MIRA INFORM REPORT
|
Report No. : |
320591 |
|
Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Prakashgad Prof Anant Kanekar Marg, Bandra (East), Mumbai - 400054,
Maharashtra |
|
Tel. No.: |
91-22-26474524 / 26474211 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
153648 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 55346.446 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40100MH2005SGC153648 |
|
|
|
|
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
: |
The company is engaged in power generation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
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 : |
Exist |
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|
|
|
Comments : |
Subject is a state government company. It is a well-established
company having fine track. As per Registrar of companies the date of balance sheet i.e.
financials filed is shown as 31st March, 2014 but the documents
related to the financials for the year 2014 is not available from any source.
As per available financial of 2013, the company has fair profit
margin. The financial strength of the company is good and performance capability
is high. Creditors and lenders can proceed for business dealings
comfortably. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In the view of aforesaid, subject can be considered good 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 : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
07.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating : A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
07.04.2015 |
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
31-03-2014.
INFORMATION DENIED
Management non co-operative
Contact no.: 91-22-26474211
LOCATIONS
|
Registered Office : |
Prakashgad Prof Anant Kanekar Marg, Bandra (East), Mumbai - 400054,
Maharashtra, India |
|
Tel. No.: |
91-22-26474524 / 26474211 |
|
Fax No.: |
91-22-26475749 / 26475454 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 24.09.2014
|
Name : |
Prakash Vithal Page |
|
Designation : |
Director |
|
Address : |
131 Poornand Walkeshwar Road, Malbar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
18.09.1953 |
|
Date of Appointment : |
01.12.2008 |
|
DIN No.: |
00096443 |
|
|
|
|
Name : |
Irawati Anil Dani |
|
Designation : |
Director |
|
Address : |
Gandhi Sagar (East), Mahal, Nagpur - 440032, Maharashtra, India |
|
Date of Appointment : |
26.06.2014 |
|
DIN No.: |
00689373 |
|
|
|
|
Name : |
Mukesh Khullar |
|
Designation : |
Additional Director |
|
Address : |
20 Avanti Narayan Dabholkar Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
04.02.2015 |
|
DIN No.: |
01208035 |
|
|
|
|
Name : |
Jai Kumar Srinivasan |
|
Designation : |
Director |
|
Address : |
601 Mseb Qtrs R-10 E Block, Bkc Bandra East, Mumbai - 400051, Maharashtra, India |
|
Date of Appointment : |
26.05.2014 |
|
DIN No.: |
01220828 |
|
|
|
|
Name : |
Chandrakant Satwaji Thotwe |
|
Designation : |
Additional Director |
|
Address : |
301, Mseb Colony, Bandra Kurla Complex, Bandra East, Mumbai, 400051, Maharashtra, India |
|
Date of Birth/Age : |
14.08.1962 |
|
Date of Appointment : |
28.08.2013 |
|
DIN No.: |
01572936 |
|
|
|
|
Name : |
Bipinkumar Punambhai Shrimali |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 1 3rd Floor, Mhada Kalanagar Bandra (E), Mumbai, 400051, Maharashtra, India |
|
Date of Appointment : |
05.01.2015 |
|
DIN No.: |
03272135 |
|
|
|
|
Name : |
Vijay Parasnath Singh |
|
Designation : |
Additional Director |
|
Address : |
4-B, Soudamini, Mseb Officers Qurters, Haji Ali, Mumbai, 400034, Maharashtra, India |
|
Date of Appointment : |
28.08.2013 |
|
DIN No.: |
03362832 |
KEY EXECUTIVES
|
Name : |
Rahul Dubey |
|
Designation : |
Secretary |
|
Address : |
A/3 203 Chhabhaiya Chsl, Majiwade, Thane - 400607, Maharashtra, India |
|
Date of Appointment : |
17.01.2006 |
|
PAN No.: |
AEQPD9444P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ajoy Mehta [Nominee Government of Maharashtra] |
|
49950 |
|
Jai Kumar Srinivasan [Nominee Government of Maharashtra] |
|
10 |
|
A B Ramteke [Nominee Government of Maharashtra] |
|
10 |
|
R U Bagade [Nominee Government of Maharashtra] |
|
10 |
|
L N Sadafule [Nominee Government of Maharashtra] |
|
10 |
|
V M Rajurkar [Nominee Government of Maharashtra] |
|
10 |
|
MSEB Holding Company Limited, India |
