MIRA INFORM REPORT
|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAITHON POWER
LIMITED |
|
|
|
|
Registered
Office : |
C/O The Tata Power Company Limited, Room 9, 10th Floor, Tower
One, Jeevan Bharti Building, Connaught Circus, New Delhi - 110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.07.2000 |
|
|
|
|
Com. Reg. No.: |
55-106999 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.14349.177 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2000PLC106999 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Generation of Power. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46656000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between The Tata Power Company Limited
(74%) and Damodar Valley Corporation (26%). It is an established company having satisfactory track record. The
company has recorded some accumulated losses from its operations. However,
there seems growth in the turnover during 2013 the company also receives
strong operational and managerial support from its holding companies. Trade relations are reported as fair. Business is active. Payments are
usually correct. In view of experienced promoters, the company can be considered normal
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term rating (A+) |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
|
Date |
April 10, 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 PARTED BY
|
Name : |
Mr. Abhijit Basu |
|
Designation : |
Account Head |
|
Contact No.: |
91-9234653755 |
|
Date : |
31.05.2014 |
LOCATIONS
|
Registered Office : |
C/O The Tata Power Company Limited, Room 9, 10th Floor,
Tower One, Jeevan Bharti Building, Connaught Circus, New Delhi-110001, India |
|
Tel. No.: |
91- 11-23731961 |
|
Mobile No.: |
91-9250008917 / 9810147924 (Mr. S Mishra) |
|
Fax No.: |
Not Avaialable |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
C-43, Sector-62, Noida – 201307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-6663000 |
|
Fax No.: |
91- 120-6663029 |
|
E-Mail : |
DIRECTORS
As on 24.09.2013
|
Name : |
Mr. Anil Kumar Sardana |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
22, A/B, New Akash Ganga, Cooperative Housing Society Limited, Bhula
Bhai Desai Road, Mumbai-400020, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1959 |
|
Date of Appointment : |
25.04.2011 |
|
DIN No.: |
00006867 |
|
|
|
|
Name : |
Mr. Tapan Kumar Gupta |
|
Designation : |
Nominee director |
|
Address : |
Dakshini, Flat No.3B 536, Mahatma Gandhi Road, Haridevpur,
Kolkata-700082, West Bengal, India |
|
Date of Birth/Age : |
08.03.1954 |
|
Date of Appointment : |
13.06.2005 |
|
DIN No.: |
00046577 |
|
|
|
|
Name : |
Mr. Sowmyan Ramakrishnan |
|
Designation : |
Director |
|
Address : |
D-9, Income Tax Officers Colony, Peddar Road, Mumbai-400020,
Maharashtra, India |
|
Date of Birth/Age : |
19.02.1949 |
|
Date of Appointment : |
25.04.2011 |
|
DIN No.: |
00005090 |
|
|
|
|
Name : |
Mr. Padmanabhan Sankaranarayanan |
|
Designation : |
Director |
|
Address : |
41, 4th Floor, Le Chateau 15th Road, Bandra
(West), Mumbai-400050, Maharashtra, India
|
|
Date of Birth/Age : |
15.05.1958 |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
00306299 |
|
|
|
|
Name : |
Mr. Ramesh Narayanswamy Subramanyam |
|
Designation : |
Director |
|
Address : |
162, 16th Floor, Jupiter 41, Cuffe Parade, Mumbai-400005, Maharashtra,
India |
|
Date of Birth/Age : |
27.06.1969 |
|
Date of Appointment : |
22.01.2009 |
|
DIN No.: |
02421481 |
|
|
|
|
Name : |
Mr. Praveer Sinha |
|
Designation : |
Director |
|
Address : |
154, Falcon Crest, Parel Tank Road, Parel, Mumbai-400013, Maharashtra,
India |
|
Date of Birth/Age : |
08.04.1962 |
|
Date of Appointment : |
24.10.2007 |
|
DIN No.: |
01785164 |
|
|
|
|
Name : |
Mr. Chandan Roy |
|
Designation : |
Director |
|
Address : |
Flat No. 158, Madan Lal Block, Asian Games Village, New Delhi-110049,
India |
|
Date of Birth/Age : |
16.07.1950 |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
00015157 |
|
|
|
|
Name : |
Mr. Birendra Prasad Singh |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
B-19, 297 Kendraiya Vihar, Mondal Ganthi, Off VIP Road,
Kolkata-700052, West Bengal, India |
|
Date of Birth/Age : |
02.01.1954 |
|
Date of Appointment : |
21.07.2011 |
|
DIN No.: |
03579408 |
|
|
|
|
Name : |
Amitava Dasgupta |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
A-1 / 2, DVC Housing Complex, Flat No. GB – 2, Sector – 3, Salt Lake
City, Kolkata – 700097, West Bengal, India |
|
Date of Birth/Age : |
21.03.1955 |
|
Date of Appointment : |
10.05.2013 |
|
DIN No.: |
06507677 |
|
|
|
|
Name : |
Mr. Ashok Kumar Basu |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
