MIRA INFORM REPORT
|
Report No. : |
303689 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
COASTAL GUJARAT POWER LIMITED |
|
|
|
|
Registered
Office : |
34, Sant Tukaram Marg, Carnac Bunder, Mumbai - 400009, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-182213 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 59171.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40102MH2006PLC182213 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation and Distribution of Power. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
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 |
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|
|
|
Comments : |
Subject is a Tata Group company. It is an established company having satisfactory track record. Even
though the company was incorporated in the year 2006, it has commenced with its
commercial operation from 7th March 2012. There appears some
accumulated losses recorded by the company. However, directors are
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active .Payments are reported to be slow but correct. In view of strong holding the company can be considered normal for
business dealings at usual trade terms and condition. |
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 |
CRISIL |
|
Rating |
Long term rating: “A-” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
31.03.2014 |
BI 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 DECLINED BY
|
Name : |
Mr. Zubin |
|
Designation : |
HR Head |
|
Contact No.: |
91-9619054571 |
|
Date : |
15.01.2015 |
LOCATIONS
|
Registered Office : |
34, Sant Tukaram Marg, Carnac Bunder, Mumbai-400009, |
|
Tel. No.: |
91-22-67171000 / 67171231 / 67172911 / 67171644 / 67172929 |
|
Fax No.: |
91-22-67171950 / 67171953 / 66100863 / 67171649 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate office : |
148, Lt Gen J Bhonsle Marg, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
DIRECTORS
As on 07.08.2014
|
Name : |
Mr. Sowmyan Ramaiengar Ramkrishnan |
|
Designation : |
Director |
|
Address : |
D-9, Income Tax Officers Colony, Peddar Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
19.02.1949 |
|
Date of Appointment : |
22.04.2007 |
|
DIN : |
00005090 |
|
|
|
|
Name : |
Mr. Anil Kumar Dev Dutta Sardana |
|
Designation : |
Director |
|
Address : |
22 A/B, New Akash Ganga Co-operative Housing Society Limited, 89,
Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
16.04.1959 |
|
Date of Appointment : |
22.04.2007 |
|
DIN : |
00006867 |
|
|
|
|
Name : |
Mr. Nawshir Hoshang Mirza |
|
Designation : |
Additional Director |
|
Address : |
6A, |
|
Date of Birth/Age : |
04.04.1950 |
|
Date of Appointment : |
29.01.2011 |
|
DIN : |
00044816 |
|
|
|
|
Name : |
Mr. Chandan Ajit Kumar Roy |
|
Designation : |
Additional Director |
|
Address : |
170, Madan Lal Block, Asiad Games Village, New Delhi – 110049, India |
|
Date of Birth/Age : |
16.07.1950 |
|
Date of Appointment : |
14.09.2012 |
|
DIN No.: |
00015157 |
|
|
|
|
Name : |
Mr. Krishnakumar Nanakchand Sharma |
|
Designation : |
Manager |
|
Address : |
Coastal Gujarat Power Limited, Block B6/A1, Ashiyana Township, NH-8A
Extension Moti Khakhar, Mundra – 370421, Gujarat, India |
|
Date of Birth/Age : |
01.04.1953 |
|
Date of Appointment : |
01.10.2012 |
|
DIN No.: |
06391026 |
|
|
|
|
Name : |
Mr. Ramesh Narayanswamy Subramanyam |
|
Designation : |
Director |
|
Address : |
162, 16th Floor, Jupiter, 41, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1969 |
|
Date of Appointment : |
22.10.2013 |
|
DIN No. : |
02421481 |
KEY EXECUTIVES
|
Name : |
T N Natarajan Ramakrishnan |
|
Designation : |
Secretary |
|
Address : |
I-104, Greenwoods, Andheri Kurla Road, Chakala, Andheri (East), Mumbai
– 400093, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1963 |
|
Date of Appointment : |
12.12.2013 |
|
PAN No.: |
AAUPG9364K |
|
|
|
|
Name : |
Mr. Zubin |
|
Designation : |
HR Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.08.2014
|
Names of Shareholders |
No. of Shares |
|
The Tata Power Company Limited, India |
5917129994 |
|
The Tata Power Company Limited, India With A S Bapat |
1 |
|
The Tata Power Company Limited, India With H M Mistry |
1 |
|
The Tata Power Company Limited, India With S Ramakrishnan |
1 |
|
The Tata Power Company Limited, India With Sanjay Dubey |
1 |
|
The Tata Power Company Limited, India With S. Padmanabhan |
1 |
|
The Tata Power Company Limited, India With R. N. Subramanyam |
1 |
|
Total |
5917130000 |
