MIRA INFORM REPORT
|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAITHON POWER LIMITED |
|
|
|
|
Registered
Office : |
C/O The Tata Power Company Limited, Room 9, 10th Floor,
Tower One, Jeevan Bharti Building, Connaught Circus, New Delhi-110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.07.2000 |
|
|
|
|
Com. Reg. No.: |
55-106999 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 13349.177 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2000PLC106999 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in the business of generation of power. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between “The TATA POWER COMPANY LIMITED”
and “DAMODAR VALLEY CORPORATION”. It is a well established company having a satisfactory track record.
There appears some accumulated losses recorded by the company. However, capital base of the company appears to be good. The company
gets strong financial and managerial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. In view of experienced promoters, the company can be considered normal
for business dealings. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Term loan: A |
|
Rating Explanation |
The default risk is low. The capacity for payment of financial
commitment is considered strong. |
|
Date |
February, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. S Mishra |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-9250008917 / 9810147924 91-120-6663000 |
|
Date : |
16.05.2013 |
LOCATIONS
|
Registered Office : |
C/O The Tata Power Company Limited, Room 9, 10th Floor,
Tower One, Jeevan Bharti Building, Connaught Circus, New Delhi-110001, India |
|
Tel. No.: |
91- 11-23731961 |
|
Mobile No.: |
91-9250008917 / 9810147924 (Mr. S Mishra) |
|
Fax No.: |
Not Avaialable |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
C-43, Sector-62, Noida – 201307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-6663000 |
|
Fax No.: |
91- 120-6663029 |
|
E-Mail : |
DIRECTORS
As on 24.09.2012
|
Name : |
Mr. Anil Kumar Sardana |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
22, A/B, New Akash Ganga, Cooperative Housing Society Limited, Bhula
Bhai Desai Road, Mumbai-400020, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1959 |
|
Date of Appointment : |
25.04.2011 |
|
DIN No.: |
00006867 |
|
|
|
|
Name : |
Mr. Tapan Kumar Gupta |
|
Designation : |
Nominee director |
|
Address : |
Dakshini, Flat No.3B 536, Mahatma Gandhi Road, Haridevpur,
Kolkata-700082, West Bengal, India |
|
Date of Birth/Age : |
08.03.1954 |
|
Date of Appointment : |
13.06.2005 |
|
DIN No.: |
00046577 |
|
|
|
|
Name : |
Mr. Sowmyan Ramakrishnan |
|
Designation : |
Director |
|
Address : |
D-9, Income Tax Officers Colony, Peddar Road, Mumbai-400020,
Maharashtra, India |
|
Date of Birth/Age : |
19.02.1949 |
|
Date of Appointment : |
25.04.2011 |
|
DIN No.: |
00005090 |
|
|
|
|
Name : |
Mr. Padmanabhan Sankaranarayanan |
|
Designation : |
Director |
|
Address : |
41, 4th Floor, Le Chateau 15th Road, Bandra
(West), Mumbai-400050, Maharashtra, India
|
|
Date of Birth/Age : |
15.05.1958 |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
00306299 |
|
|
|
|
Name : |
Mr. Ramesh Narayanswamy Subramanyam |
|
Designation : |
Director |
|
Address : |
162, 16th Floor, Jupiter 41, Cuffe Parade, Mumbai-400005, Maharashtra,
India |
|
Date of Birth/Age : |
27.06.1969 |
|
Date of Appointment : |
22.01.2009 |
|
DIN No.: |
02421481 |
|
|
|
|
Name : |
Mr. Praveer Sinha |
|
Designation : |
Director |
|
Address : |
154, Falcon Crest, Parel Tank Road, Parel, Mumbai-400013, Maharashtra,
India |
|
Date of Birth/Age : |
08.04.1962 |
|
Date of Appointment : |
24.10.2007 |
|
DIN No.: |
01785164 |
|
|
|
|
Name : |
Mr. Chandan Roy |
|
Designation : |
Director |
|
Address : |
Flat No. 158, Madan Lal Block, Asiad Games Village, New Delhi-110049,
India |
|
Date of Birth/Age : |
16.07.1950 |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
00015157 |
|
|
|
|
Name : |
Mr. Birendra Prasad Singh |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
B-19, 297 Kendraiya Vihar, Mondal Ganthi, Off VIP Road,
Kolkata-700052, West Bengal, India |
|
Date of Birth/Age : |
02.01.1954 |
|
Date of Appointment : |
21.07.2011 |
|
DIN No.: |
03579408 |
|
|
|
|
Name : |
Arindam Baksi |
|
Designation : |
Director |
|
Address : |
Flat No. Mw Av 07, Bengal Ambuja Housing, Phase-1,City Centre DGP,
Durgapur-713216, West Bengal, India |
|
Date of Birth/Age : |
01.03.1953 |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
05172677 |
|
|
|
|
Name : |
Mr. Sanjay Aggarwal |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
