MIRA INFORM REPORT
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Report No. : |
330224 |
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Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
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Name : |
RATTANINDIA POWER LIMITED (w.e.f. 30.10.2014) |
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Formerly Known
As : |
INDIABULLS POWER LIMITED |
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Registered
Office : |
M-62 and 63, First Floor, Connaught Place, New Delhi-110001 |
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Tel. No.: |
Not Available |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
08.10.2007 |
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Com. Reg. No.: |
55-169082 |
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Capital
Investment / Paid-up Capital : |
Rs. 29329.334 Million |
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CIN No.: [Company Identification
No.] |
L40102DL2007PLC169082 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Main Business Activities of the Company Included Inter Alia, Dealing in Power Generation, Distribution, Trading and Transmission and Other Ancillary and Incidental Activities. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “INDIABULLS GROUP“. It is an established company
having satisfactory track record. The company possesses moderate operational risk profile and it has incurred
losses from its operational activities. However, rating takes into consideration demonstrated entrepreneurial
experience and strong financial as well as managerial support that company
receives from Indiabulls group. Trade relations are reported as fair. Payment terms are reported to be
slow but correct. In view of being part of Indiabulls group, the company can be
considered 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Facilities=BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
19.09.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities=A3 |
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Rating Explanation |
Moderate degree of safety and higher credit risk |
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Date |
19.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY
MANAGEMENT NON CO-OPERATIVE
Contact No : 91-124-6681199
LOCATIONS
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Registered Office : |
M-62 and 63, First Floor, Connaught Place, New Delhi-110001, India |
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Tel. No.: |
91-11-30252900 |
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Fax No.: |
91-11-30252901 |
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E-Mail : |
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Website : |
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Corporate/ Head Office : |
12th floor, Tower A,
Building No. 5, DLF Phase 3, DLF Cyber City, Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-124-6695600 |
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Fax No.: |
91-124-6695868 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr.
Rajiv Rattan |
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Designation : |
Director |
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Date of Birth/Age : |
41
Years |
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Qualification : |
Graduated with a degree
in electrical engineering from the Indian Institute of Technology |
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DIN No.: |
00010849 |
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Name : |
Mr.
Saurabh Kumar Mittal |
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Designation : |
Director |
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DIN No.: |
01175382 |
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Name : |
Mr.
Vishna Chandra Vishwakarma |
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Designation : |
Director |
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DIN No.: |
06773859 |
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Name : |
Mr.
Dhanabalan Ravi |
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Designation : |
Director |
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DIN No.: |
00038452 |
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Name : |
Brig.
Labh Singh Sitara |
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Designation : |
Director |
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DIN No.: |
01724648 |
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Name : |
Mr.
Shamsher Singh Ahlawat |
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Designation : |
Director |
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DIN No.: |
00017480 |
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Name : |
Mr.
Prem Prakash Mirdha |
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Designation : |
Director |
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DIN No.: |
01352748 |
KEY EXECUTIVES
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Name : |
Mr.
Gaurav Toshkhani |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter
Group |
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1495000000 |
50.63 |
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202500000 |
6.86 |
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202500000 |
6.86 |
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1697500000 |
57.49 |
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Total shareholding of Promoter and Promoter
Group (A) |
1697500000 |
57.49 |
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(B) Public Shareholding |
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20322091 |
0.69 |
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55513021 |
1.88 |
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428362342 |
14.51 |
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29500304 |
1.00 |
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|
29500304 |
1.00 |
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533697758 |
18.07 |
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292516218 |
9.91 |
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129302681 |
4.38 |
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123907151 |
4.20 |
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|
176009545 |
5.96 |
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|
9095095 |
0.31 |
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|
134236116 |
4.55 |
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|
1951864 |
0.07 |
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30726470 |
1.04 |
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|
721735595 |
24.44 |
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Total Public shareholding (B) |
1255433353 |
42.51 |
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Total (A)+(B) |
2952933353 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
2952933353 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The
Main Business Activities of the Company Included Inter Alia, Dealing in Power
Generation, Distribution, Trading and Transmission and Other Ancillary and
Incidental Activities. |
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Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
Allahabad Bank ·
Punjab National Bank ·
Axis Bank Limited ·
Bank of India ·
State Bank of Bikaner and Jaipur ·
Canara Bank ·
State Bank of India ·
Central Bank of India ·
State Bank of Travancore ·
HDFC Bank ·
Syndicate Bank ·
ICICI Bank ·
UCO Bank ·
Indian Bank ·
United Bank of India ·
Indian Overseas ·
Bank Union Bank of India ·
Yes Bank Limited · IDBI Bank |
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Facilities : |
Note : LONG-TERM BORROWINGS (i) Loans from Consortium
of Banks and Financial Institutions aggregating to Rs. 52,997,366,677 and Bills
of Exchange related to the Project aggregating to Rs. 41.614 Million are
secured by way of first mortgage and charge on all immovable and movable
assets, both present and future, of the Amravati Project Phase I. Loan from
Other Bank aggregating to Rs. 2000.000 Million are secured by way of first
mortgage and charge on all immovable and movable assets, both present and
future, of the Amravati Project Phase II. The aforesaid Composite Facility
(Loans and Bills of Exchanges) are further secured by the pledge of Rs.