GD-282, Sector – III, Salt Lake, Kolkata – 700106, West Bengal, India |
|
Date of Birth/Age : |
24.03.1942 |
|
Date of Appointment : |
28.01.2013 |
|
DIN No.: |
01411191 |
|
|
|
|
Name : |
Mr. Ashok Sethi |
|
Designation : |
Additional director |
|
Address : |
IV/7, Tata Colony, Mahul Road, Aziz Baug, Chembur, Mumbai-400074, Maharashtra,
India |
|
Date of Birth/Age : |
03.04.1954 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
01741911 |
KEY EXECUTIVES
|
Name : |
Mr. Bhaskar Sarkar |
|
Designation : |
Manager |
|
Address : |
Flat No.1202, Intop Tower, Plot No.12 & 13, Sector-19, Kharghar,
Navi Mumbai-410210, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1965 |
|
Date of Appointment : |
02.03.2012 |
|
PAN No.: |
AKKPS1883M |
|
|
|
|
Name : |
Pradip Roy |
|
Designation : |
Secretary |
|
Address : |
Flat No. 402, Plot No. 157 / 12, Sector – 11, Koparkharane, Navi
Mumbai – 400709, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1973 |
|
Date of Appointment : |
01.06.2013 |
|
PAN No.: |
AFEPR8883F |
|
|
|
|
Name : |
Mr. Abhijit Basu |
|
Designation : |
Account Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2013
|
Names of Shareholders |
No. of Shares |
|
Damodar Valley Corporation, India |
373078009 |
|
Damodar Valley Corporation, India Jointly with R Basuri |
100 |
|
Damodar Valley Corporation, India Jointly with B.P. Singh |
100 |
|
Damodar Valley Corporation, India Jointly with T. K. Gupta |
100 |
|
Damodar Valley Corporation, India Jointly with Pallav Roy |
100 |
|
Damodar Valley Corporation, India Jointly with Amitava Mallik |
100 |
|
Damodar Valley Corporation, India Jointly with A Nayak |
100 |
|
The Tata Power Company Limited, India |
1061839114 |
|
The Tata Power Company Limited, India Jointly with S Ramakrishnan |
01 |
|
The Tata Power Company Limited, India Jointly with H M Mistry |
01 |
|
The Tata Power Company Limited, India Jointly with S Padmanabhan |
01 |
|
The Tata Power Company Limited, India Jointly with R N Subramanyam |
01 |
|
The Tata Power Company Limited, India Jointly with Sanjay Dube |
01 |
|
The Tata Power Company Limited, India Jointly with A S Bapat |
01 |
|
Total |
1434917729 |
As on 26.11.2013
|
Names of Allottee |
No. of Shares |
|
The Tata Power Company Limited, India |
54760000 |
|
Damodar Valley Corporation, India
|
19240000 |
|
|
|
|
Total |
74000000 |
As on 24.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Generation of Power. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Cheque |
|
|
|
|
Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
|
No. of Employees : |
250 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Delloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF
City, Phase II, Gurgaon-122002, Haryana, India |
|
Tel. No. : |
91-124-6792000 |
|
Fax No. : |
91-124-6792012 |
|
PAN
No. : |
AABFD2095B |
|
|
|
|
Holding Company
: |
¨ The Tata Power
Company Limted (TPCL) |
|
|
|
|
Related Parties where
control/ significant influence exists: |
¨ Damodar Valley
Corporation (DVC) |
|
|
|
|
Fellow
Subsidiary: |
¨ Tata Power Delhi
Distribution Company Limited (TPDDL) (formerly North Delhi Power Limited) ¨ Tata Power
Trading Company Limited (TPTCL) ¨ Trust Energy
Resources Pte. Limited (TEL) |
CAPITAL STRUCTURE
After 24.09.2013
Authorised Capital : Rs. 20000.000 Millions
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : Rs. 15089.177
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1508917729 |
Equity Shares |
Rs.10/- each |
Rs. 15089.177
Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1434917729 |
Equity Shares |
Rs.10/- each |
Rs.14349.177 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 |
14349.177 |
13349.177 |
10889.177 |
|
(b) Reserves & Surplus |
(2685.237) |
(1822.087) |
(80.594) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
740.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11663.940 |
11527.090 |
11548.583 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
28649.027 |
27302.808 |
22752.180 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
17.562 |
14.476 |
6.018 |
|
(d) long-term
provisions |
40.448 |
2.024 |
0.941 |
|
Total Non-current
Liabilities (3) |
28707.037 |
27319.308 |
22759.139 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2184.258 |
292.637 |
0.000 |
|
(b) Trade
payables |
1087.985 |
759.780 |
0.379 |
|
(c) Other
current liabilities |
5242.555 |
5766.025 |
5943.618 |
|
(d) Short-term
provisions |
72.157 |
0.238 |
0.440 |
|
Total Current
Liabilities (4) |
8586.955 |
6818.680 |
5944.437 |
|
|
|
|
|
|
TOTAL |
48957.932 |
45665.078 |
40252.159 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
