MIRA INFORM REPORT

 

 

Report Date :

30.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ESSAR POWER GUJARAT LIMITED

 

 

Registered Office :

Salaya Administrative Building, 44 KM, Post Box No. 07, Jamnagar – Okha Highway, Khambhaliya Jamnagar – 361305, Gujarat

 

 

Country :

India

 

 

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

 

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

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 :

powersec@essar.com

Website :

http://www.essar.com

 

 

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, 5th Road, Santacruz East, Mumbai – 400055, Maharashtra, India

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, New Delhi – 110016, India

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

 

 

Products :

Product Description

Item Code

Electrical Energy

217600

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by management

 

 

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

 

 

Facilities :

Secured Loan

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

 

 

Rupee term loan

 

 

From banks

22519.900

17797.900

From financial institution

3622.700

3642.200

Buyers credit

0.000

8839.700

Short-term borrowings

 

 

Working capital facility

From banks

359.000

0.000

Total

26501.600

30279.800

Note:

 

LONG-TERM BORROWINGS

 

Securities provided to lenders

 

The Rupee Term Loan together with interest is secured by a first ranking charge on the whole of company’s immovable properties and other movable assets, Tangible and Intangible assets, book debts, receivable, current assets, bank account, assignment of project document and insurance policies. The facilities are additionally secured by pledge of certain equity shares of the company hold by Essar Power Limited.

 

Buyer’s credits are secured by letter of undertaking / letter of comfort issued by the rupee term loan lenders.

 

Terms of Payment

 

Rupee Term Loan

 

·         The rupee term loan facilities from bank are repayable in 40 equal quarterl installments beginning September 30, 2011 and carries interest @ 14.00% per annum to 14.75% per annum.

 

·         The rupee term loan facilities from financial institution are repayable in 48 equal installments beginning September 30, 2011 and carries interest @ 14.25% per annum.

 

Buyers Credit

 

Buyers Credit has rate of 1.07% per annum to 3.76% per annum  (6M LIBOR rate – Spared) (previous year 1.07% per annum) 3.76% per annum (LIBOR rate – Spared  )

 

SHORT TERM BORROWING

 

Securities provided to lenders

 

The Rupee Term Loan together with interest is secured by a first ranking charge on the whole of company’s immovable properties and other movable assets, Tangible and Intangible assets, book debts, receivable, current assets, bank account, assignment of project document and insurance policies. The facilities are additionally secured by pledge of certain equity shares of the company hold by Essar Power Limited.

 

Loan from related parties carries interest rate @ 11.00 % per annum to 13.25% per annum and are payable within one year

 

 

 

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 Ashram Road, Ahmedabad – 380017, Gujarat, India

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) (
Formerly known as Essar Global Limited )

 

 

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

 

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

 

 

HIGH COURT OF GUJARAT

 

SPECIAL CIVIL APPLICATION No. 4630 of 2009

 

 

 

Status : PENDING

( Converted from : ST/4661/2009 )

CCIN No : 001021200904630

 

 

Next Listing Date:

03/07/2014

 

Coram

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

Not Before :

·                       HONOURABLE MR.JUSTICE KSHITIJ R.VYAS

·                       HONOURABLE MR.JUSTICE N.G.NANDI

·                       HONOURABLE MR.JUSTICE P.B.MAJMUDAR

·                       HONOURABLE MR.JUSTICE Y.B.BHATT

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1

MS PANKTI JOG

MR MUKUL SINHA for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
MR SUBRAMANIAM IYER for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

1
2
3
4

STATE OF GUJARAT
UNION OF INDIA
ESSAR BULK TERMINAL LTD
ESSAR POWER GUJARAT LTD.

GOVERNMENT PLEADER for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
MR VD PARGHI for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2
NANAVATI ASSOCIATES for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3 - 4

 

 

Presented On

: 08/05/2009

Registered On

: 08/05/2009

Bench Category

: DIVISION BENCH

District

: JAMNAGAR

Case Originated From

: THROUGH ADVOCATE

Listed

: 84 times

StageName

: ADMISSION AT 2:30 P.M.

