|
Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
IL&FS ENERGY DEVELOPMENT COMPANY LIMITED (w.e.f 12.10.2011) |
|
|
|
|
Formerly Known
as : |
IL&FS POWER DEVELOPMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
A-268, First Floor, Bhishm Pitamah Marg, Defence Colony, New Delhi-
110024 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.05.2007 |
|
|
|
|
Com. Reg. No.: |
55-163679 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9187.990 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40300DL2007PLC163679 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in development an operations of power projects
and providing advisory services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 47880000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Infrastrcture Leasing and Financial Services
Limited (IL & FS) It is a well established and reputed company having a good track
record. The performance of the company seems to be good. Financially appears
to be strong. Fundamentals are healthy. The company gets good financial support from its holding companies.
Liquidity position of the company is good. Trade relations are reported to be
fair. Business is active. Payments are reported to be regulars and as per
commitment. In view of strong holdings and experience promoters, the company can
be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
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 |
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 : |
A-268, First Floor, Bhishm Pitamah Marg, Defence Colony, New Delhi-
110024,
India |
|
Tel. No.: |
91-11-46577591 |
|
Fax No.: |
91-11-46577590 |
|
E-Mail : |
DIRECTORS
As on 07.08.2012
|
Name : |
Mr. Arun Kumar Saha |
|
Designation : |
Director |
|
Address : |
601-602, Green Acres, CHS Pali Hill, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
27.03.1953 |
|
Date of Appointment : |
01.08.2011 |
|
DIN No.: |
00002377 |
|
|
|
|
Name : |
Mr. Hari Sankaran |
|
Designation : |
Managing director |
|
Address : |
901, Plot No.592, Shobha Sagar CHS Limited, TPSIII 21 Road, NREXEC
Utive Enclave, Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1961 |
|
Date of Appointment : |
19.06.2008 |
|
DIN No.: |
00002386 |
|
|
|
|
Name : |
Mr. Ravi Ramaswamy Parthasarathy |
|
Designation : |
Director |
|
Address : |
1201/1202, Vinayak Aangan Prabhadevi, Mumbai-400025, Maharashtra,
India |
|
Date of Birth/Age : |
04.10.1952 |
|
Date of Appointment : |
19.06.2008 |
|
DIN No.: |
00002392 |
|
|
|
|
Name : |
Mr. Ramesh Chander Bawa |
|
Designation : |
Director |
|
Address : |
W-78, Greater Kailash Part- I, New Delhi-110048, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
01.08.2011 |
|
DIN No.: |
00040523 |
|
|
|
|
Name : |
Mr. Ramchand Karunakaran |
|
Designation : |
Director |
|
Address : |
3rd Floor, Victoria Building, Gajdhar Scheme, S.N. Road,
Santacruz (West), Mumbai-400054, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1954 |
|
Date of Appointment : |
04.02.2011 |
|
DIN No.: |
00051769 |
|
|
|
|
Name : |
Mr. Milagiripattu Sundaravaradan Srinivasan |
|
Designation : |
Director |
|
Address : |
Plot No.1013, TVS Colony, Anna Nagar (West) Extension, Chennai-600101,
Tamilnadu, India |
|
Date of Birth/Age : |
21.07.1948 |
|
Date of Appointment : |
01.08.2011 |
|
DIN No.: |
00261201 |
|
|
|
|
Name : |
Mr. Komaralingam Gopalan Ramachandran |
|
Designation : |
Director |
|
Address : |
102, Temple Tree Apartments, 29/1, Kanakpuram Road, Bangalore-560078,
Karnataka, India |
|
Date of Birth/Age : |
26.05.1945 |
|
Date of Appointment : |
22.08.2008 |
|
DIN No.: |
00383008 |
|
|
|
|
Name : |
Mr. Sushil Chandra Tripathi |
|
Designation : |
Director |
|
Address : |
27, Sector-15A, Noida-201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
01.01.1946 |
|
Date of Appointment : |
19.06.2008 |
|
DIN No.: |
00941922 |
|
|
|
|
Name : |
Mr. Kamalesh Chandra Lahiry |
|
Designation : |
Director |
|
Address : |
A-208, Chinar, Woodland, Kolar Road, Bhopal-462016, Madhya Pradesh,
India |
|
Date of Birth/Age : |
19.11.1940 |
|
Date of Appointment : |
29.12.2008 |
|
DIN No.: |
02494120 |
|
|
|
|
Name : |
Mr. Siddharth Mehta |
|
Designation : |
