IRA INFORM REPORT
|
Report No. : |
319444 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CESC LIMITED |
|
|
|
|
Registered
Office : |
CESC House, Chowringhee Square,
Kolkata – 700001, West Bengal |
|
Tel. No.: |
91-33-22256040 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.03.1978 |
|
|
|
|
Com. Reg. No.: |
21-031411 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1256.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31901WB1978PLC031411 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The Company is engaged in generation and distribution of
electricity and does not operate in any other reportable segment. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 200000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities AA |
|
Rating Explanation |
High degree of safety and carry very low credit risk. |
|
Date |
03.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+ |
|
Rating Explanation |
Very strong of safety and carry lowest credit risk. |
|
Date |
03.12.2014 |
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
31-03-2014.
LOCATIONS
|
Registered Office/ Head Office : |
CESC House, Chowringhee Square,
Kolkata – 700001, West Bengal, India
|
|
Tel. No.: |
91-33-22256040 |
|
Fax No.: |
91-33-22255155 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Generating Station 1 : |
Budge Budge Village and P.O. - Pujali, P.S. Budge Budge, South 24 Parganas – 700138, West Bengal, India |
|
Tel. No.: |
91-33-24821709 / 24822957 |
|
|
|
|
Generating Station 2 : |
New Cossipore 28 Jheel Road, Kolkata – 700002, West Bengal, India |
|
Tel. No.: |
91-33-25566695 / 25566696 |
|
|
|
|
Generating Station 3 : |
Southern 28 Garden Reach Road, Kolkata – 700024, West Bengal, India |
|
Tel. No.: |
91-33-24696886 / 24697557 |
|
|
|
|
Generating Station 4 : |
Titagarh B. T. Road, P.O. Khardah, Titagarh, North 24 Parganas - 700119 , West Bengal, India |
|
Tel. No.: |
91-33-25011042 / 25533392 |
|
|
|
|
Regional Office : |
Eastern Building, 2nd Floor, 15/1, Chowringhee Square,
Kolkata-700069 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sanjiv Goenka |
|
Designation : |
Chairman |
|
Address : |
19, Belvedere Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
29.01.1961 |
|
Date of Appointment : |
29.04.1989 |
|
PAN No.: |
AEFPG4689J |
|
DIN No.: |
00074796 |
|
|
|
|
Name : |
Aniruddha Basu |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Chandra Kumar Dhanuka |
|
Designation : |
Director |
|
Address : |
Dhanuka Niket, 14B U N Bramachary Street, Kolkata – 700017, West
Bengal, India |
|
Date of Birth/Age : |
19.01.1954 |
|
Date of Appointment : |
04.05.2012 |
|
PAN No.: |
ADGPD0857K |
|
DIN No.: |
00005684 |
|
|
|
|
Name : |
Mr. Pradip Kumar Khaitan |
|
Designation : |
Director |
|
Address : |
B-103, Ravi Enclave, 7/1A, Sunny Park, Kolkata – 700019, West Bengal,
India |
|
Date of Birth/Age : |
25.03.1941 |
|
Date of Appointment : |
29.10.1992 |
|
PAN No.: |
AFYPK7991R |
|
DIN No.: |
00004821 |
|
|
|
|
Name : |
Mr. Brij Mohan Khaitan |
|
Designation : |
Director |
|
Address : |
10 Queens Park, Ballygunge, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
14.08.1927 |
|
Date of Appointment : |
10.05.1994 |
|
PAN No.: |
AGEPK6970B |
|
DIN No.: |
00023771 |
|
|
|
|
Name : |
Mr. Srikandath Narayan Menon |
|
Designation : |
Director |
|
Address : |
P 404/5a, Gariahat Road, Kolkata – 700029, West Bengal, India |
|
Date of Birth/Age : |
20.09.1946 |
|
Date of Appointment : |
07.09.2011 |
|
PAN No.: |
AEBPM4272K |
|
DIN No.: |
01475746 |
|
|
|
|
Name : |
Rekha Sethi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Subhasis Mitra |
|
Designation : |
Secretary and Vice President |
|
Address : |
