|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
THDC INDIA LIMITED (w.e.f 06.11.2009) |
|
|
|
|
Formerly Known
As : |
TEHRI HYDRO DEVELOPMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Bhagirath Bhavan Top Terrace, Bhagirathipuram, Tehri Garhwal,
Uttarakhand – 249001, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.07.1988 |
|
|
|
|
Com. Reg. No.: |
20-009822 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 34430.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45203UR1988GOI009822 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRTT00166F DELT00961C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT7905Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
To Maintain hydro power project. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 270000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is joint venture of the Government of India and Government of
Uttar Pradesh. It is an established company having fine track record. Overall financial position of the company appears to be strong and
healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – 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
Uptick in
agriculture and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “AA” |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
15.11.2013 |
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.
LOCATIONS
|
Registered Office : |
Bhagirath Bhavan Top Terrace, Bhagirathipuram, Tehri
Garhwal, Uttarakhand – 249001, Uttar Pradesh, India |
|
Tel. No.: |
91-1376-236391 |
|
Fax No.: |
91-1376-236363 |
|
E-Mail : |
|
|
|
|
|
Administrative Office: |
|
|
Tel. No.: |
91-11-2572 05 59 /2 575 23 75 / 2573 04 65 |
|
Fax No.: |
91-11-2572 05 32 |
|
Telex : |
031-63085 THDC IN |
|
Grams: |
TEHRI CROPS |
DIRECTORS
As on: 25.09.2013
|
Name : |
Mr. Seshathalpa Sai Rayankula |
|
Designation : |
Managing director |
|
Address : |
THDC Colony, |
|
Date of Birth/Age : |
10.11.1956 |
|
Date of Appointment : |
05.05.2005 |
|
DIN No.: |
00171920 |
|
|
|
|
Name : |
Mr. Dhirendra Veer Singh |
|
Designation : |
Director |
|
Address : |
IV/2, THDC Colony, |
|
Date of Birth/Age : |
02.04.1961 |
|
Date of Appointment : |
12.05.2010 |
|
DIN No.: |
03107819 |
|
|
|
|
Name : |
Mr. Shantanu Kumar Biswas |
|
Designation : |
Whole-time director |
|
DIN No.: |
06429112 |
|
|
|
|
Name : |
Mr. Sridhar Patra |
|
Designation : |
Director |
|
Address : |
EN-23, Mrpl Township, Post-Kuthethoor, Via-Katipalla Mangalore –
575030, Karnataka, India |
|
Date of Birth/Age : |
12.10.1964 |
|
Date of Appointment : |
01.08.2013 |
|
DIN No.: |
06500954 |
|
|
|
|
Name : |
Mr. Om Parkash Kewal Krishan Gahrotra |
|
Designation : |
Director |
|
Address : |
12, Praneet, Dr. Jpalker Road, Worli, Mumbai – 400030, Maharashtra,
India |
|
Date of Birth/Age : |
21.09.1946 |
|
Date of Appointment : |
16.03.2012 |
|
DIN No.: |
00936696 |
|
|
|
|
Name : |
Mr. Suresh Chandra Saxena |
|
Designation : |
Director |
|
Address : |
Directors Lodge Indian Institute of Technology, Roorkee, Haridwar – 247667,
Uttarkhand |
|
Date of Birth/Age : |
22.03.1949 |
|
DIN No.: |
02254387 |
|
|
|
|
Name : |
Mr. Rajib Sekhar Sahoo |
|
Designation : |
Director |
|
Address : |
A/42, Nilakanthnagar, Nayapalli, Bhubaneshwar – 751012, Orissa, India |
|
Date of Birth/Age : |
10.07.1962 |
|
Date of Appointment : |
09.11.2011 |
|
DIN No.: |
02708503 |
|
|
|
|
Name : |
Mr. Raj Pal |
|
Designation : |
Nominee director |
|
Address : |
C-22, Block, Jangpura Extension, Delhi – 110014, India |
