MIRA INFORM REPORT
|
Report No. : |
323511 |
|
Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
VIDARBHA INDUSTRIES POWER LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai
– 400710, Maharashtra |
|
Tel No.: |
91-22-30386600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-158371 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 140.306 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23209MH2005PLC158371 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR19415E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR1892D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in developing domestic coal-based project. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a special purpose vehicle and subsidiary of “Reliance Power
Limited” It is a well established company having satisfactory track. The company possesses a favourable financial profile marked by sound
networth base as well as comfortable gearing and debt protection metrics. Moreover, the project has been implemented in two units, both
operational in full capacities. The unit 1 was commenced as on march 2013 and
the unit 2 has been eventually started on April 2014. However, the management is likely facing cash flow mismatches during
the year under review, since infancy and offtake risk to a large extent along
with dependence upon the costlier source of imported or e-auction coal to the
extent of shortfall in domestic coal supplies which in turns is affecting its
cost comp etitireness also resulting into losses. However, trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of experienced group and continuing power deficit scenario in
the west, the company can be considered 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 |
ICRA |
|
Rating |
Term Loan = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
February, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based Limits – A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit risk |
|
Date |
February, 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Kaildas |
|
Designation : |
Company Secretary of Reliance Power |
|
Contact No.: |
91-22-30096999 |
|
Date : |
21.05.2015 |
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai – 400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386600 |
|
Fax No.: |
91-22-30385169 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Power Project : |
Located At
|
DIRECTORS
AS ON 16.09.2013
|
Name : |
Mr. Aloke Dasgupta |
|
Designation : |
Director |
|
Address : |
B-32, Ashish, Swami Samarth Nagar, Andheri (West), Mumbai – 400053,
Maharashtra, India |
|
Date of Birth/Age : |
27.12.1958 |
|
Date of Appointment : |
25.07.2009 |
|
DIN No. : |
00047772 |
|
|
|
|
Name : |
Mr. Naredla Venugopala Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 1002, Bldg No. 40, NRI Complex, Seawoods Estates, Nerul, Navi
Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1958 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No. : |
03143364 |
|
|
|
|
Name : |
Mr. Krishna Vuyyuru Reddy |
|
Designation : |
Director |
|
Address : |
703/4, Seawoods Estates, NRI Complex, Sector- 54,56,58, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1956 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No. : |
03146128 |
|
|
|
|
Name : |
Mr. Subrahmanya Prasad Balijepalli |
|
Designation : |
Director |
|
Address : |
1101, Malhar, Yashodham Enclave, Prashant Nagar, Nagpur – 440015,
Maharashtra, India |
|
Date of Birth/Age : |
01.08.1958 |
|
Date of Appointment : |
24.09.2014 |
|
DIN No. : |
05221917 |
KEY EXECUTIVES
|
Name : |
Mr. Kamalkant Satyapal Gupta |
|
Designation : |
Manger / Company Secretary |
|
Address : |
D-113, Bhoomi Green, Raheja Estate, Borivali (East), Mumbai – 400066,
Maharashtra, India |
|
Date of Birth/Age : |
12.02.1976 |
|
Date of Appointment : |
31.03.2013 |
|
PAN No.: |
AFXPG7741J |
|
|
|
|
Name : |
Mr. Kaildas |
|
Designation : |
Company Secretary of Reliance Power |
MAJOR SHAREHOLDERS
As on 16.09.2013
|
Names of
Shareholders (Equity Share) |
|
No. of Shares |
|
Reliance Power Limited, India |
|
825830 |
|
Rosa Power Supply Company Limited, India |
|
364970 |
|
Arunachalam Venkitachalam jointly with Reliance Power Limited, India |
|
1 |
|
Ramaswami Kalidas jointly with Reliance Power Limited, India |
|
1 |
|
Paresh Rathod jointly with Reliance Power Limited, India |
|
1 |
|
Nimish Chitalia jointly with Reliance Power Limited, India |
|
1 |
|
N Venugopala Rao jointly with Reliance Power Limited, India |
|
1 |
|
Sunil K Agarwal jointly with Reliance Power Limited, India |
|
1 |
|
Total |
|
1190806 |
|
Names of
Shareholders (Preference Share) |
No. of Shares |
|
Reliance Power Limited, India |
6842364 |
|
Rosa Power Supply Company Limited, India |
3877390 |
|
Total |
10719754 |
As on 16.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in developing domestic coal-based project. |
|
|
|
|
Products : |
Developing domestic coal-based project |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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|||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions: |
Axis Trustee Services Limited, Axis House, 2nd Floor,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
PAN No.: |
AAAFC0662N |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company
: |
Reliance Power Limited |
|
|
|
|
Subsidiary
Company : |
Reliance Fuel Resources Limited (RFRL) (Till the date of its merger i
e upto December 31, 2012) |
|
|
|
|
investing
parties / promoters having significant influence on the holding company
directly or indirectly: |
|
|
|
|
|