14 Olai Chandi Road, Belgachia, Kolkata – 700037, West Bengal,
India |
|
Date of Birth/Age : |
03.04.1953 |
|
Date of Appointment : |
01.04.1995 |
|
PAN No.: |
AFJPM6956P |
|
|
|
|
Name : |
Mr. Sanjay Kumar Pai |
|
Designation : |
Nominee of IDBI Bank Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
Total
No. of Shares |
%
of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
284222 |
0.21 |
|
|
65329422 |
49.30 |
|
|
65613644 |
49.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
65613644 |
49.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16778010 |
12.66 |
|
|
217643 |
0.16 |
|
|
2152 |
0.00 |
|
|
1738064 |
1.31 |
|
|
31893335 |
24.07 |
|
|
4718893 |
3.56 |
|
|
55348097 |
41.77 |
|
|
|
|
|
|
5501478 |
4.15 |
|
|
|
|
|
|
5023454 |
3.79 |
|
|
1016859 |
0.77 |
|
|
11541791 |
8.71 |
|
Total Public shareholding (B) |
66889888 |
50.48 |
|
Total (A)+(B) |
132503532 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
53511 |
0.00 |
|
|
53511 |
0.00 |
|
Total (A)+(B)+(C) |
132557043 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in generation and distribution of
electricity and does not operate in any other reportable segment. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
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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|
|||||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
As on 30.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
131235897 |
Equity Shares |
Rs.10/- each |
Rs.1312.400
Million |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124935925 |
Equity Shares |
Rs.10/- each |
Rs.1249.400
Million |
|
|
Add : Forfeited Shares |
|
Rs. 6.600
Million |
|
|
Total |
|
Rs.1256.000 Million |
Notes:
a) Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
As at 31st March 2014 |
|
|
|
Number of shares |
Rs. In Million |
|
Opening and Closing Balances |
124935925 |
1249.400 |
b) Terms / rights
attached to equity shares:
The Company has only one class of equity shares having a par value of Rs. 10 per share fully paid up. Each holder of equity share is entitled to one vote per share. During the year ended 31st March, 2014 the amount of dividend per share recommended by the Board of Directors as distributions to equity shareholders is Rs. 8 (31.03.2013 - Rs. 7) subject to declaration at the ensuing Annual General Meeting by the members. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive sale proceeds from 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) Details of
shareholders holding more than 5% shares in the Company
|
Name of shareholder |
As at 31st March 2014 |
|
|
|
Number of shares |
% of holding |
|
Rainbow Investments Limited |
31058414 |
25 |
|
Universal Industrial Fund Limited |
17791421 |
14 |
|
HDFC Trustee Company Limited |
11205021 |
9 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1256.000 |
1256.000 |
1256.000 |
|
(b) Reserves & Surplus |
69130.000 |
63693.500 |
58861.700 |
|
(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) |
70386.000 |
64949.500 |
60117.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28035.200 |
27211.500 |
21671.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
16411.400 |
15049.000 |
7996.700 |
|
(d) long-term
provisions |
1405.200 |
1072.700 |
892.700 |
|
(e) Advance against Depreciation |
7769.000 |
7142.300 |
5660.300 |
|
(f) Consumers' Security Deposits |
12799.600 |
11390.600 |
10509.000 |
|
Total Non-current
Liabilities (3) |
66420.400 |
61866.100 |
46730.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5755.800 |
4921.900 |
4327.600 |
|
(b) Trade
payables |
2079.700 |
3012.600 |
2910.300 |
|
(c) Other
current liabilities |
16847.000 |
13043.700 |
12304.800 |
