MIRA INFORM REPORT
|
Report No. : |
338772 |
|
Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAJ WESTPOWER LIMITED (w.e.f.19.10.2006) |
|
|
|
|
Formerly Known
As : |
RAJ WESTPOWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra |
|
Tel. No.: |
91-22-42861000 |
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|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-185098 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 17260.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31102MH1996PLC185098 |
|
|
|
|
IEC No.: |
1307001351 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR8812L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Generation and Sale of Power. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of “JSW
Energy Limited” It is an old and established company incorporated during the year 1996
having a good track record. The company has progressed well during FY 2014. It has achieved a
decent profitability during FY 2014. Further, the rating also takes into consideration rich experience of
its promoters, long established track and strong operating efficiency of the
company. The rating also continues to derive strength from the prominent
parentage and experienced management. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record, sound financial base and strong
parentage support, the company can be considered normal for business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
02.02.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A2+ |
|
Rating Explanation |
Strong degree of safety and higher credit
risk. |
|
Date |
02.02.2015 |
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 DECLINED BY
|
Name : |
Mr. Sunil |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-42861000 |
|
Date : |
27.08.2015 |
LOCATIONS
|
Registered/Corporate Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400051, Maharashtra, India |
|
Tel. No.: |
91-22-42861000 |
|
Fax No.: |
91-22-42863000 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Post Box No.30, Village and Post Bhadresh, District : Barmer – 344001, Rajasthan |
|
Tel. No.: |
91-2982–229100/ 229301 |
|
Fax No.: |
91-2982-229222 |
|
|
|
|
Jaipur Office |
C-44, C-Scheme, Office No. 2 and 3, 7th Floor, Man Upasana Plaza, Sardar Patel Marg, Jaipur – 302001, Rajasthan, India |
|
Tel. No.: |
91-141-2369772 |
|
Fax No.: |
91-141-2369774 |
|
|
|
|
Barmer Office: |
RWPL Township, Near St. Paul School, Shivkar Road, Barmer-344001, Rajasthan |
DIRECTORS
AS ON 31.07.2014
|
Name : |
Mr. Nirmal Kumar Jain |
|
Designation : |
Director |
|
Address : |
302, Suman, Playground Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
Date of Birth/Age : |
03.05.1946 |
|
Date of Appointment : |
01.12.2011 |
|
DIN No.: |
00019442 |
|
|
|
|
Name : |
Mr. Sanjay Sagar |
|
Designation : |
Director |
|
Address : |
A-20/17, DLF Qutab Enclave, Phase I, Gurgaon - 122002, Haryana, India |
|
Date of Birth/Age : |
04.08.1957 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
00019489 |
|
|
|
|
Name : |
Mr. Buddhadev Dasgupta |
|
Designation : |
Nominee Director |
|
Address : |
Flat No.3/9, 9th Floor, Sunny Park Apartment, 6 Sunny Park, Calcutta - 700019, West Bengal, India |
|
Date of Appointment : |
30.01.2015 |
|
DIN No.: |
01096895 |
|
|
|
|
Name : |
Mr. Pramod Prabhakaran Menon |
|
Designation : |
Director |
|
Address : |
L - 404, Dara Enclave, Awho, Plot No. 6, Sector 9, Nerul, Navi Mumbai - 400706, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1971 |
|
Date of Appointment : |
12.04.2007 |
|
DIN No.: |
01443287 |
|
|
|
|
Name : |
Sheila Sangwan |
|
Designation : |
Additional Director |
|
Address : |
39 Meena Bagh, Maulana Azad Road, New Delhi - 110011, India |
|
Date of Birth/Age : |
04.09.1953 |
|
Date of Appointment : |
30.10.2014 |
|
DIN No.: |
01857875 |
|
|
|
|
Name : |
Mr. Kamal Kant |
|
Designation : |
Whole-time director |
|
Address : |
B2201 CTS 724-A-783-784 Thakur Complex Poisar, Kandivali [East] Near Gokul Hospital, Mumbai - 400101, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1959 |
|
Date of Appointment : |
29.03.2011 |
|
DIN No.: |
03509325 |
KEY EXECUTIVES
|
Name : |
Mr. Raj Kumar Sharma |
|
Designation : |
Company Secretary |
|
Address : |