1057.092 Million equity shares (40% of the total equity share capital) of the
Company held by IIPL through execution of a Deed of Pledge amongst IIPL
(Pledger), IPL and IDBI Trusteeship Services Limited. Also, disbursements
against cost overrun underwritten portion is secured by a pledge of Rs.
39.708 Million equity shares of the Company held by Indiabulls Infrastructure
and Power Limited and Rs. 219.050 Million equity shares held by Indiabulls
Real Estate Limited in the Company and further, is secured by Rs. 1.505
Million equity shares of Indiabulls
Realtech Limited in favour of Power Finance Corporation Limited.
Additionally, the Company is required by Non-Disposal and Safety Net
Arrangement Agreement not to dispose off 11% equity shares of promoter’s
holding in the Company. (ii) The Company has
during the year rescheduled its loans with Consortium of Banks and Financial
Institutions for Phase I of the Project. The Company has received a sanction
letter from PFC vide letter No. 03/19 /IPL/GEN-TH/Vol IX/S0901001 dated
August 07, 2013 and has entered into Cost overrun cum Underwriting agreement
dated January 15, 2014 towards the same and according to which, PFC has
sanctioned additional loans, extension of repayment dates and other terms
stated therein subject to conditions being met by the Company in terms of the
said agreement. The Company has received sanction letters from other Banks
and Financial Institutions in the consortium and has entered in time overrun
agreements with some of the Banks and Financial Institutions in the
Consortium. Accordingly, the Company has revised its Project Cost to Rs.
74933.300 Million from Rs. 66315.200
Million (after exclusion of Rs. 2564.800
Million allocated to the Cost of transmission Line from the sanctioned
Project Cost of Rs. 68880.000 Million)
thereby resulting in net increase in the Project Cost by Rs. 8618.100 Million
for meeting the cost overruns. As per the said sanction letter and the Cost
overrun cum underwriting agreement, PFC is agreeable in principle to
underwrite entire debt component of cost overrun of Rs. 6463.600 Million which is 75% of the total cost overrun
of Rs. 8618.100 Million. Further, PFC
has also disbursed additional loans in terms of the Cost Overrun cum
underwriting agreement aggregating to Rs. 3500.000 Million upto March 31,
2014. (iii) Considering the
rescheduling of loans mentioned above, once the loans would be fully drawn
down from the Consortium of Banks/ Financial Institutions for Phase I and
other bank for Phase II: – Term loan from
Consortium of Banks for Phase I are repayable in 40 quarterly structured
installments beginning from March 31, 2015 as follows; One installment of Rs.
537.013 Million during the quarter ending March 31, 2015; Seven installments
each of Rs. 795.180 Million during the quarter ending June 30, 2015 to
December 31, 2016; One installment of
Rs. 893.011 Million during the quarter ending March 31, 2017; Three
installments each of Rs. 934.189 Million during the quarter ending June 30,
2017 to December 31, 2017; One installment of Rs. 1032.020 Million during the
quarter ending March 31, 2018; Three instalments each of Rs. 1073.198 Million during the quarter
ending June 30, 2018 to December 31, 2018; One installment of Rs. 975.367
Million during the quarter ending
March 31, 2019; Three installments each of
Rs. 934.189 Million during the quarter ending June 30, 2019 to
December 31, 2019; One installment of Rs. 836.358 Million during the quarter
ending March 31, 2020; Three installments each of Rs. 795.180 Million during
the quarter ending June 30, 2020 to December 31, 2020; One installment of Rs.
