MIRA INFORM REPORT
|
Report Date : |
07.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Prakashgad Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai – 400
051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
11-153645 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30000.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109MH2005SGC153645 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE00582B NSKM04687E PNEM10859C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM2933K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Distribution of Electricity |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 233600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a State Government Company engaged in distribution of
electricity. It is a well-established company having a satisfactory track record. Management of the company has failed to file its financial for the
year 2013 with the government department. As per available financial 2012, there incurred heavy loss from its
operations. The rating takes into consideration continued losses due to power
purchase cost and high leverage. However, it gets better operational and financial support from the
government. Trade relations are reported as decent. Business is active. Payments
are reported to be slow. The company can be considered good for 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts
from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central
Bureau of Investigation will look into allegations that over $80 million was
paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to
find a solution for problems with state-owned Air India’s 787 Dreamliners. The
aircraft has experienced a series of malfunctions since its debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facility = BBB |
|
Rating Explanation |
Having moderate degree of safety and carry moderate credit risk. |
|
Date |
19.12.2013 |
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
Management Non-Cooperative (91-22-26474211)
LOCATIONS
|
Registered Office / Head Office: |
Prakashgad Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai –
400 051, |
|
Tel. No.: |
91-22-26474211/ 26470953/26472131 |
|
Fax No.: |
91-22-26476749/ 26470953 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 11.09.2012
|
Name : |
Mr. Ajoy
Mehta |
|
Designation : |
Managing Director |
|
Address : |
A/7, Saudamini
Haji Ali, Mumbai – 400034, |
|
Date of Birth/Age : |
21.09.1959 |
|
Date of Appointment : |
28.05.2010 |
|
DIN No. : |
00155180 |
|
|
|
|
Name : |
Mr.
Dattatraya Dharmaji Wavhal |
|
Designation : |
Director |
|
Address : |
14/601, Flower
Valley Complex Eastern Express Highway, Khopat Thane West, Mumbai – 400601,
Maharashtra, India |
|
Date of Birth/Age : |
06.12.1957 |
|
Date of Appointment : |
20.08.2012 |
|
DIN No. : |
02767994 |
|
|
|
|
Name : |
Mr. Maruti
Kishanrao Deore |
|
Designation : |
Director |
|
Address : |
Flat No. 1, Ground Floor, Vidyut Nirmal Niwal, Devidyal Road,
Mumbai-400080, Maharashtra, India |
|
Date of Birth/Age : |
24.01.1956 |
|
Date of Appointment : |
16.07.2012 |
|
DIN No. : |
02780312 |
|
|
|
|
Name : |
Mr. Prakash Vithal
Page |
|
Designation : |
Director |
|
Address : |
131, Poornanand
Walkeshwar Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
18.09.1953 |
|
Date of Appointment : |
02.01.2009 |
|
DIN No. : |
00096443 |
|
|
|
|
Name : |
Mr. Ashok Rajaram
Harane |
|
Designation : |
Director |
|
Address : |
B-302, Millennium
Gardens 182, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra,
India |
|
Date of Birth/Age : |
04.06.1946 |
|
Date of Appointment : |
02.01.2009 |
|
DIN No. : |
00123013 |
|
|
|
|
Name : |
Mr. Vidyadhar
Krishnaji Kanade |
|
Designation : |
Director |
|
Address : |
Department of IE
and L Mantralaya, Mumbai-400034, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1955 |
|
Date of Appointment : |
21.11.2011 |
|
DIN No.: |
00246871 |
|
|
|
|
Name : |
Mr. Prabhakar
Umaji Shinde |
|
Designation : |
Additional
Director |
|
Address : |
23, Suprabhat, BHD-Vijay
Manta Theatre, AdityaNagar, Nashik – 422006, Maharashtra, India |
|
Date of Birth/Age : |
03.06.1958 |
|
Date of Appointment : |
30.08.2013 |
|
DIN No.: |
06680897 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
V.K.Kanade
Principal Secretary (Energy) Nominee of GOM. |
|
49940 |
|
Subrat P. Ratho
M.D. of MSEBHCL, |
|
10 |
|
P.G. Mohite
(Nominee of GOM.) |
|
10 |
|
Kunda A.