Major Investing
party: |
|
|
|
|
|
Enterprises over
which, companies / individuals mentioned in clause B above, have control: |
|
|
|
|
|
Fellow
subsidiaries: |
|
CAPITAL STRUCTURE
AFTER 24.09.2014
Authorised Capital :
Rs.10000.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 149.163 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Million |
|
850000000 |
Preference Shares |
Rs.10/- each |
Rs.8500.000 Million |
|
|
Total |
|
Rs.10000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1403056 |
Equity Shares |
Rs.10/- each |
Rs. 14.031 Million |
|
12627504 |
|
Rs.10/- each |
Rs. 126.275 Million |
|
|
Total |
|
Rs. 140.306
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
140.306 |
119.106 |
0.500 |
|
(b) Reserves &
Surplus |
14535.132 |
12942.386 |
23.248 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
7028.560 |
|
Total Shareholders’ Funds
(1) + (2) |
14675.438 |
13061.492 |
7052.308 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
22631.524 |
24307.613 |
21191.511 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2804.598 |
2515.436 |
2028.668 |
|
(d) long-term provisions |
18.476 |
11.864 |
6.447 |
|
Total Non-current
Liabilities (3) |
25454.598 |
26834.913 |
23226.626 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2509.999 |
0.000 |
0.000 |
|
(b) Trade payables |
532.457 |
333.424 |
0.000 |
|
(c) Other current
liabilities |
5524.540 |
3390.263 |
1260.933 |
|
(d) Short-term provisions |
1.239 |
1.904 |
2.653 |
|
Total Current Liabilities
(4) |
8568.235 |
3725.591 |
1263.586 |
|
|
|
|
|
|
TOTAL |
48698.271 |
43621.996 |
31542.520 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
39374.514 |
939.709 |
769.658 |
|
(ii) Intangible Assets |
137.570 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
4438.503 |
37676.506 |
26794.683 |
|
(iv) Intangible assets
under development |
0.000 |
112.700 |
112.700 |
|
(b) Non-current
Investments |
1077.710 |
1190.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
589.978 |
570.026 |
2218.410 |
|
(e) Other Non-current
assets |
271.441 |
120.958 |
975.500 |
|
Total Non-Current Assets |
45889.716 |
40609.899 |
30870.951 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1328.484 |
540.000 |
0.000 |
|
(c) Trade receivables |
809.948 |
838.840 |
0.000 |
|
(d) Cash and cash
equivalents |
78.959 |
248.655 |
620.574 |
|
(e) Short-term loans and
advances |
590.665 |
1375.410 |
11.884 |
|
(f) Other current assets |
0.499 |
9.192 |
39.111 |
|
Total Current Assets |
2808.555 |
3012.097 |
671.569 |
|
|
|
|
|
|
TOTAL |
48698.271 |
43621.996 |
31542.520 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5393.885 |
5089.880 |
0.000 |
|
|
Other Income |
24.730 |
41.032 |
65.913 |
|
|
TOTAL (A) |
5418.615 |
5130.912 |
65.913 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1499.079 |
0.000 |
0.000 |
|
|
Purchases of energy |
2264.662 |
3851.665 |
0.000 |
|
|
Employees benefits
expense |
87.331 |
0.000 |
0.000 |
|
|
Generation,
administration Other expenses |
347.832 |
25.815 |
0.007 |
|
|
Off Pursuant to the
scheme of amalgamation |
0.000 |
1200.000 |
0.000 |
|
|
TOTAL (B) |
4198.904 |
5077.480 |
0.007 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1219.711 |
53.432 |
65.906 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
931.958 |
70.231 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
287.753 |
(16.799) |
65.906 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
793.806 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(506.053) |
(16.799) |
65.906 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
10.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(506.053) |
(16.799) |
55.906 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
266.145 |
144.051 |
5547.837 |
|
|
TOTAL IMPORTS |
266.145 |
144.051 |
5547.837 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|||
|
|
- Basic |
(424.76) |
(53.08) |
1118.13 |
|
|
- Diluted |
(424.76) |
(53.08) |
104.39 |
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Million) |
||
|
Current Maturities of Long term debt |
3149.626 |
3027.255 |
312.210
|
|
Cash generated from operations |
NA |
NA |
NA
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
(9.38) |
(0.33) |
0.00 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
22.61 |
1.05 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.17) |
(0.36) |
1.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.93 |
2.09 |
3.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33 |
0.81 |
0.53 |
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 |
0.500 |
119.106 |
140.306 |
|
Reserves & Surplus |
23.248 |
12942.386 |
14535.132 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
7028.560 |
|
Net
worth |
23.748 |
13061.492 |
21703.998 |
|
|
|
|
|
|
long-term borrowings |
21191.511 |
24307.613 |
22631.524 |
|
Short term borrowings |
0.000 |
0.000 |
2509.999 |
|
Current Maturities Of
Long-Term Debts |
312.210 |
3027.255 |
3149.626 |
|
Total
borrowings |
21503.721 |
27334.868 |
28291.149 |
|
Debt/Equity
ratio |
905.496 |
2.093 |
1.303 |
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 |
0.000 |
5089.880 |
5393.885 |
|
|
|
5.973 |
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 |
0.000 |
5089.880 |
5393.885 |
|
Profit |
55.906 |
(16.799) |
(506.053) |
|
|
(0.33%) |
(9.38%) |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
The Company is currently operating coal fired power project consisting of two units with a capacity of 300 MW each with sub critical technology located at Butibori Maharashtra Industrial Development Corporation (MIDC) area in Nagpur, Maharashtra.