14, DDA SFS Flats, Niti Bagh, New Delhi-110049, India |
|
Date of Birth/Age : |
09.04.1965 |
|
Date of Appointment : |
04.05.2012 |
|
DIN No.: |
05223239 |
|
|
|
|
Name : |
Mr. Ashok Sethi |
|
Designation : |
Additional director |
|
Address : |
Iv/7, Tata Colony, Mahul Road, Aziz Baug, Chembur, Mumbai-400074,
Maharashtra, India |
|
Date of Birth/Age : |
03.04.1954 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
01741911 |
|
Other Directorship: |
|
KEY EXECUTIVES
|
Name : |
Mr. S Mishra |
|
Designation : |
Finance Controller |
|
|
|
|
Name : |
Mr. Bhaskar Sarkar |
|
Designation : |
Manager |
|
Address : |
Flat No.1202, Intop Tower, Plot No.12 & 13, Sector-19, Kharghar,
Navi Mumbai-410210, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1965 |
|
Date of Appointment : |
02.03.2012 |
|
PAN No.: |
AKKPS1883M |
|
|
|
|
Name : |
Ms. Monica Mehra |
|
Designation : |
Secretary |
|
Address : |
A 42, Defence Colony, New Delhi-110024, India |
|
Date of Birth/Age : |
10.01.1977 |
|
Date of Appointment : |
16.03.2009 |
|
PAN No.: |
AKYPM6065F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Damodar Valley Corporation, India |
|
347078009 |
|
Damodar Valley Corporation, India Jointly with A. N. Mishra |
|
100 |
|
Damodar Valley Corporation, India Jointly with B.P. Singh |
|
100 |
|
Damodar Valley Corporation, India Jointly with T. K. Gupta |
|
100 |
|
Damodar Valley Corporation, India Jointly with Pallav Roy |
|
100 |
|
Damodar Valley Corporation, India Jointly with Amitava Mallik |
|
100 |
|
Damodar Valley Corporation, India Jointly with Umesh Kumar |
|
100 |
|
The Tata Power Company Limited, India |
|
987839114 |
|
The Tata Power Company Limited, India Jointly with S Ramakrishnan |
|
01 |
|
The Tata Power Company Limited, India Jointly with H M Mistry |
|
01 |
|
The Tata Power Company Limited, India Jointly with S Padmanabhan |
|
01 |
|
The Tata Power Company Limited, India Jointly with R N Subramanyam |
|
01 |
|
The Tata Power Company Limited, India Jointly with Sanjay Dube |
|
01 |
|
The Tata Power Company Limited, India Jointly with A S Bapat |
|
01 |
|
Total |
|
1334917729 |
Allottees as on 11.01.2013
|
Names of Allottees |
|
No. of Shares |
|
The Tata Power Company Limited, India |
|
74000000 |
|
Damodar Valley Corporation, India |
|
26000000 |
|
Total |
|
100000000 |
As on 24.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of generation of power. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
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||||||||||||
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Facilities : |
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
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 |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
PAN No.: |
AABFD2095B |
|
|
|
|
Holding Company : |
The Tata Power Company Limted (TPCL) |
|
|
|
|
Related Parties where control/ significant influence exists: |
Damodar Valley Corporation (DVC) |
|
|
|
|
Fellow Subsidiary: |
Tata Power Delhi Distribution Company Limited (TPDDL) (formerly North Delhi
Power Limited) Tata Power Trading Company Limited (TPTCL) |
CAPITAL STRUCTURE
After 11.01.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1434917729 |
Equity Shares |
Rs.10/- each |
Rs. 14349.177 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs. 20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1334917729 |
Equity Shares |
Rs.10/- each |
Rs. 13349.177 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 |
13349.177 |
10889.177 |
6589.177 |
|
|
2] Share Application Money |
0.000 |
740.000 |
750.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1822.087) |
(80.594) |
(71.444) |
|
|
NETWORTH |
11527.090 |
11548.583 |
7267.733 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27095.445 |
22752.180 |
15997.447 |
|
|
2] Unsecured Loans |
500.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
27595.445 |
22752.180 |
15997.447 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Incidental Expenditure Pending Capitalisation |
0.000 |
0.000 |
(2698.487) |
|
|
|
|
|
|
|
|
TOTAL |
39122.535 |
34300.763 |
20566.693 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25373.627 |
75.720 |
52.757 |
|
|
Capital work-in-progress |
14131.755 |
30544.494 |
21977.799 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
387.554
|
0.000 |
0.000 |
|
|
Sundry Debtors |
68.835
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
177.022
|
872.339 |
516.417 |
|
|
Other Current Assets |
4267.541
|
5060.941 |
0.000 |
|
|
Loans & Advances |
1258.744
|
3698.665 |
855.092 |
|