Rethrekar (Nominee of GOM) |
|
10 |
|
D. K. Kharat
(Nominee of GOM.) |
|
10 |
|
Avinash
Subhedar, (Nominee of GOM.) |
|
10 |
|
L. N. Sadafule
(Nominee of GOM) |
|
10 |
|
MSEB Holding Company Limited, India |
|
5316931800 |
|
TOTAL
|
|
5316981800 |
As on 11.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Government
[Central and State] |
99.98 |
|
Government
companies |
0.02 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distribution of Electricity |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
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|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial Institutions: |
|
|
|
|
|
Auditors : |
|
|
Name 1 : |
Borkar and Muzumdar and Company Chartered Accountants |
|
Address : |
235/237, Peninsula House, Dr. D N Road, Fort, Mumbai 400001,
Maharashtra, India |
|
PAN No.: |
AAAFB3194J |
|
|
|
|
Holding Company : |
CIN No.:
U40100MH2005SGC153649 |
|
|
|
|
Subsidiaries Company : |
CIN No.:
U40109MH2007SGC171852 |
CAPITAL STRUCTURE
As on 11.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000000 |
Equity Shares |
Rs.10/- each |
Rs. 200000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5316981800 |
Equity Shares |
Rs.10/- each |
Rs.
53169.818 Millions |
|
|
|
|
|
AS on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000000 |
Equity Shares |
Rs.10/- each |
Rs. 75000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000050000 |
Equity Shares |
Rs.10/- each |
Rs.
30000.500 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 |
|
30000.500 |
30000.500 |
|
(b) Reserves & Surplus |
|
5233.391 |
7735.178 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
23169.318 |
16200.238 |
|
Total
Shareholders’ Funds (1) + (2) |
|
58403.209 |
53935.916 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
148621.323 |
114987.663 |
|
(b) Deferred tax liabilities (Net) |
|
8980.244 |
1056.919 |
|
(c) Other long term
liabilities |
|
29776.253 |
23164.058 |
|
(d) long-term
provisions |
|
18697.335 |
16682.459 |
|
Total Non-current
Liabilities (3) |
|
206075.155 |
155891.099 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
31623.052 |
19447.003 |
|
(b) Trade
payables |
|
82809.468 |
61264.472 |
|
(c) Other
current liabilities |
|
30551.931 |
25652.123 |
|
(d) Short-term
provisions |
|
3990.983 |
4029.588 |
|
Total Current
Liabilities (4) |
|
148975.434 |
110393.186 |
|
|
|
|
|
|
TOTAL |
|
413453.798 |
320220.201 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
183950.348 |
111242.084 |
|
(ii)
Intangible Assets |
|
148.002 |
0.065 |
|
(iii)
Capital work-in-progress |
|
39133.268 |
40462.068 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1943.082 |
1653.986 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2547.559 |
1810.769 |
|
(e) Other
Non-current assets |
|
34971.717 |
35433.297 |
|
Total Non-Current
Assets |
|
262693.976 |
190602.269 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
9897.106 |
8908.129 |
|
(c) Trade
receivables |
|
87112.823 |
90929.038 |
|
(d) Cash
and cash equivalents |
|
4008.072 |
5568.197 |
|
(e)
Short-term loans and advances |
|
3633.613 |
3197.471 |
|
(f) Other
current assets |
|
46108.208 |
21015.097 |
|
Total
Current Assets |
|
150759.822 |
129617.932 |
|
|
|
|
|
|
TOTAL |
|
413453.798 |
320220.201 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Contribution from GoM/MSEB Holding Company Limited |
|
|
32630.125 |
|
|
3] Reserves & Surplus |
|
|
17126.713 |
|
|
4] Equity from GoM towards Projects |
|
|
4842.300 |
|
|
NETWORTH |
|
|
54599.638 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
59897.604 |
|
|
2] Unsecured Loans |
|
|
6295.187 |
|
|
TOTAL BORROWING |
|
|
66192.791 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
120792.429 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
74850.144 |
|
|
Capital work-in-progress |
|
|
23437.385 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1367.415 |