|
Date of Birth/Age : |
22.04.1961 |
|
Date of Appointment : |
01.11.2013 |
|
DIN No.: |
02491831 |
KEY EXECUTIVES
|
Name : |
Mr. Syed Gamar Ahmad |
|
Designation : |
Secretary |
|
Address : |
THDC Colony, |
|
Date of Birth/Age : |
31.01.1963 |
|
Date of Appointment : |
11.03.1998 |
|
PAN No.: |
ACAPA0282G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
President of |
|
25081517 |
|
Government of Uttar Pradesh, Uttar Pradesh |
|
9349400 |
|
Sai Sesha Thalpa |
|
1 |
|
Rajesh Verma |
|
1 |
|
Prasad Sai Guttapalli |
|
1 |
|
Gurdial Singh |
|
1 |
|
Kishan Singh Atoria |
|
2 |
|
Navneet Kumar Sehgal |
|
2 |
|
Ashok Singh Bisht |
|
1 |
|
Chandra Pal Singh |
|
1 |
Equity Share Break up (Percentage of Total Equity)
As on: 25.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Government (Central and State) |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To Maintain hydro power project. |
PRODUCTION STATUS (As on: 31.03.2013)
|
Particulars |
Unit |
31.03.2013 |
|
Installed Capacity |
MW |
1400 |
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India Punjab National Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs. In
Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Finance Institutions: |
· Sbicap Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India · Power Finance Corporation Limited, 'Urjanidhi', 1,Barakhamba Lane, Connaught Place,, New Delhi - 110001, Delhi, India · Rural Electrification Corporation Limited, Core 4scope Complex, 7 Lodi Road, New Delhi - 110003, Delhi, India |
|
|
|
|
Auditors : |
|
|
Name : |
Bhatia and Bhatia Chartered Accountants |
|
Address : |
12, Central Lanr, Bengali Market, New Delhi – 110001, India |
|
Tel. No.: |
91-11-23325599 / 23325699 |
|
Fax No.: |
91-11-23355033 |
|
E-Mail : |
CAPITAL STRUCTURE
As on: 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.1000/- each |
Rs. 40000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34430917 |
Equity Shares |
Rs.1000/- each |
Rs.
34430.900 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 |
34430.900 |
32975.800 |
32975.800 |
|
(b) Reserves & Surplus |
33284.000 |
28645.600 |
24750.700 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
450.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
67714.900 |
62071.400 |
57726.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
34662.400 |
44883.400 |
41732.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
2336.400 |
2875.400 |
2990.200 |
|
(d) long-term
provisions |
2030.500 |
1853.200 |
1678.800 |
|
Total Non-current
Liabilities (3) |
39029.300 |
49612.000 |
46401.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
12881.200 |
3995.800 |
3291.700 |
|
(b)
Trade payables |
3.400 |
5.000 |
0.400 |
|
(c)
Other current liabilities |
7208.600 |
6944.500 |
7267.800 |
|
(d) Short-term
provisions |
1303.100 |
3913.000 |
1837.000 |
|
Total Current Liabilities
(4) |
21396.300 |
14858.300 |
12396.900 |
|
|
|
|
|
|
TOTAL |
128140.500 |
126541.700 |
116524.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
87949.800 |
92029.100 |
90984.800 |
|
(ii)
Intangible Assets |
10.900 |
13.600 |
12.900 |
|
(iii)
Capital work-in-progress |
7851.900 |
5708.100 |
8347.100 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
2518.800 |
1981.600 |
1329.200 |
|
(d) Long-term Loan and Advances |
5974.400 |
5759.300 |
3735.000 |
|
(e) Other
Non-current assets |
4.900 |
51.500 |
36.900 |
|
Total Non-Current
Assets |
104310.700 |
105543.200 |
104445.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
