MIRA
INFORM REPORT
|
Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SASAN POWER LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-190557 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.564.040
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40102MH2006PLC190557 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS67758F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS0723M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Power Generation. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 228400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “Reliance Power Limited”. It
is a well-established company having satisfactory track record. The company is setting up a 4000 MW Ultra-Mega power project at sasan
in Madhya Pradesh. Consisting of 6 units each with a capacity of 660 MW, out
of which the management has successfully implemented and commenced one of the
unit which will generate sufficient income in the future as per the agreement
with the procure. All other units are under implementation stage. However, business is
active. Payments are reported as slow but correct. In view of strong parentage, the company can be considered 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic development
in the dragon economy and has figured out something that is quite worrying. He
is of the view that the Chinese economy could be heading toward trouble on
account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes tat many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB [Long Term] |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
February, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2 [Short Term] |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
February, 2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE
CONTACT NO.: 91-22-30386838
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai-400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386600/ 30386838 |
|
Fax No.: |
91-22-30385169/ 30386999 |
|
E-Mail : |
DIRECTORS
AS ON 24.09.2012
|
Name : |
Mr. Rajivkumar Nandswaroop Saxena |
|
Designation : |
Director |
|
Address : |
B-186, Janta Colony, Jaipur-302004, Rajasthan, India |
|
Date of Birth/Age : |
05.08.1963 |
|
Date of Appointment : |
17.03.2011 |
|
Din No.: |
03466982 |
|
|
|
|
Name : |
Mr. Narelda Venugopala Narelda Venkatarao Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 301, Plot No. 58, APSEB Colony, Bhaskara Enclave,
Buchirajupalem, Visakhapatnam-530027, Andhra Pradesh, India |
|
Date of Birth/Age : |
10.08.1958 |
|
Date of Appointment : |
26.05.2011 |
|
Din No.: |
03143364 |
|
|
|
|
Name : |
Mr. Rambachan Bhagwan Pathak |
|
Designation : |
Director |
|
Address : |
439 K, Baidhan, Vaidhan, Tehsil Singarouli-486889, Madhya Pradesh,
India |
|
Date of Birth/Age : |
02.01.1952 |
|
Date of Appointment : |
26.05.2011 |
|
Din No.: |
03171629 |
|
|
|
|
Name : |
Mr. Shrikant Digambar Kulkarni |
|
Designation : |
Director |
|
Address : |
Flat No. C/43, Building No. 3, Kalpataru Estate, J V Link Road,
Andheri, Mumbai-400093, Maharashtra, India |
|
Date of Birth/Age : |
30.07.1964 |
|
Date of Appointment : |
12.03.2012 |
|
Din No.: |
05136399 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh Subraya Mooteri |
|
Designation : |
Company Secretary |
|
Address : |
34/301, Seawoods Estate, NRI Complex, Palm Beach Road, Nerul, Navi
Mumbai-400706, Maharashtra, India |
|
Date of Birth/Age : |
07.12.1952 |
|
Date of Appointment : |
20.08.2010 |
|
Pan No.: |
AAAPU7847F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2012
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Reliance Power Limited, India |
18813698 |
18764200 |
|
Ramaswami Kalidas Jointly with Reliance Power Limited, India |
1 |
-- |
|
Narelda Venugopala Narelda Venkatarao Rao Jointly with Reliance Power
Limited, India |
1 |
-- |
|
Arunachalam Venkitachalam Jointly with Reliance Power Limited, India |
1 |
-- |
|
Nimish Chitalia Jointly with Reliance Power Limited, India |
1 |
-- |
|
Paresh Rathod Jointly with Reliance Power Limited, India |
1 |
-- |
|
Balasubramanian Natarajan Jointly with Reliance Power Limited, India |
1 |
-- |
|
Suresh Nagarajan Jointly with Reliance Power Limited, India |
1 |
-- |
|
|
|
|
|
TOTAL
|
18813705 |
18764200 |
AS ON 24.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Power Generation. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Bankers : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
·
SBICAP Trustee Company Limited, 202, Maker Tower,
‘E’ Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India ·
Power Finance Corporation Limited, Chandralok
Building, 36, Janpath, New Delhi-110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Holding Company : |
Reliance Power Limited (R Power) |
|
|
|
|
Fellow Subsidiaries / Step Down Subsidiaries of Holding Company : |
·
Reliance Coal Resources Private Limited (RCRL) ·
Rosa Power Supply Company Limited (RPSL) ·
Vidarbha Industries Power Limited (VIPL) ·
Rajasthan Sun Technique Energy Private Limited
(RSTEPL) ·
Tata Hydro Power Private Limited (THPPL) ·
Samalkot Power Limited (SMPL) ·
