MIRA
INFORM REPORT
|
Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
COASTAL ENERGEN PRIVATE LIMITED (w.e.f. 13.06.2007) |
|
|
|
|
Formerly Known
As : |
COASTAL GUJARAT POWER COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.5, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.05.2006 |
|
|
|
|
Com. Reg. No.: |
18-060009 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.934.659 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40102TN2006PTC060009 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCC0886G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of power projects, generation and distribution of power. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 39430000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company is continuously incurring losses. The rating also takes into consideration the delays by the company sin
interest servicing obligations of the company owing to delay in the
commissioning of the project by 15-16 months. The company can be considered for business dealings on a secured 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 |
Term loans |
|
Rating Explanation |
Lowest credit quality very low prospects of
recovery. |
|
Date |
September 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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-44-42964296)
LOCATIONS
|
Registered Office : |
No.5, Moores Road, Chennai – 600006, Tamilnadu, India |
|
Tel. No. : |
91-44-42964296 |
|
Fax No. : |
Not Available |
|
E-Mail : |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Mohammed Zafrulla Sheik |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
#6,4th
Main Road, Vasanthanagar East, Bangalore - 560052, Karnataka, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.04.1949 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.04.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AAAPZ3491J |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
00124515 |
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|
Other Directorship :
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|
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|
Name : |
Mr. Raza Moosa |
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|
Designation : |
Director |
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|
Address : |
C-134, Sector 26, Noida - 201301, Uttar Pradesh, India |
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|
Date of Birth/Age : |
27.02.1937 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.04.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
00145345 |
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Other Directorship :
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ahamed Rahman Buhari |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
8, Subba Rao Avenue, III Street, Chennai - 600006, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.01.1969 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.05.2006 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
00211221 |
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Other Directorship :
|
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sen Pradip Kumar |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
4B, Mayapuri Kamadhenu Apartment, 13/8, Binny Road, Poes Garden
Chennai - 600086, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
25.12.1934 |
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|
Date of Appointment : |
29.04.2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
02242421 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
N K Balaji |
|
Designation : |
Secretary |
|
Address : |
New No 9, Cenotaph 1st Lane, Teynampet, Chennai - 600018, Tamilnadu, India |
|
Date of Birth/Age : |
28.04.1968 |
|
Date of Appointment : |
28.12.2008 |
|
PAN No.: |
AELPB8556R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
%age |
|
Ahmed Buhari (on behalf of Mutiara Energy Holdings) |
10 |
0.00 |
|
Mutiara Energy Holdings, India |
48551263 |
48.75 |
|
JBM Agros Private Limited, India |
1454545 |
1.46 |
|
JBM Exports Private Limited, India |
2090909 |
2.10 |
|
JBM Resorts Private Limited, India |
3363636 |
3.38 |
|
Spinoza Enterprises Private Limited, India |
2181819 |
2.19 |
|
Jupally Vinod |
2272728 |
2.28 |
|
Jupally Ramu Rao |
2272727 |
2.28 |
|
Jupally Ranjith Rao |
2272727 |
2.28 |
|
Jupally Shyam Rao |
2272727 |
2.28 |
|
Precious Energy Holdings Limited, India |
32868415 |
33.00 |
|
|
|
|
|
Total |
99601506 |
100.00 |
As on 12.02.2014
|
Names of Allottee |
No. of Shares |
|
Mutiara Energy Holdings, Mauritius |
2919894 |
|
Precious Energy Holdings Limited, British Virgin Island |
95440 |
|
|
|
|
Total |
3015334 |
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
81.75 |
|
Bodies corporate |
9.13 |
|
Other top fifty shareholders |
9.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of power projects, generation and distribution of power. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
State Bank of India, 3rd Floor, Sigappi Achi Building, 18/3, Rukmini Lakshmipathi Road, Egmore, Chennai - 600008, Tamilnadu, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.C. Rajagopal and Company Chartered Accountants |
|
Address : |
No.5, Moores Road,1st Floor, Chennai – 600086, Tamilnadu, India |
|
PAN
No. : |
AAAFN0572A |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
¨ Buhari Estate And Company ¨ Buhari Facility Management Private Limited ¨ Buhari Holdings Private Limited ¨ Coastal Energy Private Limited ¨ Coastal Gujarat Power Genco Private Limited |
|
|
|
|
Holding company : |
¨ Mutiara Ene Rgy Holdings |
|
|
|
|
Ultimate
Holding company: |
¨ Precious Energy Holdings |
CAPITAL STRUCTURE
After 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102616840 |
Equity Shares |
Rs.10/- each |
Rs.1026.168 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93465899 |
Equity Shares |
Rs.10/- each |
Rs.934.659 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 |
934.659 |
629.457 |
414.060 |
|
(b) Reserves & Surplus |
8924.168 |
5983.995 |
3986.078 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.002 |
49.815 |
428.265 |
|
Total Shareholders’