As on 07.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation and Distribution of Power. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
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Exports : |
-- |
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Imports : |
-- |
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|
|
|
Terms : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
· State Bank of India, Project Finance Sbu, Voltas House, 23, J N Herdia Marg, Ballard Estate, Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
|
|
Auditors : |
|
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
|
Address : |
Indiabulls Finance Centre, Tower 3, 27-32 Floor, Senapati Bapat Marg,
Elphinstone Road (West), Mumbai – 400013, Maharashtra, India |
|
|
Tel No.: |
91-22-6667 9000 |
|
|
Fax No.: |
91-22-6667 9100 / 9025 |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
|
|
Holding Company : |
The Tata Power Company Limited (TPCL), India |
|
|
|
|
|
|
Wholly owned
Subsidiary : |
Energy Eastern Pte. Limited (EEPL), Singapore |
|
|
|
|
|
|
Fellow Subsidiary #
: |
· Trust Energy Resources Pte. Limited (TERPL), Singapore · Maithon Power Limited (MPL), India · Tata Power Trading company Limited (TPTCL), India · PT Sumber Energy Andalan (SEA), Indonesia # Fellow subsidiaries with which transactions have taken place. |
|
CAPITAL STRUCTURE
After 07.08.2014
Authorised Capital : Rs. 70000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
5940.570 Millions
As on 07.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 70000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,917,130,000 |
Equity Shares |
Rs.10/- each |
Rs. 59171.300 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
59171.300 |
48866.100 |
39705.000 |
|
(b) Reserves & Surplus |
(53017.700) |
(38099.100) |
(22079.100) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
111.500 |
2170.000 |
1415.800 |
|
Total
Shareholders’ Funds (1) + (2) |
6265.100 |
12937.000 |
19041.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
107493.500 |
108262.200 |
105955.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
2929.400 |
|
(d) Long-term
provisions |
134.100 |
122.400 |
121.900 |
|
Total Non-current
Liabilities (3) |
107627.600 |
108384.600 |
109006.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
25588.300 |
16836.100 |
10525.300 |
|
(b) Trade
payables |
10592.500 |
6623.800 |
1485.500 |
|
(c) Other
current liabilities |
13657.300 |
19005.600 |
19324.300 |
|
(d) Short-term
provisions |
19.100 |
14.100 |
7.500 |
|
Total Current
Liabilities (4) |
49857.200 |
42479.600 |
31342.600 |
|
|
|
|
|
|
TOTAL |
163749.900 |
163801.200 |
159391.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
146012.900 |
145073.600 |
50369.700 |
|
(ii)
Intangible Assets |
1264.400 |
1321.500 |
1377.400 |
|
(iii)
Capital work-in-progress |
162.100 |
1342.100 |
93096.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
34.000 |
34.000 |
34.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
1379.600 |
1113.700 |
1287.200 |
|
(e) Other Non-current
assets |
987.600 |
1165.400 |
1332.500 |
|
Total Non-Current
Assets |
149840.600 |
150050.300 |
147497.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
45.200 |
|
(b)
Inventories |
3932.500 |
3721.100 |
3408.000 |
|
(c) Trade
receivables |
7451.900 |
6874.400 |
552.600 |
|
(d) Cash
and cash equivalents |
1403.300 |
2008.000 |
6680.600 |
|
(e)
Short-term loans and advances |
908.000 |
968.600 |
959.400 |
|
(f) Other
current assets |
213.600 |
178.800 |
248.300 |
|
Total
Current Assets |
13909.300 |
13750.900 |
11894.100 |
|
|
|
|
|
|
TOTAL |
163749.900 |
163801.200 |
159391.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
56371.600 |
27955.200 |
80.500 |
|
|
|
Other Income |
422.600 |
156.900 |
20.700 |
|
|
|
TOTAL (A) |
56794.200 |
28112.100 |
101.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Fuel (Net of Cost of Fuel capitalized Nil:
Previous Year Rs. 2017.100 Millions) |
44093.300 |
21694.600 |
170.300 |
|
|
|
Employees benefits expense |
685.900 |
254.400 |
12.100 |
|
|
|
Other expenses |
6298.400 |
2818.300 |
3053.800 |
|
|
|
Extraordinary Items - Impairment Loss |
0.000 |
8500.000 |
18000.000 |
|
|
|
TOTAL (B) |
51077.600 |
33267.300 |
21236.200 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
5716.600 |
(5155.200) |
(21135.000) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12396.500 |
6164.500 |
410.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(6679.900) |
(11319.700) |
(21545.200) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8238.700 |
4700.300 |