697.349 Million during the quarter ending March 31, 2021; Fifteen
installments each Of Rs. 656.171
Million during the quarter ending June 30, 2021 to December 31, 2024 and One
installment of Rs. 216.989 Million
during the quarter ending March 31, 2025. – Term loan from
Consortium of Financial Institutions for Phase I are repayable in 40 quarterly
structured instalment beginning from April 15, 2015 as follows; Eight
installments each of Rs. 609.740 Million during the quarter ending June 30,
2015 to March 31, 2017; Four instalments each of Rs. 692.156 Million during
the quarter ending June 30, 2017 to March 31, 2018; Four installments each of
Rs. 774.572 Million during the quarter
ending June 30, 2018 to March 31, 2019; Four installments each of Rs. 692.156
Million during the quarter ending June 30, 2019 to March 31, 2020; Four
installments each of Rs. 609.740
Million during the quarter ending
June 30, 2020 to March 31, 2021; Sixteen installments each of Rs. 527.324 Million during the quarter
ending June 30, 2021 to March 31, 2025. – the term loan from Bank
for Phase II would be repayable in 40 equal quarterly installments of Rs.
996.250 Million each beginning from April 15, 2015. The Company has also
obtained sanction of further loan of Rs. 10000.000 Million from REC which
would be repayable in 40 equal quarterly installments of ` Rs. 250.000
Million each beginning from October 15, 2015. (iv) Previous year, the
repayment terms were as mentioned below: Once the loans would be
fully drawn down from the Consortium of Banks/ Financial Institutions for
Phase I and other bank for Phase II: – the term loan from Bank
of India for Phase I would be repayable in 40 equal quarterly installments of
Rs. 96.300 Million each beginning from October 15, 2013; – the term loans from
other Consortium Banks for Phase I would be repayable in 40 equal quarterly installments
of Rs. 698.000 Million each beginning from September 30, 2013; – the term loans from
Consortium of Financial Institutions for Phase I would be repayable in 40
equal quarterly instalments of Rs. 57.500 Million each beginning from October
15, 2013 in case of Life Insurance Corporation, 40 equal quarterly instalments of Rs. 250,000,000 each beginning from October 15,
2013 in case of Power Finance Corporation and 40 equal quarterly installments
of Rs. 190.000 Million each beginning from December 31, 2013 in case of Rural
Electrification Corporation; – the term loan from Bank
for Phase II would be repayable in 40 equal quarterly installments of Rs.
1246.250 Million each beginning from January 1, 2015. (v) The above mentioned
loans from consortium of banks and financial institutions carry floating
rates of Interest ranging from 11.50 % p.a. to 14.00% p.a. (Previous Year
11.50% p.a. to 15.50% p.a.) and the term loan from other bank carries a
floating rate of interest of 15.00% p.a. (Previous Year floating rate of
interest ranging from 13.50% p.a. to 14.50% p.a.) (vi) There were no
continuing defaults in payment of interest as at the year ended March 31,
2014 and March 31, 2013. No loan were due for repayment during the year and
previous year. SHORT TERM BORROWINGS (i) The facilities are
secured by hypothecation charges on all movables and immovable assets,
present and future, of the the project under implementation by way of first
charge ranking pari passu. (ii) There were no
continuing defaults in repayment of loans and interest as at the year ended
March 31, 2014 and March 31, 2013. |
|
Banking
Relations : |
-- |
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|
|
|
Financial Institution : |
·
Life Insurance Corporation of India ·
Power Finance Corporation Limited ·
Rural Electrification Corporation Limited |
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Statutory Auditors : (As on 31.03.2014) |
|
|
Name : |
Deloitte
Haskins and Sells Chartered
Accountants |
|
Address : |
Indiabulls Finance Centre,
Tower 3, 27th- 32nd Floor, Elphinstone Mill Compound, Senapati Bapat Marg,
Elphinstone (West), Mumbai – 400013, Maharashtra, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : (As on 31.03.2014) |
Indiabulls
Infrastructure and Power Limited |
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Company having substantial interest : (As
on 31.03.2014) |
Indiabulls
Infrastructure and Power Limited |
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Subsidiary Companies : (As on 31.03.2014) |
·
Airmid Power Limited ·
Indiabulls Power Generation Limited ·
Albina Power Limited ·
Indiabulls Power Infrastructure Limited ·
Amravati Power Transmission Company Limited
·
Indiabulls Power Management Limited ·
