MIRA
INFORM REPORT
|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESSAR POWER GUJARAT LIMITED |
|
|
|
|
Registered
Office : |
Salaya Administrative Building, 44 KM, Post Box No. 07, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.04.2007 |
|
|
|
|
Com. Reg. No.: |
04-066273 (New) 11-169703 (Old) |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 20282.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900GJ2007PLC066273 (New) U74900MH2007PLC169703 (Old) |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation and Distribution of Electricity |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 53000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of Essar Power Limited. The company has commissioned phase I of 1,200 MW imported coal-based
power plant in Jamnagar district of Gujarat on June 15, 2012. In its first year of business operations the management has incurred a
loss due to finance cost of huge external borrowings and delays and cost
overruns incurred in the project. However, trade relations appears to be fair. Business is active.
Payment terms are reported as usually correct. In view of long standing track record and experience of the promoters,
the subject 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly
because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns
from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities=BB |
|
Rating Explanation |
Moderate risk of default regarding timely
servicing of financial obligations. |
|
Date |
11.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A4 |
|
Rating Explanation |
Minimal degree of safety very high credit
risk. |
|
Date |
11.03.2014 |
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
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-66601100)
LOCATIONS
|
Registered Office : |
Salaya Administrative Building, 44 KM, Post Box No. 07, Jamnagar –
Okha Highway, Khambhaliya Jamnagar-361305, Gujarat, India |
|
Tel. No.: |
91-2833-241444 |
|
Fax No.: |
91-2833-241818 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Equinox Business Park, Tower II, 5th Floor, off Bandra
Kurla complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Ramsh Kumar Ramkrishnan |
|
Designation : |
Managing Director |
|
Address : |
P. No. 2, Patel Enclave, Behind Kalyan Garden, Jai Jawahar Nagar,
Yapral, Secunderabad – 500087, Andhra Pradesh, India |
|
Date of Birth/Age : |
05.07.1961 |
|
Date of Appointment : |
02.08.2013 |
|
DIN No.: |
02123450 |
|
Name : |
Mr. Vijaybhaskara Kalakota Reddy |
|
Designation : |
Director |
|
Address : |
61 Marble Arch, |
|
Date of Birth/Age : |
01.07.1961 |
|
Date of Appointment : |
15.04.2009 |
|
DIN No.: |
01683467 |
|
|
|
|
Name : |
Mr. Jatinder Dinanath Mehra |
|
Designation : |
Director |
|
Address : |
C-1/36, Safdarjung Dev Area, |
|
Date of Birth/Age : |
03.03.1939 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
00042789 |
|
|
|
|
Name : |
Mr. Venkataraman Venkatesan Singanallur |
|
Designation : |
Director |
|
Address : |
B-1 Palm Wood Appartment, Seshadri Road, Alwarpet, Chennai – 600018,
Tamilnadu, India |
|
Date of Birth/Age : |
09.10.1939 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
00004010 |
|
|
|
|
Name : |
Mr. Dilip Cherial Oommen |
|
Designation : |
Director |
|
Address : |
D-3/4 Nand Niketan Essar Township, District Hazira, Surat – 394270,
Gujarat, India |
|
Date of Birth/Age : |
28.03.1958 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
02285794 |
|
|
|
|
Name : |
Mr. Alok Gupta |
|
Designation : |
Director |
|
Address : |
Imperial Towers, Flat No. 1802, South Wing, tardeo, Mumbai – 400034,
Maharashtra, India |
|
Date of Birth/Age : |
02.05.1966 |
|
Date of Appointment : |
07.09.2012 |
|
DIN No.: |
02330045 |
|
|
|
|
Name : |
Mr. Vivek Jain |
|
Designation : |
Whole-time director |
|
Address : |
D – 505, Sapphire Park, Park Street, Wakad, Pune – 411057,
Maharashtra, India |
