MIRA
INFORM REPORT
|
Report Date : |
23.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJ WESTPOWER LIMITED (w.e.f.19.10.2006) |
|
|
|
|
Formerly Known
As : |
RAJ WESTPOWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Jindal Mansion, 5-A Dr. G. Deshmukh Marg, Mumbai – 400026,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-185098 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.17260.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31102MH1996PLC185098 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in the business of Generation and Sale of
Power. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 66000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of JSW Energy Limited. It is an established company having
moderate track record. There appears some accumulated losses recorded by the company.
However, the company receives good operational and financial support from its
parent company. Trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. In view of strong holding the company can be considered for business
dealings with slight caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ravindra Deshpande |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-67838000 |
|
Date : |
21.02.2013 |
LOCATIONS
|
Registered Office : |
Jindal Mansion, 5-A Dr. G. Deshmukh Marg, Mumbai – 400026,
Maharashtra, India |
|
Tel. No.: |
91-22-67838000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
Owned |
|
|
|
|
Factory : |
308 - 311, Gitanjali Towers, Bomba Walo ka Baug, Ajmer Road Jaipur – 302006, Rajasthan, India |
DIRECTORS
As on 18.07.2012
|
Name : |
Mr. Nirmal Kumar Jain |
|
Designation : |
Director |
|
Address : |
302, Suman, Playground Road, Vile Parle
(East), Mumbai, 400057, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1946 |
|
Date of Appointment : |
01.12.2011 |
|
DIN No.: |
00019442 |
|
|
|
|
Name : |
Mr. Sanjay Sagar |
|
Designation : |
Director |
|
Address : |
A-20/17, DLF Qutab Enclave, Phase I, Gurgaon - 122 002, Haryana,
India |
|
Date of Birth/Age : |
04.08.1957 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
00019489 |
|
|
|
|
Name : |
Mr. Kamal Kant |
|
Designation : |
Whole-Time Director |
|
Address : |
B-2201 CTS, 724-A-783-784, Thakur Complex, Poisar, Near Gokul Hospital, Kandivali (East), Mumbai 400 101, Maharashtra,
India |
|
Date of Birth/Age : |
05.07.1959 |
|
Date of Appointment : |
29.03.2011 |
|
DIN No.: |
03509325 |
|
|
|
|
Name : |
Mr. Pramod Prabhakaran
Menon |
|
Designation : |
Director |
|
Address : |
L-404, Dara Enclave AWHO, Plot No.6, Nerul, Navi Mumbai - 400 706, Maharashtra, India
|
|
Date of Birth/Age : |
12.08.1971 |
|
Date of Appointment : |
12.04.2007 |
|
DIN No.: |
01443287 |
|
|
|
|
Name : |
Mr. Abraham Ias Prathipati |
|
Designation : |
Director |
|
Address : |
Flat No.507, 5th Floor, Silver Arch, 22, Feroze
Shah Road, New Delhi – 110 001, India |
|
Date of Birth/Age : |
01.07.1939 |
|
Date of Appointment : |
21.07.2009 |
|
DIN No.: |
00280426 |
|
|
|
|
Name : |
Mr. Maharaj Jai Singh |
|
Designation : |
Director |
|
Address : |
No.12, Civil Lines, Jaipur - 302006,
Rajasthan, India |
|
Date of Birth/Age : |
05.05.1933 |
|
Date of Appointment : |
05.01.1996 |
|
DIN No.: |
00041513 |
KEY EXECUTIVES
|
Name : |
Mr. Ravindra Deshpande |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Raj Kumar Sharma |
|
Designation : |
Secretary |
|
Address : |
607, Twlight Co-Operative Housing Limited, Raheja Vihar, Powai, Mumbai - 400 072, Maharashtra,
India |
|
Date of Birth/Age : |
25.10.1969 |
|
Date of Appointment : |
01.11.2006 |
|
PAN No.: |
AJEPS0790E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
JSW Energy Limited, India |
|
1691528400 |
|
South West Mining Limited, India Nominee of JSW Energy Limited, India |
|
34521000 |
|
JSW Power Trading Company Limited, India Nominee of JSW Energy Limited, India |
|
100 |
|
Sajjan Jindal Nominee of JSW Energy Limited, India |
|
100 |
|
Pramod Menon Nominee of JSW Energy Limited, India |
|
100 |
|
S.S. Rao Nominee of JSW Energy Limited, India |
|
100 |
|
R K Sharma Nominee of JSW Energy Limited, India |
|
100 |
|
Sampath Madhavan Nominee of JSW Energy Limited, India |
|
100 |
|
Total |
|
1726050000 |