Jharkhand Integrated Power Limited (JIPL) ·
Coastal Andhra Power Limited (CAPL) |
|
|
|
|
Other Related Parties : |
·
Reliance General Insurance Company Limited (RGIL) ·
Reliance Communications Limited (R Com) ·
Reliance Infrastructure Limited (R Infra) ·
AAA Project Ventures Private Limited (APVPL)
(Upto December 19, 2012) |
CAPITAL STRUCTURE
AS ON 24.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
1000000000 |
Preferences Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
TOTAL
|
|
Rs.60000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18813705 |
Equity Shares |
Rs.10/- each
|
Rs.188.137
Millions |
|
18764200 |
Preferences Shares |
Rs.10/- each |
Rs.187.642
Millions |
|
|
TOTAL |
|
Rs.375.779 Millions |
AS ON 31.03.2013
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
1000000000 |
Preferences Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
TOTAL
|
|
Rs.60000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28226755 |
Equity Shares |
Rs.10/- each
|
Rs.282.267
Millions |
|
28177250 |
Preferences Shares |
Rs.10/- each |
Rs.281.773
Millions |
|
|
TOTAL |
|
Rs.564.040 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
564.040 |
359.859 |
325.759 |
|
(b) Reserves & Surplus |
56558.516 |
36309.553 |
32302.977 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
57122.556 |
36669.412 |
32628.736 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
137374.175 |
56633.077 |
14809.572 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
15466.591 |
9655.712 |
1069.449 |
|
(d) long-term provisions |
281.827 |
11.026 |
3.357 |
|
Total Non-current Liabilities (3) |
153122.593 |
66299.815 |
15882.378 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
9157.236 |
14648.392 |
1954.957 |
|
(d) Short-term provisions |
4.226 |
7.115 |
0.504 |
|
Total Current Liabilities (4) |
9161.462 |
14655.507 |
1955.461 |
|
|
|
|
|
|
TOTAL |
219406.611 |
117624.734 |
50466.575 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17873.429 |
5862.067 |
1892.653 |
|
(ii) Intangible Assets |
333.025 |
345.031 |
0.746 |
|
(iii) Capital
work-in-progress |
161926.054 |
98794.431 |
14267.865 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.266 |
|
(d) Long-term Loan and Advances |
13009.732 |
10864.435 |
18483.458 |
|
(e) Other Non-current assets |
225.132 |
4.695 |
4.305 |
|
Total Non-Current Assets |
193367.372 |
115870.659 |
34649.293 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1200.000 |
15313.793 |
|
(b) Inventories |
1288.830 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
23850.426 |
313.064 |
446.650 |
|
(e) Short-term loans
and advances |
846.080 |
201.167 |
56.839 |
|
(f) Other current
assets |
53.903 |
39.844 |
0.000 |
|
Total Current Assets |
26039.239 |
1754.075 |
15817.282 |
|
|
|
|
|
|
TOTAL |
219406.611 |
117624.734 |
50466.575 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
38.651 |
694.494 |
162.831 |
|
|
|
TOTAL |
38.651 |
694.494 |
162.831 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other Expenses |
0.980 |
57.018 |
37.044 |
|
|
|
TOTAL |
0.980 |
57.018 |
37.044 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
37.671 |
637.476 |
125.787 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.628 |
6.801 |
0.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
35.043 |
630.675 |
125.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
39625.470 |
41832.220 |
2678.548 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.86 |
37.60 |
9.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
90.67
|
90.81 |
76.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
3.39 |
0.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.40
|
1.54 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
0.12 |
8.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
325.759 |
359.859 |
564.040 |
|
Reserves & Surplus |
32302.977 |
36309.553 |
56558.516 |
|
Net
worth |
32628.736 |
36669.412 |
57122.556 |
|
|
|
|
|
|
long-term borrowings |
14809.572 |
56633.077 |
137374.175 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
14,809.572 |
56,633.077 |
137,374.175 |
|
Debt/Equity
ratio |
0.454 |
1.544 |
2.405 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
162.831 |
694.494 |
38.651 |
|
|
|
326.512 |
(94.435) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
162.831 |
694.494 |
38.651 |
|
Profit/(Loss) After Tax |
125.000 |
630.675 |
35.043 |
|
|
76.77% |
90.81% |
90.67% |
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 |
No |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10224515 |
27/06/2013 * |
7,500,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA |
B79299384 |
|
2 |
10172003 |
27/06/2013 * |
145,500,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA |
B79298675 |
GENERAL INFORMATION:
Subject a wholly owned subsidiary of Reliance Power Limited, has been set
up to develop an Ultra Mega Power Project of 3960 MW (6X660 MW) at Sasan,
Madhya Pradesh. A power purchase agreement (PPA) has been executed with 14
procurers comprising 7 states, based on which the power generated would be sold
to them. The project has been allotted three captive coal blocks to meet it
fuel requirements.