260.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(14918.600) |
(16020.000) |
(21805.400) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(14918.600) |
(16020.000) |
(21805.400) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(38099.100) |
(22079.100) |
(273.700) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(53017.700) |
(38099.100) |
(22079.100) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
112.800 |
2110.500 |
5918.500 |
|
|
|
Coal imported |
37804.100 |
20732.900 |
2487.100 |
|
|
TOTAL IMPORTS |
37916.900 |
22843.400 |
8405.600 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.79) |
(3.38) |
(6.68) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(26.46) |
(57.31) |
(27087.45) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.14 |
(18.44) |
(26254.66) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.12) |
(9.86) |
(32.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.38) |
(1.24) |
(1.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
21.24 |
9.67 |
6.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.28 |
0.32 |
0.38 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
39705.000 |
48866.100 |
59171.300 |
|
Reserves & Surplus |
(22079.100) |
(38099.100) |
(53017.700) |
|
Share Application money
pending allotment |
1415.800 |
2170.000 |
111.500 |
|
Net
worth |
19041.700 |
12937.000 |
6265.100 |
|
|
|
|
|
|
long-term borrowings |
105955.600 |
108262.200 |
107493.500 |
|
Short term borrowings |
10525.300 |
16836.100 |
25588.300 |
|
Total
borrowings |
116480.900 |
125098.300 |
133081.800 |
|
Debt/Equity
ratio |
|
|
|
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
80.500 |
27955.200 |
56371.600 |
|
|
|
34,626.957 |
101.650 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
80.500 |
27955.200 |
56371.600 |
|
Profit/ (Loss) |
(21805.400) |
(16020.000) |
(14918.600) |
|
|
(27087.45%) |
(57.31%) |
(26.46%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
|
|
|
|
Term Loan - From
banks |
|
|
|
|
Indian rupee loans |
1286.800 |
1345.600 |
1122.500 |
|
Foreign currency loans |
2837.800 |
2577.200 |
2425.500 |
|
|
|
|
|
|
From other parties |
|
|
|
|
Indian rupee loans |
855.300 |
904.600 |
741.700 |
|
Foreign currency loans |
2241.600 |
2035.700 |
1375.900 |
|
Total |
7221.500 |
6863.100 |
5665.600 |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10292419 |
10/06/2011 |
25,710,000,000.00 |
STATE BANK OF INDIA |
PROJECT FINANCE SBU,VOLTAS
HOUSE, 23, J N HERDIA |
B14995526 |
|
2 |
10210839 |
30/03/2010 |
127,564,000,000.00 |
STATE BANK OF INDIA |
PROJECT FINANCE SBU, 3RD FLOOR, STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA |
A82250531 |
|
3 |
10124605 |
06/10/2009 * |
127,564,000,000.00 |
STATE BANK OF INDIA |
PROJECT FINANCE SBU, 3RD FLOOR, STATE BANK BHAVAN, MADAM CAMA ROAD, MUMBAI, MAHARASHTRA - 400021, INDIA |
A75830554 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
Unsecured loans from Holding Company |
13035.900 |
4000.000 |
|
|
|
|
|
Other loans and advances (Guaranteed by the Holding Company) |
|
|
|
Unsecured loans from banks |
4500.000 |
4500.000 |
|
Buyer's Credit |
8052.400 |
8336.100 |
|
Total |
25588.300 |
16836.100 |
CORPORATE
INFORMATION:
The Company was incorporated on 10th February, 2006 as a wholly owned subsidiary of Power Finance Corporation Limited and was a special purpose vehicle formed to acquire project land and complete preliminary formalities and seeking initial consents for establishing the 4000 MW Ultra Mega Power Project (UMPP) at Mundra in the State of Gujarat which was awarded through the competitive bidding process. However, certain parts of land required for the project at the time of transfer of shareholding of the Company's project could not be acquired by Power Finance Corporation Limited. This had to be subsequently acquired by the Company.
Under the terms of the competitive bidding, the successful bidder was to acquire ownership of the Company. In terms of Share Purchase Agreement dated 22nd April, 2007, the entire shareholding of Power Finance Corporation Limited in the Company was acquired by The Tata Power Company Limited. Consequently, the Company becomes a wholly owned subsidiary of The Tata Power Company Limited. One power generating unit of 800 MW of the each commenced commercial operations during the previous year on 30th July, 2012, 27th October, 2012, 19th January, 2013 and 22nd March, 2013 resulting in total power generating capacity of 4,000 MW. Accordingly, the results for the current year ended 31st March, 2014 are not comparable with those for the previous year.