40091.467 |
24998.378 |
75.720 |
|
(ii)
Intangible Assets |
359.760 |
375.249 |
0.000 |
|
(iii)
Capital work-in-progress |
1922.221 |
14131.755 |
30544.494 |
|
(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 |
1275.479 |
1215.030 |
2604.506 |
|
(e) Other
Non-current assets |
462.277 |
3325.611 |
5059.623 |
|
Total Non-Current
Assets |
44111.204 |
44046.023 |
38284.343 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1147.607 |
387.554 |
0.000 |
|
(c) Trade
receivables |
1052.175 |
88.517 |
0.000 |
|
(d) Cash
and cash equivalents |
81.022 |
177.022 |
872.339 |
|
(e)
Short-term loans and advances |
742.953 |
43.713 |
1094.159 |
|
(f) Other
current assets |
1822.971 |
922.249 |
1.318 |
|
Total
Current Assets |
4846.728 |
1619.055 |
1967.816 |
|
|
|
|
|
|
TOTAL |
48957.932 |
45665.078 |
40252.159 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16360.576 |
3696.931 |
0.000 |
|
|
|
Other Income |
260.075 |
4.366 |
0.000 |
|
|
|
TOTAL |
16620.651 |
3701.297 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Fuel |
9850.523 |
2196.748 |
0.000 |
|
|
|
Cost of Power Purchased |
189.224 |
340.515 |
0.000 |
|
|
|
Employees benefits expense |
157.679 |
11.688 |
1.334 |
|
|
|
Other expenses |
1758.080 |
908.481 |
7.732 |
|
|
|
TOTAL |
11955.506 |
3457.432 |
9.066 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4665.145 |
243.865 |
(9.066) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3529.785 |
1218.874 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1135.360 |
(975.009) |
(9.066) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1998.510 |
766.484 |
0.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(863.150) |
(1741.493) |
(9.149) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(863.150) |
(1741.493) |
(9.149) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Fuel |
236.033 |
0.000 |
NA |
|
|
|
Spares |
3.072 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
239.105 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.60) |
(1.21) |
(0.01) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(5.19) |
(47.05) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.28) |
(47.11) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.84) |
(5.52) |
(0.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
(0.15) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.64 |
2.39 |
1.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.24 |
0.33 |
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 |
10889.177 |
13349.177 |
14349.177 |
|
Reserves & Surplus |
(80.594) |
(1822.087) |
(2685.237) |
|
Net
worth |
10808.583 |
11527.090 |
11663.940 |
|
|
|
|
|
|
long-term borrowings |
22752.180 |
27302.808 |
28649.027 |
|
Short term borrowings |
0.000 |
292.637 |
2184.258 |
|
Total
borrowings |
22752.180 |
27595.445 |
30833.285 |
|
Debt/Equity
ratio |
2.105 |
2.394 |
2.643 |
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) |
|
Sales |
0.000 |
3696.931 |
16360.576 |
|
|
|
342.545 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
0.000 |
3696.931 |
16360.576 |
|
Profit |
(9.149) |
(1741.493) |
(863.150) |
|
|
(47.11%) |
(5.28%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
N |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
The registered address of the company has been
shifted from NBCC Tower, 3rd Floor, 15, Bikaji Cama Place, New Delhi
– 110066, India to the present address w.e.f. 26.05.2008
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan From Holding Company |
1235.000 |
500.000 |
|
|
|
|
|
Total |
1235.000 |
500.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10496407 |
20/05/2014 |
41,276,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower E, CUffe Prade, Mumbai, Maharashtra - 400005, INDIA |
C05039722 |
|
2 |
10294710 |
29/11/2011 * |
3,650,000,000.00 |
State Bank of India |
Corporate Account Group Branch, Neville House, J. N. Heredia Marg,
Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
B27028703 |
* Date of charge modification
BACKGROUND
The Company which is a Joint Venture of The Tata Power Company Limited (TPC) and Damodar Valley Corporation (DVC) with 74% and 26% shareholding respectively, has been set up to operate and maintain Electric power generating stations based on conventional / non-conventional resources, tie-lines, substations and transmission lines connected therewith. The Company has set up a thermal power generation plant (comprising of two units of 525 MW each namely 'Unit I and Unit 11') at Maithon, Jharkhand with a total capacity of 1050 MW. Unit I and Unit I1 of the project were commissioned on 1 September, 2011 and 24 July, 2012 respectively.