STATUS OF THE PROJECT:
The Company is
implementing India's first integrated Ultra Mega Power Project of 3,960 MW
(6X660MW) capacity at Sasan, District Singrauli, Madhya Pradesh ('tile Project'). The project is
based on supercritical technology, which is more efficient and environment
friendly. The Project also involves development of captive coal blocks viz.
Moher, Moher-Amlohri extension and Chhatrasal which have been allotted for the
Project.
The Project will
supply power to Procurers (power distribution companies) in 7 states across
western and northern India. The Company has already entered into Power Purchase
Agreements with the Procurers.
The Company has
achieved financial closure and tied up long-term loan facilities with Indian as
well as foreign banks / financial
institutions to finance the project on limited recourse basis.
The first unit of
660 MW of the Project has achieved commercial operation towards the end of
March 2013 ahead of the Scheduled time line for its completion. This was a
tremendous achievement against heavy odds and the entire Team at the Plant
deserves to be congratulated for their unstinted efforts and dedication in achieving
the above significant milestone.
Members are aware
that the Sasan UMPP is an integrated unit and some of the facilities are common
to all the six units of the Project. In addition, Members may note that the
tariff as per the Power Purchase Agreements (PPA) entered into by the Company
with the procurers is uniform across the entire project contracted capacity of
3,960 MW, being a tariff based on competitive bidding. Hence, instead of
treating each Unit as a Unit of Measurement for capitalization, the entire
Power Plant as a whole should be considered as a unit of measurement.
In view of the
above, the Board has taken a considered view that notwithstanding that one of
the six Units has commenced operations, it would be appropriate to capitalize
the cost of fixed Assets put to use/to be used in all the six Units only upon
completion of the setting up of the operations in the entire power plant of
3,960 MW culminating in the commencement of operations in all the six units.
The above view of the Board has been corroborated by opinions which the Company
has received from eminent firms of consultants/legal advisors. The policy
adopted by the Company on this is in line with the provisions of Accounting
Standards 10 (AS-10) which deals with Accounting for fixed assets.
Having regard to
the foregoing, the costs and revenues in respect of the one unit which is in
operation have been accounted for as part of capital work in progress.
FIXED ASSETS:
·
Freehold Land
·
Building
·
Plant and Machinery
·
Mining Properties
·
Furniture and Fixtures
·
Motor Vehicles
·
Office Equipment
·
Computers
WEBSITE DETAILS
NEWS
Reliance Power commissions first 660-MW
unit of Sasan UMPP
March 11,
2013
New Delhi:
The
first 660 MW unit of Reliance Power's Sasan ultra mega power project (UMPP) has
been commissioned in Madhya Pradesh, the company said on Monday.
"The
first 660 MW unit at the Sasan Ultra Mega Power Plant has been successfully
synchronised on March 9, 2013," a company statement said.
The
first unit would start commercial operations or selling of electricity from the
plant in the next fortnight.
This is Reliance Power's first UMPP with an estimated investment of
over Rs. 20,0000.000 crore. The project was awarded to the company in
2007.
The electricity generated from the project would be sold to 14 distribution
companies across seven states benefiting an estimated 350.000 Millions people,
the statement said.
"I am also confident that Sasan power project and coal mine would set new
benchmarks in operational efficiency," said J P Chalasani, chief executive
officer of Reliance Power.
Coal
production has already commenced from the Moher and Moher-Amlohri coal mines
and Chhatrasal coal block has also received forest clearance and is under
development. The plant has also been connected to the National Grid, it added.
Reliance
Power is also executing two more UMPPs - Krishnapatnam (Andhra Pradesh) and
Tilaiya (Jharkhand).
As of 2:36 p.m., the stock was seen trading at Rs. 76.15 apiece on
the BSE, up 1.33 per cent from its previous close on Friday.
CERC admits two Reliance Power petitions
for Sasan plant
April 16, 2013
New Delhi:
The Central
Electricity Regulatory Commission (CERC) on Tuesday admitted two petitions
filed by Reliance Power seeking compensation for the increased cost on setting
up 4,000 MW Sasan project due to rise in construction cost and fall in rupee
value.
Electricity sector
regulator CERC has admitted both the petitions, said Amit Kapur, counsel for
Reliance Power.
In one of the
petitions, the company has sought compensation considering a change in law
during the construction period. In the second petition, it has asked for a
compensation on account of unforeseen depreciation in rupee.
Reliance Power
through its subsidiary Sasan Power Ltd is setting up the 4,000 MW ultra-mega
power project at Sasan in Madhya Pradesh.
The company bagged
this project in 2007 in a global tender quoting the lowest 'levelised' tariff
of Rs. 1.19 per unit for 25 years.
As per the power
purchase agreement (PPA) between the developer of the project and procurer of
electricity, the company can approach CERC for any change in law during the
construction period and fluctuation in the value of the rupee.