Angina Power Limited ·
Indiabulls Power Projects Development
Limited ·
Apesh Power Limited ·
Indiabulls Power Projects Limited ·
Aravali Properties Limited ·
Indiabulls Power Solutions Limited ·
Ashkit Power Limited ·
Indiabulls Power Supply Limited ·
Bracond Limited ·
Indiabulls Power Systems Limited ·
Chloris Power Limited ·
Indiabulls Power Trading Limited ·
Citra Thermal Power and Infrastructure
Limited ·
Indiabulls Power Transmission Limited ·
Corus Power Limited*** ·
Indiabulls Power Utility Limited ·
Devona Thermal Power and Infrastructure
Limited ·
Indiabulls Powergen Limited ·
Diana Energy Limited ·
Indiabulls Realtech Limited ·
Diana Power Limited ·
Indiabulls Thermal Energy Limited ·
Elena Power And Infrastructure Limited ·
Indiabulls Thermal Power Limited ·
Fama Power Company Limited ·
Indiabulls Thermal Power Management Limited ·
Fornax Power Limited ·
Indiabulls Thermal Power Projects Limited ·
Genoformus Limited Indiabulls Thermal
Projects Limited ·
Hecate Electric Limited ·
Indiabulls Water Supply and Waste
Management Services Limited ·
Hecate Energy Private Limited ·
Kaya Hydropower Projects Limited ·
Hecate Energy Trading Limited ·
Lenus Power Limited ·
Hecate Hydro Electric Power Limited ·
Lucina Power And Infrastructure Limited ·
Hecate Power and Energy Resources Limited ·
Mabon Power Limited ·
Hecate Power Company Limited ·
Mariana Power Limited ·
Hecate Power Development Limited ·
Pachi Hydropower Projects Limited** ·
Hecate Power Distributors Limited ·
Papu Hydropower Projects Limited** ·
Hecate Power Generation Limited ·
Poana Power Systems Limited ·
Hecate Power Limited ·
Poena Hydro Power Projects Limited ·
Hecate Power Management Limited ·
Poena Power Company Limited ·
Hecate Power Projects Limited ·
Poena Power Development Limited ·
Hecate Power Services Limited ·
Poena Power Distributors Limited ·
Hecate Power Solutions Limited ·
Poena Power Generation Limited ·
Hecate Power Supply Limited ·
Poena Power Limited ·
Hecate Power Systems Limited ·
Poena Power Management Limited ·
Hecate Power Transmission Limited ·
Poena Power Services Limited ·
Hecate Power Utility Limited ·
Poena Power Solutions Limited ·
Hecate Powergen Limited ·
Poena Power Trading Limited ·
Hecate Thermal Power And Infrastructure
Limited ·
Poena Power Utility Limited ·
Indiabulls CSEB Bhaiyathan Power Limited ·
Poena Thermal Power Limited ·
Indiabulls Electric Company Limited ·
Renemark Limited ·
Indiabulls Electric Energy Limited ·
Selene Power Company Limited ·
Indiabulls Electric Limited Sentia ·
Thermal Power and Infrastructure Limited ·
Indiabulls Electric Power Limited ·
Sepla Hydropower Projects Limited ·
Indiabulls Electricity Company Limited ·
Sepset Thermal Power and Infrastructure
Limited ·
Indiabulls Electricity Generation Limited ·
Serida Power Limited ·
Indiabulls Hydro Electric Power Limited ·
Sinnar Power Transmission Company Limited ·
Indiabulls Hydro Energy Limited ·
Tharang Warang Hydropower Projects Limited ·
Indiabulls Hydro Power Limited ·
Triton Energy Limited ·
Indiabulls Hydro Power Projects Limited ·
Varali Power Limited ·
Indiabulls Power Development Limited ·
Zeus Energy Limited ·
Indiabulls Power Distribution Limited ·
Indiabulls Power Generation Company Limited Note : *These companies include
step down subsidiaries of the subsidiaries of the Company. ** Sale of wholly owned
subsidiaries to CSEC Limited was effected as on May 15, 2012 ***
Sale of wholly owned subsidiary to IIC Limited, was effected as on May 21,
2012 |
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Enterprise over which Key Management
Personnel have significant influence : (As on 31.03.2014) |
IIC Limited
(formerly known as Indiabulls Infrastructure Company Limited) |
|
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|
|
Interest in the
Trust : (As on 31.03.2014) |
IPL-PPSL Scheme Trust |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Nil
Issued, Subscribed & Paid-up Capital : Rs. 29329.334 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,642,729,953 |
Equity Shares |
Rs. 10/- each |
Rs.
26427.300 Million |
|
|
|
|
|
a) Reconciliation of the number of shares
outstanding at the beginning and at the end of the year
|
Particulars |
31.03.2014 |
|
|
Equity
Shares |
No. of Shares |
Amount (Rs. In Million) |
|
As
at the beginning of the year |
2,642,729,953 |
26427.230 |
|
Add:
Issued during the year |
|
|
|
–
Under the Schemes of Arrangement |
-- |
-- |
|
Balance
as at the end of the year |
2,642,729,953 |
26427.230 |
b) Terms/ Rights attached
to Equity Shares
The Company has only one class
of equity shares with voting rights, having a par value of Rs.10 per share.
