
|
|
|
|
|
Wholly owned
Subsidiary : |
Energy Eastern Pte. Limited (EEPL) |
|
|
|
|
|
|
Fellow Subsidiary #
: |
· Trust Energy Resources Pte. Limited (TERPL), Singapore Tata Power Trading Company Limited (TPTCL), Singapore # Fellow subsidiaries with which transactions have taken place. |
|
CAPITAL STRUCTURE
As on 08.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000000 |
Equity Shares |
Rs.10/- each |
Rs. 60000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3970500000 |
Equity Shares |
Rs.10/- each |
Rs. 39705.000 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000000 |
Equity Shares |
Rs.10/- each |
Rs. 60000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4886610000 |
Equity Shares |
Rs.10/- each |
Rs. 48866.100 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
48866.100 |
39705.000 |
28305.000 |
|
(b) Reserves & Surplus |
(38099.100) |
(22079.100) |
(273.740) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
2170.000 |
1415.800 |
3420.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12937.000 |
19041.700 |
31451.260 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
108262.200 |
105955.600 |
76505.048 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
2929.400 |
7301.592 |
|
(d) long-term provisions |
122.400 |
121.900 |
61.650 |
|
Total Non-current Liabilities (3) |
108384.600 |
109006.900 |
83868.290 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
16836.100 |
10525.300 |
4500.000 |
|
(b) Trade payables |
6623.800 |
1485.500 |
83.000 |
|
(c) Other current
liabilities |
19005.600 |
19324.300 |
12475.811 |
|
(d) Short-term provisions |
14.100 |
7.500 |
19.702 |
|
Total Current Liabilities (4) |
42479.600 |
31342.600 |
17078.513 |
|
|
|
|
|
|
TOTAL |
163801.200 |
159391.200 |
132398.063 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
145073.600 |
50369.700 |
2655.362 |
|
(ii) Intangible Assets |
1321.500 |
1377.400 |
0.000 |
|
(iii) Capital
work-in-progress |
1342.100 |
93096.300 |
123963.092 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
34.000 |
34.000 |
34.029 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1113.700 |
1287.200 |
2198.129 |
|
(e) Other Non-current assets |
1165.400 |
1332.500 |
1511.902 |
|
Total Non-Current Assets |
150050.300 |
147497.100 |
130362.514 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
45.200 |
80.021 |
|
(b) Inventories |
3721.100 |
3408.000 |
1006.817 |
|
(c) Trade receivables |
6874.400 |
552.600 |
0.000 |
|
(d) Cash and cash
equivalents |
2008.000 |
6680.600 |
186.543 |
|
(e) Short-term loans and
advances |
968.600 |
959.400 |
550.266 |
|
(f) Other current assets |
178.800 |
248.300 |
211.902 |
|
Total Current Assets |
13750.900 |
11894.100 |
2035.549 |
|
|
|
|
|
|
TOTAL |
163801.200 |
159391.200 |
132398.063 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27955.200 |
80.500 |
0.000 |
|
|
|
Other Income |
156.900 |
20.700 |
14.406 |
|
|
|
TOTAL (A) |
28112.100 |
101.200 |
14.406 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of fuel |
21694.600 |
170.300 |
0.000 |
|
|
|
Employee benefits expense |
254.400 |
12.100 |
9.591 |
|
|
|
Other Expenses |
2818.300 |
3053.800 |
35.955 |
|
|
|
Exceptional Items – Impairment Loss |
8500.000 |
18000.000 |
0.000 |
|
|
|
TOTAL (B) |
33267.300 |
21236.200 |
45.546 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
(5155.200) |
(21135.000) |
(31.140) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6164.500 |
410.200 |
0.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(11319.700) |
(21545.200) |
(31.248) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4700.300 |
260.200 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(16020.000) |
(21805.400) |
(31.248) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(16020.000) |
(21805.400) |
(31.248) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(22079.100) |