|
(d) Short-term
provisions |
1805.400 |
1199.900 |
883.800 |
|
Total Current
Liabilities (4) |
26487.900 |
22178.100 |
20426.500 |
|
|
|
|
|
|
TOTAL |
163294.300 |
148993.700 |
127274.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
85055.900 |
80498.900 |
75851.400 |
|
(ii)
Intangible Assets |
1133.300 |
1210.800 |
1299.100 |
|
(iii)
Capital work-in-progress |
4104.600 |
3970.900 |
3764.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
31910.900 |
20929.400 |
10481.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12519.300 |
12674.600 |
695.400 |
|
(e) Other
Non-current assets |
1223.300 |
2571.100 |
50.100 |
|
Total Non-Current
Assets |
135947.300 |
121855.700 |
92142.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
850.000 |
850.000 |
|
(b)
Inventories |
3455.500 |
3254.100 |
2947.000 |
|
(c) Trade
receivables |
11848.200 |
12093.800 |
9770.100 |
|
(d) Cash
and cash equivalents |
7813.900 |
7713.900 |
8598.400 |
|
(e)
Short-term loans and advances |
2005.500 |
1485.000 |
12214.700 |
|
(f) Other
current assets |
2223.900 |
1741.200 |
751.700 |
|
Total
Current Assets |
27347.000 |
27138.000 |
35131.900 |
|
|
|
|
|
|
TOTAL |
163294.300 |
148993.700 |
127274.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55098.800 |
53030.700 |
46805.400 |
|
|
|
Other Income |
996.600 |
1067.200 |
1013.100 |
|
|
|
TOTAL (A) |
56095.400 |
54097.900 |
47818.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of electrical energy
purchased |
8910.400 |
9451.600 |
6360.500 |
|
|
|
Cost of fuel |
18614.900 |
17967.500 |
17619.700 |
|
|
|
Employees benefits expense |
6941.800 |
5585.200 |
4709.600 |
|
|
|
Other expenses |
6306.900 |
6921.300 |
6542.700 |
|
|
|
TOTAL (B) |
40774.000 |
39925.600 |
35232.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15321.400 |
14172.300 |
12586.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3686.600 |
3375.200 |
2758.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11634.800 |
10797.100 |
9827.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3385.900 |
3062.100 |
2894.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8248.900 |
7735.000 |
6933.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1730.000 |
1550.000 |
1390.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6518.900 |
6185.000 |
5543.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5000.000 |
5000.000 |
4000.000 |
|
|
|
Dividend |
999.500 |
874.600 |
624.700 |
|
|
|
Tax on Dividend |
169.900 |
148.600 |
101.300 |
|
|
|
Transfer to Fund For Unforeseen exigencies |
376.300 |
318.800 |
281.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2256.400 |
2283.200 |
2440.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Fuel |
1640.900 |
1905.800 |
1909.900 |
|
|
|
Capital Goods |
0.000 |
19.400 |
0.000 |
|
|
TOTAL IMPORTS |
1640.900 |
1925.200 |
1909.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
52.18 |
49.50 |
44.37 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars |
Jun 2014 (1st Quarter) |
Sep 2014 (2nd Quarter) |
Dec 2014 (3rd Quarter) |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
18630.000 |
16610.000 |
12490.000 |
|
Total Expenditure |
14850.000 |
12380.000 |
9500.000 |
|
PBIDT (Excl OI) |
3780.000 |
4230.000 |
2990.000 |
|
Other Income |
150.000 |
170.000 |
210.000 |
|
Operating Profit |
3930.000 |
4400.000 |
3200.000 |
|
Interest |
1000.000 |
950.000 |
990.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
2930.000 |
3450.000 |
2210.000 |
|
Depreciation |
940.000 |
930.000 |
810.000 |
|
Profit Before Tax |
1990.000 |
2520.000 |
1400.000 |
|
Tax |
480.000 |
600.000 |
290.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1510.000 |
1920.000 |
