MIRA INFORM REPORT
|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
3/C, LA-Block, Sector – III, Bidhannagar, Kolkata – 700098, West
Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.07.1985 |
|
|
|
|
Com. Reg. No.: |
21-039154 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.39613.255 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40104WB1985SGC039154 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is engaged in Power Generation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 206000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is wholly owned by the Government of West Bengal. It is a well established company having a satisfactory track record.
There seems a growth in the turnover and profitability of the company during
the year 2012. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitment. Since it is a government company. The company can be considered for
normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Term Loan): Suspended |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
31st October, 2012 |
Reason of Suspension: The suspension of rating is
an account of non-cooperation of the subject company.
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 DENIED
Management Non-cooperative (91-33-23393200/ 23350571)
LOCATIONS
|
Registered Office/
Corporate Office : |
3/C, LA-Block, Sector – III, Bidhannagar, Kolkata – 700098, West
Bengal, India |
|
Tel. No.: |
91-33-23393100/ 3200/ 23350571 |
|
Fax No.: |
91-33-23393186/ 3286/ 23350516 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Bakreswar Thermal
Power Station P.O BKTPP, District Birbhum – 731104, West Bengal, India |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Sagardighi Thermal
Power Project P.O. Monigram, P.S. Sagardighi, District Murshidabad –
742237, West Bengal, India |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Bandel Thermal
Power Station P.O Tribeni, District Hooghly – 712503, West Bengal, India |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Santaldih Thermal
Power Station P.O Santaldih Thermal Plant, District Purulia – 723146, West Bengal, India |
|
Tel. No.: |
91-3251-260222/ 226/ 227/ 341 |
|
Fax No.: |
91-3251-260217 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
Kolaghat Thermal
Power Station P.O Mecheda, District East Midnapore – 721137, West Bengal, India |
|
Tel. No.: |
91-3228-231110 |
|
Fax No.: |
91-3228 -231280 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2012
|
Name : |
Dr. Krishna Gupta |
|
Designation : |
Chairman and Managing Director |
|
Address : |
44, Irons De Road, Flat C/1, Kolkata-700019, West Bengal, India |
|
Date of Birth/Age : |
22.06.1966 |
|
Date of Appointment : |
31.03.2010 |
|
|
|
|
Name : |
Mr. Malay Kumar De |
|
Designation : |
Director |
|
Address : |
Flat No. 11, EE 188, Sector 11, Bidhannagar, Kolkata – 700 091, West |
|
Date of Birth/Age : |
22.09.1959 |
|
Date of Appointment : |
07.12.2004 |
|
DIN No.: |
00117655 |
|
|
|
|
Name : |
Mr. H. K. Dwivedi |
|
Designation : |
Director (w.e.f. 03.02.2012 ) |
|
|
|
|
Name : |
Mr. Ardhendu Sen |
|
Designation : |
Director (w.e.f. 20.09.2011) |
|
|
|
|
Name : |
Mr. N. N. Misra |
|
Designation : |
Director (w.e.f. 20.09.2011) |
|
|
|
|
Name : |
Mr. S. Radhakrishnan |
|
Designation : |
Director (w.e.f. 20.09.2011) |
|
|
|
|
Name : |
Mr. Ashis Kumar Ghoshal |
|
Designation : |
Whole Time Director |
|
Address : |
2C, Dr. Panchanan Mitra Lane, Kolkata - 700085, West Bengal, India |
|
Date of Birth/Age : |
09.08.1950 |
|
Date of Appointment : |
01.11.2009 |
|
Election Commission Identity Card No.: |
WB/22/155/237731 |
|
|
|
|
Name : |
Mr. Monotoshi Raychaudhuri |
|
Designation : |
Director |
|
Address : |
Natural Green BD 37, Rabindra Pally, Flat No. 4A, Block 7, Kolkata –
700 059, West |
|
Date of Birth/Age : |
27.12.1951 |
|
Date of Appointment : |
08.11.2004 |
|
DIN No.: |
00105266 |
|
|
|
|
Name : |
Mr. Rabindra Bose |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amit Bhattacharyya |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in Power Generation. |
PRODUCTION STATUS (As on: 31.03.2012)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
Kolaghat |
NA |
1260 MW |
|
Bakreswar |
NA |
1050 MW |
|
Bandel |
NA |
450 MW |
|
Santaldih* |
NA |
500 MW |
|
Sagardighi |
NA |
600 MW |
*Unit No. 6 of Santaldih of 250 MW capacity declared for commercial operation w.e.f. 30.09.2011
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors
: |
|
|
Name : |
R. Kothari and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
S.S. Sonthalia and Company Chartered Accountants |
CAPITAL STRUCTURE
As on: 28.09.2012
Authorised Capital : Rs.50000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.41133.255 Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.1000/- each |
Rs.50000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39613255 |
Equity Shares |
Rs.1000/- each |
Rs.39613.255 Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
No. |
Rs. In Millions |
|
At the beginning of the period |
34,526,023 |
39613.255 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the
end of the period
|
34,526,023 |
39613.255 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having at par value of Rs. 1000/- per share. Each holder of equity shares, present in person or proxy, is entitled to one vote for each share held by him. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the capital paid up at the commencement of the winding up.
