MIRA INFORM REPORT
|
Report No. : |
314605 |
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Report Date : |
04.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOUTHERN POWER DISTRIBUTION COMPANY OF TELANGANA LIMITED (w.e.f.
27.05.2014) |
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Formerly Known
As : |
CENTRAL POWER DISTRIBUTION COMPANY OF ANDHRA PRADESH LIMITED |
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Registered
Office : |
D. No. 6-1-50, Mint Compound, Lakadikapool, Hyderabad-500004, Telangana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.03.2000 |
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Com. Reg. No.: |
01-034116 |
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Capital
Investment / Paid-up Capital : |
Rs. 7284.796 Million |
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CIN No.: [Company Identification
No.] |
U40109TG2000SGC034116 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in to carry on the business of distribution and retail supply of power |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth
of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Ms. Sarika |
|
Designation : |
Sales Department |
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Contact No.: |
91-40-23431448 |
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Date : |
27.03.2015 |
LOCATIONS
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Registered Office/Corporate Office : |
D. No. 6-1-50, Mint Compound, Lakadikapool, Hyderabad-500004, Telangana, India |
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Tel. No.: |
91-40-23431011 |
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Fax No.: |
91-40-23372590 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 25.09.2014
|
Name : |
Mr. Cherukuri Srinivasa Rao |
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Designation : |
Director |
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Address : |
202, Indira Devi Apartments, Teachers Colony, East Maredpally, Secunderabad - 500026, Andhra Pradesh, India |
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Date of Birth/Age : |
02.07.1966 |
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Date of Appointment : |
25.01.2014 |
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DIN No.: |
00196179 |
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Name : |
Raghuma Reddy Gowravaram |
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Designation : |
Managing Director |
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Address : |
H. No. 17-1-388/P/36, Purnodaya Colony, Saidabad, Hyderabad - 500059, Andhra Pradesh, India |
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Date of Birth/Age : |
08.11.1951 |
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Date of Appointment : |
26.11.2014 |
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DIN No.: |
02943771 |
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Other Directorship:
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Name : |
Sistu Subrahmanyam |
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Designation : |
Nominee Director |
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Address : |
Flat 303, Mahavir Apartments, Motinagar, Hyderabad - 500018, Andhra Pradesh, India |
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Date of Birth/Age : |
06.07.1953 |
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Date of Appointment : |
25.09.2013 |
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DIN No.: |
06639077 |
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Other Directorship:
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Name : |
Mr. Kalliam Muthyalu Nagender |
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Designation : |
Director |
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Address : |
3-4-27, Plot No.5, Seethapathy Colony, West Maredpally, Hyderabad - 500026, Andhra Pradesh, India |
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Date of Birth/Age : |
11.08.1956 |
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Date of Appointment : |
31.07.2013 |
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DIN No.: |
06666972 |
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Name : |
Mr. Thouta Srinivas |
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Designation : |
Director |
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Address : |
3-3-53/7/A, Chappal Bazar,, Kachiguda, Hyderabad - 500027, Andhra Pradesh, India |
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Date of Birth/Age : |
10.06.1955 |
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Date of Appointment : |
31.07.2013 |
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DIN No.: |
06666974 |
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Name : |
Mr. Sriram Mohan Rao Gundavarapu |
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Designation : |
Nominee Director |
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Address : |
Plot No.127, Venkatasai Nagar, West Venkatap, Secunderabad - 500015, Telangana, India |
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Date of Birth/Age : |
21.06.1960 |
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Date of Appointment : |
02.07.2014 |
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DIN No.: |
06954573 |
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Name : |
Mr. Srinivas Reddy Jala |
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Designation : |
Director |
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Address : |
H. No. 24/A, Subba Rao Colony, West Mareddy Palli, Secunderabad-500026, Telangana, India |
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Date of Appointment : |
26.11.2014 |
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DIN No.: |
07040399 |
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KEY EXECUTIVES
|
Name : |
Ms. Sarika |
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Designation : |
Sales Department |
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Name : |
Mrs. Kolluri Sujatha |
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Designation : |