|
Date of Birth/Age : |
27.10.1962 |
|
Date of Appointment : |
18.02.2013 |
|
DIN No.: |
06519945 |
KEY EXECUTIVES
|
Name : |
Priyanka Dinesh Jain |
|
Designation : |
Secretary |
|
Address : |
704, A Wing, Gokul Nagari CHSL – 1, 90 Feet Road, Thakur Complex,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
10.02.1985 |
|
Date of Appointment : |
03.12.2012 |
|
PAN No.: |
AHXPJ6616R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Essar Power Limited, India |
|
2028206245 |
|
Essar Power Limited Jointly With R. K.Sethi |
|
10 |
|
Essar Power Limited Jointly With Sachidanand Bhujade |
|
10 |
|
Essar Power Limited Jointly With Naveen Maheshwari |
|
10 |
|
Essar Power Limited Jointly With V.T. Josh |
|
10 |
|
Essar Power Limited Jointly With Gyan Anand |
|
10 |
|
Essar Power Limited Jointly With R. R. Pillai |
|
10 |
|
|
|
|
|
Total |
|
2028206305 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation and Distribution of Electricity |
||||
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|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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|
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|
Bankers : |
· IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005,Maharashtra, India ·
Yes Bank Limited, Nehru Centre, 9th Floor,
Discovery of India, Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra,
India ·
Allahabad Bank ·
ICICI Bank Limited ·
Indian Overseas Bank ·
Punjab National Bank, Large Corporate Branch, maker
Tower, “E” Wing, Cuffe parade, Mumbai – 400005, Maharashtra, India ·
State Bank of India ·
State Bank of Indore ·
State Bank of Patiala ·
State Bank of Travancore ·
Union Bank of India · United Bank of |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions: |
India Infrastructure Finance Company Limited |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith, Off |
|
Tel. No.: |
91-79-27582542/27582543 |
|
Fax No.: |
91-79-27582551 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFD7919A |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Manubhai and Associates Cost Accountant |
|
Address : |
Heritage94, Amrakunj Society, Ghod-Dod Road, Surat – 395001, Guajrat,
India |
|
|
|
|
Holding Company: |
·
Essar Power
Limited (EPOL) CIN No.: U40100MH1991PLC063852 |
|
|
|
|
Ultimate Holding Company: |
·
Essar Global Fund Limited, Cayman Island (EGL) ( |
|
|
|
|
Fellow subsidiary company: |
·
Essar Electric Power Development Corporation
Limited ·
Vadinar Power Company Limited ·
Essar Power (Orissa) Limited ·
Essar Power M P Limited ·
Bhander Power Limited |
|
|
|
|
Enterprises commonly controlled or influenced by major shareholder /
directors of the Company: |
·
Essar Steel India Limited (ESTL) (Formerly known as
Essar Steel Limited) ·
Essar Project (India) Limited (EPIL) (Essar
Project Management Consultancy Limited (EPMCL) was merged with Essar Projects
(India) Limited w.e.f. September 22, 2011) ·
Futura Travels Limited (FTL) ·
Essar House Limited (EHL) ·
Essar Infrastructure Services Limited (EISL) ·
Essar Investments Limited (EIL) ·
Essar Services India Limited (ESIL) ·
Essar Logistic Limited (ELL) ·
Essar Oil Limited (EOL) ·
Arkay Holding Limited (AHL) ·
Essar Information Technology Limited (EITL) ·
Aegis Limited (AEGIS) ·
The Mobile Store Limited (TMSL) ·
Essar Agrotech Limited (EAL) ·
Vadinar Properties Limited(VPL) ·
Impact Retail Private Lmimted (IRPL) ·
Essar Bulk Terminal Salaya Limited (FBTSL) ·
Essar Mineral Resources Limited (EMRL) ·
Essar Shipping Limited (ESL) ·
Essar Shipping and Logistics Limited (ESLL) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000000 |
Equity Shares |
Rs.10/- each |
Rs.80000.000 Millions |
|
2000000000 |
Preference Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
Total |
|
|
Rs.100000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2028206305 |
Equity Shares |
Rs.10/- each |
Rs.