|
8057234564 |
|
|
|
|
|
Total |
|
8057284564 |
Equity Share Break up (Percentage of Total Equity)
AS ON 24.09.2014
|
Category |
Percentage |
|
Government [Central and State] |
0.01 |
|
Government companies |
99.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in power generation. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
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|
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|
Agencies Held : |
Not Available |
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|
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Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
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|
|
|
Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
|
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Financial Institutions : |
|
|
|
|
|
Auditors : |
|
|
Name : |
CVK and Associates Chartered Accountants |
|
Address : |
2, Samarth Apartments, D.S. Babrekar Road, Dadar (West), Mumbai –
400028, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFC3657K |
|
|
|
|
Name : |
K. S. Aiyar and Company Chartered Accountants |
|
Address : |
F 7, Laxmi Mills, Shakti Mills Lane, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai 400011, Maharashtra, India |
|
|
|
|
Name : |
G M Kapadia and Company Chartered Accountants |
|
Address : |
36B, Tamarind House, Tamarind Lane, Fort, Mumbai – 400001, Maharashtra, India |
|
|
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company [AS
ON 31.03.2013]: |
MSEB Holding Company Limited [U40100MH2005SGC153649] |
|
|
|
|
Subsidiary
Companies [AS ON 31.03.2013]: |
|
CAPITAL STRUCTURE
AS ON 24.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,057,284,564 |
Equity Shares |
Rs.10/- each |
Rs. 80572.845
Million |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,534,644,564 |
Equity Shares |
Rs.10/- each |
Rs.55346.446 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
55346.446 |
51408.467 |
25000.500 |
|
(b) Reserves &
Surplus |
16604.875 |
11725.083 |
9721.919 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
Fly Ash Utilisation Fund |
0.000 |
0.000 |
0.000 |
|
(2) Share Application
money pending allotment |
14023.325 |
5777.934 |
22965.000 |
|
Total Shareholders’ Funds
(1) + (2) |
85974.646 |
68911.484 |
57687.419 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
189263.793 |
123919.799 |
109213.653 |
|
(b) Deferred tax
liabilities (Net) |
10042.921 |
7779.084 |
8189.242 |
|
(c) Other long term liabilities |
23438.518 |
10607.630 |
13462.062 |
|
(d) long-term provisions |
6592.403 |
6317.196 |
6657.187 |
|
Total Non-current
Liabilities (3) |
229337.635 |
148623.709 |
137522.144 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
55489.490 |
61509.050 |
49251.957 |
|
(b) Trade payables |
34011.188 |
31687.756 |
32598.833 |
|
(c) Other current
liabilities |
52013.713 |
48073.801 |
31144.594 |
|
(d) Short-term provisions |
3210.185 |
1986.913 |
2369.856 |
|
Total Current Liabilities
(4) |
144724.576 |
143257.520 |
115365.240 |
|
|
|
|
|
|
TOTAL |
460036.857 |
360792.713 |
310574.803 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
161457.958 |
85445.540 |
86939.939 |
|
(ii) Intangible Assets |
249.555 |
25.820 |
30.139 |
|
(iii) Capital
work-in-progress |
157475.188 |
160683.181 |
107702.518 |
|
Provision for
obsolescence |
(78.304) |
(114.097) |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
254.459 |
28.536 |
|
(b) Non-current
Investments |
26.600 |
26.600 |
1.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6533.183 |
15531.602 |
16342.359 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
4337.434 |
|
Total Non-Current Assets |
325664.180 |
261853.105 |
215382.525 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
17158.750 |
14244.219 |
12733.678 |
|
(c) Trade receivables |
71330.084 |
42959.019 |
22800.065 |
|
(d) Cash and cash
equivalents |
1208.312 |
298.714 |
434.134 |
|
(e) Short-term loans and
advances |
29388.231 |
31372.820 |
34623.426 |
|
(f) Other current assets |
15287.300 |
10064.836 |
24600.975 |
|
Total Current Assets |
134372.677 |
98939.608 |
95192.278 |
|
|
|
|
|
|
TOTAL |
460036.857 |
360792.713 |
310574.803 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
164238.621 |
127446.380 |
121418.304 |
|
|
Other Income |
2191.843 |
1502.887 |
894.202 |
|
|
TOTAL (A) |
