1. Summary Information
|
|
|
Country |
|
|
Company Name |
ESSAR POWER GUJARAT LIMITED |
Principal Name 1 |
Mr. Vijaybhaskara Kalakota
Reddy |
|
Status |
Yet to Commence Business |
Principal Name 2 |
Mr. Jatinder Dinanath
Mehra |
|
|
|
Registration # |
04-066273 |
|
Street Address |
Salaya Administrative Building, 44 KM, Post Box
No. 07, |
||
|
Established Date |
05.04.2007 |
SIC Code |
-- |
|
Telephone# |
91-2833-241444 |
Business Style 1 |
Generation and Distribution of Electricity |
|
Fax # |
91-2833-241818 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 19,782,063,000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 100% |
Banking |
Yes Bank Limited |
|
Public Limited Corp. |
No |
Business Period |
6 Years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (36) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
|
Essar Power
Limited (EPOL) |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,994,151,000 |
Current Liabilities |
30,461,000 |
|
Inventories |
968,791,000 |
Long-term Liabilities |
30,654,807,000 |
|
Fixed Assets |
1,023,771,000 |
Other Liabilities |
6,310,805,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
36,996,073,000 |
|
Invest& other Assets |
52,263,249,000 |
Retained Earnings |
(58,174,000) |
|
|
|
Net Worth |
20,253,889,000 |
|
Total Assets |
57,249,962,000 |
Total Liab. &
Equity |
57,249,962,000 |
|
Total Assets (Previous Year) |
47,745,970,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
0,000 |
Net Profit |
(2,031,000) |
|
Sales(Previous yr) |
0,000 |
Net Profit(Prev.yr) |
(212,000) |
|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR POWER GUJARAT LIMITED |
|
|
|
|
Registered
Office : |
Salaya Administrative Building, 44 KM, Post Box
No. 07, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.04.2007 |
|
|
|
|
Com. Reg. No.: |
04-066273 (New) 11-169703 (Old) |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 19782.063 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900GJ2007PLC066273 (New) U74900MH2007PLC169703 (Old) |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation and Distribution of Electricity |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 81000000 |
|
|
|
|
Status : |
Yet to Commence Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Essar Power
Limited. The company was incorporated in the year 2007 but it is yet to
commence its business activity. Company has strong capital base along with experience of promoters (Essar Group) in power projects. The company can be considered for business dealing with some caution. |
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) |
|
|
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
There is another megatrend happening. The World order is changing as
economic power shifts from West to East. According to McKinsey study, it took
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
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ = Long Term Rating |
|
Rating Explanation |
Moderate degree of safety and carry moderate
credit risk |
|
Date |
May 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 = Short Term Rating |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
May 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 DENIED
Management non-cooperative. (91-22-67335000)
LOCATIONS
|
Registered Office : |
Salaya Administrative Building, 44 KM, Post Box
No. 07, Jamnagar – Okha
Highway, Khambhaliya Jamnagar-361305, Gujarat,
India |
|
Tel. No.: |
91-2833-241444 |
|
Fax No.: |
91-2833-241818 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office
: |
Essar House, 11 K.K. Marg,
Mahalaxmi, Mumbai – 400034, Maharashtra,
India |
|
Tel. No.: |
91-22-66601100/40011100 |
|
Fax No.: |
91-22-23544787 |
DIRECTORS
As on 26.06.2012
|
Name : |
Mr. Vijaybhaskara Kalakota
Reddy |
|
Designation : |
Director |
|
Address : |
61 Marble Arch, |
|
Date of Birth/Age : |
01.07.1961 |
|
Date of Appointment : |
15.04.2009 |
|
DIN No.: |
01683467 |
|
|
|
|
Name : |
Mr. Jatinder Dinanath
Mehra |
|
Designation : |
Director |
|
Address : |
C-1/36, Safdarjung Dev Area, |
|
Date of Birth/Age : |
03.03.1939 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
00042789 |
|
|
|
|
Name : |
Mr. Venkataraman Venkatesan
Singanallur |
|
Designation : |
Director |
|
Address : |
F-401, The Atrium, Old No.49, New |
|
Date of Birth/Age : |
09.10.1939 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
00004010 |
|
|
|
|
Name : |
Mr. Dilip Cherial Oommen |
|
Designation : |
Director |
|
Address : |
D-3/4 |
|
Date of Birth/Age : |
28.03.1958 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
02285794 |
|
|
|
|
Name : |
Mr. Ramsh Kumar Ramkrishnan |
|
Designation : |
Managing Director |
|
Address : |
