MIRA INFORM REPORT
|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
KONASEEMA GAS POWER LIMITED |
|
|
|
|
Formerly Known
As : |
KONASEEMA EPS OAKWELL POWER LIMITED |
|
|
|
|
Registered
Office : |
6-2-913/914, 2nd Floor, Progressive Towers, Khairatabad, Hyderabad –
500004, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.07.1997 |
|
|
|
|
Com. Reg. No.: |
01-037013 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5230.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40101TG1997PLC037013 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDK02035F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK8074A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation of Electricity. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is jointly promoted by “VBC Ferro Alloys Limited”, VBC
Industries Limited” and Elgitread (India) Limited”. It is an established
company having moderate track record. The company possesses a weak financial profile marked by consecutive
losses resulting into accumulation of the same which inturn led to the
erosion of its networth. Further the management has reported huge gearing and weak debt
protection metrics. The rating take into consideration the shortage of gas from Krishna –
Godavari basin from which the subject source its requirements. Moreover, the management has been successful in restricting the
borrowings from various banks and financial institutions under CDR system
sanctioned vide its letter no. 812/2012.13 dated January 8, 2013. However, Business is active. Payment terms are reported as slow. In view of the ongoing financial distress and functional
inefficiencies, the subject can be considered for business dealings on a safe
and 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 – 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 |
CRISIL |
|
Rating |
D (Suspended) Long term rating |
|
Rating Explanation |
Lowest credit quality and very low prospective
of recovery. |
|
Date |
February 28, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (91-40-23301166)
LOCATIONS
|
Registered Office/ Corporate Office : |
6-2-913/914, 2nd Floor, Progressive Towers, Khairatabad, Hyderabad –
500004, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23301166/ 99 |
|
Fax No.: |
91-40-23301160 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Kothapeta Post, East Godavari District, Deverapalli - 533223, Andhra Pradesh, India |
|
Tel. No.: |
91-8855-258555/ 777 |
|
Fax No.: |
91-8855-258666 |
|
E-Mail : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mathukumilli Rama Rao Sripattabhi |
|
Designation : |
Managing Director |
|
Date of Appointment : |
12.07.2000 |
|
DIN No.: |
00007292 |
|
|
|
|
Name : |
Chunchu Raghuvera Prasad |
|
Designation : |
Director |
|
Date of Appointment : |
14.01.2003 |
|
DIN No.: |
00481764 |
|
|
|
|
Name : |
Sarma JK |
|
Designation : |
Director |
|
Date of Appointment : |
29.09.2000 |
|
DIN No.: |
00040554 |
|
|
|
|
Name : |
Thaimei Thaibipou Kabui |
|
Designation : |
Nominee Director |
|
Date of Appointment : |
28.06.2010 |
|
DIN No.: |
03315738 |
|
|
|
|
Name : |
Sunil Rameshchandra Pande |
|
Designation : |
Additional Director |
|
Date of Appointment : |
20.12.2012 |
|
DIN No.: |
03060968 |
|
|
|
|
Name : |
Krishnakumar Gangadharan |
|
Designation : |
Additional Director |
|
Date of Appointment : |
01.02.2011 |
|
Voter ID No.: |
00090715 |
|
|
|
|
Name : |
Mr. Manoj Sharma |
|
Designation : |
Nominee Director |
|
Address : |
604, Santosh Apartment, Plot
No.39b, Sector - 6, Dwarka, Delhi – 110075, India |
|
Date of Birth/Age : |
10.03.1966 |
|
Date of Appointment : |
31.01.2014 |
|
DIN No.: |
06822395 |
|
|
|
|
Name : |
Sharat Goyal |
|
Designation : |
Additional Director |
|
Address : |
259 Sector A, Pocket C, Vasant Kunj, New Delhi – 110070, India |
|
Date of Birth/Age : |
22.07.1975 |
|