Equity Share Break up (Percentage of Total Equity)
As on 18.07.2012
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of Generation and Sale of
Power. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
IDBI Trusteeship Services Limited, Asian Building, Ground
Floor, 17, R.Kamani Marg,
Ballard Estate, Mumbai – 400001, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-40851000 |
|
Fax No.: |
91-22-40851015 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Holding Company : |
·
JSW ENERGY LIMITED CIN
No.: L74999MH1994PLC077041 |
|
|
|
|
Joint Venture : |
· Barmer Lignite Mining Company Limited |
|
|
|
|
Related Parties : |
· JSW Steel Limited · South West Mining Limited · JITF Water Infrastructure Limited · Jindal Stainless Limited · Jindal Steel and Power Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1726050000 |
Equity Shares |
Rs.10/- each |
Rs.17260.500
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 |
17260.500 |
16264.000 |
16264.000 |
|
|
2] Share Application Money |
0.000 |
5223.300 |
603.492 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(872.800) |
(605.800) |
(262.614) |
|
|
NETWORTH |
16387.700 |
20881.500 |
16604.878 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30063.000 |
30075.600 |
30937.081 |
|
|
2] Unsecured Loans |
16398.500 |
3505.800 |
5.778 |
|
|
TOTAL BORROWING |
46461.500 |
33581.400 |
30942.859 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62849.200 |
54462.900 |
47547.737 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31859.300 |
11726.600 |
6636.049 |
|
|
Capital work-in-progress |
29584.700 |
42896.200 |
42697.045 |
|
|
|
|
|
|
|
|
INVESTMENT |
98.000 |
98.000 |
98.014 |
|
|
DEFERREX TAX ASSETS |
692.600 |
458.200 |
22.268 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
390.400
|
380.400 |
486.443 |
|
|
Sundry Debtors |
2522.000
|
1127.200 |
280.347 |
|
|
Cash & Bank Balances |
193.700
|
209.700 |
39.446 |
|
|
Other Current Assets |
45.300
|
36.200 |
0.000 |
|
|
Loans & Advances |
6210.300
|
4577.700 |
3095.874 |
|
Total
Current Assets |
9361.700
|
6331.200 |
3902.110 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
542.000
|
1066.500 |
5774.346 |
|
|
Other Current Liabilities |
8197.100
|
5980.800 |
33.403 |
|
|
Provisions |
8.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
8747.100
|
7047.300 |
5807.749 |
|
|
Net Current Assets |
614.600
|
(716.100) |
(1905.639) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62849.200 |
54462.900 |
47547.737 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4345.500 |
3862.000 |
700.874 |
|
|
|
Other Income |
1000.400 |
29.500 |
16.548 |
|
|
|
TOTAL (A) |
5345.900 |
3891.500 |
717.422 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Fuel |
2051.300 |
2943.400 |
|
|
|
|
Employee benefits expenses |
201.800 |
0.000 |
|
|
|
|
Other Expenses |
521.000 |
461.800 |
|
|
|
|
Pre Operative Expenses Written Off |
0.000 |
16.000 |
|
|
|
|
Exceptional Item |
86.700 |
0.000 |
|
|
|
|
TOTAL (B) |
2860.800 |
3421.200 |
689.746 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2485.100 |
470.300 |
27.676 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1971.800 |
785.300 |
200.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS)BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
513.300 |
(315.000) |
(172.584) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1015.500 |
464.200 |
111.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(502.200) |
(779.200) |
(284.314) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(234.400) |
(436.000) |
(21.700) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(267.800) |
(343.200) |
(262.614) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Coal |
153.500 |
1945.200 |
808.943 |
|
|
|
Capital Goods |
16.100 |
28.400 |
649.236 |
|
|
TOTAL IMPORTS |
169.600 |
1973.600 |
1458.179 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.16) |
(0.21) |
(0.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.01) |
(8.82) |
(36.61) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.56) |
(20.18) |
(40.57) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.22) |
(4.32) |
(2.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
(0.04) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.84 |