255.800 |
166.000 |
176.800 |
|
(c)
Trade receivables |
23070.100 |
19089.700 |
11149.500 |
|
(d) Cash
and cash equivalents |
160.900 |
1378.700 |
524.400 |
|
(e)
Short-term loans and advances |
274.500 |
314.600 |
216.800 |
|
(f)
Other current assets |
68.500 |
49.500 |
11.300 |
|
Total
Current Assets |
23829.800 |
20998.500 |
12078.800 |
|
|
|
|
|
|
TOTAL |
128140.500 |
126541.700 |
116524.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Revenue from operations |
19561.400 |
20455.800 |
16831.000 |
|
|
|
|
Other Income |
703.900 |
95.000 |
61.700 |
|
|
|
|
TOTAL (A) |
20265.300 |
20550.800 |
16892.700 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Employee benefit expenses |
1932.300 |
1499.500 |
1552.400 |
|
|
|
|
Generation ,Administration & Other Expenses |
1518.800 |
1177.400 |
1284.600 |
|
|
|
|
Provisions |
2.400 |
15.600 |
7.900 |
|
|
|
|
TOTAL (B) |
3453.500 |
2692.500 |
2844.900 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16811.800 |
17858.300 |
14047.800 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
6051.000 |
5317.300 |
3779.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10760.800 |
12541.000 |
10268.100 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4743.500 |
4508.000 |
3496.200 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE TAX
AND PRIOR PERIOD ADJUSTMENT |
6017.300 |
8033.000 |
6771.900 |
||
|
|
|
|
|
|
||
|
LESS |
PRIOR PERIOD
INCOME/EXPENDITURE (NET) |
42.200 |
9.600 |
(020.100) |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX |
5975.100 |
8023.400 |
6792.000 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
661.300 |
985.100 |
787.300 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
|
5313.800 |
7038.300 |
6004.700 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16947.000 |
12372.700 |
8478.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Interim Dividend |
0.000 |
0.000 |
1250.000 |
|
|
|
|
Proposed Dividend |
0.000 |
2120.000 |
560.000 |
|
|
|
|
Tax on Dividend |
0.000 |
344.000 |
300.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
22260.800 |
16947.000 |
12372.700 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital Goods |
26.500 |
3.010 |
1.313 |
|
|
|
TOTAL IMPORTS |
|
3.010 |
1.313 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
157.86 |
213.42 |
182.10 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
26.22 |
34.25 |
35.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
30.55 |
39.22 |
40.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
507.36 |
675.08 |
635.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
8.82 |
12.92 |
11.77 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.70 |
0.79 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.41 |
0.98 |
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 |
No |
|
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 |
No |
|
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 |
Yes |
|
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 |
CASE DETAILS
In the High court of Delhi at new Delhi
O.M.P. 588/2013
PCL- INTERTECH -LEHNDRO DEVELOPMENT J V
Though: Ms. Kiran Suri and Mr. Ashok Bhan,
Sr. Advs. With Mr. Purvesh Buttan, Mr. Karan Batura and Ms. Ritika Gambhir, Advs.
Versus
THDC INDIA LIMITED … Respondent
Though: Mr. Parag P. Tripathi and Mr. S. K Taneja, Sr. Advs. With Mr. Puneet Taneja, Ms. Monisha Habda and Ms. Shweta, Advs.
CORAM
Hon’ble Mr. Justice Rajiv Shakdher
ORDER
25.10.2013
At the joint request of the parties, list on 10.04.2014.