Director |
|
Address : |
15/16, Bina Apartment, Sir M.V. Road, Andheri (East), Mumbai-400069, Maharashtra,
India |
|
Date of Birth/Age : |
26.06.1978 |
|
Date of Appointment : |
08.11.2011 |
|
DIN No.: |
02665407 |
|
|
|
|
Name : |
Ms. Archana Niranjan Hingorani |
|
Designation : |
Director |
|
Address : |
10, Jeevan Dhara, Dr. Ambedkar Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
09.09.1965 |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
00028037 |
|
|
|
|
Name : |
Mr. Chandra Prakash Jain |
|
Designation : |
Additional Director |
|
Address : |
396-C, Sheikh Sarai, Phase-I, New Delhi-110017, India |
|
Date of Birth/Age : |
03.03.1946 |
|
Date of Appointment : |
23.11.2012 |
|
DIN No.: |
00011964 |
KEY EXECUTIVES
|
Name : |
Mr. Rajpal Singh Ahuja |
|
Designation : |
Secretary |
|
Address : |
L-359, Sarita Vihar, New Delhi-110076, India |
|
Date of Birth/Age : |
10.02.1974 |
|
Date of Appointment : |
22.08.2008 |
|
PAN No.: |
AFWPA1237Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.08.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
1. Infrastructure Leasing and Financial Services Limited., India 2. Haziq Beg |
|
1 |
|
1. Infrastructure Leasing and Financial Services Limited, India 2. Akhil Agarwal |
|
1 |
|
1. Infrastructure Leasing and Financial Services Limited, India 2. R. Shanmuganandam |
|
1 |
|
1. Infrastructure Leasing and Financial Services Limited, India 2. Avinash Bapat |
|
1 |
|
1. Infrastructure Leasing and Financial Services Limited, India 2. Rajpal Singh |
|
1 |
|
National Securities Depository Limited, India |
|
884138194 |
|
1. Infrastructure Leasing and Financial Services Limited, India 2. Sunil Wadhwa |
|
1 |
|
Total |
|
884138200 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
National Securities Depository Limited, India |
|
34660767 |
|
Total |
|
34660767 |
Equity Share Break up (Percentage of Total Equity)
As on 07.08.2012
|
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 |
2.33 |
|
Bodies corporate |
87.94 |
|
Other top fifty shareholders |
9.73 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in development an operations of power projects
and providing advisory services. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
IL&FS Financial Services Limited, II and FS Financial Centre, Plot
No C-22 G Block, Bandra Kurla Complex Bandra (East), Mumbai - 400051,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Delloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City
Phase – II, Gurgaon- 122002, Haryana, India |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Holding Company
: |
Infrastructure Leasing and Financial Services Limited |
|
|
|
|
Subsidiaries : |
·
IL&FS Hydro Energy Limited ·
Cross Border Power Transmission Company Limited ·
Nana Layja Power Company Limited ·
IL&FS Renewable Energy Limited ·
IL&FS Wind Power Limited ·
Nakhatrana Biomass Energy Limited ·
Gaps Power and Infrastructure Limited ·
Tadas Wind Energy Limited ·
Lalpur Wind Energy Private Limited ·
East Delhi Waste Processing Company Limited ·
IL&FS Tamil Nadu Power Company Limited |
|
Fellow Subsidiary : |
·
Gaps Power and Infrastructure Limited ·
IL&FS Education and Technology Service
Limited ·
IL&FS Environmental Infrastructure and
Service Limited ·
IL&FS Finance Services Limited ·
IL&FS Infrastructure Development Corporation
Limited ·
IL&FS Investment Advisors LLC ·
IL&FS Nepal Infrastructure Development
Company Private Limited ·
IL&FS Securities Services Limited ·
IL&FS Transportation Networks Limited ·
IL&FS Trust Company Limited ·
IL&FS Wind Power Limited ·
Nakhatrana Biomass Energy Limited ·
Tadas Wind Energy Limited ·
IL&FS Renewable Energy Limited ·
Nana Layja Power Company Limited ·
Lalpur Wind Energy Private Limited ·
IL&FS Property Management and Services
Limited |
|
Affiliates / Associates |
·
ONGC Tripura Power Company Limited ·
SV Power Private Limited ·
KVK Nilachal Power Private Limited ·
IL&FS Tamil Nadu Power Company Limited ·
Assam Power Projects Development Company Limited ·
Bihar Power Infrastructure Company Privae Limited ·
IL&FS Technologies Limited ·
Indraprastha Energy and Wast Management Company