1.61 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
0.90 |
0.67 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Acceptance |
61.400 |
877.800 |
482.552 |
|
Trade Payables |
480.600 |
188.700 |
5291.794 |
|
Total
|
542.000 |
1066.500 |
5774.346 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
DETAILS OF
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
a) Rupee Loan from Shareholder – Long Term |
4228.800 |
0.000 |
|
b) Rupee Loan from Shareholder – Short Term |
7163.900 |
0.000 |
|
c) From other |
5.800 |
5.800 |
|
d) Rupee Term Loans |
|
|
|
(i) From Banks |
4000.000 |
3500.000 |
|
(ii) From Financial Institutions |
1000.000 |
0.000 |
|
Total |
16398.500 |
3505.800 |
|
Notes: Terms of Payment: Rupee Loan from Shareholder above comprises of : (i) Rs.3616.300 Millions repayable from the proceed of repayment made by Barmer Lignite Mining Company Limited (BLMCL) to the company which is pursuant to the repayment of entire existing senior debt at BLMCL. (ii) Rs.612.500 Millions repayable out of residual cash flow of the company after compliance with the financial Covenants stipulated by the Term Lenders. Loan from Other is repayable within a period of one year starting from the month in which project is completed Short Term Loan from bank of Rs.2500.000 Millions is repayable as Bullet repayment on June 27, 2012 and Rs.1500.000 Millions is repayable as Bullet repayment on September 30, 2012 Short Term Loan from Financial Institutions of Rs.1000.000 Millions is repayable in Equal monthly instalments of Rs.166.700 Millions commencing from October 27, 2012 to March 27, 2013 Short Term Loan from Shareholder is repayable on Demand Details of
guaranteed short-term borrowings: Short Term loan of Rs.5000.000 Millions is backed by
guarantee of Shareholders |
||
DETAILED STATUS OF THE PROJECT
The Company is implementing 1080 MW (8 X 135) power plant based on lignite to be mined from Jalipa and Kapurdi Lignite mines in the District of Barmer in Rajasthan. The status of Project is as under:
Company had declared Commercial Operation Date of its Third and Fourth Unit of 135 MW each of 8 x 135 MW Power project on 7th November, 2011 and 4th December, 2011 respectively, thus taking the operational capacity of the Company to 540 MW (4 x 135 MW). The First and Second unit of 135 MW had commenced Commercial operations in November 2009 and October 2010 respectively on imported coal and in October 2011 on lignite.
The Company has also achieved Synchronization of Unit 5 on 30th March 2012. As regards other units, despite constraints like extreme hostile weather condition, best efforts are being made to complete the Project units with minimum possible delays. Entire Project is expected to be commissioned by fiscal 2013 in phases.
The Company had executed Implementation Agreement (IA) with the Government of Rajasthan on 29th May, 2006 for the implementation, operation and maintenance of Lignite Mining cum Thermal Power Plant with associated facilities of 8X135 MW Power Plant based on Lignite mined from the Jalipa and Kapurdi Mines in the Barmer District of Rajasthan. In accordance with the IA, Barmer Lignite Mining Company Limited (BLMCL) was incorporated on 19th January, 2007 as a Joint Venture Company between Rajasthan State Mines and Minerals Limited (RSMML), a Government of Rajasthan enterprise and the Company, with equity participation of 51% and 49% respectively to develop lignite mines in two contiguous blocks viz Kapurdi and Jalipa in the district of Barmer for supplying lignite to 1080 MW (8x135 MW) capacity Thermal Power Plant of the Company. BLMCL will meet the entire fuel requirement of the Power Plant. Mining lease of Kapurdi mining block was transferred in favor of BLMCL in October 2011, subsequent to which BLMCL commenced supply of lignite to the thermal power plant. BLMCL is in the process of taking possession of the land for the Jalipa lignite block. The lignite mining from Jalipa lignite block is expected to commence in Financial Year 2013-14. BLMCL has also initiated steps for enhancing the capacity of the Kapurdi Mine to enable it to supply the lignite required for operating all eight units of the power plant.