Date of Appointment : |
31.01.2014 |
|
DIN No.: |
05118373 |
|
|
|
|
Name : |
|
|
Designation : |
Salila George |
|
Address : |
Nominee Director |
|
Date of Birth/Age : |
D-32,Maker kundan Gardens, Juhu Tara Road, Santacruz (West), Mumbai –
400049, Maharashtra, India |
|
Qualification : |
22.07.1958 |
|
Date of Appointment : |
08.10.2013 |
|
DIN No.: |
02236134 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Masabattula |
|
Designation : |
Secretary |
|
Date of Appointment : |
01.11.2006 |
|
PAN No.: |
AMUPM0581E |
|
|
|
|
Name : |
V.R. Trivedi |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
N.C. Sen |
|
Designation : |
Vice-President (Commercial) |
|
|
|
|
Name : |
S.K. Das |
|
Designation : |
Vice-President (Operations) |
|
|
|
|
Name : |
Amardeep Jaiswal |
|
Designation : |
Chief Legal Officer |
|
|
|
|
Name : |
K. Subba Reddy |
|
Designation : |
Vice-President (Transmission) |
|
|
|
|
Name : |
M.S.S. Kumar |
|
Designation : |
Vice-President (Technical) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
MVVS. Murthi |
|
250000 |
|
MSP. Rama Rao |
|
100 |
|
M.S. Lakshman Rao |
|
100 |
|
M. Srimani |
|
100 |
|
M. Surya |
|
100 |
|
Sudarshan Varadaraj |
|
100 |
|
Bharati Varadaraj |
|
100 |
|
A.S. Raju |
|
100 |
|
VBC Ferro Alloys Limited, India |
|
127682514 |
|
VBC Industries Limited, India |
|
28386700 |
|
Basil Infrastructre Projects Limited, India |
|
399500 |
|
VBC Exports Limited, India |
|
8000000 |
|
Konaseema Power Corporation Limited, India |
|
12722000 |
|
ELGI Capital Formation (Private) Limited, India |
|
39640000 |
|
Kavuri Holdings (Private) Limited, India |
|
10000000 |
|
Peninsular Power Ventures Private Limited, India |
|
40000000 |
|
KSK Emerging India Energy Private Limited – II, India |
|
12348200 |
|
India Infrastructure Developers Limited, India |
|
21000000 |
|
IL and FS Trust Company Limited A/c Leverage India Fund, India |
|
28000000 |
|
The Infrastructure Fund of India LLC Managed by AMP Capital Limited, India |
|
36904000 |
|
Life Insurance Corporation of India Limited, India |
|
20000000 |
|
General Insurance Corporation of India, India |
|
20000000 |
|
Industrial Development Bank of India Limited, India |
|
58568786 |
|
International Power Vision Inc, Bahamas |
|
8351550 |
|
Mancala Mercantile, Bahamas |
|
6300000 |
|
Available Resoucres Private Limited, India |
|
14305800 |
|
Rajive Chopra |
|
20000 |
|
Rama Goel |
|
20000 |
|
Rajesh Jain |
|
250 |
|
Feed Back Consultants Private Limited, India |
|
100000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Nationalised or other banks |
|
11.20 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
12.22 |
|
Bodies corporate |
|
76.52 |
|
Directors or relatives of directors |
|
0.06 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation of Electricity. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Notes: The proposal made on behalf of the company on 25.06.2012, regarding the restructuring of the borrowings from various banks and financial institutions under CDR system has been sanctioned by CDR vide its letter no. By. CDR (PMJ) no 812/ 2012.13 dated 08.01.2013. The main features of the CDR package are waiver of penal interest charged from 01.05.2012 onwards, reduction in rate of interest, funding of overdue interest, re schedulement of repayment of term loan installments. IDBI Bank, Central Bank of India, Punjab National Bank, Union Bank of India, UCO Bank, LIC of India, General Insurance Corporation of India and PTC India Financial Services Limited have given their consent to the CDR proposal and accordingly restructured the company's outstandings in various loan accounts with retrospective effect from 01.05.2012. However, Power Finance Corporation, Rural Electrification Corporation Limited, and Housing and Urban Development Corporation Limited, have not given their consent so far. Accordingly, the company has reclassified its dues to various banks and financial institutions, who have given their consent to the restructuring as at 01.05.2012 as per the approved CDR system, details of which are as above: |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