(273.700) |
(242.492)
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(38099.100) |
(22079.100) |
(273.740) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2110.500 |
5918.500 |
36051.003 |
|
|
|
Coal imported |
20732.900 |
2487.100 |
713.211 |
|
|
TOTAL IMPORTS |
22843.400 |
8405.600 |
36764.214 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.38) |
(6.68) |
(0.02) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(56.99)
|
(21546.84)
|
(216.91) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(57.31)
|
(27087.45)
|
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.86)
|
(32.91)
|
(0.37)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.24)
|
(1.15)
|
0.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
9.67
|
6.12
|
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.32
|
0.38
|
0.12 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10292419 |
10/06/2011 |
25,710,000,000.00 |
STATE BANK OF INDIA |
PROJECT FINANCE
SBU,VOLTAS HOUSE, 23, J N HERDIA |
B14995526 |
|
2 |
10210839 |
30/03/2010 |
127,564,000,000.00 |
STATE BANK OF INDIA |
PROJECT FINANCE
SBU, 3RD FLOOR, STATE BANK BHAVAN |
A82250531 |
|
3 |
10124605 |
06/10/2009 * |
127,564,000,000.00 |
STATE BANK OF INDIA |
PROJECT FINANCE SBU, 3RD FLOOR, STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA |
A75830554 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
Unsecured loans from Holding Company |
4000.000 |
2123.100 |
|
Other loans and advances (Guaranteed by the Holding Company) |
|
|
|
Unsecured loans from banks |
4500.000 |
6500.000 |
|
Buyer's Credit |
8336.100 |
1902.200 |
|
Total |
16836.100 |
10525.300
|
NOTE:
SHORT TERM BORROWING
Waiver Agreement with
Senior Lenders:
As per the Ninth Waiver and Sixth Amendment Agreement dated 12th April 2013 with the Senior Lenders, the period for compliance of Coa! Supply and Transportation Agreement Completion Date (CSTACD), the compliance of the financial covenants with respect to maintenance of certain ratios and CSTACD conditions was extended up to 30th June, 2013.
In terms of the conditions of the above Waiver Agreement, as on 31st March 2013 a sum of Rs 11674.100 millions (of which Rs. 7674.100 millions has been converted into equity) by way of subordinated Loan from the Holding Company and Rs 4500.000 millions from a bank has been infused in the Company. The repayment of additional subordinated loans shall be subject to the provisions of Subordination and Hypothecation Agreements signed with the Security Trustee, as required under financing agreements. During the extended waiver period, the Company is required to maintain Debt to Equity Ratio of 75:25 for meeting financial covenants and Required Debt-to-Equity Ratio of 70:30 for availing the disbursements, which is capped at 83.33 percent of all Senior Loans, till 30th June 2013. The said cap shall be removed subject to agreement upon a term sheet in form and substance satisfactory to the Senior Lender , Debt Service Reserve Guarantee is funded in the amount and in the form satisfactory to the Senior Lender and all other relevant financing documents are revised and signed.
As per the financing agreements, the Holding Company has entered into a Sponsor Support Agreement with the lenders and the Company whereby it has undertaken to provide support by way of base equity contribution to the extent of 25 percent of the project cost and additional equity or subordinated loans to be made or arranged for, if required, as per the financing agreements to finance the project. The Sponsor Support Agreement also includes support by way of additional equity for any overrun in project costs and Debt Service Reserve Guarantee as provided under the financing agreements. The support will cease on the date of "Project Financial Completion Date" as defined under the financing agreements.