During the year, pending fixation of the power tariff and transfer price of Lignite and due to non availability of tariff based on imported coal, the Units 1 and 2, which had commenced Commercial operation in November 2009 and October 2010 respectively on imported coal, temporarily suspended production w.e.f. 23rd April, 2011 and 21st April, 2011 respectively. Subsequently, after RERC declared the adhoc interim tariff, Units 1 and 2 re-started operations w.e.f 11th October, 2011 using Lignite as fuel.
The Company and BLMCL had filed petition with RERC for grant of provisional tariff for 2011-12 for 2 units (Unit I and II) on lignite and 2 units (Unit III and IV) on alternate mixed fuel and transfer price of lignite respectively to enable the units to be operated. Due to non-determination of tariff from Rajasthan Electricity Regulatory Commission (RERC), Unit 1 and 2 could not operate between 23rd April and 11th October 2011. Subsequently after RERC declared the provisional tariff, Unit 1 and 2 were taken into operation w.e.f 11th October 2011. The Company has achieved Plant Load Factor (PLF) of 77.72% based on operational period of the plant and has generated 1,641 million units (gross) during the year.
Further Company and BLMCL have filed petitions with RERC for FY 12-13 and RERC has issued an interim order determining the ad-hoc tariff and lignite transfer price for all the four units which would be applicable from 1st April 2012 until modified by subsequent order.
FINANCING
The project cost is being funded on a debt equity ratio of 75:25, with consortium of lenders led by ICICI Bank Limited. The revised project cost is estimated to be Rs.68650.000 Millions. As on 31st March 2012, the Company has incurred expenditure of Rs.63943.800 Millions on the project and the Company has drawn Rs.32938.800 Millions under Rupee Term Loan Agreement. The Company has also availed short term / bridge loan facility and had drawn Rs.5000.000 Millions.
JOINT VENTURE
COMPANY:
During the year, BLMCL initiated the process of preparation of DPR by PWD-NH Division for diversion of NH-15 which was passing through the Jalipa mining lease area and paid Rs.5.000 Millions to PWD-NH Division for preparation of Pre-feasibility report and DPR. BLMCL is also pursuing with Government of Rajasthan and RSMML to expedite the execution of Jalipa mining lease including the diversion of forest land alongside of the NH-15. BLMCL has achieved the financial closure on 11th February 2012 for its mining project estimated to cost at Rs.18000.000 Millions.
NEW / PROPOSED
PROJECT
The Company also plans to enhance its capacity by additional 270 MW (2 x 135 MW) at Barmer (Rajasthan) under Phase II and ICICI Bank Limited has appraised the project cost to be Rs.13500.000 Millions. Company has received in-principle approval from Government of Rajasthan for implementing this project on 13th May 2011. The Company has incurred Rs.612.500 Millions towards the project. TCE Consulting Engineers Limited has prepared the detailed project report
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U31102MH1996PLC185098 |
|
Name of the company |
RAJ WESTPOWER LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Jindal Mansion, 5-A Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India E-Mail Id : sampath.madhavan@jsw.in |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge Others (Charges on Contracts, General Assets etc) |
|
Particular of charge holder |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India E-Mail Id : itsl@idbitrustee.com |
|
Nature of instrument creating charge |
Deed of Mortgage dated 29.01.2013 executed by the Company in favour of IDBI Trusteeship Services (Security Trustee) Limited for availing the Working Capital Facility upto Rs.1400.000 Millions. |
|
Date of instrument Creating the charge |
29.01.2013 |
|
Amount secured by the charge |
Rs.1400.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin As per sanction terms Extent and Operation of the charge First pari- passu charge on all Movable and Immovable assets / receivables, present and future. |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
The properties at Village Ishwarpura and Bhadresh Gandhav, Tehsil and District Barmer The Borrower's plant and machinery, whether immovable or movable, as also all tangible and intangible moveable assets (both present and future) All rights, title, interest, benefit, claims and demands whatsoever of the Borrower in respect of the Project Documents (including any letter of credit, etc.) All rights, title, interest, benefit, claims and demands whatsoever of the Borrower, in, to, under and/or in respect of Insurance Contracts All rights, title, interest, benefit, claims and demands whatsoever of the Borrower in, to, under and in respect of the Accounts excluding Distribution Account All amounts owing to, and received and/or receivable by, the Borrower, including book debts and receivables, undertaking of the Borrower All its rights, title, interest, claim and benefit in all the other assets of the Borrower, both present and future |
FIXED ASSETS
· Freehold Land
· Buildings
· Plant and Machinery
· Office Equipments
· Furniture and Fixtures
·
Vehicles
PRESS RELEASE
JSW ENERGY NET PROFIT AT RS.2500.000 MILLIONS IN Q2
NOVEMBER 01, 2012
A strong rupee and lower coal cost helped JSW Energy post a net profit
of Rs.2500.000 Millions for the September quarter against a net loss of
Rs.1090.000 Millions year-on-year. The company's management said they had a forex gain of Rs.950.000 Millions during the quarter. JSW
Energy's total income from operations rose 108% YoY
to Rs.20770.000 Millions.