20282.100 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 |
20282.100 |
19782.100 |
15289.563 |
|
(b) Reserves & Surplus |
(6933.900) |
(28.200) |
(26.143) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
500.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
13348.200 |
20253.900 |
15263.420 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
26517.600 |
30654.800 |
25041.721 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
221.400 |
2757.982 |
|
(d) long-term provisions |
19.600 |
28.100 |
16.410 |
|
Total Non-current Liabilities (3) |
26537.200 |
30904.300 |
27816.113 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5954.300 |
0.000 |
0.000 |
|
(b) Trade payables |
6407.700 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
6318.1000 |
6089.400 |
4665.673 |
|
(d) Short-term provisions |
2.100 |
2.400 |
0.764 |
|
Total Current Liabilities (4) |
18682.200 |
6091.800 |
4666.437 |
|
|
|
|
|
|
TOTAL |
58567.600 |
57250.000 |
47745.970 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
49047.200 |
1018.900 |
964.826 |
|
(ii) Intangible Assets |
4.200 |
4.800 |
7.176 |
|
(iii) Capital
work-in-progress |
1901.400 |
50830.800 |
41629.363 |
|
(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 |
1100.200 |
1534.000 |
2665.806 |
|
(e) Other Non-current assets |
288.000 |
787.800 |
638.640 |
|
Total Non-Current Assets |
52341.000 |
54176.300 |
45905.811 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1231.100 |
968.800 |
0.000 |
|
(c) Trade receivables |
1459.100 |
158.200 |
0.000 |
|
(d) Cash and cash
equivalents |
605.800 |
1032.500 |
1715.305 |
|
(e) Short-term loans and
advances |
460.200 |
269.500 |
79.920 |
|
(f) Other current assets |
2470.400 |
644.700 |
44.934 |
|
Total Current Assets |
6226.600 |
3073.700 |
1840.159 |
|
|
|
|
|
|
TOTAL |
58567.600 |
57250.000 |
47745.970 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10287.400 |
0.000 |
0.000 |
|
|
|
Other Income |
209.700 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
10497.100 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of fuel |
8143.800 |
0.000 |
0.000 |
|
|
|
Employee benefits Expenses |
247.400 |
0.000 |
0.000 |
|
|
|
Other Expenses |
1635.100 |
2.000 |
0.212 |
|
|
|
TOTAL (B) |
10026.300 |
2.000 |
0.212 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
470.800 |
(2.000) |
(0.212) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4969.800 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(4499.00) |
(2.000) |
(0.212) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
2406.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(6905.700) |
(2.000) |
(0.212) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(6905.700) |
(2.000) |
(0.212) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
12.400 |
687.700 |
687.731 |
|
|
|
Components of store and spares |
5.300 |
0.000 |
0.000 |
|
|
|
Fuel |
5523.100 |
914.900 |
914.927 |
|
|
TOTAL IMPORTS |
5540.800 |
1602.600 |
1602.658 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.49) |
0.00 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(65.79)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(67.13)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.19)
|
(0.03) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.43
|
1.55 |
1.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33
|
0.50 |
0.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
15,289.563 |
19,782.100 |
20,282.100 |
|
Reserves & Surplus |
(26.143) |
(28.200) |
(6,933.900) |
|
Net
worth |
15,263.420 |
19,753.900 |
13,348.200 |
|
|
|
|
|
|
long-term borrowings |
25,041.721 |
30,654.800 |
26,517.600 |
|
Short term borrowings |
0.000 |
0.000 |
5,954.300 |
|
Total
borrowings |
25,041.721 |
30,654.800 |
32,471.900 |
|
Debt/Equity
ratio |
1.641 |
1.552 |
2.433 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
0.000 |
0.000 |
10,287.400 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
0.000 |
0.000 |
10,287.400 |
|
Profit |
(0.212) |
(2.000) |
(6,905.700) |
|
|
|
|
(67.13%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
4374.000 |
3499.100 |
2624.375 |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOTE: Registered
office of the company has been shifted from Essar House, 11 Keshavrao Khadye Marg,
Mahalaxmi, Mumbai - 400034, Maharashtra, India to the present address
w.e.f 11.10.2010
OPERATION
The Company has successfully commissioned its 1,200 MW imported coat based power plant an June 15, 2012 at a cost of Rs 54810.000 Millions, an overrun of approximately Rs 6610 .000 Millions. The overrun was primarily on account of project delays, foreign exchange fluctuation on capital imports, increase in scope of EPC contracts and start-up casts.