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2012 |
|
|
No. |
|
The Governor of West Bengal |
39613145 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
39613.255 |
39613.255 |
|
(b) Reserves & Surplus |
|
11151.495 |
7419.519 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
820.001 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
51584.751 |
47032.774 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
54474.459 |
49645.105 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
2596.040 |
2558.144 |
|
(d) long-term provisions |
|
5356.195 |
4916.661 |
|
Total Non-current
Liabilities (3) |
|
62426.694 |
57119.910 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
10269.430 |
9453.930 |
|
(b) Trade payables |
|
14331.229 |
6547.541 |
|
(c) Other current liabilities |
|
31139.313 |
22979.673 |
|
(d) Short-term provisions |
|
1347.444 |
396.229 |
|
Total Current
Liabilities (4) |
|
57087.416 |
39377.373 |
|
|
|
|
|
|
TOTAL |
|
171098.861 |
143530.057 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
88731.114 |
80870.602 |
|
(ii) Intangible Assets |
|
4.541 |
0.000 |
|
(iii) Capital work-in-progress |
|
7503.642 |
11159.957 |
|
(iv) Intangible assets under development |
|
15.046 |
0.000 |
|
(b) Non-current Investments |
|
118.931 |
96.431 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
234.330 |
1501.663 |
|
(e) Other Non-current assets |
|
22476.134 |
6940.589 |
|
Total Non-Current
Assets |
|
119083.738 |
100569.242 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
110.000 |
|
(b) Inventories |
|
5392.113 |
4813.903 |
|
(c) Trade receivables |
|
14361.022 |
6435.225 |
|
(d) Cash and cash equivalents |
|
2619.388 |
2264.672 |
|
(e) Short-term loans and advances |
|
3262.541 |
1464.471 |
|
(f) Other current assets |
|
26380.059 |
27872.544 |
|
Total Current
Assets |
|
52015.123 |
42960.815 |
|
|
|
|
|
|
TOTAL |
|
171098.861 |
143530.057 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
39613.255 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6604.959 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
46218.214 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
35395.189 |
|
|
2] Unsecured Loans |
|
|
30136.800 |
|
|
TOTAL BORROWING |
|
|
65531.989 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
111750.203 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
84586.597 |
|
|
Capital work-in-progress |
|
|
10058.860 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
293.931 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4004.875
|
|
|
Sundry Debtors |
|
|
11253.946
|
|
|
Cash & Bank Balances |
|
|
5167.050
|
|
|
Other Current Assets |
|
|
12880.745
|
|
|
Loans & Advances |
|
|
4116.745
|
|
Total
Current Assets |
|
|
37423.361
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
4761.632
|
|
|
Other Current Liabilities |
|
|
11913.560
|
|
|
Provisions |
|
|
3937.354
|
|
Total
Current Liabilities |
|
|
20612.546
|
|
|
Net Current Assets |
|
|
16810.815
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
111750.203 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
71713.751 |
58401.833 |
51329.089 |
|
|
|
Other Income |
688.547 |
492.520 |
997.176 |
|
|
|
TOTAL (A) |
72402.298 |
58894.353 |
52326.265 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
49027.107 |
40718.223 |
|
|
|
|
Employee benefits expense |
3104.114 |
3362.489 |
|
|
|
|
Other expenses |
5947.044 |
5297.174 |
|
|
|
|
TOTAL (B) |
58078.265 |
49377.886 |
43479.612 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14324.033 |
9516.467 |
8846.653 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5600.512 |
4731.308 |
4683.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8723.521 |
4785.159 |
4162.808 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3969.287 |
3811.475 |
3881.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4754.234 |
973.684 |
281.350 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
951.216 |
194.060 |
