MIRA INFORM REPORT
|
Report No. : |
336762 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SASAN POWER LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai - 400710, Maharashtra |
|
Tel. No.: |
91-22-30386600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-190557 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 675.775 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40102MH2006PLC190557 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS67758F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS0723M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject owns and operates coal based power plants. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “Reliance Power Limited”. It
is a well-established company having a satisfactory track record. The company has set up a 4000 MW Ultra-Mega project at Sasan in Madhya
Pradesh consisting of 6 units each with a capacity of 660 MW, out of which
the management has successfully implemented and started operations of 5 units
and 1 unit is under secondary process of commissioning its operations, which
will generate sufficient income in the future as per the agreement with the
procure. Trade relations seem to be improving. Business is active. Payments are
reported as slow but correct. In view of strong parentage, the company 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term : “BBB” |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
February, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term: “A2” |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
February, 2015 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Venugopala Naredia Rao |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-22-30386600 |
|
Date : |
12.08.2015 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai-400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386600/ 30386838/ 30327648 |
|
Fax No.: |
91-22-30385169/ 30386999/ 30327719 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 10.09.2014
|
Name : |
Mr. Yogendra Kripa Narain |
|
Designation : |
Director |
|
Address : |
07, Shivalik House, Sector - 61, Noida - 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
26.06.1942 |
|
Date of Appointment : |
10.09.2014 |
|
DIN No. : |
01871111 |
|
|
|
|
Name : |
Mr. Ram Bachan Bhagwan Pathak |
|
Designation : |
Director |
|
Address : |
439 K, Baidhan, Vaidhan, Tehsil Singrauli, Singrauli - 486889, Madhya
Pradesh, India |
|
Date of Birth/Age : |
02.01.1952 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
03171629 |
|
|
|
|
Name : |
Mr. Jagat Paikara |
|
Designation : |
Director |
|
Address : |
C-2, 102, Flamingo Neelkanth Green, Thane - 400607, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1955 |
|
Date of Appointment : |
10.09.2014 |
|
DIN No. : |
03548579 |
|
|
|
|
Name : |
Mr. Shrikant Digambar Kulkarni |
|
Designation : |
Director |
|
Address : |
Flat No. C/43, Building No. 3, Kalpataru Estate, J V Link Road,
Andheri, Mumbai - 400093, Maharashtra, India |
|
Date of Birth/Age : |
30.07.1964 |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
05136399 |
|
|
|
|
Name : |
Mr. Ashutosh Agarwala |
|
Designation : |
Additional Director |
|
Address : |
D-1005 Ashok Towers, Dr. S S Rao Road Parel, Mumbai - 400012,
Maharashtra, India |
|
Date of Birth/Age : |
24.05.1963 |
|
Date of Appointment : |
11.11.2014 |
|
DIN No.: |
03151103 |
|
|
|
|
Name : |
Mr. Asim Kumar De |
|
Designation : |
Additional Director |
|
Address : |
Rosa Power Township Block - A, Shahjahanpur - 242001, Uttar Pradesh,
India |
|
Date of Birth/Age : |
02.12.1958 |
|
Date of Appointment : |
11.11.2014 |
|
DIN No.: |
03619507 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh Subraya Mooteri |
|
Designation : |
Manager and Company Secretary |
|
Address : |
34/301, Seawoods Estate, NRI Complex, Palm Beach Road, Nerul, Navi
Mumbai-400706, Maharashtra, India |
|
Date of Birth/Age : |
07.12.1952 |
|
Date of Appointment : |
20.08.2010 |
|
PAN No.: |
AAAPU7847F |
|
|
|
|
Name : |
Laxmi Dutt Vyas |
|
Designation : |
CFO |
|
Address : |
Sasan Power Limited, Sidhikhurd Post, Tiyara, Waidhan Distt,
Singrauli, 486886, Madhya Pradesh, India |
|
Date of Appointment : |
11.11.2014 |
|
PAN No.: |
ABKPV2189A |
|
|
|
|
Name : |
Mr. Venugopala Naredla Rao |
|
Designation : |
CEO |
|
Address : |
Flat No 1002, Building No. 40, NRI Complex, Seawoods, Nerul,
Navi Mumbai - 400706, Maharashtra, India |
|
Date of Appointment : |
26.09.2014 |
|
PAN No.: |
ACJPR6242E |
|
|
|
|
Name : |
Mr. Vivek Kejriwal |
|
Designation : |
Sr. Vice President |
|
|
|
|
Name : |
Mr. Subrajit Bhowmick |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Clifford John Love |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2014