Total
Current Assets |
6159.696
|
9631.945 |
1371.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
759.780
|
0.379 |
2797.363 |
|
|
Other Current Liabilities |
5780.501
|
5949.636 |
37.245 |
|
|
Provisions |
2.262
|
1.381 |
0.764 |
|
Total
Current Liabilities |
6542.543
|
5951.396 |
2835.372 |
|
|
Net Current Assets |
(382.847)
|
3680.549 |
(1463.863) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
39122.535 |
34300.763 |
20566.693 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3696.931 |
0.000 |
0.000 |
|
|
|
Other Income |
4.366 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
3701.297 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of fuel |
2196.748 |
0.000 |
|
|
|
|
Cost of Power purchased |
340.515 |
0.000 |
|
|
|
|
Employee benefits expenses |
11.688 |
1.334 |
|
|
|
|
Other Expenses |
908.481 |
7.732 |
|
|
|
|
TOTAL (B) |
3457.432 |
9.066 |
69.516 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
243.865 |
(9.066) |
(69.516) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1218.874 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(975.009) |
(9.066) |
(69.516) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
766.484 |
0.083 |
0.896 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(1741.493) |
(9.149) |
(70.412) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
1.023 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1741.493) |
(9.149) |
(71.444) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(1.38) |
(0.01) |
(0.15) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(47.05)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(47.11)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.52)
|
(0.09) |
(5.02) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15)
|
0.00 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.39
|
1.97 |
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94
|
1.62 |
0.48 |
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 |
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 |
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 |
BACKGROUND
Subject, which is a joint Venture of The Tata Power Company Limited (TPC) and Damodar Valley Corporation (DVC) with 74% and 26% shareholding respectively, has been set up to operate and maintain Electric power generating stations based on conventional / non-conventional resources, tie-lines, sub-stations and transmission lines connected therewith. The Company is setting up a thermal power generation plant at Maithon, Jharkhand with a total capacity of 10S0 MW. The project is expected to be commissioned during the financial year 2011-12.
The Company had prepared the Profit and Loss account for the first time for the year ended 31 March, 2010. Expenses not to be considered as incidental to be capitalised have been charged to the Profit and Loss account. The amounts incidental to capitalisation have been included under 'Incidental Expenditure Pending Allocation / Capitalisation.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Loan from Holding Company |
500.000 |
0.000 |
|
Total |
500.000 |
0.000
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74899DL2000PLC106999 |
|
Name of the
company |
MAITHON POWER
LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
C/O The Tata Power Company Limited, Room 9, 10th Floor, Tower One, Jeevan Bharti Building, Connaught Circus, New Delhi-110001, India E-mail: monicamehra@tatapower.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10404008 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
State Bank of India, Corporate Account Group Branch, Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India E-mail: amt7.cagcen@sbi.co.in |
|
Nature of
instrument creating charge |
Memorandum of
Entry has been executed for extension of security on immovable properties by
way of constructive delivery of title deeds for the benefit of the Consortium
Lenders with SBI as Security Trustee in respect of the Raiyati lands
admeasuring in aggregate 564.670 acres situate in Jharkhand as security for
the due repayment of facility of Rs 599 crore together with interest and
other monies payable by the Company to the Lenders under the Common Loan
Agreement dated 1.11.2012 |
|
Date of
instrument Creating the charge |
08.03.2013 |
|
Amount secured by
the charge |
Rs. 5990.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest rate shall
be calculated as Spread 3.75% p.a. above the SBI Base Rate in accordance with
the schedules-IV of the CLA dated 1.11.2012. SBI Base Rate on 18th
September, 2012 was 10%. Terms of Repayment The Borrower