P. No. 2, Patel Enclave, Behind Kalyan
Garden, Jai Jawahar Nagar,
Yapral, Secunderabad –
500087, Andhra Pradesh, India |
|
Date of Birth/Age : |
05.07.1961 |
|
Date of Appointment : |
02.08.2013 |
|
DIN No.: |
02123450 |
KEY EXECUTIVES
|
Name : |
Mrs. Jayshree Narendra
Kakani |
|
Designation : |
Secretary |
|
Address : |
510/1-/B, Ostwal Ornate, Jesal
Park, Bhayander (East), Mumbai – 401105, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1984 |
|
Date of Appointment : |
09.05.2008 |
MAJOR SHAREHOLDERS
As on 26.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Essar Power Limited, India |
|
1978206245 |
|
Essar Power Limited and R. K.Sethi |
|
10 |
|
Essar Power Limited and Sachidanand
Bhujade |
|
10 |
|
Essar Power Limited and A.K Singh |
|
10 |
|
Essar Power Limited and V.T. Josh |
|
10 |
|
Essar Power Limited and Gyan
Anand |
|
10 |
|
Essar Power Limited and R. R. Pillai |
|
10 |
|
Total |
|
1978206305 |
As on 22.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Essar Power Limited, India |
|
50000000 |
|
Total |
|
50000000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.06.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation and Distribution of Electricity |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees
: |
Information denied by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Yes Bank Limited, Nehru Centre, 9th
Floor, Discovery of India, Dr. A. B. Road, Worli,
Mumbai – 400018, Maharashtra, India ·
Allahabad Bank ·
Andhra Bank ·
ICICI Bank Limited ·
Indian Overseas Bank ·
Punjab National Bank, Large Corporate Branch, maker
Tower, “E” Wing, Cuffe parade, Mumbai – 400005, Maharashtra, India ·
State Bank of India ·
State Bank of Indore ·
State Bank of Hyderabad ·
State Bank of Patiala ·
State Bank of Travancore · Union Bank of India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Securities
provided to lenders ·
The Rupee Term Loan together with interest is
secured by a first ranking charge on the whole of company’s immovable properties
and other movable assets, Tangible and Intangible assets, book debts,
receivable, current assets, bank account, assignment of project document and
insurance policies. The facilities are additionally secured by pledge of
certain equity shares of the company hold by Essar
Power Limited. ·
Buyer’s credits are secured by letter of
undertaking / letter of comfort issued by the rupee term loan lenders. Terms of Payment Rupee Term Loan ·
The term loan facilities from bank are repayable in
40 equal installments beginning September 30, 2011 and carries interest @
14.25% per annum to 14.75% per annum. ·
The term loan facilities from financial
institution are repayable in 48 equal installments beginning September 30,
2011 and carries interest @ 14.25% per annum. Buyers Credit ·
Buyers Credit has rate of 1.07% per annum (6M
LIBOR rate – Spared) which will be converted into rupee term loan. |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Financial
Institutions: |
India Infrastructure Finance Company Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith,
Off |
|
Tel. No.: |
91-79-27582542/27582543 |
|
Fax No.: |
91-79-27582551 |
|
PAN.: |
AABFD7919A |
|
|
|
|
Holding Company: |
·
Essar Power
Limited (EPOL) CIN No.: U40100MH1991PLC063852 |
|
|
|
|
Ultimate Holding Company: |
·
Essar Global Limited, Cayman Island (EGL) |
|
|
|
|
Enterprises commonly controlled or influenced by major shareholder /
directors of the Company: |
·
Essar Steel India Limited (ESTL) (Formerly
known as Essar Steel Limited) ·
Essar Project (India) Limited (EPIL) (Essar Project Management Consultancy Limited (EPMCL) was
merged with Essar Projects (India) Limited w.e.f. September 22, 2011) ·
Futura Travels Limited
(FTL) ·
Essar House Limited (EHL) ·
Essar Infrastructure Services Limited (EISL) ·
Essar Investments Limited (EIL) ·
Essar Services India Limited (ESIL) ·
Essar Logistic Limited (ELL) ·
Essar Oil Limited (EOL) ·
Arkay Holding Limited (AHL) ·
Essar Information Technology Limited (EITL) ·
Aegis Limited (AEGIS) (Essar
Engineering Services Limited (EESL) was merged with Aegis Limited w.e.f. September 24, 2010) ·
The Mobile Store Limited (TMSL) ·
Essar Agrotech
Limited (EAL) ·
Vadinar Properties
Limited(VPL) ·
Impact Retail Private Lmimted
(IRPL) ·
Essar Bulk Terminal Salaya
Limited (FBTSL) ·
Essar Mineral Resources Limited (EMRL) ·
Essar Shipping Limited (ESL) |
CAPITAL STRUCTURE
After 26.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000000 |
Equity Shares |
Rs.10/- each |
Rs.80000.000 Millions |
|
2000000000 |
Preference Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
Total |
|
|
Rs.100000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2028206305 |
Equity Shares |
Rs. 10/- each |