|
|
DEFERREX TAX ASSETS |
|
|
3573.938 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2878.937
|
|
|
Sundry Debtors |
|
|
117532.421
|
|
|
Cash & Bank Balances |
|
|
13738.648
|
|
|
Other Current Assets |
|
|
22.806
|
|
|
Loans & Advances |
|
|
14300.860
|
|
Total
Current Assets |
|
|
148473.672 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
46190.255 |
|
|
Other Current Liabilities |
|
|
65136.333
|
|
|
Provisions |
|
|
19583.537
|
|
Total
Current Liabilities |
|
|
130910.125 |
|
|
Net Current Assets |
|
|
17563.547
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
120792.429 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue Income |
395545.103 |
332655.561 |
276423.129 |
|
|
|
Other Income |
12518.823 |
12516.872 |
11462.805 |
|
|
|
Revenue Subsidy and Grants From GOM |
0.000 |
0.000 |
4000.000 |
|
|
|
TOTAL (A) |
408063.926 |
345172.433 |
291885.934 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Power Purchase Cost |
351202.873 |
289494.449 |
238419.520 |
|
|
|
Employee costs |
22985.254 |
20468.684 |
18380.658 |
|
|
|
Repairs and Maintenane Expenses
|
5528.775 |
5141.918 |
0.000 |
|
|
|
Administration and general expenses |
4440.257 |
2319.407 |
8989.868 |
|
|
|
Other expenses |
11142.735 |
15499.555 |
15201.707 |
|
|
|
Net Prior period credits / charges |
0.000 |
0.000 |
1597.916 |
|
|
|
Adjustment of Depreciation |
(12647.775) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
382652.119 |
332924.013 |
282589.669 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25411.807 |
12248.420 |
9296.265 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17783.645 |
10813.029 |
9001.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7628.162 |
1435.391 |
294.986 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7645.701 |
10674.666 |
8122.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(17.539) |
(9239.275) |
(7827.715) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8061.676 |
5807.403 |
3020.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(8079.215) |
(15046.678) |
(10847.727) |
|
|
|
|
|
|
|
|
|
|
Contingency
Reserve |
0.000 |
0.000 |
290.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(37642.214) |
(22595.536) |
(11457.808) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(45721.429) |
(37642.214) |
(22595.536) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.85) |
(5.11) |
(222754.53) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.98)
|
(4.36) |
(3.72)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
(2.78) |
(2.83)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
|
(3.32) |
(3.51)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.17) |
(0.14)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.09
|
2.49 |
1.21
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.28 |
1.13
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
30000.500 |
30000.500 |
|
Reserves & Surplus |
|
7735.178 |
5233.391 |
|
Share Application money
pending allotment |
|
16200.238 |
23169.318 |
|
Net
worth |
|
53935.916 |
58403.209 |
|
|
|
|
|
|
long-term borrowings |
|
114987.663 |
148621.323 |
|
Short term borrowings |
|
19447.003 |
31623.052 |
|
Total
borrowings |
|
134434.666 |
180244.375 |
|
Debt/Equity
ratio |
|
2.492 |
3.086 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
276423.129 |
332655.561 |
395545.103 |
|
|
|
20.343 |
18.905 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
276423.129 |
332655.561 |
395545.103 |
|
Profit / (Loss) |
(10847.727) |
(15046.678) |
(8079.215) |
|
|
(3.92%) |
(4.52%) |
(2.04%) |
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 |
No |
|
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 |
OPERATIONAL PERFORMANCE
During the 7th
year of operation, the Company had sold 80131 Mus of power, which has generated
revenue of Rs. 395545.100 Millions.