shall repay 50% (fifty percent) of the Loans to the Lenders in 37 (thirty
seven) consecutive equal quarterly repayment instalments The Borrower
shall arrange to repay the balance 50% (fifty percent) amount of the Loans
i.e., an amount of Rs 2995.000 millions by making a bullet repayment falling
due on October 1, 2021 along with the repayment of the last installment
during the quarter ending on October 1, 2021. Margin As per Common
Loan Agreement (CLA) dated 1.11.2012 executed between the Lenders and the
Company and Deed of Hypothecation (DOH) dated 15th January, 2013 executed
between the Company and SBI (security trustee) - Form 8 has already been
filed for DOH. Extent and Operation of the charge The charge
originally created under the Deed of Hypothecation (DOH) dated 15th
January, 2013 has been modified by the creation of the security over
immovable properties of the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All those pieces and
parcels of land admeasuring in aggregate 564.670 acres, comprised in Nirsa
Thana, situate at various Mouza/ villages in the district Dhanbad in the
State of Jharkhand, together with all the buildings and structures thereon
and all plant and machinery attached to the earth or permanently fastened to
anything attached to the earth. |
|
Particulars of
the present modification |
The charge
originally created under the DOH dated 15.01.2013 has been modified by
Memorandum of Entry executed for extension of security on immovable
properties by way of constructive delivery of title deeds for the benefit of
the Consortium Lenders with SBI as Security Trustee in respect of the Raiyati
lands admeasuring in aggregate 564.670 acres situate in Jharkhand as security
for the due repayment facility of Rs 5990.000 millions together with interest
and other monies payable by the Company. |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
Disputed demands
raised by Income tax authorities for which the company has gone on appeal
against the department |
55.651 |
|
910.299 |
*No provision is considered necessary since the company expects favorable decisions.
FIXED ASSETS
v Tangible Assets
- Building
- Plant and Machinery
- Computers
- Furniture and Fixture
- Vehicles
- Other Equipment
v
Intangible
Assets
- Licenses
- Computer Software
- Land – Right to use
WEBSITE DETAILS
PRESS RELEASE
INDIA RATINGS
UPGRADES MAITHON POWER’S BANK LOANS TO ‘IND A’/STABLE
India Ratings-Mumbai-20 February 2013: India Ratings has upgraded Maithon Power Limited’s (MPL) INR31,150m (outstanding: INR28,743.8m) senior project term loans to ‘IND A’ from ‘IND A-’. MPL's INR2,410m (increased from INR 1,500) fund-based working capital limits and INR1,250m (reduced from INR 2,150m) non-fund-based facilities, comprising bank guarantees of INR1,000m and a letter of credit of INR250m, have also been upgraded to ‘IND A’ from ‘IND A-’ . The Outlooks are Stable.
India Ratings has also assigned MPL’s additional project term loan of INR5,990m a rating of ‘IND A’ with Stable Outlook. Also, the expected ratings on INR6,000m term loan and INR1,500m non-fund-based stand-by letter of credit have been withdrawn since loan agreements have been executed for the modified amount.
The upgrade reflects the mitigation of residual completion risk in the project with the commissioning of unit 2 during July 2012, balance land acquisition for railway siding and a tie up of funding for cost overrun. Also, fuel supply risk has been reasonably mitigated with the conclusion of a fuel supply agreement (FSA) with Central Coal Fields (CCL, 43% of the total requirement). Both units have for the two months ended January 2013 been operating at near expected levels after unit 1 operated at sub-optimal levels during H1CY12 due to the teething problems with the boiler turbine and generator and balance of plant equipment.
The upgrade also factors in the introduction of a sponsor undertaking in the amended loan agreement that requires them to provide additional funds, if necessary, to enable the project meet debt obligations until the plant stabilises and financial convents are met for the first time. The primary sponsor, the Tata Power Company Limited (Tata Power), infused a subordinated debt of INR1,230m in FY12 to meet the project’s debt obligations. Furthermore, Tata Power has agreed to provide a subordinated loan of up to INR1,890m to MPL. The creation of a 90 days’ debt service reserve account covering both principal and interest payments in form a bank guarantee arranged by the sponsors provides structural strength to the credit.