166430.464 |
128949.267 |
122312.506 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
108221.205 |
95020.055 |
82817.316 |
|
|
Employees benefits
expense |
9100.364 |
7932.733 |
8705.599 |
|
|
Other expenses |
20650.506 |
11465.926 |
12034.258 |
|
|
TOTAL (B) |
137972.075 |
114418.714 |
103557.173 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
28458.389 |
14530.553 |
18755.333 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
13611.070 |
8498.292 |
6574.331 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
14847.319 |
6032.261 |
12181.002 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5569.689 |
4031.255 |
4181.272 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
9277.630 |
2001.006 |
7999.730 |
|
|
|
|
|
|
|
Less |
TAX (H) |
4397.838 |
(2.157) |
4905.163 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
4879.792 |
2003.163 |
3094.567 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
Nil |
Nil |
NA |
|
|
Components and Stores parts |
46.596 |
4.411 |
NA |
|
|
Capital Goods |
Nil |
Nil |
NA |
|
|
TOTAL IMPORTS |
46.596 |
4.411 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.79 |
0.38 |
0.68 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.97 |
1.57 |
2.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.33 |
11.40 |
15.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.07 |
1.00 |
3.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.03 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.85 |
2.69 |
2.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
0.69 |
0.83 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
25000.500 |
51408.467 |
55346.446 |
|
Reserves & Surplus |
9721.919 |
11725.083 |
16604.875 |
|
Share Application money
pending allotment |
22965.000 |
5777.934 |
14023.325 |
|
Net worth |
57687.419 |
68911.484 |
85974.646 |
|
|
|
|
|
|
long-term borrowings |
109213.653 |
123919.799 |
189263.793 |
|
Short term borrowings |
49251.957 |
61509.050 |
55489.490 |
|
Total borrowings |
158465.610 |
185428.849 |
244753.283 |
|
Debt/Equity ratio |
2.747 |
2.691 |
2.847 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
121418.304 |
127446.380 |
164238.621 |
|
|
|
4.965 |
28.869 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
121418.304 |
127446.380 |
164238.621 |
|
Profit |
3094.567 |
2003.163 |
4879.792 |
|
|
2.55% |
1.57% |
2.97% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBT
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Million) |
||
|
Current
Maturities of Long Term Debt |
11724.284 |
9737.575 |
5264.052
|
|
|
|
|
|
|
Total |
11724.284 |
9737.575 |
5264.052
|
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Lodging No:- |
NMAL/196/2015 |
Failing Date:- |
17.01.2015 |
|||
|
MAIN MATTER |
||||||
|
Lodging No:- APPL/144/2012 |
||||||
|
Petitioner:- |
M/S GEO MILLER COMPANY PRIVATE LIMITED |
Respondent:- |
MAHARASHTRA STATE POWER GENERATION COMPANY LIMITED |
|||
|
Petn.Adv:- |
SHRI KRISHNA R GANBAVALE (I2543) |
|
||||
|
District:- |
OUTSIDE MAHARASHTRA |
|||||
|
Bench:- |
Division |
Category: |
NOTICE OF MOTION (APPEAL) |
|||
|
Status:- |
Pre-Admission |
Stage:- |
NOTICE OF MOTION for HEARING [ORIGINAL SIDE MATTERS] |
|||
|
Next Date:- |
18.06.2015 |
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE V. M. KANADE HON’BLE SHRI JUSTICE A. R. JOSHI |
|||||
|
Last Date:- |
29.04.2015 |
Stage:- |
NOTICE OF MOTION for HEARING [ORIGINAL SIDE MATTERS] |
|||
|
|
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE V. M. KANADE HON’BLE SHRI JUSTICE A. R. JOSHI |
|||||
|
|
|
|||||
|
Act:- |
Arbitration and Conciliation Act 1996 |
|||||
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Million) |
31.03.2012 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term
Loan |
|
|
|
From
Financial Institution |
|
|
|
Power
Finance Corporation |
2811.040 |
4017.469 |
|
From
Others |
|
|
|
KFW
150 MW Solar (Refer Note 38(h) ) |
1703.399 |
0.000 |
|
Government
of Maharashtra |
633.143 |
949.251 |
|
Short-term
borrowings |
|
|
|
Loan
repayable on Demand |
|
|
|
From
Banks |
|
|
|
Working
Capital loan from Banks |
30200.824 |
36390.209 |
|
Temporay
Loan from Banks |
799.175 |
644.341 |
|
Project
Specific loans from banks |
0.000 |
16604.500 |
|
Total |
36147.581 |
58605.770 |
CONTINGENT
LIABILITIES (NOT PROVIDED FOR) :
|
PARTICULARS |
31.03.2013 (Rs.
in Million) |
31.03.2012 (Rs.