1110.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1510.000 |
1920.000 |
1110.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.83 |
11.66 |
11.84 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
27.81 |
26.72 |
26.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.48 |
6.23 |
6.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
0.49 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.22 |
1.72 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1256.000 |
1256.000 |
1256.000 |
|
Reserves & Surplus |
58861.700 |
63693.500 |
69130.000 |
|
Net
worth |
60117.700 |
64949.500 |
70386.000 |
|
|
|
|
|
|
long-term borrowings |
21671.300 |
27211.500 |
28035.200 |
|
Short term borrowings |
4327.600 |
4921.900 |
5755.800 |
|
Total
borrowings |
25998.900 |
32133.400 |
33791.000 |
|
Debt/Equity
ratio |
0.432 |
0.495 |
0.480 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
46805.400 |
53030.700 |
55098.800 |
|
|
|
13.300 |
3.900 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
46805.400 |
53030.700 |
55098.800 |
|
Profit |
5543.100 |
6185.000 |
6518.900 |
|
|
11.84% |
11.66% |
11.83% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
|
Case Status : PENDING Status of WRIT PETITIONS
(WP)449 OF 2015 M/S. SRI KRISHNA TRADING CO. Vs. THE DISTRICT ENGINEER, CESC
LIMITED & OTHERS Pet’s adv. : TARUNJYOTI TEWARI Res’s Adv. : Court No.: 31 Last Listed On :
Monday, May04, 2015 Category : MISCELLANEOUS : ESSENTIAL SERVICE
Case Updated on
: Thursday, April30, 2015 |
PERFORMANCE OVERVIEW
During the year, the Company’s revenue from operations increased by 3.9% over last year to reach Rs. 5509.88 Million. Including other income, total income grew by 3.7% from Rs. 54097.900 Million in 2012-13 to Rs. 56095.400 Million in 2013-14. Profit before depreciation and taxation (PBDT) grew by 7.8% to Rs. 11634.800 Million during the year. After providing for depreciation of Rs. 3385.800 Million and taxation of Rs. 1730.000 Million, the profit after taxes (PAT) for 2013-14 stands at Rs. 6518.900 Million, which reflects a 5.4% increase over Rs. 6185.000 Million during 2012-13.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10565045 |
28/03/2015 |
2,063,500,000.00 |
State Bank of India |
2nd Floor, Reliance House, 31, Jawaharlal Nehru Road, Kolkata, West
Bengal - 700071, INDIA |
C51514594 |
|
2 |
10557944 |
27/03/2015 |
1,000,000,000.00 |
IDBI Bank Limited |
IDBI Bank Limited, 44 Shakespeare Sarani, Kolkata , West Bengal -
700017, INDIA |
C48268841 |
|
3 |
10543810 |
24/12/2014 |
1,250,000,000.00 |
HDFC BANK LIMITED |
Central Plaza Branch, 2/6 Sarat Bose Road, Kolkata, West Bengal -
700020, INDIA |
C40825192 |
|
4 |
10540316 |
23/12/2014 |
1,450,000,000.00 |
PUNJAB & SIND BANK |
14/15 OLD COURT HOUSE STREET, KOLKATA, West Bengal |
C39054580 |
|
5 |
10538100 |
23/12/2014 |
2,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C37760709 |
|
6 |
10538101 |
23/12/2014 |
2,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C37761483 |
|
7 |
10539938 |
23/12/2014 |
2,000,000,000.00 |
State Bank of India |
Corporate Accounts Group Branch, 2nd Floor, Reliance House, 34,
Jawaharlal Nehru Rd, Kolkata, West |
C38827010 |
|
8 |
10512741 |
05/08/2014 |
1,750,000,000.00 |
UNION BANK OF INDIA |
1/1 Camac Street, 1st Floor, Kolkata, West Bengal - 700016, INDIA |
C14940035 |
|
9 |
10506590 |
24/06/2014 |
750,000,000.00 |
YES BANK LIMITED |
Nehru Centre, 9th Floor, Discovery of India, Dr. A. B. Road,
Worli,, Mumbai, Maharashtra - 400018, INDIA |
C09655085 |
|
10 |
10485634 |
18/03/2015 * |
1,000,000,000.00 |
PUNJAB NATIONAL BANK |
52A,Shakespeare Sarani, Kolkata, West Bengal - 700 017, INDIA |
C48404073 |
* Date of charge modification
FIXED ASSETS