RAJIV SHAKDHER, J
OCTOBER 25, 2013
s.pal
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
KFW loan -9831 (For
Tehri HPP) (Repayable upto 10 years on half yearly instalment from June 2004 to December 2013, carrying interest rate @EURIBOR plus 0.5%margin p.a i.e. 0.875 % ) |
0.000 |
189.200 |
|
KFW loan -2896 (For
Tehri HPP) (repayable upto 10 years on half yearly instalment from Sept. 2004 to March 2014, carrying Fixed interest rate @5.91%p.a.) |
0.000 |
40.000 |
|
World Bank Loan
(For VPHEP) (repayable upto 23 years on half yearly instalment from 15th Nov. 2017 to 15th May 2040 , carrying interest rate @LIBOR +variable spread.p.a. i.e. 0.99%) |
89.200 |
82.900 |
|
Domestic Loans (For
PSP) State Bank of India ( Repayable on 10 years on Quarterly Installments from August 2016 to May 2026. Carrying Floating Interest rate @Base rate + 1.2% p.a. i.e.11.20 % ) |
0.000 |
1000.000 |
|
|
0 |
0 |
|
Short term
borrowings |
0 |
0 |
|
Power Finance Corporation Limited (Carrying Floating Interest Rate @12.5% p.a.) |
0.000 |
380.800 |
|
Power Finance Corporation Limited (Carrying Floating Interest Rate @12.25% p.a.) |
0.000 |
376.900 |
|
Power Finance Corporation Limited (Carrying Floating Interest Rate @12.75% p.a.) *** |
2500.000 |
0.000 |
|
Canara Bank (Carrying Floating Interest Rate@ base rate p.a i.e. 10.25%) |
3000.000 |
0.000 |
|
|
|
|
|
Total |
5589.200 |
2069.800 |
OPERATIONAL
PERFORMANCE
GENERATION FROM TEHRI
AND KOTESHWAR HYDRO POWER PLANTS
Generation during the year 2012-13 at Tehri and Koteshwar was 3101.98 MU and 1164.05 MU respectively which has exceeded the target of 3000 MU and 1145 MU respectively for ‘Very Good’. Plant Availability Factors (PAFs) for 2012-13 for Tehri and Koteshwar were 81.993% and 74.379% against the target of 80% & 47.00% respectively. After early arrival, the Monsoon in the current year has been very active. In the current year the generation of electricity upto mid-September is 2563 MU and 982 MU as against design energy of 2797 MU and 1155 MU at Tehri and Koteshwar respectively, for thewhole year.
RELEASE OF WATER
DURING KUMBH MELA AT ALLAHABAB IN 2013.
During the Kumbh Mela at Allahabad in 2013, additional water was released as per the request of U.P. Government. Accordingly 250 cumecs of water was regularly released from 21st December 2012 to 10th February 2013. Thereafter release was reduced to155 cumecs, in the interest of safety of Kumbh pilgrims, when the natural discharge in the river increased due to early rains.
COMMERCIAL
PERFORMANCE
During the financial year 2012-13, based on the Provisional Tariff, revenue of Rs.14104.200 million (P.Y Rs. 11475.680 million) was realised from the beneficiaries. The amount of billing during 2012-13 was Rs. 16368.530 million towards sale of energy(86.17% collection).
In addition, the company also earned net revenue of Rs. 168.380 million on account of Unscheduled Interchange (UI) Charges under the prevailing UI mechanism and Rs.8.570 million was earned on account of interest on late payment of UI Charges of firm energy.
The tariff order for Tehri HEP for the period 2006-09 was issued by CERC, on 16.04.2013. On account of the said order, an amount of Rs. 1791.400 million has become further due from beneficiaries for the period 2006-09 for which bills have been raised.
Tariff petitions for the period 2009-2014 for Tehri HPP and Koteshwar HEP submitted earlier to Hon’ble CERC are under consideration of the Hon’ble Commission for determination of final tariff.
The Power Purchase Agreement for Tehri PSP (1000 MW) was also signed with one of the Delhi Discoms, namely, BSES Rajdhani Power Limited, Delhi on 24th December, 2012.
All the beneficiaries have given their feedback expressing their satisfaction with ‘Excellent’ rating for the services provided by the Corporation
PROGRESS OF PROJECTS
UNDER CONSTRUCTION:
TEHRI PSP(1000MW).
The Agreement for EPC/Turnkey execution of the Project was signed with the consortium of M/s Alstom Hydro France and Hindustan Construction Company. Work on the project commenced w.e.f. 27th July, 2011. Excavation of six approach adits has been completed. Excavation of three approach adits is in progress. U/G excavation in a length of 2558 m in all approach adits including drainage galleries has been completed. Excavation work on various fronts viz. Power House Cavern, Downstream Surge Shafts, Penstock Assembly Chamber, Butterfly Valve Chamber, Tail Race Tunnels and Ventilation Tunnel is in progress. Crown slashing in Power house cavern has been completed. Further, benching of Power House is in progress. Pilot shaft excavation of Downstream Surge Shaft No. 3 has been completed and excavation in Downstream Surge Shaft No. 4 has been completed in a length of 56m out of 78m. Heading excavation of Tail Race Tunnels (TRT-3 and 4) is in progress. Pilot tunneling in a length of 353 m and heading excavation in a length of 45 m have been completed in TRTs. Excavation of Ventilation Tunnel has been completed in a length of 256 m.