Coal for this project is tied up with the Aries coal mine in Indonesia. Final 'Pinjam Pakai', the forest clearance was received in June 2012 and it is expected that the coaI receipts would commence sometime in the last quarter of FY 2014-15. Pending receipt of coal from the Aries Mine, the Company has made interim arrangements for sourcing imported coal from Indonesia.
The Company together with other Indian power companies continues to seek relief under Power Purchase Agreements to mitigate the impact of a change in Indonesian coal pricing laws in 201 1 which has added to the cost of coal imported from Indonesia. Being an industry-wide issue, other power companies in India have made representations to their respective local utilities and electricity regulators for increases in tariffs. In April 201 3, they have submitted a request to the long term Power Procurer viz Gujarat Urja Vikas Nigam Limited (GUVNL} seeking relief under their power purchase agreement with the Gujarat state power utility for a change in law in Indonesia which has impacted the cost of coal to the plant.
FINANCIAL RESULT
The Company has incurred an operating loss of Rs 6870.000 Millions during its first year of operations. This was primarily on account of delay in commencement of commercial operations of Unit 2 resulting in higher IDC, lower PLF due to inadequate water supply and lower merchant sate due to poor merchant prices. Operating costs were affected due to delay in commissioning of Salaya jetty by Essar Bulk Terminal Salaya Limited which necessitated use of desalinated water resulting in higher water charges and additional coal handling charges.
The financing for Salaya Il (1,320 MW) was withdrawn by the lenders necessitating a charge off of commitment charges of Rs. 470.000 Millions.
OPERATIONAL
HIGHLIGHTS
During the year 2012-13, the Plant has demonstrated good annual availability of 86%, which is higher than the industry average of 83 % as per CERC report for 2011-12. The Plant load factor averaged 43% during the financial year with PLF during Q4 touching 65%. This was due to improved water supply from January as a temporary solution was put in place to bring desalinated water from the Vadinar refinery to Salaya in addition to the water being procured from the nearby Narmada River. This temporary solution was required pending the receipt of regulatory approvals to construct a dedicated permanent sea water pipeline and coal import jetty and conveyor belt to the power plant. The Company has also taken various measures to improve the plant toad factor and for reduction of the auxiliary consumption, the effect of which will be seen in the ensuing financial year.
NATURE OF BUSINESS
The company owns and operates coal based plants of 100 MW in phase – I and is in process of implementation of 1320 MW in hase – II near Salaya District – Jamnagar, Gujarat, India.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Rupee term loan From holding company |
375.000 |
375.000 |
|
Short-term
borrowings |
|
|
|
Inter corporate deposit From related parties |
5595.300 |
0.000 |
|
|
|
|
|
Total |
5970.300 |
375.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10432090 |
20/05/2013 |
3,800,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE,
9TH FLOOR, DISCOVERY OF INDIA, DR. |
B77517738 |
|
2 |
10388631 |
09/11/2012 |
4,800,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
B62826805 |
|
3 |
10388056 |
27/10/2012 |
2,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B62581160 |
|
4 |
10160834 |
08/01/2010 * |
9,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
A77683878 |
|
5 |
10160836 |
08/01/2010 * |
10,250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
A77685089 |
|
6 |
10160889 |
08/01/2010 * |
25,525,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
A77685840 |
|
7 |
10124316 |
08/01/2010 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
A77684447 |
* Date of charge modification
FIXED ASSETS:
- Freehold Land
- Office Equipment
- Furniture and fixtures
- Air Craft
- Software
- Vehicles
- Computer
PRESS RELEASES
GUJARAT HC NOTICES TO
STATE, POWER PLANTS ON SAFETY STANDARDS
Ahmedabad, February 13: Taking suo motu cognisance of the Supreme Court directions, Gujarat High Court on Tuesday issued notice to the Gujarat Chief Secretary and sought reply on the safety standards in eleven coal and lignite-based thermal power plants running in the state.
The division bench comprising Chief Justice Bhaskar Bhattacharya and Justice J B Pardiwala also sent notice to these eleven thermal power stations (TPS), including Tata, Adani, Essar and Torrent stations.