FINANCIAL PERFORMANCE
During the year, the company achieved a total sales turnover of Rs. 56371.600 Millions with an operating profit of Rs. 5294.000 Millions (Previous Year Rs. 3187.900 Millions). The Company reported a loss before tax of Rs. 14918.600 Millions for the financial year ended 31st March, 2014 as against loss of Rs. 16020.000 Millions for the previous year.
PROJECT FINANCE
The Company has availed a Rupee loan of Rs. 48000.000 Millions and foreign currency loans of USD 1,361.54 million of as on 31st March. 2014.
Certain financial covenants in respect of loans taken by the Company had not been met and Management had received waiver in respect of such non-compliances up to 30th June 2013. The Company has requested Project Lenders to extend the existing waivers till 3rd June, 2015 and/or amendments be made to the financing documents.
Pending finalisation of Debt:Equity ratio and other waivers, the Company has requested the Project Lenders to extend the date of compliance for tying up the balance coal and shipping requirements and other covenants of financing documents. The Project Lenders have in principle agreed to extend the time for compliance of conditions
OPERATIONAL
PERFORMANCE
During the period, the Company has achieved 80% availability with gross generation of 23,928 MUs as against 12,440 MUs generated in the previous year.
In order to optimise coal cost, efforts were made to maximise usage of low cost coal. 67% Eco coal blending was achieved resulting in considerable saving in cost of energy generated.
Details of unit-wise generation for FYI4 is given below:
|
Unit |
Generation ( MUs) |
Generation availability (%) |
Plant Load Factor (%) |
|||
|
|
|
|
|
|
|
|
|
Station |
23.928 |
12,440 |
83% |
84% |
66% |
74% |
|
|
|
|
|
|
|
|
Note: Lower PLF for FY-14 compared to FY 13 due to higher surrender of power by the procurers.
OPPORTUNITIES AND
OUTLOOK
Growth in the domestic sector is currently constrained given the uncertainties in the power sector. However, with a possibility of reform and linking of interconnected ministries at the Central government level (viz., coal, power and renewable), it is expected that the power sector will receive a much needed boost. The company can expand its generating capacity by 1,600 MW by installing 2 additional generating units of 800 MW each. The company has made an application to the Ministry of Environment and Forest (MOEF) for environment clearance. A Public Hearing in response to Environmental Impact Assessment (EIA) submitted by the Company was completed successfully in the month of August 2013 and a revised EIA was submitted to the Gujarat Pollution Control Board (GPCB) and the MoEF after incorporating suggestions from the local community. The same is now being pursued with MoEF
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
|
a) Corporate Guarantee issued on behalf of wholly owned subsidiary - Energy Eastern Pte. Limited of US$ 10 million (Previous Year US$ 10 million) |
598.900 |
543.900 |
|
|
b) Claims of Service Tax demands against processing fees paid to IFC and ADB for processing and disbursement of Loans. |
153.800 |
137.100 |
|
|
c) Income tax demand relating to tax on interest on deposits with banks. |
5.100 |
4.500 |
|
|
d) Claims by a procurer arising from the disputes relating to PPA against: |
1288.100 |
932.400 |
|
|
|
Rs in Millions |
|
|
|
- Change in law (including estimated amounts claimable by others procures of Rs. 363.600 millions) |
692.600 |
|
|
|
- Applicability of escalation index |
153.400 |
|
|
|
- Consequential additional impact on the rebate given |
442.100 |
|
|
|
|
1288.100 |
|
|
|
e) Green Cess disputed by the Company relating to issue of applicability |
732.100 |
253.500 |
|
|
f) Custom duty claims disputed by the Company relating to issue of applicability and classification (Payment made under protest against these claims by the Company Rs. 524.500 millions). |
763.200 |
693.200 |
|
|
g) Water Cess disputed by the Company relating to issue of applicable parameters for determining cess |
126.000 |
0.000 |
|
|
i) Stamp Duty on Coal |
56.900 |
39.600 |
|
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings – Plant
· Buildings – Others
· Roads
· Plant and Equipment
· Furniture and Fixture
· Vehicles
· Office Equipment
· Transmission Lines, Street Lights, etc.
Intangible Assets
· Operating Rights
· 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.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
45
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.