in Million) |
|
Bank Guarantee issued by Bankers of company in favour of Third Parties |
138.975 |
138.975 |
|
Bank Guarantee / Letter of Credit issued by Bankers of company |
94.993 |
23.700 |
|
Claims against company not acknowledged as debts |
7293.214 |
558.775 |
|
Disputed Duties / Tax Demands |
1114.894 |
1114.292 |
|
Total |
8642.076 |
1835.742 |
|
Note – An amount of Rs.1114.894 Million shown against “Disputed Duties and Tax Demands” include an amount of Rs. 1073.215 Million towards penalty levied by Income Tax Department vide order dated 31-03-2011, issued u/s 271(1)(c ) of Income Tax Act in respect of assessment for AY 2007-08. The Company has preferred an appeal with Commissioner (Income Tax Appeals) against the said penalty order. |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10534418 |
24/11/2014 |
1,193,000,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE,, CONNAUGHT PLACE, |
C35696004 |
|
2 |
10528737 |
10/10/2014 |
1,687,500,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK
BANDRA |
C32014599 |
|
3 |
10476629 |
31/01/2014 |
393,900,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4 |
B95961280 |
|
4 |
10459921 |
25/10/2013 |
572,000,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH |
B89429302 |
|
5 |
10416169 |
28/03/2013 |
10,000,000,000.00 |
CENTRAL BANK OF INDIA |
KHERNAGAR, BANDRA EAST, MUMBAI, MAHARASHTRA - 400 |
B71922926 |
|
6 |
10423934 |
26/03/2013 |
393,900,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4 |
B74496266 |
|
7 |
10414585 |
16/03/2013 |
34,350,000,000.00 |
POWER FINANCE CORPORATION LIMITED |
'URJANIDHI', 1,BARAKHAMBA LANE,, CONNAUGHT PLACE, |
B71739882 |
|
8 |
10415545 |
15/03/2013 |
284,000,000.00 |
HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED |
HUDCO BHAWAN, INDIA, HABITAT CENTER,, LODHI ROAD, |
B71955868 |
|
9 |
10413498 |
07/03/2013 |
95,600,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH |
B71353833 |
|
10 |
10411810 |
07/03/2013 |
669,100,000.00 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELH |
B70771274 |
* Date of charge modification
FINANCIAL PERFORMANCE
[AS ON 31.03.2013]
During the year, the income from sale of power increased by 28 % from Rs 127446.300 Million to Rs 164238.600 Million. Other income during this period increased by 45% to Rs 2191.800 Million thereby making overall increase in total income 29%. The cost of material consumed increased 14 % from Rs 95020.000 Million to Rs 108221.200 Million which mainly comprise increase in cost of raw coal 32 % and imported coal 21%. The Finance cost increased by 59% from Rs 8498.200 Million to Rs 13611.000 Million mainly on account of interest burden on new Khaperkheda unit 5 and Bhuswal unit 4 (500 MW units each) and increasing pressure on working capital borrowings due to increase in overdue from MSEDCL. Employee cost, Depreciation and other expenses, has increased 15 %, 38% and 80% respectively. The factors attributing increase in other expenses are lease rent 37%, Repairs & Maintenance 23% and other generation and Admn. Expenses 229%. As a result, overall profit is increased to Rs 4879.700 Million from Rs 2003.100 Million previous year.
OPERATIONAL
PERFORMANCE [AS ON 31.03.2013]
The total Installed Capacity of Mahagenco is 9737 MW and derated capacity is 9737 MW as on 31st March 2012. Nasik U-1 & 2 (2x140 MW) retired and closed from 25-06- 11 and 30-06-11 respectively.
During the year 2011-12, for coal-fired plants, the average availability factor was 85.22% as against 81.74% of last year (increase of 3.48%). The plant load factor was 65.04% as against 61.66% (increased by 3.38%). The overhaul of 16 units was taken up during 2011-12 as against overhaul of 17 units during 2010-11. The planned outage & forced outage factor for the year 2011-12 were 8.15% & 6.63% as against 5.47% & 11.66% for 2010-11 (increase in forced outages for the year 2010-11 was mainly due to water shortage at Chandrapur TPS). For gas based plants, average availability was 92.43% and PLF was 76.09%.
The other operational performance factors are as below:-
The Coal Realization for the year 2011-12 was 75.51% as against 86.00% of previous year. Specific coal consumption for the year 2011-12 was 0.841 Kg/ Kwh as against 0.852 Kg/ Kwh of last year. The Boiler Tube Leakage percentage for the year 2011-12 was 4.19% as against 2.32% of last year. Specific oil consumption for the year 2011-12 was 4.19 ml/Kwh as against 5.42ml/Kwh of last year. The auxiliary consumption for the year 2011-12 was 10.52% as against 10.62% of last year. The average gross calorific value of coal fired during the year 2011-12 was 3162 Kcal/Kg as against 3234 Kcal/Kg of last year. The heat rate for the year 2011-12 was 2702 Kcal/Kwh as against 2807 Kcal/Kwh for last year. The transit loss for the year 2011-12 was 0.5% as against 0.87% for last year.
FIXED ASSETS
- Land (including development)
- Freehold
- Leasehold
- Buildings
- Factory Buildings
- Hydraulic Works
- Other Civil Works
- Railway Sidings
- Roads
- Plant, Machinery & Equipments
- Lines & Cable Networks
- Furniture & Fixtures
- Vehicles
- Office Equipments
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 records 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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.