However, after
providing for Depreciation, Interest, Finance Charges and other debits there was
a loss of Rs. 17.500 Millions (before tax).
LOAD SHEDDING PROTOCOL
The Company has
been experiencing significant growth in power consumption during last few years
in its area of operations due to buoyancy in economy. In view of availability
of Power, the Company is taking steps to reduce the load shedding gradually.
POWER PURCHASE
During the year
the company has taken a big leap in hiring up the long term power to ensure
that the company will not have power shortage in future years.
The company executed
PPA for 2600 MW under competitive bidding process case – 1, stage -2. and PPA
for additional quantum of 125 MW is under process.
The power purchase
agreements for power from Korba Unit-7, Mouda stage –II Vindhyachal Stage – V,
Solapur, Lara, Dhurvaram, Khargone and Gadarwara Project are executed with
NTPC. During the year, two units of Nashik Power Stations of MSPGCL are closed.
2 units of 500 MW each of Bhuswal and one 500 MW unit of Khaparkheda Power
Stations of MSPGCL are synchronized, the COD is expected during the year 2012.
The company
endeavors to monitor the progress of all projects under PPA and demand pattern.
To bridge the gap in supply and demand due to delay in some projects of
Mahagenco and NTPC, a medium term tender was floated.
The supply of
power from JSW Energy, Ratnagiri (300 MW) commenced from Sept. 2010 under Long
term Case-I, stage- I and Korba Unit (7), 108 MW commenced from March 2011.
Due to
unprecedented shortage of coal and gas during the year, the generation from
Long Term sources such as MSPGCL, NTPC, RGPPL was drastically reduced. Hence,
in order to mitigate load shedding, MSEDCL had to resort to short term Power
Purchase MSEDCL floated tenders from time to time as per the requirement of
power. MSEDCL procured 6438 MUS during FY 2011-2012 through e-tendering and IEX
and PXIL at competitive rates. Also, the company has successfully implemented
Zero Load Shedding scheme in Revenue Head Quarters area by purchasing 475.64
mus at Rs. 2178.300 Millions. Up to June 2011 and this cost is received from
consumers availing this facility, through Reliability charges. The scheme was
effective up to June 2011 and thereafter load shedding is withdrawn in almost
all cities.
The Bhivkund Coal
Block (100 MP) in Wardha valley was allocated to Aurangabad Power Company
Limited on SPV for setting up of 1 x 500 MW green field Power project under
tariff based competitive bidding route. Accordingly the e-tender for 470-620 MW
Power procurement utilizing coals from Bhivkund Coal Block was floated as per
competitive bidding guidelines issued by Ministry of Power, MERC approved the
directions in RFP documents. The four bids are received in due time and
technical evaluation is being done.
The power from
project will be available four years after the execution of PPA i.e. in
2016-17.
To make up the gap
arisen due to delay in projects a medium term power procurement was proposed.
The due process of competitive bidding was carried out. The PPA of 300 MW with
JSW Energy Limited, Ratnagiri and 475 MW with M/s. Adani Power Maharashtra
Limited were executed. The power commenced during the year and will be for one
year and one day from commencement.
The additional
power of 125 MW from M/s. Adani Power Maharashtra Limited Under Case -1 Stage -2
process is approved by MERC.
During year, the
capacity of 170 MW from Sipat Unit -1 and 160 MW from first unit of Mundra UMPP
was added in addition to 775 MW under medium term contract.