47.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3803.018 |
779.624 |
233.535 |
|
|
|
|
|
|
|
|
|
|
RESERVE FOR
UNFORESEEN EXIGENCIES |
(391.800) |
(125.600) |
(125.600) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6538.400 |
5884.400 |
5776.400 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9949.600 |
6538.400 |
5884.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Other Items |
103.660 |
91.644 |
129.480 |
|
|
TOTAL IMPORTS |
103.660 |
91.644 |
129.480 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
96.00 |
20.02 |
7.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.25 |
1.32 |
0.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.63 |
1.67 |
0.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.91 |
0.74 |
0.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.26 |
1.26 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
1.09 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from Govt. Of
West Bengal |
|
|
|
for Bakreshwar
Project (JBIC) |
|
|
|
- For Unit Nos. I, II & III |
7214.707 |
8471.419 |
|
- For Unit Nos. IV & V |
12419.129 |
13158.007 |
|
|
|
|
|
Total |
19633.836 |
21629.426 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10449115 |
26/08/2013 |
4,000,000,000.00 |
ALLAHABAD BANK |
STEPHAN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA, WEST BENGAL - 700001, INDIA |
B85015717 |
|
2 |
10419755 |
26/03/2013 |
3,000,000,000.00 |
UNITED BANK OF INDIA |
4,FAIRLIE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B73206484 |
|
3 |
10384511 |
08/10/2012 |
1,908,591,914.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B61388575 |
|
4 |
10382351 |
28/09/2012 |
2,500,000,000.00 |
ALLAHABAD BANK |
STEPHAN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA, WEST BENGAL - 700001, INDIA |
B60405057 |
|
5 |
10372488 |
02/08/2012 |
2,000,000,000.00 |
ALLAHABAD BANK |
STEPHAN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA, WEST BENGAL - 700001, INDIA |
B56363948 |
|
6 |
10356303 |
31/03/2012 |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B39845649 |
|
7 |
10347797 |
22/03/2012 |
5,200,000,000.00 |
PUNJAB NATIONAL BANK |
AGMO:NEW MARKET, 9,LINDSAY STREET, KOLKATA, WEST BENGAL - 700087, INDIA |
B37032158 |
|
8 |
10283101 |
18/04/2011 |
37,382,700,000.00 |
POWER FINANCE CORPORATION LIMITED |
"URJANIDHI", 1, BARAKHAMBHA LANE, CONNAUGHT
PLACE |
B11791217 |
|
9 |
10269413 |
14/06/2011 * |
750,000,000.00 |
ALLAHABAD BANK |
STEPHEN HOUSE BRANCH, 4, B.B.D.BAG (EAST), KOLKATA, WEST BENGAL - 700001, INDIA |
B18135285 |
|
10 |
10164659 |
23/09/2010 * |
2,500,000,000.00 |
Indian Bank |
DHARMATOLA BRANCH, 154 LENIN SARANI, KOLKTA, WEST BENGAL - 700013, INDIA |
A98492572 |
|
11 |
10187171 |
26/03/2013 * |
3,160,200,000.00 |
UNITED BANK OF INDIA |
4,FAIRLIE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B73208100 |
|
12 |
10088498 |
28/01/2008 |
6,930,000,000.00 |
ALLAHABAD BANK (LEAD BANK) |
STEPHAN HOUSE BRANCH, 4, B. B. D. BAG (EAST), KOLKATA, WEST BENGAL - 700001, INDIA |
A32495780 |
|
13 |
80024614 |
23/02/2007 * |
19,250,000,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
- |
|
14 |
80028888 |
20/05/2010 * |
11,055,300,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
A87102505 |
* Date of charge modification
REVIEW OF OPERATION
Gross Revenue during the year is Rs. 72402.200 Millions against Rs. 58894.400 Millions in the previous year 2010-11. The Company earned profit before Tax of Rs. 4754.200 Millions for the Financial Year 2011-12 as against Rs. 973.700 Millions for the last year. The Profit after Tax increased by 387.81% to Rs. 3803.000 Millions from Rs. 779.600 Millions in the previous year. The net profit for the year 2011-12 is after consideration of Rs. 8644.400 Millions receivable against claim for Fuel Cost Adjustment and Rs. 857.700 Millions receivable against claim for Fixed Cost Adjustment as per WBERC regulation. The corresponding expenditure during 2011-12 and 2010-11 are Rs. 67648.200 Millions and Rs. 57920.700 Millions respectively.