On the basis of unaudited, provisional results for 9MFY13, MPL reported an EBITDA of INR3,231m on revenue of INR11,201m. The performance was lower than expected due to the sub-optimal operating performance of unit 1 because of prolonged stabilisation issues, under recovery of fixed capacity charges for 300MW due to Punjab State Power Corporation Ltd.’s refusal to procure its share of contracted power and the project’s inability to sell balance power through the merchant route on account of grid constraints. The project is booking revenue on the provisional project cost for the regulated portion of 750MW pending approval from Central Electricity Regulatory Commission of the new tariff order incorporating part of the cost overrun. Inordinate delays in the receipt of the final tariff order could continue to exert pressure on debt service coverage ratios.
Of the untied capacity of 300MW, MPL is in advanced stages of tying up 150MW of power with one of the existing off-takers, West Bengal State Electricity Distribution Company Limited through Tata Power Trading Company (IND BBB+/ Stable) on a regulated return basis, effective April 2013. As for the balance 150 MW, India Ratings believes that given the competitive cost of generation for the project and the continued power deficit in the country, the project should be able to tie up power sales on a long term basis in a reasonable frame of time.
MPL has signed an FSA with CCL with a supply commitment of 1.975MTPA. However, FSA does not provide assurance about coal grade and penalty in case of supply shortfall doesn’t adequately protect the economic interest of the project. Grade slippages and possible supply rationing by the CIL subsidiaries (CCL and Bharat Coking Coal Limited) may compel MPL to explore alternative and expensive sources of coal to declare plant availability as per the regulatory norms, potentially leading to downward pressure on the ratings in the medium term. That being said, the agency notes that this is a systemic problem facing the sector and MPL's off-take contracts allow fuel cost pass-through.
Refinancing risk arises from the structure of amortisation of the bank debt which involves a 50% bullet repayment at the end of 10 years. However, the long residual useful life of the plant and the strong sponsors help mitigate this risk.
Variable interest rates for term loans (base rate+375 bps) with an annual reset introduce volatility to the project’s cash flows. Current cost of financing for the term loan is 13.45%.
Future rating movements would be governed by satisfactory selling arrangements in respect of the residual capacity of 150MW, sustained operating performance of the plant in line with the rating case (PAF: 85%) and receipt of regulatory tariff order reflecting the higher project cost.
MPL is an SPV created to develop, own and operate a power facility (two 525MW coal-fired sub-critical technology-based thermal power plants) in Jharkhand. It is a 74:26 JV between Tata Power and the state-owned Damodar Valley Corporation (‘IND AA-’/Negative), with the former providing project management services and responsible for operations and maintenance.
MAITHON PLANT OFF TO FLYING START
Dhanbad, July 25: Maithon Power Limited (MPL), the first public-private-partnership greenfield power project in the country, has become fully operational to its total capacity of 1,050MW with major stakeholder Tata Power announcing commissioning of the 525MW second unit on Tuesday.
The first unit, also of 525MW, started functioning last September.
Maithon Power Limited is located about 45km from Dhanbad district headquarters, about 250km from Jamshedpur and about 25km from Asansol in Bengal.
The Rs 5,000-crore project — a joint venture between Tata Power and Damodar Valley Corporation (74:26) — will supply power to three states, Bengal, Punjab and Jharkhand, besides Delhi and also Damodar Valley Corporation. Of the total 1,050MW produced, Jharkhand is to get around 25 per cent, which works to around 250MW.
There is also an agreement with BCCL and CCL for purchase of coal. Notably, each unit consumes around 5,000 tonne of coal per day.
A press release issued by Tata Power, Mumbai office, on Tuesday evening blamed the delay in commissioning the second unit of the much-delayed plant on coal logistics and tie-up with companies for supply of the mineral.
Quoting managing director of Tata Power Limited Anil Sardana, the release said: “We are happy to declare the commercial operation of the second unit of Maithon Power Limited as the project reiterates the successful public-private-partnership in power generation in the country.”
Chief executive officer of Maithon Power Limited Bhaskar Sarkar, on the other hand, said operation of the second unit was a significant milestone despite challenges like unavailability of coal.