Each shareholder of equity shares is entitled to one vote per share held. Each
share is entitled to dividend, if declared, in Indian Rupees. The dividend, if
any, proposed by Board of Directors is subject to the approval of the
Shareholders in the ensuing Annual General Meeting, except in the case of
interim dividend. In the event of liquidation of the company, the holders of
equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the Shareholders.
c) Shares held by the company having
substantial interest/ (Previous year - Holding company)
|
Particulars |
31.03.2014 (Rs. In Million) |
|
Indiabulls
Infrastructure and Power Limited |
|
|
1,185,000,000
(Previous Year 1,185,000,000(iv)) equity shares of Rs. 10 each fully paid |
11850.000 |
d) Shareholders holding more than 5% shares
in the company
|
Particulars |
31.03.2014 |
|
|
No of Shares |
% holding |
|
|
Equity Shares of Rs. 10 each fully paid |
|
|
|
|
|
|
|
Indiabulls Infrastructure and Power Limited, the
Company having substantial interest |
1185000000 |
44.84% |
|
Indiabulls
Real Estate Limited |
219050000 |
8.29% |
|
FIM
Limited |
393273458 |
14.88% |
|
LNM
India Internet Ventures Limited |
134236116 |
5.08% |
|
IPL
- PPSL Scheme Trust |
202500000 |
7.66% |
e) Aggregate Number of Shares reserved for issuance under Stock Option
plans of the Company Particulars
|
Particulars |
Aggregate number of Shares as at 31.03.2014 |
|
SPCL
– IPSL ESOP, 2008 |
3546200 |
|
IPL
ESOS 2009 |
1215200 |
|
IPL
ESOS - 2011 |
1127000 |
f) Aggregate number
and class of shares allotted as fully paid up pursuant to contract(s) without
payment being received in cash and bonus shares for the period of 5 years
immediately preceding the Balance Sheet date:
|
Particulars |
Aggregate number of Shares as at 31.03.2014 |
|
Equity
shares allotted as fully paid bonus shares by utilisation of Securities
Premium Account |
829500000 |
|
Equity
shares allotted as fully paid pursuant to the Schemes of Arrangement |
815407007 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
29329.334 |
26427.300 |
26427.300 |
|
(b) Reserves & Surplus |
23815.726 |
26475.471 |
27132.065 |
|
(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) |
53145.060 |
52902.771 |
53559.365 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
56318.096 |
54460.354 |
27469.643 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1059.537 |
1677.993 |
2415.924 |
|
(d)
long-term provisions |
35.509 |
35.078 |
28.414 |
|
Total
Non-current Liabilities (3) |
57413.142 |
56173.425 |
29913.981 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
5487.566 |
1192.310 |
250.550 |
|
(b)
Trade payables |
308.299 |
49.153 |
0.000 |
|
(c)
Other current liabilities |
11066.418 |
4911.039 |
21558.147 |
|
(d)
Short-term provisions |
324.432 |
37.732 |
3.311 |
|
Total
Current Liabilities (4) |
17186.715 |
6190.234 |
21812.008 |
|
|
|
|
|
|
TOTAL |
127744.917 |
115266.430 |
105285.354 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
78902.816 |
28643.272 |
1094.534 |
|
(ii)
Intangible Assets |
0.000 |
27.056 |
2.036 |
|
(iii)
Capital work-in-progress |
0.000 |
33832.431 |
47650.574 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
30.283 |
|
(v) Expenditure during construction pending capitalisation |
4127.016 |
11578.818 |
11652.501 |
|
(b) Non-current
Investments |
27576.182 |
24271.742 |
20520.220 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
18.621 |
|
(d) Long-term Loan
and Advances |
9880.060 |
12098.580 |
19208.162 |
|
(e)
Other Non-current assets |
707.120 |
673.724 |
424.739 |
|
Total
Non-Current Assets |
121193.194 |
111125.623 |
100601.670 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
755.927 |
130.787 |
129.312 |
|
(c)
Trade receivables |
2060.739 |
1230.313 |
0.000 |
|
(d)
Cash and cash equivalents |
2043.220 |
1753.373 |
2544.423 |
|
(e)
Short-term loans and advances |
823.655 |
441.736 |
1980.852 |
|
(f)
Other current assets |
868.182 |
584.598 |
29.097 |
|
Total
Current Assets |
6551.723 |
4140.807 |
4683.684 |
|
|
|
|
|
|
TOTAL |
127744.917 |
115266.430 |
105285.354 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8173.188 |
3790.024 |
0.000 |
|
|
|
Other Income |
337.667 |
135.863 |
346.823 |
|
|
|
TOTAL (A) |
8510.855 |
3925.887 |
346.823 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Fuel, Power and Water Consumed |
5793.848 |
2036.092 |
0.000 |