607, Twlight Cooperative Housing Limited, Raheja Vihar, Powai, Mumbai
– 400 072, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1969 |
|
Date of Appointment : |
11.01.2006 |
|
PAN No.: |
AJEPS0790E |
|
|
|
|
Name : |
Mr. Sunil |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.07.2014
|
Names of Shareholders |
No. of Shares |
|
JSW Energy Limited, India |
1691528400 |
|
South West Mining Limited, India |
34521000 |
|
JSW Power Trading Company Limited, India |
100 |
|
Sajjan Jindal |
100 |
|
Pramod Menon |
100 |
|
R.K. Sharma |
100 |
|
Sampath Madhavan |
100 |
|
Jayaprakash Nair |
100 |
|
|
|
|
Total |
1726050000 |
AS ON 31.07.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Generation and Sale of Power. |
|
|
|
|
Brand Names : |
-- |
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Agencies Held : |
-- |
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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
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
IDBI
Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani
Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
Auditors : |
|
|
Name : |
Shah Gupta and Company Chartered Accountants |
|
Address : |
38, Bombay Mutual Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-40851000 |
|
Fax No.: |
91-22-40851015 |
|
E-Mail : |
|
|
Website: |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS7702F |
|
|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
JSW Energy Limited (CIN No.: L74999MH1994PLC077041) |
|
|
|
|
Joint Venture : |
Barmer
Lignite Mining Company Limited (BLMCL) |
|
|
|
|
Related Parties : |
·
JSW Steel Limited ·
South West Mining Limited ·
JSW Jaigarh Port Limited ·
JSoft Solutions Limited ·
JSW Energy (Raigarh) Limited · JSW Bengal Steel Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.30000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,726,050,000 |
Equity Shares |
Rs. 10/- each |
Rs.17260.500
Million |
|
|
|
|
|
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 |
17260.500 |
17260.500 |
17260.500 |
|
(b) Reserves & Surplus |
898.200 |
(674.700) |
(872.800) |
|
(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) |
18158.700 |
16585.800 |
16387.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
44399.800 |
42062.700 |
34037.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
796.300 |
452.300 |
123.700 |
|
(d)
long-term provisions |
12.900 |
7.500 |
7.300 |
|
Total
Non-current Liabilities (3) |
45209.000 |
42522.500 |
34168.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1904.400 |
6926.900 |
12423.900 |
|
(b)
Trade payables |
248.100 |
1012.600 |
542.000 |
|
(c)
Other current liabilities |
4659.500 |
7235.300 |
8073.400 |
|
(d)
Short-term provisions |
102.000 |
7.200 |
0.700 |
|
Total
Current Liabilities (4) |
6914.000 |
15182.000 |
21040.000 |
|
|
|
|
|
|
TOTAL |
70281.700 |
74290.300 |
71596.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
62073.900 |
62533.200 |
31859.300 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
122.600 |
2089.900 |
29584.700 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
98.000 |
98.000 |
98.000 |
|
(c) Deferred tax assets
(net) |
383.000 |
561.900 |
692.600 |
|
(d) Long-term Loan
and Advances |
4337.500 |
4735.500 |
5197.000 |
|
(e)
Other Non-current assets |
1709.400 |
1327.200 |
962.100 |
|
Total
Non-Current Assets |
68724.400 |
71345.700 |
68393.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
397.600 |
262.100 |
390.400 |
|
(c)
Trade receivables |
1102.700 |
2292.500 |
2522.000 |
|
(d)
Cash and cash equivalents |
10.100 |
310.700 |
193.700 |
|
(e)
Short-term loans and advances |
36.000 |
69.400 |
51.200 |
|
(f)
Other current assets |
10.900 |
9.900 |
45.300 |
|
Total
Current Assets |
1557.300 |
2944.600 |
3202.600 |
|
|
|
|
|
|
TOTAL |
70281.700 |
74290.300 |
71596.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18216.500 |
11925.500 |
4345.500 |
|
|
|
Other Income |
383.600 |
395.900 |
1000.400 |
|
|
|
TOTAL |
18600.100 |
12321.400 |
5345.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Fuel |
5262.100 |
4774.500 |
2051.300 |
|
|
|
Employees benefits
expense |
410.900 |
296.300 |
201.800 |
|
|
|
Other expenses |
1516.500 |
1151.900 |
521.000 |
|
|
|