TATA POWER COMPANY LIMITED : TATA POWER’S JOINT VENTURE COMPANY MAITHON
POWER LIMITED STARTS CONSTRUCTION OF ITS RAILWAY INFRASTRUCTURE PROJECT
05/02/2013|
Maithon Power Limited (MPL), a 74:26 Joint Venture between Tata Power and Damodar Valley Corporation (DVC), has successfully missioned both of the 2 x 525 MW coal-fired Units at Maithon. Maithon Power Limited bears the testimony to execution of the Group's first ever Green-field Power Project in Eastern Region. Incidentally, MPL is also credited with the first successful implementation of the Public Private Partnership (PPP) Model in the field of Power Generation in India.
To ensure reliable coal supply for sustainable operations of the plant, MPL had planned a Railway Infrastructure Project spanning over 20.0 KMs, crossing the National Highway 2, Dedicated Freight Corridor Line (DFCL) of Indian Railways and consisting of 25 numbers of Bridges and finally connecting with the Grand Chord Line of Eastern Railway at Thaparnagar and Mugma Stations which was approved by Railways in the year 2010.
While the part of the Merry-Go-Round (MGR) bulb inside the Plant Area is in an advanced stage of pletion, the major portion of the work, lying outside the premises of MPL and passing through 12 villages could not be started owing to land acquisition issuesand certain concerns raised by Eastern Railways. Due to this, the Company was pelled to bring the entire coal by road to run the 1025 MW plant since missioning of both the units in July 2012.
After rigorous persuasion and garnering active support from local munities, opinion leaders, District Administration authorities, Land & Revenue Department, Government of Jharkhand, Eastern Railway etc., MPL had paved the way for successful initiation of the work outside the Plant premises.
After resolution of all issues, the Railway Infrastructure Project execution work outside the MPL Premises has been started in full swing on the Raiyati land from the Tulsibhita Mouza on 26th April, 2013. This event was supported wholeheartedly by members of the surrounding village, President- Rehabilitation &Resettlement mittee along with the members of the Railway Bisthapith Committee.
Speaking on the occasion, Mr. Bhaskar Sarkar, CEO, MPL expressed that "the initiation of construction of Railway Infrastructure of MPL marks the end of three years of strenuous efforts, perseverance and dedication of the team to patiently resolve each issue through rounds of negotiations & discussions to convince all stakeholders to arrive at a consensus. It also would contribute towards sustainable operations of the Plant and significant reduction of air and noise pollution in the area caused by transportation of coal by road."
Mr. Sabyasachi Mukherjee, Station Head, MPL mented "This is a very proud moment for MPL to have full support of the munity in undertaking the most difficult task. This event has got immense significance for Maithon Station and its future expansion plan. I am confident that we are steadily moving towards a successful Railway Project execution and also establishing a benchmark in munity engagement with villages around our areas of operation."
Mr. CB Singh, Head-Special Projects added "Amidst, several hurdles and difficulties, this has been successful after series of discussions and our sustained efforts towards reaching a consensus keeping in mind the views of all stakeholders and rolling out agreed schemes".
The senior level authorities of Eastern Railway have also given in-principle approval to allow MPL to start execution of work towards the Mugma side which is also being planned once final approval is received.
MPL has plans to bring in the first railway rake carrying coal by March, 2014.
About Tata Power:
Tata Power is India's largest integrated power pany with a significant
international presence. The Company has an installed generation capacity of
8521 MW in India and a presence in all the segments of the power sector viz
Generation (thermal, hydro, solar and wind), Transmission, Distribution and
Trading. It has successful public-private partnerships in Generation,
Transmission and Distribution in India namely "Tata Power Delhi
Distribution Limited" with Delhi Vidyut Board for distribution in North
Delhi, 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd.
for evacuation of Power from Tala hydro plant in Bhutan to Delhi and
'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power
Project at Jharkhand. It is one of the largest renewable energy players in
India and is developing country's first 4000 MW Ultra Mega Power Project at
Mundra (Gujarat) based on super-critical technology. Its international presence
includes strategic investments in Indonesia through 30% stake in coal mines and
a geothermal project; in Singapore through Trust Energy Resources to securitise
coal supply and the shipping of coal for its thermal power generation
operations; in South
Africa through a joint venture called 'Cennergi' to develop projects in South
Africa, Botswana and Namibia; in Australia through investments in enhanced
geothermal and clean coal technologies and in Bhutan through a hydro project in
partnership with The Royal Government of Bhutan. With its track record of
technology leadership, project execution excellence, world class safety
processes, customer care and driving green initiatives, Tata Power is poised
for a multi-fold growth and mitted to 'lighting up lives' for generations.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.