|
|
|
Employees benefits expense |
200.061 |
85.940 |
16.999 |
|
|
|
Other expenses |
1064.383 |
588.837 |
629.169 |
|
|
|
TOTAL (B) |
7058.292 |
2710.869 |
646.168 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1452.563 |
1215.018 |
(299.345) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3616.147 |
1290.406 |
34.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2163.584) |
(75.388) |
(333.535) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1232.848 |
652.763 |
12.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(3396.432) |
(728.151) |
(345.721) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.859 |
24.562 |
-82.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(3398.291) |
(752.713) |
(262.833) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.214) |
(0.285) |
(0.103) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
7995.263 |
4211.340 |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(41.58) |
(19.86) |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.77 |
32.06 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.54) |
(1.60) |
(1.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06) |
(0.01) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16 |
1.05 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.38 |
0.67 |
0.21 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 7.55/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
26427.300 |
26427.300 |
29329.334 |
|
Reserves & Surplus |
27132.065 |
26475.471 |
23815.726 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
53559.365 |
52902.771 |
53145.060 |
|
|
|
|
|
|
Long-term borrowings |
27469.643 |
54460.354 |
56318.096 |
|
Short term borrowings |
250.550 |
1192.310 |
5487.566 |
|
Total
borrowings |
27720.193 |
55652.664 |
61805.662 |
|
Debt/Equity
ratio |
0.518 |
1.052 |
1.163 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
0.000 |
3790.024 |
8173.188 |
|
|
|
|
115.650 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
0.000 |
3790.024 |
8173.188 |
|
Profit |
(262.833) |
(752.713) |
(3398.291) |
|
|
|
(19.86)% |
(41.58)% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
*
IN THE HIGH COURT OF DELHI AT NEW DELHI
+
O.M.P.(I) 203/2015 & IA 9698/2015
BHARAT
HEAVY ELECTRICALS LIMITED
..... Petitioner
Through: Dr.Abhishek Manu Singhvi, Sr.
Advocate with Mr.Punit Dutt
Tyagi and
Mr.Nikhil Singal, Advs.
Versus
RATTANINDIA POWER LIMITED.AND ANR.
..... Respondent
Through:
CORAM:
HON'BLE
MR. JUSTICE V. KAMESWAR RAO
ORDER
07.05.2015
IA 9698/2015
Exemption allowed subject to all just exceptions.
Application stands disposed of.
OMP (I) 203/2015
Issue notice to the respondents, returnable on 25th August, 2015.
Till the next date of hearing, the respondents shall maintain status quo
with regard to invocation of the following bank guarantees, subject to the
petitioner keeping the same alive.
·
(e) BG
No.0999610BG0003075, dated 20.11.2010, amounting to Rs.17,25,00,000/-.
·
(f) BG
No.0999610BG0003076, dated 20.11.2010 (subsequently amended on 14.07.2011),
amounting to Rs.2,50,06,60,172/-
·
(g) BG
No.0999610BG0003077, dated 20.11.2010, amounting to Rs.41,30,00,000/-
·
(h) BG
No.0999610BG0003078, dated 20.11.2010, amounting to Rs.1,23,53,30,086/-
Dasti under the signature of Court Master.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
|
Loans and advances from related parties
(Refer Note 36) Inter
Corporate Deposits from Company having substantial interest (ii) |
434.050 |
|
Total |
434.050 |
CORPORATE INFORMATION (As on 31.03.2014)
The Company was
incorporated on October 08, 2007 as a wholly owned subsidiary of Indiabulls
Real Estate Limited (“IBREL”) with an authorised capital of Rs 0.500 Million
divided into 50,000 equity shares of face value Rs. 10 each. During the
financial year 2009-10, the authorised capital was increased to `Rs. 50000.000
Million (Rupees Five Thousand Crores) divided into Rs. 5000.000 Million (Five
Hundred Crores) equity shares of face value Rs. 10 each. The main business
activities of the Company included inter alia, dealing in power generation,
distribution, trading and transmission and other ancillary and incidental
activities. The Company is in process of setting up a Thermal Power Project at
Amravati (“Amravati Project”, “the Project”) in the State of Maharashtra in two
phases of 1,350 MW each, with an ultimate capacity of 2,700 MW.