During the year there were, Six units of 210 MW each at Kolaghat Thermal Power Station, Five Units of 210 MW each at Bakreswar Thermal Power Station, Four Units of 60 MW each and 1 Unit of 210 MW at Bandel Thermal Power Station, Two Units of 250 MW each at Santaldih Thermal Power Station (Unit No. 6 w.ei 30.09.2011) and Two Units of 300 MW each at Sagardighi Thermal Power Station, in operation.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Scenario and Developments
In India, the electricity industry has been under the governance of the Electricity Act, 2003, after repeal of three previous Acts. The whole purpose of the Electricity Act, 2003 was to usher in a vibrant environment for the electricity utilities to prosper, while delivering electricity at competitive and affordable rates to the consumer.
As per the report of working group on Power, set up by Planning Commission, the target set for capacity addition during XII plan is 75,785 MW. Emphasis has also been laid on adding capacity through Hydro, Nuclear and Renewable energy sources. However, fossil fuel based power continues to be indispensable to achieve the XII plan target. Coal remains the leading fuel for generating electricity, accounting for over 40% of total power generation, followed by gas, nuclear and hydro.
Therefore, international coal markets and prices have become increasingly sensitive to developments in countries like India where reliance on coal is higher.
During 2011-12, the Indian Power Sector met the generation capacity targets for the year adding 19.7 GW against a target of 17.7 GW. This has created significant shortage of coal, which is the dominant source of fuel for the sector. Around 15% of total requirement in terms of volume is met through imports as domestic coal availability remains virtually stagnant at around 440 million tones. This has resulted in increased cost of generation.
There is no doubt that the power sector in India needs to grow at a much higher rate in the coming years and for this, there is need to address the challenges facing the sector.
OUTLOOK
During the last 10 years, power generation in India has grown at a CAGR of 5.46%. As per the report of working group of Power for XII Plan, the energy requirement during 2016-17 would be to the tune of 1400 BUs and to achieve this target, generation has to grow at a CAGR of 10% and hence offers opportunities of growth for the Sector.
Despite various odds, most of which are beyond the control of the Company, WBPDCL has been consistently pursuing efficiency in productivity through short term and long term measures. The Company is confident of achieving the generation targets set by the Regulator.
Certain other expansion projects undertaken by the Company are progressing and completion of these will augment the availability of power.
FINANCIAL PERFORMANCE
During the Financial Year 2011-12, the Gross Revenue of the Company was Rs. 72402.200 Millions (Previous year Rs. 58894.400 Millions). The Net Profit after tax for the year was Rs.3803.000 Millions (Previous year Rs.779.600 Millions).
The gross revenue of the Company comprises of income from sale of electricity, interest earned on investments in Term Deposits and others. The major revenue comes from energy sales. The Tariff for computing energy sales is determined in terms of West Bengal Electricity Regulatory Commission Regulation as notified from time to time.
There is a matter under arbitration before the International Court of Arbitration (ICA) and the award is pending. Contingent liability in this respect works out to be US $ 4,73,78,515 and INR 2023.982 Millions against which the Company also has a counter claim of US $ 69,24,699 and INR 3182.835 Millions.
FIXED ASSET
Tangible Assets
·
Land
·
Building
·
Water Supply Drainage and Sewerage
·
Reservoir and Dam
·
Transmission System
·
Railway Siding
·
Plat and Machinery
·
Communication System
·
Electrical Installation
·
Air Conditioning System
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
·
Guest House
·
Hospital Equipment
Intangible Assets
- Software
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
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.