|
Names of Equity Shareholders |
No. of Shares |
|
Reliance Power Limited, India |
36088743 |
|
Ramaswami Kalidas Jointly with Reliance Power Limited, India |
1 |
|
Narelda Venugopala Narelda Venkatarao Rao Jointly with Reliance Power
Limited, India |
1 |
|
Sadagopan Kandalal jointly with Reliance Power Limited, India |
1 |
|
Nimish Chitalia Jointly with Reliance Power Limited, India |
1 |
|
Paresh Rathod Jointly with Reliance Power Limited, India |
1 |
|
Balasubramanian Natarajan Jointly with Reliance Power Limited, India |
1 |
|
Suresh Nagarajan Jointly with Reliance Power Limited, India |
1 |
|
Total |
36088750 |
|
Names of Preference Shareholder |
No. of Shares |
|
Reliance Power Limited, India |
33788750 |
|
Total |
33788750 |
Allottees as on 08.12.2014
|
Names of Allottees |
No. of Shares |
|
Reliance Power Limited, India |
2000000 |
|
Total |
2000000 |
As on 10.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject owns and operates coal based power plants. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Not Divulged
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
NOTE Based on the Terms of Agreements entered into by the Company with the respective lenders Including banks, financial institutions, other parties (Incorporated outside India) for rupee term loans and foreign currency term loan (including buyers credit, letter of credit), the total financing arrangement Is secured by mortgage / hypothecation / assignment / charge on; a) All the movable properties and assets (Including but not limited to plant and machinery, machinery spores, tools and accessories, furniture, fixtures, vehicles and all other movable assets), both present and future. b) All the intangible assets including but not limited lo the goodwill, operating cash flows, commissions, revenues of whatsoever nature and whenever arising. and uncalled capital, both present and future. c) All bank accounts In relation to the project (including but not limited to the accounts and permitted investments), the trust and retention account (Including the debt service reserve account) , including in each case, all monies lying credited/ deposited into such accounts. d) All the immovable properties. e) All rights, titles and Interests in all assets of the project and material project documents, insurance policies and clearances to the extent assignable under applicable law. f) All rights and interest under letter(s) of credit, contractor guarantees, performance bonds or such other security provided by the procurers or construction contractors or any other person under the PPA or any other project documents. g) A pledge of 100% of the total issued share capital of the company held by the holding company. h) Pursuant to the sponsor agreements entered into between
the company, Reliance Power Limited (the “Sponsor”) and Lenders, Reliance
Power Limited, as sponsor, has given an undertaking to support the Company
towards cost overrun for the project (upto 10% of the project cost), for
initial cash losses support from Unit’s commercial operation date to
scheduled date of commercial operations of power plant, support for cost of
excavating additional quantity of coal. |
||||||||||||||||||||||||
|
|
|
|
Financial Institutions : |
· SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India · Power Finance Corporation Limited, Chandralok Building, 36, Janpath, New Delhi - 110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFC0662N |
|
|
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Holding Company : |
Reliance Power Limited (R Power) |
|
|
|
|
Major Investing parties/ promoters having significant influences on
the holding company directly or indirectly : |
· Reliance Infrastructure Limited (RInfra) · AAA Project Ventures Private Limited (APVPL) (upto December 19.2012) |
|
|
|
|
Fellow Subsidiaries : |
· Reliance Coal Resources Private Limited (RCRL) · Rosa Power Supply Company Limited (RPSL) · Vidarbha Industries Power Limited (VIPL) · Rajasthan Sun Technique Energy Private Limited (RSTEPL) · Tata Hydro Power Private Limited (THPPL) · Samalkot Power Limited (SMPL) · Jharkhand Integrated Power Limited (JIPL) · Coastal Andhra Power Limited (CAPL) |
|
|
|
|
Other Related Parties : |
· Reliance General Insurance Company Limited (RGIL) · Reliance Communications Infra Limited (RCIL) · Reliance Infocomm Infrastructure Limited (RIIPL) · BSES Rajdhani Power Limited (BRPL) · BSES Yamuna Power Limited (BYPL) |
CAPITAL STRUCTURE
After 10.09.2014
Authorised Capital: Rs. 60000.000 Millions
Issued, Subscribed and Paid-up Capital: Rs.