On February 12, 2008, the
Company had entered into a Shareholder’s agreement (“Agreement”) with IBREL, individual
promoters of IBREL (Sameer Gehlaut, Rajiv Rattan and Saurabh K. Mittal),
Investors (FIM Limited and LNM India Internet Ventures Limited) and the
erstwhile Indiabulls Power Services Limited (“IPSL” or “Amalgamating Company”),
a fellow subsidiary. The Company had also entered into a Share Subscription
Agreement (“SSA”) dated February 12, 2008, with IBREL, FIM Limited and LNM
India Internet Ventures Limited. In terms of the Agreement and the SSA, the
Company had issued and allotted 237,000,000 equity shares of face value of ` 10
each at a premium of ` 56.67 per share to the Investors on February 22, 2008.
In terms of the Agreement,
IPSL was merged with the Company, with effect from the Appointed Date on April
1, 2008. Consequently, the Company applied for and received approval dated
January 16, 2009, from the FIPB Unit, Department of Economic Affairs, Ministry
of Finance, Government of India to engage in the business of generating,
developing, transmitting, distributing and supplying all forms of electrical
power (except atomic energy) and to act as an operating cum holding company.
In accordance with the
provisions of Section 21 and other applicable provisions of the Companies Act,
1956, the
Members of the Company at
their Extraordinary General Meeting held on July 4, 2009, accorded their
approval to
change the name of the
Company. The Company has since received fresh certificate of incorporation
consequent upon change of name, from the Registrar of Companies, National
Capital Territory of Delhi and Haryana, dated July 07, 2009 in respect of the
said change. Accordingly, the name of the Company was changed to ‘Indiabulls
Power Limited.’
Pursuant to and in terms of
the Court approved Scheme of Arrangement under Section 391 to 394 of the
Companies Act, 1956, by and among Indiabulls Real Estate Limited, Indiabulls
Infrastructure and Power Limited, Indiabulls Builders Limited, Indiabulls Power
Limited. (the Company), Poena Power Supply Limited and their respective
shareholders and creditors (Scheme - 2011), which had been approved by the
Hon’ble High Court of Delhi vide its Order dated October 17, 2011 and came into
effect on November 25, 2011, with effect from April 1, 2011 i.e. the Appointed
Date.
In
pursuance of the Scheme - 2011, with effect from the Appointed Date:
(a)
The Power business undertaking of Indiabulls Real Estate Limited (IBREL) which
included IBREL’s investment in the Company, stood demerged from IBREL and
transferred to and vested in favour of Indiabulls Infrastructure
and
Power Limited (IIPL) which had the effect of making IIPL the Promoter Group/
holding company of the
Company.
(b) Poena Power Supply
Limited (PPSL) a wholly owned subsidiary of the Company was merged with the
Company as a going concern under the ‘pooling of interests method’ as specified
in Accounting Standard 14 on ‘Accounting for Amalgamations’ as notified under
the Companies (Accounting Standards) Rules, 2006, as amended, with the entire
business, including all the assets and liabilities as recorded in the books of
PPSL as on the Appointed Date (there were no fixed assets held by PPSL), being
transferred to the Company at their book values as on the said date. Poena
Power Supply Limited was, prior to its merger, engaged in the business,
inter-alia, of power project management, design and management of facilities
and services on site and off site, maintenance and operation of support
services, project advisory/consultancy and other related services; which
business continues after the merger.
The Company had on October 20,
2010 allotted 420,000,000 Share Warrants to certain Promoter Group entities
which were partly paid and at the option of the warrant holders were
convertible into equivalent number of Equity shares of the Company. Under the
Court approved Scheme of Arrangement by and amongst Indiabulls Real Estate
Limited, Indiabulls Infrastructure and Power Limited, Indiabulls Builders
Limited, the Company, Poena Power Supply Limited and their respective
shareholders and creditors (Scheme - 2011), it had been stipulated that any of
such Warrants remaining outstanding on the day of the Scheme - 2011 becoming
effective, would stand converted into partly paid Equity shares of the Company.
However, prior to the effectiveness of the Scheme - 2011 the warrant holding
entities conveyed to the Company their unwillingness to exercise the warrants
per se, so that as on the date of effectiveness of the Scheme - 2011, no
warrants were outstanding. Consequently, an amount of Rs. 3045.000 Million
representing the upfront money paid on these warrants was forfeited by the
Board of Directors of the Company and appropriated to the Capital Reserve.