Suhasini, 10-50-24, Siripuram, Vishakapatnam – 500003, Andhra Pradesh,
India |
|
PAN No.: |
AADFB8032G |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Bharathula and Associates Cost Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
|
|
|
|
|
|
|
Promoters : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4995000000 |
Equity Shares |
Rs.10/- each |
Rs.49950.000 Millions |
|
505000000 |
Preference Shares |
Rs.10/- each |
Rs.5050.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.55000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
523000000 |
Equity Shares |
Rs.10/- each |
Rs.5230.000 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 |
5230.000 |
5230.000 |
5230.000 |
|
(b) Reserves & Surplus |
(5835.894) |
(2320.831) |
(30.188) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(605.894) |
2909.169 |
5199.812 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11703.115 |
10765.233 |
11316.018 |
|
(b) Deferred tax liabilities
(Net) |
305.028 |
200.042 |
103.791 |
|
(c) Other long term
liabilities |
666.000 |
666.000 |
666.000 |
|
(d) long-term provisions |
3.352 |
2.350 |
5.609 |
|
Total
Non-current Liabilities (3) |
12677.495 |
11633.625 |
12091.418 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1147.461 |
1251.955 |
1046.844 |
|
(b) Trade payables |
143.771 |
387.757 |
540.049 |
|
(c) Other current liabilities |
7213.724 |
4,526.152 |
3117.608 |
|
(d) Short-term provisions |
4.973 |
4.370 |
0.059 |
|
Total
Current Liabilities (4) |
8509.929 |
6170.234 |
4704.560 |
|
|
|
|
|
|
TOTAL |
20581.530 |
20713.028 |
21995.790 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18070.262 |
18961.017 |
19774.315 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
183.065 |
186.875 |
167.045 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.000 |
1.000 |
1.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
776.549 |
776.671 |
1254.404 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
19030.876 |
19925.563 |
21196.764 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
42.831 |
29.048 |
31.510 |
|
(c) Trade receivables |
537.012 |
8.684 |
3.219 |
|
(d) Cash and cash equivalents |
233.208 |
73.259 |
78.070 |
|
(e) Short-term loans and
advances |
737.603 |
676.474 |
686.227 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1550.654 |
787.465 |
799.026 |
|
|
|
|
|
|
TOTAL |
20581.530 |
20713.028 |
21995.790 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
2987.344 |
6637.490 |
5586.036 |
|
|
Other Income |
105.743 |
6.912 |
104.649 |
|
|
TOTAL
(A) |
3093.087 |
6644.402 |
5690.685 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Consumption of raw materials |
2786.135 |
4801.640 |
3703.368 |
|
|
Operational Expenses |
83.985 |
130.555 |
82.500 |
|
|
Employee Benefit expense |
65.737 |
61.648 |
39.261 |
|
|
Other expenses |
181.923 |
272.623 |
186.090 |
|
|
refund of excess interest charged
in earlier year by APPCC on the advances paid against sale of power |
(65.922) |
0.000 |
0.000 |
|
|
Disincentive for non-supply of
guaranteed power for Tariff Year 2011-12 |
346.065 |
0.000 |
0.000 |
|
|
Reversal of claim for
"ship or pay" for earlier years |
8.684 |
0.000 |
0.000 |
|
|
Recovery towards shortfall of
PLF for 2010-11 |
0.000 |
312.399 |
0.000 |
|
|
Exchange Gain of previous year
capitalised |
0.000 |
100.908 |
0.000 |
|
|
Compensation for termination
of a capital contract |
0.000 |
23.711 |
0.000 |
|
|
Exchange loss on refund of
capital advance |
0.000 |
32.889 |
0.000 |
|
|
TOTAL
(B) |
3406.607 |
5736.373 |
4011.219 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(313.520) |