Funds (1) + (2) |
9858.829 |
6663.267 |
4828.403 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
38360.453 |
30149.746 |
10419.727 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.846 |
6.431 |
3.371 |
|
Total Non-current Liabilities (3) |
38367.299 |
30156.177 |
10423.098 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
25.000 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
5667.549 |
5991.021 |
664.456 |
|
(d) Short-term provisions |
14.819 |
4.937 |
3.241 |
|
Total Current Liabilities (4) |
5682.368 |
6020.958 |
667.697 |
|
|
|
|
|
|
TOTAL |
53908.496 |
42840.402 |
15919.198 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1729.193 |
1731.243 |
1710.728 |
|
(ii) Intangible Assets |
2.103 |
1.206 |
0.831 |
|
(iii) Capital
work-in-progress |
40996.227 |
33972.400 |
3826.223 |
|
(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 |
0.000 |
|
(d) Long-term Loan and Advances |
1381.762 |
2123.387 |
8666.474 |
|
(e) Other Non-current assets |
9633.012 |
4894.337 |
1430.583 |
|
Total Non-Current Assets |
53742.297 |
42722.573 |
15634.839 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
1.316 |
20.601 |
150.397 |
|
(e) Short-term loans and
advances |
164.883 |
97.228 |
133.962 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
166.199 |
117.829 |
284.359 |
|
|
|
|
|
|
TOTAL |
53908.496 |
42840.402 |
15919.198 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(111.847) |
(156.054) |
(116.278) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
24129.247 |
22384.042 |
NA |
|
|
TOTAL IMPORTS |
24129.247 |
22384.042 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.20) |
(1.67) |
(1.24) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.89 |
4.53 |
2.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.03 |
0.02 |
0.43 |
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 |
414.060 |
629.457 |
934.659 |
|
Reserves & Surplus |
3986.078 |
5983.995 |
8924.168 |
|
Share Application money pending
allotment |
428.265 |
49.815 |
0.002 |
|
Net
worth |
4828.403 |
6663.267 |
9858.829 |
|
|
|
|
|
|
long-term borrowings |
10419.727 |
30149.746 |
38360.453 |
|
Short term borrowings |
0.000 |
25.000 |
0.000 |
|
Total
borrowings |
10419.727 |
30174.746 |
38360.453 |
|
Debt/Equity
ratio |
2.158 |
4.529 |
3.891 |
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others |
0.000 |
25.000 |
|
|
|
|
|
Total |
0.000 |
25.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10473739 |
30/01/2014 * |
2,000,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61,NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
B94968013 |
|
2 |
10478108 |
27/12/2013 |
3,854,000,000.00 |
State Bank of India |
3rd FLOOR, SIGAPPI ACHI BUILDING, 18/3, RUKMINI LAKSHMIPATHI ROAD,
EGMORE, CHENNAI, Tamil Nadu - 600008, INDIA |
B96605332 |
|
3 |
10402422 |
24/12/2012 * |
550,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra -
400005, INDIA |
B67996066 |
|
4 |
10394291 |
07/03/2014 * |
1,420,000,000.00 |
Indian Overseas Bank |
Auras Corporate Centre, Comm. & Insttnl., Dr. Radh akrishanan
Salai, Mylapore, Chennai, Tamil Nadu - 600004, INDIA |
C04382081 |
|
5 |
10385400 |
05/11/2012 |
476,600,000.00 |
TAMILNAD MERCANTILE BANK LIMITED |
TAMILNADU MERCANTILE BANK LTD, 4, TTK ROAD, ROYAPETTAH, CHENNAI, Tamil
Nadu - 600014, INDIA |
B61687992 |
|
6 |
10170032 |
27/08/2013 * |
39,633,600,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra -
400005, INDIA |
B87430435 |
* Date of charge modification
BACKGROUND
The company was incorporated on May 29, 2006. The Company has been set up to carry on the business of power projects, generation and distribution of power. The Company is in the process of setting up a 1200 Mega Watt (MW) thermal based power plant at Tuticorin district, Tamil Nadu.
FINANCIAL RESULTS:
The year has been another eventful year for the company. Significant activities have taken place and the project has been proceeding in the right phase to achieve commercial date. The company has got excellent cooperation from various stake holders and the progress achieved might not have been possible but for the cooperation from the stake holders.
FUTURE OUTLOOK:
This year saw a considerable progress in terms of the construction activities. During the year the Company has increased its Authorised Capital from Rs. 900.000 millions to Rs. 1250.000 millions. The Company has been taking adequate steps to raise need based Term loans from Banks and Financial Institutions. They are bearing fruit in the following months. The Rupees depreciation against the Dollar has had a general impact on the economy. The Company has weathered the challenges faced in obtaining Funding and achieved significant milestones in the construction of various packages. All these steps augur well to consolidate the financial strength of the Company in the time to come.
The Company has participated in the bid called by TANGEDCO. The original power proposed to be purchased by the TANGEDCO was 1000 MW plus or minus 20 %. TANGEDCO had called other bidders to match the levelised tariff bid by the L1 party and Coastal Energen has agreed to match the levelised tariff of L1 party and supply power to TANGEDCO.
TANGEDCO Board has cleared the proposal for buying excess quantum of power under the Case 1 bidding and has applied to Tamilnadu Electricity Regulatory Commission for enhancing the bid quantity and also adoption of tariff. This is a very positive move for the project as ours is the only project which is in the verge of completion and capable of supplying power to TANGEDCO in the state of Tamilnadu.
The future outlook is very promising especially keeping in view the constant demand position on the power in the state of Tamilnadu. The Company is shaping itself in the path to success for the supply of power to potential Consumers very shortly.
FIXED ASSETS
œ Land
œ Buildings
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment
œ Computer Equipments
œ Leasehold Improvements
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.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
15 |
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.