Pre-operative expenses written
off |
69.300 |
0.000 |
0.000 |
|
|
|
TOTAL |
7258.800 |
6222.700 |
2774.100 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
11341.300 |
6098.700 |
2571.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6075.100 |
3920.200 |
1971.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5266.200 |
2178.500 |
600.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
3383.200 |
1843.800 |
1015.500 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
(293.000) |
5.500 |
86.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
2176.000 |
329.200 |
-502.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
603.100 |
131.300 |
(234.400) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1572.900 |
197.900 |
-267.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Coal |
0.000 |
0.000 |
153.500 |
|
|
|
Stores & Spares |
4.900 |
2.200 |
0.000 |
|
|
|
Capital Goods |
683.700 |
42.000 |
16.100 |
|
|
TOTAL IMPORTS |
688.600 |
44.200 |
169.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.91 |
0.11 |
(0.16) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term borrowing |
3703.200 |
3227.700 |
2353.200 |
|
|
|
|
|
|
Cash Generated from Operations |
11724.200 |
6967.400 |
(1512.200) |
|
|
|
|
|
|
Net Cash Flow Generated from/(used in) Operating Activities |
11405.400 |
6978.000 |
(1514.300) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.63 |
1.66 |
(6.16) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
62.26 |
51.14 |
59.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.12 |
0.46 |
(1.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.02 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.75 |
3.15 |
2.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.23 |
0.19 |
0.15 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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 |
17260.500 |
17260.500 |
17260.500 |
|
Reserves & Surplus |
(872.800) |
(674.700) |
898.200 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
16387.700 |
16585.800 |
18158.700 |
|
|
|
|
|
|
Long-term borrowings |
34037.600 |
42062.700 |
44399.800 |
|
Short term borrowings |
12423.900 |
6926.900 |
1904.400 |
|
CURRENT MATURITIES OF
LONG-TERM BORROWING |
2353.200 |
3227.700 |
3703.200 |
|
Total
borrowings |
48814.700 |
52217.300 |
50007.400 |
|
Debt/Equity
ratio |
2.979 |
3.148 |
2.754 |
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) |
|
Sales |
4345.500 |
11925.500 |
18216.500 |
|
|
|
174.433 |
52.753 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4345.500 |
11925.500 |
18216.500 |
|
Profit |
(267.800) |
197.900 |
1572.900 |
|
|
(6.16%) |
1.66% |
8.63% |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10519818 |
05/09/2014 |
6,950,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BA |
C20521043 |
|
2 |
10484354 |
05/02/2014 |
23,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA |
C00261008 |
|
3 |
10437479 |
05/08/2015
* |
1,120,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
C62203468 |
|
4 |
10414466 |
06/07/2015
* |
1,933,400,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
C60040169 |
|
5 |
10402590 |
13/02/2014
* |
400,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B97565683 |
|
6 |
10393656 |
24/12/2012 |
2,955,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
B64763881 |
|
7 |
10107201 |
05/09/2014
* |
30,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA |
C23615800 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee Loan from Holding Company |
5214.300 |
8459.400 |
|
From other |
5.800 |
5.800 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee Term Loans |
|
|
|
From Banks |
0.000 |
3805.000 |
|
Rupee Loan from Holding Company |
1397.300 |
2728.500 |
|
|
|
|
|
Total |
6617.400 |
14998.700 |
PROJECT PERFORMANCE
The Company has implemented
1080 MW (8 X 135) power plant based on lignite to be mined from Jalipa and
Kapurdi Lignite mines in the District of Barmer in Rajasthan in FY 2012-13. Some
of the allied project activities such as part of Lignite handling system, Lime
handling system, colony etc. were commissioned during FY 2013-14. The balance
part of Project viz. part of reservoir, 33 KV line etc. is expected to be
completed during the year.