908.029 |
1679.466 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2041.573 |
2062.559 |
1370.448 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2355.093) |
(1154.530) |
309.018 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1054.972 |
1039.921 |
775.415 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(3410.065) |
(2194.451) |
(466.397) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
104.998 |
96.192 |
103.791 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(3515.063) |
(2290.643) |
(570.188) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(6.72) |
(4.38) |
(1.09) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(113.64) |
(34.47) |
(10.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(114.15) |
(33.06) |
(8.35) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.72) |
(10.69) |
(2.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.63 |
(0.75) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(21.21) |
4.13 |
2.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.18 |
0.13 |
0.17 |
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 |
5230.000 |
5230.000 |
5230.000 |
|
Reserves & Surplus |
(30.188) |
(2320.831) |
(5835.894) |
|
Net
worth |
5199.812 |
2909.169 |
(605.894) |
|
|
|
|
|
|
long-term borrowings |
11316.018 |
10765.233 |
11703.115 |
|
Short term borrowings |
1046.844 |
1251.955 |
1147.461 |
|
Total
borrowings |
12362.862 |
12017.188 |
12850.576 |
|
Debt/Equity
ratio |
2.378 |
4.131 |
(21.209) |
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 |
5586.036 |
6637.490 |
2987.344 |
|
|
|
18.823 |
(54.993) |
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 |
5586.036 |
6637.490 |
2987.344 |
|
Profit |
(570.188) |
(2290.643) |
(3515.063) |
|
|
(10.21%) |
(34.51%) |
(117.67%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
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 |
||
|
CMASR 34139 / 2013 |
CMASR 34139 / 2013 |
CASE IS:PENDING |
|
PETITIONER |
RESPONDENT |
|
|
CENTRAL POWER DISTRIBUTION COMPANY OF A. P. LTD & 4 OTHERS |
VS |
M/S KONASEEMA GAS POWER LIMITED |
|
PET.ADV. : MANOHER REDDY |
RESP.ADV. : |
|
|
SUBJECT: ARBITRATION ACT |
DISTRICT: HYDERABAD |
|
FILING DATE: |
POSTING STAGE : INTERLOCUTORY |
|
|
REG. DATE : |
LISTING DATE : |
STATUS : NOTICES |
|
HON'BLE JUDGE(S): |
ASHUTOSH MOHUNTA |
M.SATYANARAYANA MURTHY |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
From a Corporate body |
119.412 |
118.491 |
|
From Others |
2.539 |
6.639 |
|
|
|
|
|
Total |
121.951 |
125.130 |
FINANCIAL HIGHLIGHTS:
During the year, the Company has reported a Loss of Rs. 3121.200 Millions against a loss of Rs. 1724.500 Millions before considering the Extra-ordinary items and tax. The overall loss for the current year is Rs. 351.50 Millions as against the loss of Rs. 2290.600 Millions for the previous year after considering the provision for deferred tax and the Extraordinary items.
During the year , an amount of Rs. 98.300 crore has been accounted as other income being the net excess gas transportation charges collected by GAIL (India) Limited, based on the revised transportation tariff guidelines published by Petroleum and Natural Gas Regulatory Board (PNGRB) vide their order dated 10th May 2013, subject to pending disposal of the Appeal filed by GAIL (India) Limited, with Appellate Tribunal for Electricity, (APTEL) New Delhi challenging the publication of Guidelines by PNGRB.
The operations of the company during the year were severally affected due to steep fall in natural gas supplies by Reliance Industries Limited, (RIL) from their KG-Basin leading to fall in power generation and decline in receipt of Capacity Charges from APDISCOMs.
REVIEW OF COMPANY’S
BUSINESS:
During the year, the company generated 916.26 million as against a generation of 2279.2 Million units during the previous year.