Company Secretary |
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Address : |
102, Viswanath Residency, Srinivas Nagar West, Hyderabad - 500038, Andhra Pradesh, India |
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Date of Appointment : |
04.04.2002 |
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PAN No.: |
AIWPK6458J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
S.K. Joshi, IAS |
|
1 |
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Suresh Chanda, IAS |
|
1 |
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S.A.M. Rozvi, IAS |
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1 |
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Kartileya Misra, IAS |
|
1 |
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H.Y. Dora |
|
1 |
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M.V. Seshagiri Babu, IAS |
|
1 |
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G. Raghuma Reddy |
|
1 |
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K. Venkata Narayana |
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1 |
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T. Srinivas |
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1 |
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S Satyanarana |
|
728479600 |
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Total |
|
728479609 |
Equity Share Break up (Percentage of Total Equity)
As on: 25.09.2014
|
Category |
Percentage |
|
Government [Central and State] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in to carry on the business of distribution and retail supply of power |
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Products : |
- |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE (31.03.2013)
|
Particulars |
Quantity |
|
33/11 KV Substations |
1484 Nos |
|
Power Transformers |
2288 Nos |
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Distribution Transformers |
330178 Nos |
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33KV Feeders |
769 Nos |
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11KV Feeders |
5816 Nos |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Financial
Institution: |
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Auditors : |
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Name : |
Sharad and Associates Chartered Accountants |
|
Address : |
6-3-1099/1/6, 1st Floor, Hptel Katriya Lane, Off Rajbhavan Road,
Somajiguda, Hyderabad-500082, Telangana, India |
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Tel. No.: |
91-40-23396583/ 66665276 |
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Mobile No.: |
91-9849021401 |
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E-Mail : |
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Cost Auditor: |
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Name: |
Narasimha Murthy and Company |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAGFS4405F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000Million |
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|
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|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
728,479,609 |
Equity Shares |
Rs.10/- each |
Rs. 7284.796 Million |
|
|
|
|
|
Reconciliation of the number of shares outstanding at the beginning and
the end of the reporting period:
|
|
31.03.2014 |
|
|
|
No. of Shares
held |
Rs. in Million |
|
Shares outstanding at the beginning of the year |
728479609 |
7284.796 |
|
Shares Issued during the year |
- |
- |
|
Shares bought back during the year |
- |
- |
|
Shares outstanding
at the end of the year |
728479609 |
7284.796 |
Details of Share Holders
holding more than 5% shares in the company
|
Name of
Shareholders |
31.03.2014 |
|
|
|
No. of Shares
held |
% of Holding |
|
Government of Andhra Pradesh (Vide GO. Ms.No.58 Dt:09.06.2005) |
728,479,609 |
100.00 |
|
Total |
728,479,609 |
100.00 |
Terms/rights attached
to Equity Shares:
The Company has only one class of equity shares having a par value of Rs. 10 per share. Entire equity shares are held by the Government of Andhra Pradesh."
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder."
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7284.796 |
7284.796 |
7284.796 |
|
(b) Reserves & Surplus |
(66817.430) |
(60382.978) |
14728.288 |
|
(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) |
(59532.634) |
(53098.182) |
22013.084 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
72852.569 |
28134.029 |
26487.028 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1285.292 |
1399.747 |
1424.030 |
|
(d) long-term
provisions |
4443.365 |
3411.106 |
3042.568 |
|
Total Non-current
Liabilities (3) |
78581.226 |
32944.882 |
30953.626 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
11516.965 |
45421.055 |
42655.796 |
|
(b) Trade
payables |
49122.643 |
61686.445 |
50033.217 |
|
(c) Other
current liabilities |
36565.488 |
33421.186 |
21215.125 |
|
(d) Short-term
provisions |
4292.047 |
1444.153 |
1340.681 |
|
Total Current
Liabilities (4) |
101497.143 |
141972.839 |
115244.819 |
|
|
|
|
|
|
TOTAL |
120545.735 |
121819.539 |
168211.529 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
46353.312 |
41291.779 |
36696.727 |
|
(ii)
Intangible Assets |
90.184 |
125.309 |
38.695 |
|
(iii)
Capital work-in-progress |
9159.798 |
8292.963 |
7412.002 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2956.194 |
2767.767 |
1771.767 |
|
(c) Deferred tax assets (net) |
2831.043 |
1662.697 |
616.210 |
|
(d) Long-term Loan and Advances |
559.160 |
413.972 |
520.965 |
|
(e) Other
Non-current assets |
73.003 |
67.686 |
59.586 |
|
Total Non-Current
Assets |
62022.694 |
54622.173 |
47115.952 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2322.052 |
2192.203 |
2097.070 |
|
(c) Trade
receivables |
23747.442 |
14371.916 |
11299.715 |
|
(d) Cash
and cash equivalents |
2339.598 |
2339.333 |
1278.498 |
|
(e)
Short-term loans and advances |
3417.679 |
626.518 |
53461.249 |
|
(f) Other
current assets |
26696.270 |
47667.396 |
52959.045 |
|
Total
Current Assets |
58523.041 |
67197.366 |
121095.577 |
|
|
|
|
|
|
TOTAL |
120545.735 |
121819.539 |
168211.529 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