A strong rupee and lower coal cost helped JSW
Energy post a net profit of Rs.2500.000 Millions for the September quarter
against a net loss of Rs.1090.000 Millions year-on-year. The company's
management said they had a forex gain of Rs.950.000
Millions during the quarter. JSW Energy's total income from operations rose
108% YoY to Rs.20770.000 Millions.
NK Jain, Vice Chairman of the company said
they had a plant load factor of 89.62% as against 53.73% YoY.
The company could also produce 9324 million units, up 86% YoY.
He also said that in order to ensure effective utilisation
of their plant during monsoon, the company had entered into a banking
arrangement under which 272 million units have been banked in the quarter. The
banked power will be available for sale till March 2013 in tranches.
Going forward, the company management said the
global economy continues to witness sluggish growth. With recessionary trends
showing no signs of abetment. However, on a positive note they said that the
Indian power sector showed positive momentum.
MOTILAL OSWAL NEUTRAL ON JSW ENERGY
JANUARY 25, 2013
Motilal Oswal has maintained neutral rating on JSW
Energy with a target price of Rs 69 in its January
24, 2013 research report.
“JSW Energy (JSWEL) reported consolidated PAT
of INR3.1b for 3QFY13, including forex loss of
INR610m. Adjusted PAT was INR3.7b, higher than our estimate of INR1.7b. The key
deviation has been 10% QoQ and 18% YoY decline in fuel cost (saving of INR0.30/unit QoQ) on standalone basis. Gross margin has improved to
INR2.6/unit from INR2.2/unit in 2QFY13. Fuel cost saving was due to better
operational efficiency (higher PLF leading to better heat rate, lower auxiliary
consumption, etc), as also due to higher usage/blending of low calorific coal
in 3QFY13 (66:34) v/s 2QFY13 (27:73).”
"JSWEL's net
generation during the quarter was 4.77BU (up 20% YoY).
Higher generation was led by better operating rate (PLF) of the 860MW Karnataka
plant at 102% (v/s 85% in 3QFY12), the 1,200MW Ratnagiri
plant at 88% (v/s 83% in 3QFY12) and the 540MW Raj
West plants at 81% (v/s 74% in 3QFY12). Higher generation and tariff revision
(applicable from October 2012) led to significant improvement in EBITDA for Raj West on QoQ basis. The
management expects the final tariff order for Raj
West to come by the end of FY13."
“Given the lumpiness in earnings owing to
business model and no growth option in the near term, valuations of 12x FY15E
EPS and 1.5x FY15E BV (RoE of 14%) offer limited
comfort. We raise our target price marginally from Rs
65 to Rs 69 and reiterate our neutral
recommendation,” says Motilal Oswal
research report.
Bodies Corporate holding more than 50% in
Indian cos
JSW ENERGY GAINS 1.6% ON GREEN NOD FOR HP POWER PROJECT
JANUARY 15, 2013
JSW Energy rallied as much as 1.6 percent in
early trade on Tuesday on getting green nod for its HP power project.
The Times of India reported that the company
has received forest clearance for its planned 240 MW hydropower project in Himachal Pradesh.
"The project, being set up at an
estimated cost of about Rs.20000.000 Millions, was awarded to the company in 2007
but has not taken off due to lack of clearances. This would be the maiden
hydropower venture of the Sajjan Jindal-led
company which has an operational capacity of 2,600 MW and aims to scale up
capacity to 11,770 MW," the report added.
Another news - A meeting of the board of
directors of JSW Energy will be held on January 23, 2013 to consider the unaudited financial results for the quarter / nine months
ended December 31, 2012.
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 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] on
Violation of Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
34 |
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.