FINANCIAL HIGHLIGHTS
During the year, the Company’s Net Sales was Rs. 16360.600 millions, as against Rs.3696.900 millions for the previous year. The Operating Revenue was at Rs.4405.100 millions as against 239.500 millions for the previous year. Operating Revenue was higher mainly on account of commencement of Unit 2 on 24th July, 2012. During the year, the profit before depreciation and interest was Rs. 4665.100 millions and net loss was Rs. 863.200 millions due to lower capacity utilization, levy of Point of Charge (PoC) by Power Grid Corporation India Limited (PGCIL) on account of non-tie up of 300 MW
Power with the Punjab State Electricity Board (PSEB) which has also resulted into lower recovery of fixed cost capacity charges. However, during the year, the Company has been able to generate cash profit of Rs. 1135.400 millions which has enabled to wipe off the cumulative cash loss and generate a surplus of Rs. 79.800 millions.
OPERATIONAL
HIGHLIGHTS
During the year, total generation was 4,588 MUs as against 1,225 MUs for the previous year. The Plant Load Factor (PLF) was 59% in FY13 compared to 46% in the previous year. Unit 1 crossed 80% PLF in the month of March, 2013 and achieved 100% availability in the months of October and December, 2012. Both the Units achieved its highest monthly generation of 552.47 MUs in January, 2013 and highest generation of 1,060 MW on 23rd March, 2013.
During the year, the Company has supplied 3940 MUs as per long term PPA under regulated tariff as against 534 MUs for the previous year. Under the medium/short term PPA/merchant sale, 377 MUs were transacted as against 645 MUs for the previous year. The average tariff realisation in FY13 was Rs.3.78 per unit.
During the year, the Company has been able to achieve significant improvement in generation despite delay in implementation of railway infrastructure. It has taken all measures i.e. coal transportation by road to ensure continuous supply of fuel to run the plant at maximum load.
OUTLOOK
Phase-II expansion of 2X660MW Supercritical
Capacity
As per the Memorandum of Understanding (MoU) entered into between DVC and Tata Power, it is envisaged that in future, expansion plans of the Company for setting up of new projects between these Companies could be explored. As a step in this direction, based on the inprinciple approval of DVC, it decided for expansion of its Maithon Project by establishing another 1,320 MW capacity (2X660MW) or 1600MW (2X800MW) supercritical units (Phase- II).
Following is the status of Phase-II expansion of the Company:
Ø Environmental Clearances: Public Hearing was successfully conducted by the state Government and details forwarded to the Ministry of Environment and Forests (MoEF), New Delhi
Ø Water Tie-up: Damodar Valley Reservoir Regulation Committee (DVRRC) has permitted to use 55 Cusecs which is sufficient for phase I and II.
Ø Land: Existing land area of the plant is sufficient for both the phases.
Ø Detailed Project Report (DPR): Draft detailed project report (DPR) for Phase-II is in place.
Ø Fuel Sourcing: The Company has applied for 6.40 MTPA Coal to the Ministry of Coal (MoC). The matter is under consideration of MoC.
Ø Power Purchase Agreements: The Company has approached existing long term beneficiaries and many other distribution companies for purchase of power from phase II.
Ø Power Evacuation: The Company has initiated discussion with PGCIL for evacuation of Power.
FIXED ASSETS
œ Building
œ Plant and Machinery
œ Computers
œ Furniture and Fixture
œ Vehicles
œ Office Equipment
œ Leasehold Improvement
œ Licenses
œ Computer Software
œ Land – Right to use
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.59.30 |
|
|
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.