· Land and Buildings
· Plant and Equipment
· Distribution System
· River Tunnel
· Furniture and Fixtures
· Office Equipment
· Vehicles
· Railway Sidings
· Computer Software
STANDALONE UNAUDITED
FINANCIAL RESULTS (REVIEWED) FOR THE QUARTER AND NINE MONTH ENDED 31st
December 2014
(Rs. In Million)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Income from Operation |
|
|
|
|
|
(a) Net Sales |
12360.000 |
16470.000 |
47310.000 |
|
|
(b) Other Operating Income |
130.000 |
140.000 |
420.000 |
|
|
Total Income from operations |
12490.000 |
16610.000 |
47730.000 |
|
2. |
Expenditure |
|
|
|
|
|
(a) Cost of fuel |
4180.000 |
5290.000 |
14880.000 |
|
|
(b) Employee benefits expense |
1560.000 |
1750.000 |
5420.000 |
|
|
(c) Depreciation and amortisation expense |
810.000 |
930.000 |
2680.000 |
|
|
(d) Other expenses |
3760.000 |
5340.000 |
16430.000 |
|
|
Total Expenses |
10310.000 |
13310.000 |
39410.000 |
|
3. |
Profit From Operations before Other
Income and Interest |
2180.000 |
3300.000 |
8320.000 |
|
4. |
Other
Income |
210.000 |
170.000 |
530.000 |
|
5. |
Profit Before Interest and
Exceptional Items |
2390.000 |
3470.000 |
8850.000 |
|
6. |
Financial
Costs |
(990.000) |
(950.000) |
(2940.000) |
|
7. |
Profit After Interest but
before Exceptional Items |
1400.000 |
2520.000 |
5910.000 |
|
8. |
Exceptional
Items |
9960.000 |
-- |
9960.000 |
|
|
Less
: Credited |
(9960.000) |
-- |
(9960.000) |
|
9. |
Profit from Ordinary
Activities before Tax |
1400.000 |
2520.000 |
5910.000 |
|
10. |
Tax |
|
|
|
|
|
Current
Tax |
290.000 |
600.000 |
1370.000 |
|
|
Deferred
Tax |
480.000 |
460.000 |
1320.000 |
|
|
Less
: Recoverable |
(480.000) |
(460.000) |
(1320.000) |
|
11. |
Net Profit from Ordinary Activities
after Tax |
1110.000 |
1920.000 |
4540.000 |
|
12. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
1330.000 |
1260.000 |
1330.000 |
|
13. |
Reserves
Excluding Revaluation Reserve |
|
- |
|
|
|
|
|
|
|
|
14. |
Basic and Diluted Earning Per
Share (EPS) (Rs. 1)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted (* not annualized) |
8.60 |
15.37 |
35.92 |
|
|
|
|
|
|
|
15. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
66931223 |
59310105 |
66931223 |
|
|
-
Percentage of Shareholding |
50.49% |
47.47% |
50.49% |
|
|
|
|
|
|
|
19. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
65572309 |
65572309 |
65572309 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
49.47% |
52.48% |
49.47% |
|
Particulars |
3 Months Ended 31.12.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
1. In the above standalone financial results of the Company, net sales have been arrived at based on the relevant orders of the West Bengal Electricity Regulatory Commission taking into consideration the adjustments relating to advance against depreciation, arrear revenue, cost of fuel and purchase of power and those having bearing on revenue account, as appropriate, based on the Company's understanding of the applicable available regulatory provisions and available orders of the competent authorities; which may, however, necessitate further adjustments upon receipt of subsequent orders/directions in this regard.
2. (i) Cost of electrical energy purchased for the periods mentioned in columns
(1) to (6) amount to Rs. 2020.000 Million, Rs. 3670.000 Million, Rs. 1330.000
Million, Rs. 9920.000 Million, Rs. 7440.000 Million and Rs. 8910.000 Million
respectively. Other expenses contained in columns (1) to (6) include interest
on security deposit of Rs. 220.000 Million, Rs. 190.000 Million, Rs. 200.000
Million, Rs. 670.000 Million, Rs. 590.000 Million and Rs. 790.000 Million for
the respective periods and the said electrical energy cost.