 

 

 

Act

·                                 WILD LIFE (PROTECTION) ACT, 1972

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

08/05/2009

VAKALATNAMA

MR MUKUL SINHA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR MUKUL SINHA:1

2

08/05/2009

MEMO OF APPEAL/PETITION/SUIT

MR MUKUL SINHA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR MUKUL SINHA:1

3

15/08/2009

VAKALATNAMA

MR VD PARGHI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

4

MR VD PARGHI:2

4

15/08/2009

VAKALATNAMA

NANAVATI ASSOCIATES ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

4

NANAVATI ASSOCIATES:3-4

5

15/08/2009

APPEARANCE NOTE

GOVERNMENT PLEADER 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

GOVERNMENT PLEADER:1

6

15/08/2009

VAKALATNAMA

MR MUKUL SINHA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR MUKUL SINHA:1

7

15/08/2009

VAKALATNAMA

MR SUBRAMANIAM IYER ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR SUBRAMANIAM IYER:1

8

04/11/2009

APPEARANCE NOTE

MR VD PARGHI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

-

MR VD PARGHI:2

9

19/01/2010

AFFIDAVIT IN REPLY

GOVERNMENT PLEADER 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

GOVERNMENT PLEADER:1

10

05/05/2010

VAKALATNAMA

NANAVATI ASSOCIATES ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3 , 3

5

NANAVATI ASSOCIATES:3-4

11

07/04/2011

AFFIDAVIT IN REPLY

NANAVATI ASSOCIATES ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

0

NANAVATI ASSOCIATES:3-4

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

06/12/2012

1

34

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

2

14/12/2012

1

23

ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

3

21/12/2012

1

31

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

4

08/01/2013

1

18

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

5

10/01/2013

1

39

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

6

24/01/2013

1

32

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

7

28/02/2013

1

42

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

8

07/03/2013

1

33

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

9

21/03/2013

1

33

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

10

04/04/2013

1

28

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

11

25/04/2013

1

56

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

12

13/06/2013

1

23

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

13

20/06/2013

1

45

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

14

27/06/2013

1

58

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

15

11/07/2013

1

36

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

16

18/07/2013

1

47

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

17

01/08/2013

1

46

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

18

08/08/2013

1

67

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

19

16/08/2013

1

61

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

20

22/08/2013

1

59

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

21

30/08/2013

1

39

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

22

12/09/2013

1

41

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

23

27/09/2013

1

43

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

24

18/10/2013

1

65

NOTICE & ADJOURNED MATTERS

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

25

26/11/2013

1

108

BOARD NO. I (NOTICE & ADJOURNED MATTERS)

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

26

27/11/2013

1

122

NOTICE & ADJOURNED MATTERS - AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

27

28/11/2013

1

65

NOTICE & ADJOURNED MATTERS

 

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

28

16/12/2013

1

131

NOTICE & ADJOURNED MATTERS - AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

29

24/12/2013

1

87

NOTICE & ADJOURNED MATTERS - AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

30

10/01/2014

1

133

NOTICE & ADJOURNED MATTERS - AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

31

24/01/2014

1

183

NOTICE & ADJOURNED MATTERS - AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

32

21/02/2014

1

114

NOTICE & ADJOURNED MATTERS - AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

33

13/03/2014

1

160

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

34

20/03/2014

1

217

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

35

21/03/2014

1

126

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

36

28/03/2014

1

143

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

37

03/04/2014

1

147

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

38

04/04/2014

1

120

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

39

10/04/2014

1

184

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

40

11/04/2014

1

137

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

41

21/04/2014

1

120

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

42

22/04/2014

1

69

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

43

23/04/2014

1

73

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

44

24/04/2014

1

213

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

45

09/05/2014

1

120

URGENT ADMISSION AT 2:30 P.M.

NEXT DATE

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

46

03/07/2014

1

120

URGENT ADMISSION AT 2:30 P.M.

 

·                       HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA 

·                       HONOURABLE MR.JUSTICE J.B.PARDIWALA

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

SPECIAL CIVIL APPLICATION/4630/2009

·                       HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA 

·                       HONOURABLE MR.JUSTICE MOHIT S. SHAH

18/12/2009

N

ORDER

-

Y

Download

 

2

SPECIAL CIVIL APPLICATION/4630/2009

·                       HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA 

·                       HONOURABLE MR.JUSTICE AKIL KURESHI

22/03/2010

N

ORDER

-

Y

Download

 

3

SPECIAL CIVIL APPLICATION/4630/2009

·                       HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA 

·                       HONOURABLE MR.JUSTICE K.M.THAKER

13/01/2011

N

ORDER

-

Y

Download

 

 

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

NANAVATI ASSOCIATES

ORDINARY

13/04/2010

O/14116-14117/2010

22/03/2010

15/04/2010

19/04/2010

Delivered

ORDER

 

Stake Holders

·                       STATE OF GUJARAT

 

 

 

 

 

 

 

 

 

 

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.
A.B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA

B77517738

2

10388631

09/11/2012

4,800,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA
LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

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
LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

A77683878

5

10160836

08/01/2010 *

10,250,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA
LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

A77685089

6

10160889

08/01/2010 *

25,525,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA
LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

A77685840

7

10124316

08/01/2010 *

5,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA
LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

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, India Prisons Service, Interpol, etc.

 

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.59.08

UK Pound

1

Rs.99.20

Euro

1

Rs.80.53

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NKT

 

 

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

 

--

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.