The total accrued interest on loans from the Holding Company
shown under "Note 9-Other Current Liabilities" as on 31st March, 2013
Rs 365.700 millions (31st March, 2012: Rs. 365.700 millions) shall
be payable subject to fulfilment of conditions of Subordination Agreement and
CSTACD conditions. The Holding Company has waived charging interest on these
loans from 1st April, 2012.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
a) Corporate Guarantee issued on behalf of wholly owned subsidiary - Energy Eastern Pte. Limited of US$ 10 million (Previous Year USS 10 million) |
543.900 |
511.900 |
|
|
b) Stamp Duty demand for registration charges of mortgage deeds of private land. |
0.000 |
5.000 |
|
|
c) Claims of Service Tax demands against processing fees paid to IFC and ADB for processing and disbursement of Loans. |
137.100 |
128.400 |
|
|
d) Income tax demand relating to tax on interest on deposits with banks. |
4.500 |
3.400 |
|
|
e) Claims by a procurer arising from the disputes relating to PPA against: |
932.400 |
145.400 |
|
|
|
Rs in Millions |
||
|
- Change in law (including estimated amounts claimable by others procures of Rs. 363.600 millions) |
692.600 |
||
|
- Applicability of escalation index |
66.800 |
||
|
- Consequential additional impact on the rebate given |
173.000 |
||
|
|
932.400 |
||
|
f) Green Cess disputed by the Company relating to issue of applicability |
253.500 |
0.000 |
|
|
g) Custom duty claims disputed by the Company relating to issue of applicability and classification (Payment made under protest against these claims by the Company Rs. 567.500 millions). |
736.100 |
0.000 |
|
|
k) Other Matters No cash flow in respect of the above items is expected in near future. |
51.700 |
0.000 |
|
CORPORATE
INFORMATION:
The Company was incorporated on 10th February, 2006 as a wholly owned subsidiary of Power Finance Corporation Limited and was a special purpose vehicle formed to acquire project land and complete preliminary formalities and seeking initial consents for establishing the 4000 MW Ultra Mega Power Project (UMPP) at Mundra in the State of Gujarat which was awarded through the competitive bidding process. However, certain parts of land required for the project at the time of transfer of shareholding of the Company's project could not be acquired by Power Finance Corporation Limited. This had to be subsequently acquired by the Company.
Under the terms of the competitive bidding, the successful bidder was to acquire ownership of the Company. In terms of Share Purchase Agreement dated 22nd April, 2007, the entire shareholding of Power Finance Corporation Limited in the Company was acquired by The Tata Power Company Limited. Consequently, the Company becomes a wholly owned subsidiary of The Tata Power Company Limited. During the year, the Company's four Power Generating Units of 800 MW each (Previous Year - one Power Generating Unit of 800 MW commenced on 7th March, 2012) commenced commercial operations on 30th July, 2012, 27th October, 2012, 19th January, 2013 and 22nd March, 2013, resulting in total power generating capacity of 4,000 MW. Accordingly, the results for the current year ended 31st March, 2013 are not comparable with those for the previous year.
PROJECTS
Till 31st March 2013, the company has been able to implement and commission 4,000 MW (800 x 5 units) UMPP at Mundra in Gujarat. Last of the five Units of Mundra UMPP got commissioned on 22nd March, 2013, which has set the record of commissioning 3,200 MW in single financial year.
Till March 2013, the Company has committed Capital expenditure of Rs. 182353.400 millions against which Rs. 179556.300 millions have been spent so far as at 31st March, 2013. Capital work-in-progress (including capital advances) addition by the company during the financial year ended 31st March 2013 was Rs. 15369.300 millions as against Rs. 35543.500 millions for the year ended 31st March, 2012. This includes expenditure (net of income) towards Interest and Finance charges, impact of Foreign Currency translation, Fuel and General Overheads. Out of the total Capital work-in-progress of Rs 120863.100 millions, Fixed assets capitalised during the year was Rs. 119409.400 millions resulting into the total Fixed assets Capitalised of Rs. 178102.600 millions
PROJECT FINANCE
The Company has drawn Rs. 103210.000 millions out of Rs.127570.000 millions of its long term loans for the project. The Company has complied with pre-disbursement conditions as per the terms of financing and, wherever required, necessary waivers have been requested / obtained. The key waivers that have been obtained till 30,h June, 2013 by the Company relate to the inclusion of provision for impairment, current foreign exchange rates and mark-to-market valuations in calculating financial ratios. The disbursements are capped at 83.33% of all project loans till 30m June, 2013 under the financing documents.
Pending finaiisation of Debt: Equity ratio and other waivers, the Company has requested the Project Lenders to extend the date of compliance of tying up the balance coal and shipping requirements and other covenants of financing documents. The Project Lenders have in principle agreed to extend the time for compliance of conditions.
The Company has availed Rs. 57240.000 millions of Rupee loan and $ 1,361.54 million of foreign exchange loans as on 31st March, 2013.
FIXED ASSETS
·
Tangible
Assets
Freehold
Land
Buildings
– Plant
Buildings
– Others
Roads
Plant
and Machinery
Furniture
and Fixture
Vehicles
Office
Equipment
Transmission
Lines, Street Lights, etc.
Leasehold
Land
Intangible Assets
Operating
Rights
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.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.