Limited ·
ORIX Auto Infrastructure Services Limited ·
Power Transmission Company Nepal Limited ·
Manglore SEZ Limited |
|
|
|
|
Joint Ventures : |
·
Power Transmission Company Nepal Limited ·
Bihar Power Infrastructure Company Private
Limited ·
Assam Power Project Development Company Limited |
|
|
|
|
Other Enterprises over which IL&FS has control of significant influence : |
·
IL&FS IIDC Fund ·
IL&FS Infrastructure Equity Fund 1 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1900000000 |
Equity Shares |
Rs.10/- each |
Rs.19000.000 Millions |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
884138200 |
Equity Shares |
Rs.10/- each |
Rs. 8841.382 Millions |
|
34660767 |
Preference Shares |
Rs.10/- each |
Rs. 346.608 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 9187.990
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9187.990 |
5220.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
447.000 |
200.000 |
|
|
3] Reserves & Surplus |
2782.343 |
61.463 |
53.601 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11970.333 |
5728.463 |
273.601 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2479.638 |
4730.038 |
0.000 |
|
|
2] Unsecured Loans |
3470.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5949.638 |
4730.038 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
45.806 |
43.485 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17965.777 |
10501.986 |
273.601 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2571.617 |
2719.257 |
2.310 |
|
|
Capital work-in-progress |
0.000 |
1.379 |
1.379 |
|
|
|
|
|
|
|
|
INVESTMENT |
13006.820 |
5293.827 |
4.498 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
1.039 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
427.977
|
300.969 |
95.023 |
|
|
Cash & Bank Balances |
72.119
|
74.287 |
28.992 |
|
|
Other Current Assets |
77.601
|
53.893 |
0.000 |
|
|
Loans & Advances |
2124.466
|
2303.469 |
219.847 |
|
Total
Current Assets |
2702.163
|
2732.618 |
343.862 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
60.605
|
54.480 |
37.727 |
|
|
Other Current Liabilities |
240.411
|
180.000 |
3.471 |
|
|
Provisions |
13.807
|
10.615 |
38.289 |
|
Total
Current Liabilities |
314.823
|
245.095 |
79.487 |
|
|
Net Current Assets |
2387.340
|
2487.523 |
264.375 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17965.777 |
10501.986 |
273.601 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
986.509 |
611.682 |
274.994 |
|
|
|
Other Income |
114.639 |
87.159 |
5.515 |
|
|
|
TOTAL (A) |
1101.148 |
698.841 |
280.509 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
167.525 |
141.450 |
102.915 |
|
|
|
Other Expenses |
132.295 |
134.510 |
61.990 |
|
|
|
TOTAL (B) |
299.820 |
275.960 |
164.905 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
801.328 |
422.881 |
115.604 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
451.421 |
290.355 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
349.907 |
132.526 |
115.604 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
149.585 |
79.881 |
1.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
200.322 |
52.645 |
114.219 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
80.709 |
44.783 |
39.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
119.613 |
7.862 |
75.050 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
83.863 |
46.001 |
13.534 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
7.600 |
|
|
|
Proposed dividend on equity shares |
0.000 |
0.000 |
30.000 |
|
|
|
Dividend distribution tax |
0.000 |
0.000 |
4.983 |
|
|
BALANCE CARRIED
TO THE B/S |
203.476 |
83.863 |
46.001 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
98.688 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
0.18 |
0.05 |
10.11 |
|
|
|
Diluted |
0.17 |
0.05 |
10.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.86
|
1.13 |
26.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.31
|
0.43 |
41.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
0.97 |
33.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.50
|
0.83 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.58
|
11.15 |
4.33 |
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 |