Rs. 20282.063 Millions |
As on 26.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000000 |
Equity Shares |
Rs.10/- each |
Rs.80000.000 Millions |
|
2000000000 |
Preference Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
Total |
|
|
Rs.100000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1978206305 |
Equity Shares |
Rs. 10/- each |
Rs. 19782.063 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
19782.063 |
15289.563 |
|
(b) Reserves & Surplus |
|
(28.174) |
(26.143) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
500.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
20253.889 |
15263.420 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
30654.807 |
25041.721 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
221.363 |
2757.982 |
|
(d) long-term provisions |
|
28.089 |
16.410 |
|
Total Non-current Liabilities (3) |
|
30904.259 |
27816.113 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
0.000 |
0.000 |
|
(c) Other current liabilities |
|
6089.442 |
4665.673 |
|
(d) Short-term provisions |
|
2.372 |
0.764 |
|
Total Current Liabilities (4) |
|
6091.814 |
4666.437 |
|
|
|
|
|
|
TOTAL |
|
57249.962 |
47745.970 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1018.938 |
964.826 |
|
(ii) Intangible Assets |
|
4.833 |
7.176 |
|
(iii) Capital
work-in-progress |
|
50830.789 |
41629.363 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1533.923 |
2665.806 |
|
(e) Other Non-current assets |
|
787.814 |
638.640 |
|
Total Non-Current Assets |
|
54176.297 |
45905.811 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
968.791 |
0.000 |
|
(c) Trade receivables |
|
158.189 |
0.000 |
|
(d) Cash and cash
equivalents |
|
1032.455 |
1715.305 |
|
(e) Short-term loans and
advances |
|
269.584 |
79.920 |
|
(f) Other current assets |
|
644.646 |
44.934 |
|
Total Current Assets |
|
3073.665 |
1840.159 |
|
|
|
|
|
|
TOTAL |
|
57249.962 |
47745.970 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
6220.436 |
|
|
2] Share Application Money |
|
|
2060.500 |
|
|
3] Reserves & Surplus |
|
|
0.436 |
|
|
4] (Accumulated Losses) |
|
|
(26.367) |
|
|
NETWORTH |
|
|
8255.005 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
9059.021 |
|
|
2] Unsecured Loans |
|
|
203.600 |
|
|
TOTAL BORROWING |
|
|
9262.621 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17517.626 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
769.011 |
|
|
Capital work-in-progress |
|
|
21513.968 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1651.646 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
470.753 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
139.935
|
|
Total
Current Assets |
|
|
610.688 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3.880 |
|
|
Other Current Liabilities |
|
|
7017.363 |
|
|
Provisions |
|
|
9.444 |
|
Total
Current Liabilities |
|
|
7030.687 |
|
|
Net Current Assets |
|
|
(6416.999) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17517.626 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating, maintenance and other expenses |
2.031 |
2.031 |
0.000 |
|
|
|
Professional Fees |
0.000 |
0.000 |
0.112 |
|
|
|
Filing Fees |
0.000 |
0.000 |
0.012 |
|
|
|
Miscellaneous Expenditure Written Off |
0.000 |
0.000 |
25.828 |
|
|
|
TOTAL |
2.031 |
2.031 |
25.952 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(2.031) |
(0.212) |
(25.952) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(2.031) |
(0.212) |
(25.952) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(26.368) |
(0.415) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
687.731 |
687.731 |
NA |
|
|
|
Fuel |
914.927 |
914.927 |
NA |
|
|
TOTAL IMPORTS |
1602.658 |
12446.686 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(0.0012) |
(0.0002) |
NA |
|
|
|
Diluted |
(0.0002) |
(0.0429) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.03)
|
(0.00)
|
(1.88) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.00)
|
(0.00)
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.51
|
1.64
|
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.50
|
0.39
|
0.08 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note: Registered
office of the company has been shifted from Essar House, 11 Keshavrao Khadye Marg, Mahalaxmi, Mumbai 400034, Maharashtra, India to the present address w.e.f 11.10.2010
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs.
In Millions |
31.03.2011 Rs.
In Millions |
|
Long Term Borrowings |
|
|
|
Rupee Term Loan |
|
|
|
From Holding
Company |
375.000 |
375.000 |
|
Total |
375.000 |
375.000 |
Note: The unsecure loan taken from holding company is non-interest
bearing loan and shall be repaid after the date on which all obligations
towards the second lenders have been paid.