718.775 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 50000.000 Millions |
|
1,000,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 60000.000
Millions |
Issued, Subscribed and Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33,788,750 |
Equity Shares |
Rs.10/- each |
Rs. 337.888 Millions |
|
33,788,750 |
Preference Shares |
Rs.10/- each |
Rs. 337.887 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 675.775
Millions |
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 |
675.775 |
564.040 |
359.859 |
|
(b) Reserves & Surplus |
67633.186 |
56558.516 |
36309.554 |
|
(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) |
68308.961 |
57122.556 |
36669.413 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
145986.563 |
137374.175 |
56633.076 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
13238.485 |
15282.558 |
9655.712 |
|
(d) long-term
provisions |
552.471 |
465.861 |
11.026 |
|
Total Non-current
Liabilities (3) |
159777.519 |
153122.594 |
66299.814 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
7486.543 |
9157.236 |
14648.392 |
|
(d) Short-term
provisions |
4.266 |
4.226 |
7.115 |
|
Total Current
Liabilities (4) |
7490.809 |
9161.462 |
14655.507 |
|
|
|
|
|
|
TOTAL |
235577.289 |
219406.612 |
117624.734 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24199.641 |
17873.429 |
5862.067 |
|
(ii)
Intangible Assets |
327.658 |
333.026 |
345.031 |
|
(iii)
Capital work-in-progress |
196967.910 |
161926.054 |
98794.431 |
|
(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 |
10171.295 |
13009.731 |
10864.435 |
|
(e) Other
Non-current assets |
201.327 |
225.132 |
4.695 |
|
Total Non-Current
Assets |
231867.831 |
193367.372 |
115870.659 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
1200.000 |
|
(b)
Inventories |
1361.242 |
1288.830 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
276.261 |
23850.426 |
313.064 |
|
(e)
Short-term loans and advances |
1253.057 |
835.292 |
201.167 |
|
(f) Other
current assets |
818.898 |
64.692 |
39.844 |
|
Total
Current Assets |
3709.458 |
26039.240 |
1754.075 |
|
|
|
|
|
|
TOTAL |
235577.289 |
219406.612 |
117624.734 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
14.267 |
38.651 |
694.494 |
|
|
|
TOTAL |
14.267 |
38.651 |
694.494 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Other expenses |
0.560 |
0.980 |
57.018 |
|
|
|
TOTAL |
0.560 |
0.980 |
57.018 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
13.707 |
37.671 |
637.476 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.797 |
2.628 |
6.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
12.910 |
35.043 |
630.676 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods (Including coal mining equipment’s imported through a
contractor) |
6791.840 |
39625.470 |
41832.220 |
|
|
TOTAL IMPORTS |
6791.840 |
39625.470 |
41832.220 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
0.46 |
1.86 |
37.60 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
2184.373 |
0.000 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04 |
0.07 |
3.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.14 |
2.40 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.50 |
2.84 |
0.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
359.859 |
564.040 |
675.775 |
|
Reserves & Surplus |
36309.554 |
56558.516 |
67633.186 |
|
Net
worth |
36669.413 |
57122.556 |
68308.961 |
|
|
|
|
|
|
long-term borrowings |
56633.076 |
137374.175 |
145986.563 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
56633.076 |
137374.175 |
145986.563 |
|
Debt/Equity
ratio |
1.544 |
2.405 |
2.137 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
----- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
----- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
----- |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
Subject a wholly owned subsidiary of Reliance Power Limited, has been set
up to develop an Ultra Mega Power Project of 3960 MW (6X660 MW) at Sasan,
Madhya Pradesh. A power purchase agreement (PPA) has been executed with 14
procurers comprising 7 states, based on which the power generated would be sold
to them. The project has been allotted three captive coal blocks to meet it
fuel requirements.