(ii) Cost of Fuel contained in columns (1) to (6) above include loss / (gain)
of (Rs. 2.400 Million), Rs. 3.100 Million, (Rs.20.000 Million), (Rs. 12.900
Million), Rs. 80.000 Million and Rs. 73.700 Million due to exchange
fluctuations for the respective periods.
3. A portion of the Company's coal requirement is being met since October 2002
from the production of Sarsathali coal block allocated by the Ministry of Coal,
Government of India. The mining activity being carried out, in its present form
by Integrated Coal Mining Limited, a body corporate, in which the Company has
equity stake, in terms of the conditionalities of allocation, would be affected
by the judgments dated August 25, 2014 and September 24, 2014 of the Hon'ble
Supreme Court of India in Coal Block Allocation Case (WP (C) No 463 of 2012
etc.). Vide the aforesaid judgments passed by the Hon'ble Supreme Court of
India the process of allocation of coal adopted by the Government of India in
vogue since 1993 was held to be wanting in material respects which resulted in
Hon'ble Court cancelling most of the allocations, including those made to
Central as well as State Public Sector Undertakings, made under that process,
while directing payment of additional levy in respect of coal extracted by the
above referred body corporate which worked out to Rs 996 Million upto the date
of the aforesaid judgment and the said sum stands duly settled by the Company
in terms of the demand raised on it by the office of the Coal Controller,
Ministry of Coal, Government of India. The aforesaid body corporate has mined
coal from Sarsathali coal block for embedded generating stations of CESC, a
statutory distribution licensee supplying electricity to the end consumers in
Kolkata and surrounding areas. The management is working out plans for supply
of fuel from alternative sources to its existing generating stations and such
mechanism is being worked out based on the modalities framed as per the
statutes including Coal Mines (Special Provisions) Ordinance 2014 and within
the regulatory framework of Electricity Act, 2003, rules framed there under
and/or by West Bengal Electricity Regulatory Commission. Considering the nature
of the above payment in the form of levy and given the facts and circumstances
of the incidence thereof the same has been shown in the above unaudited
financial results as an Exceptional Item and that for the remaining period upto
December 31, 2014 amounting to Rs. 270.000 Million has been included in the
fuel cost, which stand recoverable by way of tariff in terms of the applicable
laws / regulations, for which reference has since been made to West Bengal
Electricity Regulatory Commission. Consequently total amount of Rs. 10230.000
Million has been recognised as recoverable and credited to the Statement of
profit and Loss.
4. 7621118 new equity shares of Rs. 10 each were allotted on November 05, 2014
for cash at a premium of Rs. 634 per share to Qualified Institutional Buyers in
accordance with Section 62(1) (c) of the Companies Act, 2013 read with Chapter
VIII of the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2009. Pending its utilisation in terms of
the Issue, the proceeds thereof have been kept invested.
5. As per plans, the 65 year old 100 MW New Cossipore generating station of the
Company has permanently ceased to generate power during the quarter.
6. The Company does not foresee any diminution, other than temporary, in the
value of the Company's long term investments in the subsidiaries and share
application money placed therein.
7. The Company is engaged in generation and distribution of electricity and
does not operate in any other reportable segment.
8. The Auditors of the Company have carried out a limited review of the above
unaudited financial results.
9. Figures for the previous periods have been regrouped /rearranged, wherever
necessary.
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 exist to suggest that the property or
assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption
Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No available information exist that suggest
that subject or any of its principals have been formally charged or convicted
by a competent governmental authority for any financial crime or under any
formal investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any
director or indirect owners, controlling shareholders, director, officer or
employee of the company is a government official or a family member or close
business associate of a Government official.
9] Compensation Package :
Our market survey revealed that the amount
of compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as
part of its Due Diligence do provide comments on Corporate Governance to identify
management and governance. These factors often have been predictive and in some
cases have created vulnerabilities to credit deterioration.
Our Governance
Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not
known to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be included
in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.04 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.