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10432090
|
20/05/2013
|
3,800,000,000.00
|
YES
BANK LIMITED |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY
OF INDIA, DR. A.B. ROAD, WORLI, MUMBAI, Maharashtra
- 400018, INDIA |
B77517738
|
|
2 |
10388631
|
09/11/2012
|
4,800,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17,
R. Kamani Marg, Ballard
Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B62826805
|
|
3 |
10388056
|
27/10/2012
|
2,000,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B62581160
|
|
4 |
10160834
|
08/01/2010
* |
9,500,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17,
R. Kamani Marg, Ballard
Estate,, MUMBAI, Maharashtra - 400001, INDIA |
A77683878
|
|
5 |
10160836
|
08/01/2010
* |
10,250,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17,
R. Kamani Marg, Ballard
Estate,, MUMBAI, Maharashtra - 400001, INDIA |
A77685089
|
|
6 |
10160889
|
08/01/2010
* |
25,525,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17,
R. Kamani Marg, Ballard
Estate,, MUMBAI, Maharashtra - 400001, INDIA |
A77685840
|
|
7 |
10124316
|
08/01/2010
* |
5,000,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17,
R. Kamani Marg, Ballard
Estate,, MUMBAI, Maharashtra - 400001, INDIA |
A77684447
|
* Date of modification charge
OPERATIONS
The Company has successfully commissioned
Unit I (600MW) of the 1,200 MW imported coal based power project on April 1.
2012. Synchronisation of Unit II (600 MW) was
completed on April 4, 2012. They expect that commissioning of Unit II would be
completed well before June 30, 2012.
Due to non availability of
wildlife and other clearances for the Salaya jetty,
sea water line, port facilities could not be completed by Essar
Bulk Terminal Salaya Limited. The Company proposes to
import coal in the interim mainly through Bedhi port
with Okha and Porbandar
serving as back up ports for emergency purposes. The Company has tied up with
GWIL for supply of water from the Narmada river
However, due to mass pilferage of Narmada water and
being in tail end of the canal and industrial customers being last priority,
supply is not as per contract quantity and hence supply is likely to be
inadequate for full load operations till the sea water pipeline through EBTSL
jetty is completed.
The Project was originally
appraised at a project cost of Rs 48200.000 Millions.
However due to project delays, foreign exchange fluctuation on capital imports,
increase in scope of EPC contracts and start up costs., there is a project cast
overrun of approximately Rs 6650.000 Millions as on
March 31. 2012. They have approached the Project lenders for part funding the
overrun and reschedulement of the principal
repayments. Debt (including Letters of credit opened and cash disbursement) of
approximately Rs. 27930.000 Millions has been drawn
as on March 31, 2012. The Company has also repaid an amount of Rs 2652.000 Millions upto March
31. 2012.
Essar Power Limited the holding
company acquired Aries Coal Mine in Indonesia in April 2010 for securing supply
of coal to The power project. During the year Aries Coal Mine has received
Environment clearance for Jetty and Haul road and also In-Principal Pinjam Pakai (Stage 1 Forest
Clearance) for the mine. Acquisition of 100% land for Jetty and 80% for the
Haul road has been completed during the year and construction work both on the
Jetty and Haul road (4 km patch from Jetty site) has commenced. The development
work on the mine site is expected to commence on the receipt of final Pinjam Pakai (final forest
clearance) which is expected in June 2012. The coal supplies from the mine are
expected from early 2013. The Company is in the final stages of securing debt
financing for coal mine development.
Due to delays in completion
of the 400 KV Hadala- Salaya
transmission line and failure to stabilize the voltage levels of the said
transmission line by GETCO, the Company had requested for extension of
Scheduled Commercial Operation Date (SCOD) which had been granted upto October 24, 2011. Further extension was under
consideration by GUVNL. This Project, based on imported coal from Indonesia is
impacted due to introduction of market based transfer pricing regulations
introduced in Indonesia with effect from September 23, 2011 They are in
discussions with GUVNL to recoup this additional financial impact.
As regards the 1320 MW
imported coal based supercritical expansion project (“Salaya
II") overall progress is approximately 15%. As a result of regulatory
delays in the Indian power sector, and to ensure efficient deployment of
capital, it is proposed to progress with construction only against certain
milestones and equipment delivery schedules would be linked with key project
milestones especially relating to environment clearance. Meanwhile the Company
is continuing with its efforts to complete satisfactorily the reappraisal
exercise being undertaken by State Bank of India.
The Company is yet to
commence commercial operations and has incurred a loss of Rs.
2.031 Millions during the financial year. The Directors do not recommend any
dividend for the year.
FIXED ASSETS:
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.53 |
|
|
1 |
Rs. 99.75 |
|
Euro |
1 |
Rs. 84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.