Unit- I
During the year, the first unit of 300 MW started trial run operations from March 28, 2013 l and declared commercial operations on April 4, 2013.
Unit – II
During the year, the second unit of 300 MW started commercial operations from March 28, 2014.
The Company’s plant is providing power under a long term Power Purchase Agreement (PPA) to Mumbai, the commercial capital of the Company.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10560993 |
26/03/2015 |
10,000,000,000.00 |
STATE BANK OF INDIA |
NEVILLE HOUSE, 3RD FLOOR, J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C49903800 |
|
2 |
10544561 |
31/12/2014 |
3,840,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR - E, AXIS
HOUSE, BOMBAY DYEING MILLS, C |
C41201674 |
|
3 |
10544684 |
31/12/2014 |
2,000,000,000.00 |
VIJAYA BANK |
31/C D D A COMPLEX,
OPP MOOLCHAND HOSPITAL, DEFEN |
C41266396 |
|
4 |
10545163 |
31/12/2014 |
4,000,000,000.00 |
BANK OF MAHARASHTRA |
ADVANCE DEPARTMENT FORT BRANCH, 1ST FLOOR, JANMANG, 45/47, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
C41479676 |
|
5 |
10534934 |
03/12/2014 |
1,000,000,000.00 |
BANK OF MAHARASHTRA |
ADVANCES DEPARTMENT FORT BRANCH, 1ST FLOOR, JANMANGAL, 45/47 MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
C35972819 |
|
6 |
10514566 |
02/08/2014 |
500,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL BRANCH, P.B.
NO. 3689, MALANKARA CENTRE, M.G ROAD, COLLEGE P O, ERNAKULAM, KERALA - 6820 |
C16189680 |
|
7 |
10500328 |
27/04/2015 * |
2,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS
GROUP BRANCH, 3RD FLOOR, NEVIL |
C52622966 |
|
8 |
10220896 |
19/09/2014 * |
27,247,500,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
C23295421 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans |
|
|
|
Foreign currency loans from banks |
632.336 |
1705.939 |
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate deposit from Holding company |
1510.000 |
0.000 |
|
Total |
2142.336 |
1705.939 |
FIXED ASSETS
- Freehold Land
- Building
- Plant and Machinery
- Transmission Line
- Furniture and Fixture
- Motor Vehicles
- Office Equipments
- Computer
NEWS
VEAG TO OPPOSE YET
ANOTHER COAL BASED POWER PLANT NEAR NAGPUR PROPOSED BY RELIANCE POWER
Nagpur News : Vidarbha Industries Power Limited, a Reliance Group company is now proposing to set up yet another 3×300 MW i.e. 900 MW Coal based Power plant near Nagpur, at Village Parsodi, Taluka-Selu Distt., Wardha, the site is near Sindi Railway few kilometers from Butibori, where Reliance has already set up 600 MW power plant at Butibori MIDC. This plant was set up as group captive plant on the basis of bids invited by MIDC with sole intention to provide cheap power to industries in Butibori, however instead of supplying power to industries in MIDC, The VIPL, Butibori Plant is supplying power to Reliance Infrastructure Limited – Mumbai Distribution.
As the daily requirement for Mumbai region is over 4000 MW compared to 1200 MW of whole of Vidarbha. Most of the power plants in Vidarbha are supplying power to Western Maharashtra, where new power plants are opposed by strong lobby of Farmers, citizen and politicians. MSEDCL is already supplying 100 MW of power at rate of Rs 3.25 per unit whereas for Vidarbha where it is generated, its rates are more than double.
The proposal of VIPL for new 900 MW Power Plant will be considered By Ministry of Environment and Forest in the 15th Meeting Of The Re-Constituted Expert Appraisal Committee On Thermal Power and Coal Mine Project to be held on 24th and 25th April, 2014 at Delhi.