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 |
No |
NOTE
The registered office of the company has been shifted from C/O IL&FS
Securities Services Limited, 10, Community Center, 2nd Floor, East Of
Kailash, New Delhi-110065 to the present address w.e.f. 20.07.2012
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Debentures issued to related party |
2470.000 |
0.000 |
|
Loans short term – from related parties |
1000.000 |
0.000 |
|
Total |
3470.000 |
0.000
|
FIXED ASSETS
v
Tangible Assets
·
Land
·
Plant and Equipment
·
Computer
·
Furniture and Fixture
·
Office Equipment
v
Intangible Assets
·
Software
PRESS RELEASE
PEs to pick 74% in IL&FS power plant for R4k cr
Mumbai, March 19 2012
Mumbai: Singapore-based Ascol, a consortium of four private equity funds, will purchase 74% in IL&FS Tamil Nadu Power Company for Rs. 40000.000 millions, a person with direct knowledge of the development said. The company is building a 3,600-MW coal-fired power plant in Cuddalore in Tamil Nadu.
India’s leading financial services provider IL&FS owns IL&FS Energy Development Company (IEDCL), the promoter of the power company. The company needs to invest roughly Rs. 180000.000 millions over the next four years to build its full capacity. “We need to spend roughly Rs. 50.000 millions to produce a megawatt of power with imported coal,” the same person said.
After firing the first phase of 1,200 MW by 2014, the power plant will add 800 MW every six months.
The stake purchase signals overseas investors' interest in new power plants which have government clearances and fuel supply security. For some time, these investors were skipping power projects as uncertainty on coal linkages and regulatory delays push up costs and delay financial closure.
IL&FS Tamil Nadu, which will execute and later manage the power plant, had last year purchased a coal mine in Indonesia for $160 million to ensure sufficient coal to fire its plants and appointed Punjab National Bank to syndicate funds for the project. The company will have to raise Rs. 126000.000 millions from a consortium of lenders and will invest its equity component of Rs. 14000.000 millions in the project over a period.
This is the largest investment by overseas investors since some private equity funds purchased 44% in Asian Genco which is building a 1,350 MW power plant for Rs. 20000.000 millions in 2010.
Morgan Stanley Infrastructure Partners, Goldman Sachs Norwest Venture Partners, Everstone Capital and PTC India Financial Services invested in Asian Genco which has plans to build hydro power, thermal and non-conventional energy units.
“After investing $3-4 billion in power companies with further commitment up to $10 billion, PE funds may be in wait-and-watch mode, but there is a lot of interest from global strategic investors,” says Seshan Balakrishnan, director, infrastructure practice at consulting firm Ernst & Young India. His comments are not specific to the story.
“These investors can have better negotiating power with Indian companies which face fewer avenues to raise funds and need to spend only less with appreciating rupee.”
PE funds have been avoiding government-dependent industries due to delays and fear of cost overruns, even as there are exciting opportunities of power shortage in India, the peak period between 5 pm and 11 pm at roughly 14%.
Delays on land, environment and fuel linkage drive up project costs and promoters are unable to seek higher tariffs, Rahul Bhasin, managing partner, Baring Private Equity Partners said in an earlier interaction with FE. “The entire cost structure goes up because of this delay.”
There are four key risks to power projects, says Seshan Balakrishnan of E&Y. “One, developments rights like land, environmental clearances, second, fuel and water linkages, third speedier execution and the last payment risks from buyers.”
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.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
7 |
|
--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 |
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 |
|
63 |
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.