Earlier in the hearing, appearing on behalf of the state, Government Pleader Prakash Jani provided the details of the thermal stations.
Ukai TPS at Tapi, Gandhinagar TPS at Pethapur village of Gandhinagar, Wanakbori TPS at Kheda, Sikka TPS at Kheda, Kutch lignite TPS at Lakhpat taluka of Kutch district, Torrent power station at Ahmedabad, Essar power station at Salaya taluka of Jamnagar, Adani power station and Tata’s UMPP-CGPL power station at Mundra taluka of Kutch, GIPCL TPS at Mangrol taluka of Surat and GMDC TPS at Kutch are running in state, Jani told the bench. After issuing notice to the respondents, the division bench fixed further hearing for March 11.
On January 31, the Supreme Court left it to the high courts of various states to examine whether the coal-fired thermal power plants (CFTPPs) are complying with safety standards and regulations relating to health of their employees.
A bench of justices K S Radhakrishnan and A K Sikri relegated the issues to the high courts, saying the CFTPPs are spread across the country and it would not be practical for the apex court to examine whether each of them are adhering to safety standards and rules.
The high courts of Uttar Pradesh, Chhattisgarh, Maharashtra, Andhra Pradesh, West Bengal, Madhya Pradesh, Bihar, Orissa, Haryana, Rajasthan, Punjab, Delhi/NCT Delhi, Gujarat, Karnataka, Kerala, Tamil Nadu, Jharkhand and Assam have been asked to “initiate suo moto proceedings in the larger interest of the workers working in CFTPPs”.
2 DEAD, 1 INJURED IN ACCIDENT AT ESSAR POWER PLANT NEAR JAMNAGAR
Ahmedabad, January 24:
Two contractual workers have died and at least one has been injured in an accident that took place at Essar Power’s Salaya plant near Jamnagar. The cause of the accident is yet to be investigated.
Company officials confirmed the incident, which took place at around 10.45 a.m. today.
“Out of the two boilers of Essar Power’s Salaya plant, one was under routine maintenance. There was an incident leading to fatality of two contractual workers and injury to another one, who was then rushed to the hospital. We are investigating the cause of the incident and currently are focussed on providing proper medical care to the injured,” an Essar Power spokesperson said in a statement.
The imported coal-fuelled thermal power plant at Salaya has a total generation capacity of 1,200 megawatt (MW) and is located near Essar Oil’s refinery complex at Vadinar in Jamnagar district of Gujarat.
According to sources, one of the boilers at Salaya was under maintenance, while the other was in service. Hence, the power generation at Salaya was not affected due to the incident.
“The second boiler is operating normally. Further we would like to clarify that this has not affected the functioning of the refinery in any way,” the company spokesperson stated.
The power plant was not supplying any power to the refinery as the refinery has its own captive power plant.
Essar Power is a subsidiary of the LSE-listed Essar Energy plc, an India-focused integrated energy company.
ESSAR APPOINTS EX-KSK EXECUTIVE KUMAR TO HEAD SALAYA POWER UNIT
JULY 19, 2013
Essar Energy plc's power utility Essar Power has appointed Ramesh Kumar as managing director of Essar Power Gujarat, a special purpose vehicle for the group's 1,200 mw-unit at Salaya.
Kumar joins Essar Power from KSK Energy Ventures, where he was the managing director of the holding company, KSK Electricity Financing India and also held the position of president - operations and looked after the operations of various arms of the group.
ESSAR COMMISSIONS FIRST GENERATION UNIT AT SALAYA
APRIL 4, 2012
AHMEDABAD: Essar Power commenced commercial operations of first unit of 600 MW of Salaya 1. The unit has been synchronised with the state transmission grid and is expected to start commercial production in May 2012. The coal fired Salaya I project, with a total 1,200MW capacity has been set up at a cost of $ 1.1 billion.
Essar Power will commission total capacity of 1200 MW to supply 1,000 MW of power to state owned Gujarat Urja Vikas Nigam Limited (GUVNL) under the long term power purchase agreement (PPA). Under another PPA signed in May 2010, Essar Power has agreed to supply 800 MW of power to GUVNL by 2014
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
26 |
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.