Vidarbha is already flooded with power plants, as per reports 132 new coal based power plants which will produce 86,407MW are proposed in Vidarbha.
Ironically, Vidarbha has always been power surplus region and now Maharashtra too is load shedding free as it has become a power surplus state. It is clear that the new power plants won’t cater to the state alone and will sell power to other states. Production capacity is already over 10,000 MW from existing plants in Vidarbha. District-wise break-up of 132 plants include 28 in Nagpur (17,070MW), 58 in Chandrapur (28,114MW), 16 in Bhandara and Gondia (22,035MW), 19 in Amravati and Yavatmal (13,845MW), 6 in Wardha (2,843MW), 3 in Gadchiroli (2,000MW) and 2 (expansion of Paras plant) in Akola (500MW).
The 132 plants will need around 1 lakh acre farm land and 3,600 mm3 water. With that much amount of water, over 5.5 lakh hectare land can be irrigated. The proposed power plants will burn 18 lakh tonne coal per day turning “Vidarbha into an ash dump”, approximately 1 Acre per MW of installed thermal capacity is required for ash disposal alone. Thus 80,000 Acres of fertile land will be required only for Ash disposal. Thousands of acres of agriculture land will be rendered useless as the soil will become toxic due to heavy metal contamination, mercury and Uranium. The ash slurry may flow in to water bodies and rivers making the water unfit for drinking. Vidarbha region will soon turn into an environmental graveyard.
Huge investment is being made for new transmission lines of 1200 kv lines from Vidarbha Power Plants to Mumbai- Pune region about 800 kms away. These lines are to be laid on fields of thousands of poor farmers causing severe environmental damage and destroying fertile land. It is estimated that over 90,000 acres of fertile agriculture land will be become unproductive and loose its commercial value due to laying of transmission lines.
All the new projects propose that there will be zero discharge of effluents. This is far from truth as the existing power plants at Koradi, Khaperkheda and Chandrapur are discharging thousands of cubic meters highly toxic ash laden water daily in drinking water rivers. Moreover the proposed ash ponds of these new power plants are being located near rivers which clearly indicate that ash will be discharged in rivers sometime in future. The goggle map of Chandrapur and Nagpur area clearly indicates that hundreds of acres of land is already filled with ash and the dust storm from the ash bunds has destroyed thousands of acres of fertile land.
It is also proposed that the 100% fly ash will be used for brick making and cement plants. This is impossible as existing power plants have failed to utilize even 10% of the 1,00,000 tons of fly ash generated every day. Such huge quantity of ash cannot be consumed for brick making or cement plant as all the demand of the region is already met by existing brick making units and cement plants. The fly ash, mercury, sulphur-di-oxde, oxides of Nitrogen, ozone, radioactive dust and other pollutants from the chimneys of existing Power Plants has already spread all over the Nagpur and Chandrapur region. Further power plants will cause irreparable damage to the Vidarbha region.
Generating power from coal is one of the major reasons for climate change. Gases containing Sulphur di oxide are a major source of ACID RAIN, the occurrence of which in Nagpur and other cities is already reported by Meteorological Department. Carbon Dioxide is one of the major pollutants that is emitted from a coal fired thermal power plant ‘CO2 emissions per unit of electricity generated for most power plants in India is in the range of 0.8 to 1.2 kg per unit of electricity produced’.
The flue gases emitting from chimneys are at a temperature of 150 degrees centigrade, Million of cubic meters of gases at such high temperature will raise the ambient temperature of the region affecting micro meteorology. This will be disastrous to the ecology of Vidarbha if the weather is affected and Monsoons skips the region due to atmospheric temperature disturbances.
In last decade alone thousands of farmers have committed suicide in Vidarbha region mainly due to lack of irrigation facilities , now there is a hope as number of irrigation projects are under completion, but if the water meant for irrigation is diverted to power plants the incidence of suicides will increase and will turn into civic unrest leading to Naxalism.
The proposed power plant of Reliance will require water from Vadgaon dam which is already short of water. Non availability of water will adversely affect the irrigation, Butibori MIDC expansion and Mihan development.
Today the poor framer has no choice therefore all the power plant project proponents are happy as they are easily buying large tracts of fertile land at throw away prices, probably lowest in the country. But after 25 years when they abandon the plant after its life is over, the region would have turned into desert leaving no scope of reviving agriculture.
VEAG appeals to all concerned to strongly oppose proposal of Vidarbha Industries Power Limited, a Reliance Group company by sending objections to A.S. Lamba – Chairman, MOEF Environmental Appraisal Committee and Dr. Saroj, – Member Secretary, EAC, Ministry of Environment and Forests New Delhi.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.70 |
|
|
1 |
Rs.98.92 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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 and 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.