Power Finance
Corporation, is the nodal agency for the UMPPs in the country, it has awarded
four such projects of which Reliance Power have bagged three - Krishnapatnam
(Andhra Pradesh) and Tilaiya ( Jharkhand) apart from Sasan.
Tata Power has set
up a 4,000 MW Mundra plant in Gujarat. An UMPP is a power plant of at least
4,000 MW generation capacity.
In a significant
ruling, the national electricity regulator yesterday had allowed Tata Power to
raise power tariffs to compensate for an unexpected increase in coal cost.
The CERC asked
states that buy electricity from Tata Power's 4,000 megawatt Mundra Plant in
Gujarat to form an expert panel to decide on compensating the firm for higher
cost of coal imports from Indonesia.
The ruling was
similar to the regulator's April 2 order allowing Adani Power to charge more
for electricity produced at its Mundra plant in Gujarat.
Green Nod Delayed for Expansion of
Sasan's Two Coal Projects
July 25, 2014
New Delhi:
A high-level panel has deferred green nod to production capacity expansion of
Sasan Power's two coal mining projects in Madhya Pradesh for want of details
like a revised mine closure plan.
The
Expert Appraisal Committee (EAC) "after detailed deliberations, sought
information for further consideration of the project", as per an official
document.
"The
proposal is for expansion for Moher and Moher Amlori Extension coal blocks
project from 12 MTPA (Million Tonnes Per Annum) to 15 MTPA and 16 MTPA to 20
MTPA Peak of Sasan Power Ltd," it said.
The
panel asked the proponent to submit an affidavit that no investigation or their
matters are under consideration of the inter-ministerial group (IMG).
"Project
proponent needs to submit details land use pattern covering total project area;
total mining lease area; total forest land; total forest clearance obtained and
balance forest clearance awaited in a tabulated form," the document noted.
Reliance
Power had announced in September 2012 that coal production has started from
both the mines allotted to the company's Sasan ultra-mega power project in
Madhya Pradesh and it would touch 20 million tonnes in the next four years.
"We
will be able to get 20 million tonnes per annum from these mines as a result of
our efforts to optimise coal production by deploying latest and advanced mining
technologies," the company had said.
"Coal
production has commenced at Moher and Moher-Amlohri extension mines allotted
for the 4,000 MW Sasan project."
Reliance Power refutes AAP allegations
on coal allotment for Sasan project
AAP has raised questions over allotment of coal to the 4,000
Mw Sasan Power project of Reliance Power and questioned role of Shivraj Singh
Chouhan in a coal deal
April 3, 2014
Reliance
Power Ltd (RPL) has refuted the allegations made by Aam Admi Party (Aap) and
said all allegations leveled by the party are baseless. The party has raised
questions over allotment of coal to the 4,000 Mw Sasan Power project of
Reliance Power and questioned role of the state chief minister Shivraj Singh
Chouhan in a coal deal.
AAP
has raised a slew of questions and alleged that the role of MP CM in
'pressurising' the Central government to allot Mahan Coal Block to Essar and
Hindalco despite disagreement of Ministry of Forest and Environment.
Till
March 2009, Union Ministry of Coal took the stand that the two coal blocks
(Moher & Moher Amlohri) initially allocated were sufficient for Sasan
project and that the third block (Chhatrasal) was not required. "Why then
Chhatrasal was taken away from NTPC and allotted to Sasan?" an Aap
spokesperson had asked.
"In
November 2007 MP CM wrote to the PM that RPL be allowed to divert the surplus
coal from Sasan. What mechanism the CM had to get this knowledge? On the one
hand Chouhan is suggesting of surplus coal and on the other hand RPL is
claiming till 2008 surplus coal cannot be extracted from Sasan," the
spokesperson alleged here.
Responding
to allegations made by AAP, a company spokesperson said in a statement,
"The allegations levelled by Aam Admi Party against the company are
completely baseless and politically motivated. The allocation of all the three
coal mines to the Sasan project was done to Sasan Power Ltd (SPL) when SPL was
100 per cent owned by Power Finance Corporation (PFC), a Government company in
the year 2006 -- much before the bids were invited for the Project. Ownership
of SPL was transferred to Reliance Power Ltd (RPL) in 2007 upon RPL emerging as
successful bidder in the Global Tender."
The
company further said, "The use of surplus coal from the Sasan project has
been approved on two separate occasions by two Empowered Group of Ministers
(EGOM). Delhi High Court has also dismissed a petition in the year 2009 on this
matter filed against the Government by Tata Power."
Narottam
Mishra, a cabinet colleague of Chouhan has also said the allegations were
baseless. "Coal allocation issue was taken by a group of ministers. The
chief minister made no recommendation for coal allocation in favour of any
company," he said.
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.60.25 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.