FINANCIAL RESULTS
The Company is implementing an integrated power project of 3,960 MW capacity (6 units of 660 MW each) with captive coal mines viz., Moher, Moher Amlohri extension and Chhatrasal. It is also the country’s first domestic coal based Ultra Mega Power Project (UMPP) and will benefit around 42 crore people in seven states procuring power from the project. The project is based on supercritical technology which is more efficient and environment friendly.
The Company has achieved financial closure and tied up long term loan facilities with Indian as well as foreign banks / financial institutions to finance the project on limited recourse basis. The project is the largest recipient of foreign currency loan from foreign banks and financial institutions including Export Import Bank of USA and Chinese Banks to any integrated coal based power project in the world
Four (4) units of 660 MW each have been commissioned so far and are in operation at present. For the period April 2013 to March 2014, the power station generated 2,751 MUs (gross) of electricity. Highest PLF achieved by 1st Unit was 94.76% in December 2013.
Construction of remaining two units is also in an advanced stage of progress. For the 5th unit, Boiler hydro test has been completed and Turbine Generator (TG) rotor alignment is in progress. For 6th unit, Boiler pressure parts and condenser erection are in progress. The remaining two units are scheduled to be commissioned in FY 2014-15.
Balance of plant systems including the coal handling plant, 14.5 km long coal conveyor from captive mines to power plant and switchyard have also been commissioned.
Coal for the power plant is being produced from the captive coal mines viz. Moher, Moher Amlohri extension. For the period April 2013 to March 2014, 19.9 million cubic metres of overburden was removed and 1.7 million tonnes of coal was produced.
More than 90 very large mining equipments are in operation at the coal mines.
Assembly of two draglines is progressing rapidly. The first draglines will become operational in2014-15 and the second dragline in 2015-16.
The Company has filed petitions with the Hon'ble Central Electricity Regulatory Commission (CERC) for compensation on account of various Changes in Law events (during Operations and during Construction period) and steep depreciation of Indian Rupee vis-a-vis US Dollar. All the petitions are in an advanced stage of consideration.
CONTINGENT
LIABILITIES (AS ON 31.03.2014)
a) Claims not acknowledged as debts Rs. 5.120 Millions (Previous Year Rs. 5.120 Millions)
b) Demands aggregating to Rs. 23.333 Millions from authorities under the Madhya Pradesh Gramin Avsanrachna Tatha Sadak Vikas Adhiniyam, 2005 (MPGATSAV, 2005) and Indian Forest Act, 1927, the grounds/ basis under which it has been levied to other parties as well, is under examination by Hon’ble Supreme Court of India.
PRESS RELEASE
RPOWER'S SIXTH SASAN UNIT TO BE
COMMISSIONED SOON
MUMBAI, JANUARY 2,
2015
Reliance Power Friday said that boiler light up process of its sixth 660 MW unit of the 3,960-MW Sasan ultra mega power has been achieved.
According to the company, the boiler light up process is a critical milestone in the commissioning of a power plant.
The company added that the 3,300 MW of the project are already operational. The boiler light-up is of the sixth unit which is being commissioned.
Once fully commissioned, the Sasan ultra mega power plant located in Madhya Pradesh will be able to produce 3,960-MW of power.
COAL MINISTRY MAY CANCEL ONE COAL BLOCK ALLOCATION TO RELIANCE POWER'S
SASAN PROJECT
29 SEP, 2014
NEW DELHI: The coal ministry plans to cancel the allocation of one coal block to Anil Ambani-led Reliance Power Ltd and ensure that surplus production from two other blocks attached to the 4,000 MW Sasan ultra mega power project is not used for another project, government sources said.
The ministry's plan follows the August 25 judgment of the Supreme Court (SC), which barred diversion of coal from blocks attached to any ultra mega power project. "Based on the directions from the Supreme Court, we plan to cancel the surplus coal diversion - four million tonnes per annum from Moher and Moher Amlohri and the entire Chhatrasal mine that is surplus for the Sasan plant," a government official said. Reliance Power did not offer immediate comment. An official said the ministry has not consulted the power ministry that administers the Sasan plant about the planned de-allocation of the Chhatrasal coal block, but might do so, if needed.