UNSECURED LOAN
(Rs. In Millions)
|
|
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Other
Parties |
|
|
|
Financial Participation by Consumers (Interest Bearing) |
0.818 |
0.818 |
|
State Government Loans |
3341.040 |
3768.455 |
|
Financial Participation by Consumers (Interest Free) |
14.609 |
18.175 |
|
Interest Free Loan from MIDC For electric Work |
360.021 |
360.021 |
|
Deposits |
|
|
|
Security Deposits from Consumers (In Cash) |
45675.227 |
41169.343 |
|
Deposits collected to be refunded after eight years (without interest) |
6.083 |
6.083 |
|
Refundable capital cost deposits |
1.857 |
1.857 |
|
Deposit collected from private agencies towards energy bill collection
work |
320.819 |
300.475 |
|
Special deposit from Staff Welfare Fund |
196.498 |
151.828 |
|
Deposits for Electrification, services connection etc. |
1213.810 |
558.553 |
|
Short Term
Borrowings |
|
|
|
Deposits |
|
|
|
Deposit from temporary service connections |
443.860 |
447.003 |
|
|
|
|
|
TOTAL |
51574.642 |
46782.611 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10486945 |
21/03/2014 |
18,108,598,800.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
C01167220 |
|
2 |
10483665 |
07/03/2014 |
5,000,000,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B98934771 |
|
3 |
10481433 |
12/02/2014 |
5,000,000,000.00 |
CANARA BANK |
SPECIALISED PRIME CORPORATE BRANCH MUMBAI FORT, 2ND FLOOR,
HOMJI STREET, FORT, MUMBAI, MAHARASHTRA |
B97995518 |
|
4 |
10474533 |
15/01/2014 |
201,909,500.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B95065801 |
|
5 |
10451273 |
18/09/2013 |
1,021,936,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B85822369 |
|
6 |
10440758 |
30/07/2013 |
5,000,000,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B81220659 |
|
7 |
10435572 |
22/06/2013 |
5,000,000,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B79072070 |
|
8 |
10434697 |
08/06/2013 |
1,006,271,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B78665775 |
|
9 |
10406736 |
12/02/2013 |
465,641,875.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B69069573 |
|
10 |
10406686 |
12/02/2013 |
7,560,599,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B69070068 |
|
11 |
10395264 |
14/12/2012 |
75,000,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B65262750 |
|
12 |
10393500 |
14/12/2012 |
135,601,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B64696966 |
|
13 |
10387587 |
14/12/2012 * |
1,232,200,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, |
B65680696 |
|
14 |
10387589 |
14/12/2012 * |
3,925,600,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, |
B65726192 |
|
15 |
10387588 |
01/11/2012 |
1,616,200,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, |
B62368717 |
|
16 |
10381400 |
08/10/2012 |
12,165,795,750.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B60035953 |
|
17 |
10376221 |
24/08/2012 |
8,251,487,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B57994139 |
|
18 |
10366546 |
28/06/2012 |
272,020,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B44185833 |
|
19 |
10366548 |
28/06/2012 |
496,048,607.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B44186922 |
|
20 |
10366543 |
28/06/2012 |
1,002,146,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B44185445 |
|
21 |
10366547 |
28/06/2012 |
2,890,929,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B44186252 |
|
22 |
10355807 |
08/05/2012 |
1,190,418,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B39639158 |
|
23 |
10344841 |
05/03/2012 |
521,500,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B35999010 |
|
24 |
10344793 |
05/03/2012 |
682,303,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B35981661 |
|
25 |
10344809 |
05/03/2012 |
1,904,000,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B35985019 |
|
26 |
10335167 |
20/01/2012 |
441,806,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B31944382 |
|
27 |
10335105 |
20/01/2012 |
754,585,900.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B31919962 |
|
28 |
10329743 |
05/01/2012 |
79,200,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, |
B29883279 |
|
29 |
10329781 |
27/11/2011 |
190,745,460.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B29892734 |
|
30 |
10329777 |
27/11/2011 |
564,753,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B29891983 |
* Date of charge modification
FIXED ASSETS
- Land and land
flights
- Buildings
- Hydraulic
works
- Other civil
works
- Plant and
machinery
- Lines and
cable networks
- Vehicles
- Furniture and
fixtures
- Office
equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
|
46 |
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.