In terms of the Court
approved Scheme of Arrangement (Scheme - 2012) which came into effect on June
2, 2012
(Effective Date),
Indiabulls Infrastructure Development Limited (IIDL) was merged with the
Company as a going concern with effect from April 1, 2012, the Appointed Date
under the Scheme - 2012, upon which the entire undertaking and the entire
assets and liabilities of IIDL stand transferred to and vested in the Company
at their book values. Pursuant to the Scheme - 2012 as aforesaid, an aggregate
of 41,54,07,007 Equity shares of face value Rs. 10 each in the Company were
issued and allotted in favour of the IIDL shareholders as on the Effective
Date, thereby increasing the paid up capital of the Company to Rs. 26427.300
Million divided into 264,27,29,953 Equity shares of face value Rs. 10 each.
Consequent to issuance and allotment of equity shares to the shareholders of
IIDL, the Indiabulls Infrastructure and Power Limited (IIPL) has ceased to be
the ultimate holding company w.e.f June 20, 2012. IIDL was, prior to its
merger, engaged in the business, inter-alia, of the development of real estate
projects, providing management advisory services and other related and
ancillary activities.
BUSINESS REVIEW (As on 31.03.2014)
Power sector is the fulcrum
of economic development in any country. Putting aside the success stories posted
across the sector, the reality is that power sector in India continues to lag
behind. Shortages, tariffs and the dependence on imported fuels are on the rise
while the poor health of distribution continues to restrict the flow of
investments. The company has thought of the challenges enumerated above in
advance and accordingly has a strategy in place to tackle them. Your company is
well placed with land, fuel linkage, water, financial closure etc. to face the
challenges in Power Sector and is on course of building a leadership position
in the Sector.
The financial year
2013-2014 has been a milestone in the track record of your company in which,
Unit 1 & Unit 2 of Amravati Thermal Power Station (ATPS) achieved
Commercial Operation Date (COD) on 3.6.2013 and 28.3.2014 respectively. Unit 1
of Nashik Thermal Power Station (NTPS) being developed by 100% subsidiary of
your company also achieved Commercial Operation Date (COD) on 29.3.2014. You
would be happy to note that Unit 1 of ATPS is supplying power to Maharashtra
State Electricity Distribution Company Ltd (MSEDCL), since June 2013.
Coal India Limited (CIL)
with whom your Company has executed Fuel Supply Agreement (FSA) for supply of
coal is not able to meet its commitments and is unable to supply the assured
quantity of coal. This is not unique to The Company but a common issue with all
the generators who depend on the linkage domestic coal from CIL. Considering
the inadequacy of domestic coal, Cabinet Committee on Economic Affairs (CCEA)
in its resolution dated 21st Jun 2013 approved a mechanism whereby CIL to
supply 65%, 65%, 67% and 75% of the Annual Contracted Quantity (ACQ) during the
remaining period of 12th 5-year plan. CIL may supply the balance coal
requirement to the willing power generators from imported source on cost plus
basis. Generators themselves can also import coal to meet the deficit.
Additional cost of such coal would be considered as pass-through in tariff and
concerned regulatory commissions would be deciding on the same based on the
application of the generators on case to case basis. To accommodate this, NCDP
2007 was amended by Ministry of Coal on July 26, 2013 and on July 31, 2013
Ministry of Power issued advisory note to all the Electricity Regulatory
Commissions in this regard.
In this background, the
Company had filed a petition with Hon’ble Maharashtra Electricity Regulatory
Commission (MERC) to allow use of coal from imported/ alternate source(s) to
meet the deficit and to allow additional cost of such coal as pass through in
tariff by way of compensation. Considering the hardship, Hon’ble MERC in their
latest order allowed use of coal from imported/alternate source to meet the
shortfall of linkage coal and the additional cost of such coal would be
recovered in the tariff. Hon’ble MERC for the purpose has prescribed a formula
for such compensation which will be over and above the tariff under Power
Purchase Agreement. The indicative compensatory fuel charge is Rs. 1.55/kWh
which will be payable by MSEDCL on the incremental generation from imported
coal. The Company has now initiated the process of procuring the
imported/alternate coal to mitigate the shortfall in linkage coal to run units
at higher PLF thereby improving profitability.”
FIXED ASSETS: (As
on 31.03.2014)
Tangible assets
·
Land – Freehold
·
Leasehold
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computers
·
Buildings
Intangible assets
·
Under Development-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. 63.37 |
|
|
1 |
Rs. 98.86 |
|
Euro |
1 |
Rs. 69.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.