- The Company has achieved Plant Load Factor (PLF) of 44.32% during
operational period of the plant and has generated Rs. 4,193.30 Million
units (gross) during the year. Out of the gross generation, RWPL has sold
Rs. 3,697.34 Million units to Rajasthan Distribution Companies (Discoms)
and generated revenues of Rs. 18600.100 Million and earned profit after
tax of Rs. 1572.900 Million on standalone basis and revenues of Rs.
18432.900 Million and profit after tax of Rs. 1400.900 Million on
consolidated basis during the FY 2013-14.
- The Company has incurred Rs.69360.000 Million for the project
(excluding investment in BLMCL) as on 31st March, 2014.
- The Company has invested equity of Rs. 98.000 Million in BLMCL
besides providing it unsecured subordinate debt of Rs. 3940.900 Million as
at 31st March, 2014.
- The Company and BLMCL has filed petition with Hon’ble Rajasthan
Electricity Regulatory Commission (RERC) for determination of tariff and
lignite transfer price for FY 2014-15 which is under consideration and
RERC has extended the last applicable provisional tariff and transfer
price upto 30th June 2014.
FINANCING
The project cost is being
funded on a debt equity ratio of 75:25, with consortium of lenders led by ICICI
Bank Limited. The Board has approved the revised project cost including margin
money of Rs.71650.000 Million. As on 31st March 2014, the Company has incurred
expenditure of Rs.69360.000 Million on the project and the Company has drawn
Rs. 51730.000 Million under Rupee Term Loan Agreement.
JOINT VENTURE COMPANY:
During the year, Barmer
Lignite Mining Company Limited (BLMCL) had supplied lignite to meet the
requirements of Company’s power plant from Kapurdi Lignite Mines. The Company
had also purchased 1 lacs ton of lignite from open market to meet shortage of
lignite.
The land acquisition of the
Jalipa Lignite Mines is under progress and the mine development activity is
expected to be commissioned by during FY 2014-15. Mining lease for the Jalipa
Lignite Mine has been granted by Government of Rajasthan in favour of RSMML on
22nd February, 2013 and the Order for the lease transfer from RSMML in favour
of the Company has been issued by GoR on 17th September,
2013. The execution of mining
lease in favour of BLMCL is expected soon. Ministry of Coal has also granted
post-facto prior approval to Government of Rajasthan for grant of lease to
RSMML for Kapurdi and Jalipa Lignite Mines and transfer of mining lease to the
BLMCL
BLMCL had also applied for
enhancement of mining capacity of Kapurdi Lignite Mines from 3 MTPA to 7 MTPA
in March 2012 so that the lignite requirement for operating all eight units of
the Power Plant can be met at normative PLF. Ministry of Coal had approved the
increase in mining capacity upto 7 MTPA. The Environment Clearance approval for
increase in mining capacity upto 7 MTPA is under consideration with Ministry of
Environment & Forests (MOEF).
Meanwhile, BLMCL had also
applied in January, 2013 for the one time enhancement in mining capacity by 25%
to MOEF over the approved Environment Clearance (EC) of 3 MTPA, approval of
which has been received by BLMCL. During the year, BLMCL had also received
final clearance from MOEF for diversion of 9.794 hectares of protected forests
land lying on both sides of NH-15 in Jalipa Lease area. PWD-NH division is also
finalizing Detailed Project Report (DPR) for the diversion of NH-15 and is
likely to complete the same soon.
Lignite Handling System has
been installed and commissioned in March, 2014 and 3 MLD Water Treatment Plant
is under construction in Kapurdi Lignite Mines. BLMCL has incurred Rs.15270.000
Million in Mining project till 31st March, 2014.
NEW / PROPOSED PROJECT
The Company had approved
the setting up of 2x135 MW (270MW) Power Project (expansion project) at an
estimated cost of Rs.1350.000 Million at Barmer, in the State of Rajasthan.
During the year, the Company has decided to cancel the expansion project.
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
Estimated amount of Contracts remaining to be executed on capital account (net of advance) Rs. 341.500 Million, (previous year Rs. 826.500 Million).
FIXED ASSETS
- Freehold Land
- Buildings
- Plant and Machinery
- Office Equipment’s
- Furniture and Fixtures
- Vehicles
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 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.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.