167655.911 |
155817.834 |
148627.194 |
|
|
|
Other Income |
7958.465 |
3163.267 |
2694.701 |
|
|
|
TOTAL (A) |
175614.376 |
158981.101 |
151321.895 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Power Purchase Expense |
157555.107 |
152353.053 |
126756.743 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
167.732 |
|
|
|
Employees benefits expense |
8527.177 |
7661.489 |
8305.172 |
|
|
|
Other expenses |
3693.651 |
3402.593 |
2754.430 |
|
|
|
TOTAL
(B) |
169775.935 |
163417.135 |
137984.077 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
5838.441 |
(4436.034) |
13337.818 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
10006.151 |
11816.423 |
9355.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(4167.710) |
(16252.457) |
3982.798 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
5075.366 |
4527.902 |
3903.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(9243.076) |
(20780.359) |
79.266 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1130.681) |
56402.538 |
38.783 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(8112.395) |
(77182.897) |
40.483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.14) |
(105.951) |
0.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.84) |
(49.53) |
0.03 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.48 |
(2.85) |
8.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.75) |
(19.05) |
0.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.39 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.42) |
(1.39) |
3.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.58 |
0.47 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
7284.796 |
7284.796 |
7284.796 |
|
Reserves & Surplus |
14728.288 |
(60382.978) |
(66817.430) |
|
Net worth |
22013.084 |
(53098.182) |
(59532.634) |
|
|
|
|
|
|
long-term borrowings |
26487.028 |
28134.029 |
72852.569 |
|
Short term borrowings |
42655.796 |
45421.055 |
11516.965 |
|
Total borrowings |
69142.824 |
73555.084 |
84369.534 |
|
Debt/Equity ratio |
3.141 |
-1.385 |
-1.417 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operation |
148627.194 |
155817.834 |
167655.911 |
|
|
|
4.838 |
7.597 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operation |
148627.194 |
155817.834 |
167655.911 |
|
Profit/Loss |
40.483 |
(77182.897) |
(8112.395) |
|
|
0.03% |
(49.53%) |
(4.84%) |
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 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL RESULTS:
The Net Loss of the Company as on 31.03.2014 is Rs. 8112.400 million and the net worth of Company as on 31.03.2014 is showing a negative balance of Rs. 59623.700 million. The losses are recoverable through true-up mechanism in Tariffs of ensuing years.
FINANCIAL
RESTRUCTURING:
The company is covered under the Financial Restructuring Package 2012 of Government of India issued vide Office Memorandum No. 20/11/2012- APDRP, Ministry of Power. In accordance with the package the State Government had agreed to assume the liability to the extent of Rs.8,6000.000 million as on 31.03.2013 incurred by four distribution companies on account of expensive power purchase, by way of guarantee bonds which will become Government bonds in next few years. The Government of Andhra Pradesh was communicated the same vide G.O. MS. No. 62 DT.14.11.2013. The liability of the Company is to the extent of Rs. 40335.400 million. This would take care of the short term borrowings of the Company towards expensive power. The Company has issued bonds to the extent of Rs. 28097.500 million and the short terms loans to the extent of Rs. 12237.900 million were restructured.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Bonds/Debtentures - APSEB Bonds 2004 Series (Maturity date - July 11, 2014) |
0.000 |
367.500 |
|
Loan from Government of Andhra Pradesh |
151.742 |
259.668 |
|
Bonds issued under FRP Scheme |
28097.500 |
0.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on
demand |
|
|
|
from banks |
750.000 |
30750.000 |
|
from other parties |
8063.267 |
11679.101 |
|
Total |
37062.509 |
43056.269 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10535377 |
08/12/2014 |
6,967,312,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI - 110003, INDIA |
C36232825 |
|
2 |
10514525 |
07/08/2014 |
3,200,046,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, DELHI - 110003, INDIA |
C16173353 |
|
3 |
10519811 |
16/07/2014 |
1,250,000,000.00 |
INDIAN OVERSEAS BANK |
#5-1-664, 665, & 679, SURABHI ARCADE, BANK STREET, KOTI, HYDERABAD - 500001, TELANGANA, INDIA |
C20515649 |
|
4 |
10511458 |
31/05/2014 |
1,000,000,000.00 |
PUNJAB & SIND BANK |
ABIDS ROAD, METRO
ESTATE, HYDERABAD - |
C13905575 |
|
5 |
10497082 |
27/05/2014 |
1,228,002,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, DELHI - 110003, INDIA |
C05334958 |
|
6 |
10480821 |
26/02/2014 |
3,813,059,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, DELHI - 110003, INDIA |
B97695365 |
|
7 |
10465499 |
29/11/2013 |
83,200,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI-110001, INDIA |
B91675660 |
|
8 |
10465682 |
29/11/2013 |
98,800,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI-110001, INDIA |
B91753350 |
|
9 |
10461626 |
19/11/2013 |
1,877,268,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, DELHI - 110003, INDIA |
B90106642 |
|
10 |
10453072 |
10/10/2013 |
1,500,000,000.00 |
BANK OF INDIA |
HYDERABAD LARGE CORPORATE BRANCH, 10-1-1199/2, 1ST FLOOR, P.T.I BUILDING, A.C GUARDS, MASAB TANK, HYDERABAD - 500004, ANDHRA PRADESH, INDIA |
B86654480 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
|
Claims against the company not acknowledged as debt |
125.400 |
|
Disputed Entry tax |
332.500 |
|
Sales tax Penality against G Form (Cement purchases) |
13.400 |
|
Liability under AP VAT Act 2005 (April 2005 to 2009-10 |
631.000 |
|
Other money for which the company is contingently liable |
42.600 |
|
Total |
1144.900 |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Vehicles
- Furniture and Fixture
- Air Condition
- Office Equipment
- Computer Equipment
- Computer Software
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
15 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.