The decision will affect Reliance Power's Rs 210000.000 Millions Chitrangi project in Madhya Pradesh, which was planned to be partly fired on nine million tonnes of coal from three Sasan blocks -Chhatrasal, Moher and Moher Amlohri Extension.
The company has applied for coal supply from Coal India for the 4,000 MW project being built next to Sasan. The SC's order last week had exempted the coal blocks attached to the Sasan project from deallocation, but analysts say the August 25 order, which forbids the use of coal from these mines for other projects, was already a concern for Reliance Power."
We maintain that with the SC ruling out commercial exploitation of surplus coal for UMPPlinked coal blocks, the risk to full monetisation of its captive coal reserves has come to the fore. Although contribution to earnings from this 'surplus captive coal' is zero currently, INR39 of our 12-month TP of INR67 (under review) is attributed to the project pipeline (Chitrangi, Sasan-II) proposed to be fired by the same," a Nomura research report said on September 25. The SC on August 25 said, ".the coal blocks allocated for UMPP would only be used for UMPP and no diversion of coal for commercial exploitation would be permitted."
Officials said the decision also has implications for Reliance Power's plans to use excess reserves in mines attached to its second ultra mega power plant at Tilaiya in Jharkhand that has a permission to mine 1,200 million tonnes from Kerandari B and C blocks against the requirement of 850-900 million tonnes of coal.
The surplus coal would be sufficient for a 1,300-MW plant, officials say.
Reliance Power's website says the Chitrangi project will have lowest cost of generation and that the company has made considerable progress by securing water clearances and complete possession of land. Electricity from the Chitrangi plant is expected to be sold at Rs 2.45 per unit.
The dispensation allowing Reliance Power to use incremental coal has been discussed and debated since 2008 when an empowered group of ministers, headed by the then finance minister Pranab Mukherjee approved it.
The dispensation has been challenged by Tata Power in Supreme Court while in 2012 the power and coal ministries asked for revocation of the permission, after the Madhya Pradesh government said the firm did not make any progress on the Chitrangi plant and also did not sign any power supply agreement with it. However, the dispensation was retained by the government on legal advise by the then Attorney General G E Vahanvati.
Areport of the Comptroller and Auditor General of India on coal block allocations has criticised the government for allowing Reliance Power to divert excess coal, allegedly resulting into Rs 4,875 crore benefit to the company.Chhatrasal was allotted to Sasan Power Limited, the special purpose vehicle executing the project, after it was felt that Moher and Moher Amlohri Extension mines would not be sufficient to run the project. The block was taken away from NTPC, which was first allottee of the block.
RELIANCE POWER COMMISSIONS 5TH UNIT OF ITS SASAN UMPP
Aug 26, 2014
NEW DELHI: Reliance Power today announced that the fifth 660 MW unit of its 3,960 MW Sasan ultra mega power project has commenced generation.
With this, the total operational capacity of the Sasan plant in Madhya Pradesh has reached 3,300 MW, Reliance Power said in a release.
Last unit is in advanced stages of construction and will be commissioned over the next few months, the statement added.
Coal production has already commenced from the 20 million tonnes Moher and Moher-Amlohri coal mines associated with the power project.
After the completion of the fifth unit of Sasan, Reliance Power's generation capacity has increased to 5,185 MW which includes 5,100 MW of thermal capacity and 85 MW of renewable energy based capacity. The fourth unit of the plant was commissioned in May this year.
Madhya Pradesh gets 1,000 MW power from Sasan which will be 1,500 MW in the near future. The state is getting power from the Sasan UMPP at the rate of 70 paise per unit.
The RPower scrip was trading at Rs 79, down 4.24 per cent, on the BSE.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Mining Properties
· Furniture and Fixtures
· Motor Vehicles
· Office Equipments
· Computers
Intangible Assets
· Computer Software
· Mining Rights
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 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. 64.83 |
|
UK Pound |
1 |
Rs. 101.00 |
|
Euro |
1 |
Rs. 71.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.