Supply of EM Equipments has started. The DT Elbow Liner and embedments of unit 5 & unit 6 have been received at project site. Inspection of Runner casting of Unit-5 at DHI, China has been completed. Inspection of Runner Band and Crown for Unit-6 is scheduled in Sep. 2013 at DHI, China. Manufacturing of Stay- ring, Butterfly Valve plug casting, Stator bar and Stator frame and lower Shaft forging for Unit-5 are in progress at different manufacturing units of consortium/sub-vendors at India & abroad.
Progress of project works has been severely affected due to hindrances faced in muck disposal and quarrying. These issues are being sorted out. The Project is expected to be commissioned by Feb’ 17.
PROJECTS IN
UTTARAKHAND AFFECTED BY SUPREME COURT ORDER
Five projects of THDCIL namely Jhelum Tamak, Malari Jhelum, Karmolo , jadhganga and GohanaTal have been affected due to recent Supreme Court order dated 13th Aug 3013 directing MoEF and State of Uttarakhand not to grant any Environmental clearance or Forest clearance for any hydro electric project in the state of uttarakhand until further orders Clearance.
As per Supreme Court directives , Proposal for carrying out drilling/drifting work under Survey and Investigation for Bokang Bailing HEP has not been considered by NDWL during their meeting held on 4th Sept 2013
NEW AND RENEWABLE
ENERGY PROGRAMME
WIND POWER GENERATION
The company has been exploring the possibility of diversifying into the field of wind power generation. Centre for Wind Energy Technology (C - WET) has been appointed as Consultant to provide consultancy for establishing 50 MW Wind Power Project. The process to award EPC Contract for establishing 50 MW Wind Power Project at a suitable site in any wind potential State viz: Rajasthan / M.P. / Gujarat / Maharashtra has been initiated.
The company has also taken up Wind Resource Assessment Study in Shahjahanpur District of Uttar Pradesh. One 80 meter tall wind monitoring mast has been commissioned in March,13 in Shahjahanpur, UP and another mast of 80 meter height is being commissioned by C-WET, Chennai at Lakshamanpur village in Distt. Lahkimpur Kheeri, UP.
SOLAR POWER
GENERATION
The company has been exploring opportunities for establishing grid connected Solar Power Projects in UP and MP. The UPNEDA (State Nodal Agency) has been requested for formation of a JV company for development of 100 MW solar power project at Distt. Jalon in UP. Deptt. of New and Renewable Energy, Govt. of M.P. has allotted one Solar Power Project of 20 MW capacity in Cheetakkhera, Distt. Neemuch (M.P.).
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10394625 |
31/01/2013 * |
15,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69259869 |
|
2 |
10244111 |
29/09/2010 |
7,470,000,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
A96269576 |
|
3 |
10241990 |
29/06/2012 * |
10,000,000,000.00 |
PUNJAB NATIONAL BANK |
LAXMAN JHOOLA ROAD, RISHIKESH, UTTARAKHAND - 249201, INDIA |
B43473263 |
|
4 |
10079873 |
04/11/2011 * |
12,667,100,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B25901612 |
|
5 |
10020168 |
03/12/2010 * |
11,700,000,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B01358340 |
|
6 |
80032359 |
29/12/2005 |
18,600,000,000.00 |
POWER FINANCE CORPORATION LIMITED |
CHANDRALOK BLDG, 36 JANPATH, NEW DELHI, DELHI - |
- |
|
7 |
90273215 |
27/01/2004 * |
12,060,000,000.00 |
POWER FINANCE CORPN LIMITED |
CHANDRA LOK, 36; JANPATH, NEW DELHI, DELHI - 1100 |
- |
* Date of charge modification
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. 61.99 |
|
|
1 |
Rs. 101.37 |
|
Euro |
1 |
Rs. 84.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.