The gross revenue receipts for the year was Rs. 5543.100 crore comprising of Energy Charges of Rs. 2332.900 Millions and Capacity Charges of Rs. 3210.200 Millions, as against the gross revenue receipts of Rs. 7363.900 Millions of previous year comprising of Energy Charges of Rs. 4273.400 Millions and Capacity Charges of Rs. 3090.500 Millions. The net turnover of the company for the year was Rs. 2987.300 Millions after provisions for recovery of capacity charges and disincentives of Rs. 2555.800 Millions as against the net turnover of Rs. 6637.500 Millions after a provision of Rs. 726.300 Millions towards recovery of capacity charges and levy of disincentives by APDISOCMs pending settlement of legal disputes.
During the year, the company has reported a cash loss of Rs. 2460.100 Millions before provision for depreciation of Rs. 1055.000 Millions and Deferred Tax Liability of Rs.105.000 Millions as against the cash loss of Rs. 1250.700 before depreciation of Rs. 1039.900 Millions and Deferred Tax Liability of Rs. 96.200 Millions.
The company has achieved a lower PLF of 23.49% during the current financial year as against the PLF of 58% achieved during the previous year. During the year there has been a decline in the contracted supply of natural gas by RIL and the decline has been steep during the second half of the Current Financial Year.
INDUSTRY OVERVIEW:
Power Sector Scenario
The Twelfth Five Year Plan (2012-17) has envisaged a capacity addition of 90,000 MW in the power sector. India has been one of the fastest growing markets for new power generation capacity addition and is currently the fifth largest power generator in the world contributing 20110 MW by Gas Based Power Plants out of total Capacity of 2,23,344 MW by 31st March 2013. Apart from being impacted by lower GDP growth in FY 2012-13, Indian Power Sector was also impacted by fuel non-availability. Though, India is currently the fifth largest power generator in the world, its Per capita annual consumption of electricity remains significantly low and more than one third of the country's population does not have access to electricity. This provides immense opportunity for massive investment in the power sector to overcome such energy poverty.
GAS SCENARIO:
Though there was a record addition of power generation capacity in the 11th Plan and the first year of the 12th plan, plant load factors have been significantly impacted due to domestic fuel non-availability. Domestic gas supplies from RIL’s KG-D6 gas fields, which once had hit a peak production of 69.43 MMSCMD continued to dwindle throughout the year resulting in reduced supplies and finally dropped to less than 16 MMSCMD culminating in no supplies from March 2013 for the 25 power plants that have been allocated gas from the said fields. The non-availability of affordable gas has resulted into shutting down of aggregate capacity of 5,200 MW and has further stranded 984 MW commissioned capacity and 8,385 MW capacity nearing completion. Domestic shortfalls can be met by imported Liquefied Natural Gas (LNG) but there is reluctance in its use due to its current high prices
The Central Government is seized of this issue and a high-level Power Sector Advisory Group has been constituted by the Ministry of Power to resolve this and other issues faced by the power sector. Proposals for gas allocation of new gas finds of 10 MMSCMD from ONGC and GSPC and diversion of 6 MMSCMD from non-core sectors exclusively to power sector are under active consideration of GoI. Exemption from basic customs duty has been extended to LNG and Natural Gas imported by two PSUs, namely, GAIL NTPC Joint Venture (JV) and Petronet LNG Limited for supply to a generating company, thereby marginally reducing the cost of generation. Shri. Rangarajan Pricing formula has been approved by the Cabinet Committee on Economic Affairs, which would result in increase in domestic gas prices
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10455118 |
30/08/2013 * |
2,541,900,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B87717021 |
|
2 |
10383862 |
27/09/2012 |
200,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B61063285 |
|
3 |
10360432 |
18/05/2012 |
1,018,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHA |
B41551011 |
|
4 |
10344737 |
31/03/2012 |
90,000,000.00 |
UCO BANK |
FLAG SHIP CORPORATE
BRANCH, 6-3-1108, GR.FLOOR,, |
B35948017 |
|
5 |
10348255 |
30/03/2012 |
140,000,000.00 |
UNION BANK OF INDIA |
S M E BRANCH,
12-4-32, 1ST FLOOR, CHANDU'S PLAZA, |
B37165842 |
|
6 |
10345829 |
01/03/2012 |
138,000,000.00 |
PUNJAB NATIONAL BANK |
MUSHEERABAD,
HYDERABAD, HYDERABAD, ANDHRA PRADESH |
B36409902 |
|
7 |
10338076 |
31/12/2011 |
150,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,
BANK STREET, KOTI, HYDE |
B33177122 |
|
8 |
10334850 |
15/12/2011 |
500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B31801269 |
|
9 |
10281424 |
29/03/2011 |
1,000,000,000.00 |
PTC INDIA FINANCIAL SERVICES LIMITED |
2ND FLOOR NBCC
TOWER 15 BHIKAJI CAMA PLACE, NEW DE |
B10883353 |
|
10 |
10281799 |
29/03/2011 |
14,458,100,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHA |
B10852556 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Machinery
- Office Equipment
- Furniture and Fixtures
- Motor Vehicles
PRESS RELEASE
6 GAS-BASED POWER
PLANTS SIT IDLE IN ANDHRA PRADESH
As many as six gas-based power plants, including those operated by GMR, Lanco and GVK, with combined capacity of more than 2000 mw in Andhra Pradesh have stopped operations due to shortage of gas from Krishna— Godavari basin, a senior state government official has said.
The plants sitting idle due to shortage of gas are: GMR’s Vemagiri (370 mw) and barge-mounted (237 mw), GVK’s Jegrupadu Extension (220 mw) and Gauthami (464 mw), Konaseema Gas Power (445) and Lanco’s Kondapalli Stage-II (366 mw).
“All the power plants that are dependent on natural gas supplies from Reliance D-6 are impacted. Some pants are operating with the gas supplies from ONGC or GAIL. Gas supplies from D-6 completely have completely stopped,” the official told PTI.
When contacted a Reliance Industries Limited (RIL) spokesperson said they have no role in gas allocation.
“RIL has been supplying gas according to the allocation policy of the government and it is not for us to decide whom to supply gas,” the RIL spokesperson said.
Industry sources had said earlier that natural gas supplies from RIL’s KG-D6 block to power plants have completely stopped after output from the eastern offshore fields dropped to an all-time low.
Beginning March 1, none of the 25 power plants that were allocated gas from KG-D6 fields is getting any supplies, sources had said.
According to the official other power plants-Vijjeswaram gas, Lanco Kondapalli stage-I, Spectrum and GVK’s Jegurupadu-I are being operated with minimum gas supplies from ONGC or GAIL.
“The power generation fluctuates from day to day. The last supply we received from D-6 was about 0.4 mmscmd,” the state official said.
According to official reports, the gas based power plants in the state are generating power to an extent of 700 MW as against the installed capacity of 2700 MW.
Thus, there is an idle capacity of around 2000 MW.
The State is facing acute power crisis due to the sharp decline in power production, resulting in shortage of nearly 60 million units per day.
When contacted a GMR spokesperson declined to comment, while Lanco officials could not be reached.
However, sources in Lanco said Kondapalli Stage-I (368 mw) is getting gas from GAIL, but gas supplies for Stage-II were stopped.
GMR’s Barge mounted gas-based power plant was originally commissioned at Mangalore in 2001. After operating with naphtha as fuel till April 2010, the barge was moved to Kakinada in Andhra Pradesh in July 2010, where it has been modified and commissioned to operate on Natural Gas.
The GMR Group’s Vemagiri plant commenced commercial operation in February 2008. The plant was initially allocated gas from GAIL and later changed to RIL D-6.
GVK’s two power plants stopped power production.
While Jegurupadu Extension and Gauthami were completely shut down, Jegurupadu is operating with roughly 50 per cent capacity.
Script with regard to Hydel power generation in the state is same as that of gas-based plants.
The state has installed capacity of 3,925 mw and is producing just about 500 mw.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--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 |
|
14 |
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.