MIRA INFORM REPORT
|
Report No. : |
348128 |
|
Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
RATNAGIRI GAS AND POWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
NTPC Bhawan, CORE-7 Scope, Complex 7, Institutional Area, Lodhi Road,
New Delhi-110003 |
|
Tel. No.: |
91-11-24367089 91-120-4148972 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.07.2005 |
|
|
|
|
Com. Reg. No.: |
55-138458 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 29649.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40105DL2005PTC138458 |
|
|
|
|
IEC No.: |
0505083639 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR1375F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation of Electricity LNG Regasification |
|
|
|
|
No. of Employees
: |
33 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 54000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 8th July, 2005 and is promoted by
promoted by NTPC Limited (32.86%), GAIL (India) Limited (32.86%), MSEB
Holding Company Limited (MSEBHCL) (17.41%) and domestic banks (IDBI) Bank,
SBI, ICICI Bank and Canara Bank) (16.87%). The company has registered a net loss of Rs. 14860.000 Million on a
total income of Rs. 9650.000 Million in FY14, which has resulted in partial
erosion of the networth base and it has reported huge external borrowings. Further from the indirect source, we found that subject has reported
delayed in serving its debt obligations. However, trade relations are fair. Business is active. Payment terms
are reported to be slow and delayed. In view of limited track record along with leveraged capital
structure, the company can be considered for business dealings with fully safe
and secured trade terms and conditions.
(Note: Partial information has been taken from indirect source i.e.
CARE Ratings) |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
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 (D) |
|
Rating Explanation |
Lowest credit quality very low prospects of
recovery. |
|
Date |
26, February 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
31-03-2013.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Deshpande |
|
Designation : |
Department General Manager Finance |
|
Contact No.: |
91-2359-241014 |
|
Date : |
02.10.2015 |
LOCATIONS
|
Registered Office : |
NTPC Bhawan, CORE-7 Scope, Complex 7, Institutional Area, Lodhi Road,
New Delhi-110003 |
|
Tel. No.: |
91-11-24367089 91-120-4148972 |
|
Fax No.: |
91-11-24361003 91-120-4148913 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Noida Office : |
5th Floor, GAIL Jubilee Tower, B-35,36, Sector – 1, Noida-201301,
Uttar Pradesh, India |
|
Tel. No.: |
91 – 120 – 4148900 |
|
Fax No.: |
91 – 120 - 4148913 |
|
|
|
|
Project Site : |
At and Post – Anjanwel, Taluka Guhagar, Distt Ratnagiri (Maharashtra) 415703,
|
|
Tel. No.: |
91 – 2359 – 241416 |
|
Fax No.: |
91 – 2359 – 241118 |
|
|
|
|
Mumbai Office : |
|
|
Tel. No.: |
91 – 22 – 28216613 |
|
Fax No.: |
91 – 22 - 28269057 |
DIRECTORS
As on 29.12.2014
|
Name : |
Mr. Prafulla Kumar Gupta |
|
Designation : |
Director |
|
Address : |
35 SF, Parsvnath Estate, Sector Omega-1, Greater Noida, Gautam Budh Nagar - 201308, Uttar Pradesh, India |
|
Date of Birth/Age : |
14.03.1961 |
|
Date of Appointment : |
21.03.2014 |
|
DIN No.: |
01237706 |
|
|
|
|
Name : |
Mr. Suresh Ramanrao Polumahanti |
|
Designation : |
Nominee Director |
|
Address : |
12, Versova Venus CHS, Mhada, SVP Nagar, Andheri (W), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1971 |
|
Date of Appointment : |
25.02.2011 |
|
DIN No.: |
00624907 |
|
|
|
|
Name : |
Mr. Yashpal Gupta |
|
Designation : |
Director |
|
Address : |
D-32, Kalpataru Vatika, Akurli Road, Kandivali East, Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
28.06.1967 |
|
Date of Appointment : |
28.08.2014 |
|
DIN No.: |
00033484 |
|
|
|
|
Name : |
Mr. Bhaskar Niyogi |
|
Designation : |
Director |
|
Address : |
Flat No. 11A/B2, Harbour Hieghts, N A Sawant Marg, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1952 |
|
Date of Appointment : |
26.12.2014 |
|
DIN No.: |
03494944 |
|
|
|
|
Name : |
Mr. Bipinkumar Punambhai Shrimali |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 1 3rd Floor, Mhada Kalanagar Bandra (E), Mumbai-400051, Maharashtra, India |
|
Date of Appointment : |
12.02.2015 |
|
DIN No.: |
03272135 |
|
|
|
|
Name : |
Mr. Mukesh Khullar |
|
Designation : |
Additional Director |
|
Address : |
20 Avanti Narayan Dabholkar Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Appointment : |
27.02.2015 |
|
DIN No.: |
01208035 |
|
|
|
|
Name : |
Mr. Ramesh Chandra Gupta |
|
Designation : |
Additional Director |
|
Address : |
B 612, Shaurya Apartment, B-9 7B, Sector - 62, Gautam Buddha Nagar - 201301, Uttar Pradesh, India |
|
Date of Appointment : |
13.05.2015 |
|
DIN No.: |
07071252 |
|
|
|
|
Name : |
Mr. Vipan Kumar |
|
Designation : |
Managing Director |
|
Address : |
D-107, NTPC Township, Sector-33, Noida-201301, Uttar Pradesh, India |
|
Date of Appointment
: |
09.05.2015 |
|
Din No.: |
07180769 |
|
|
|
|
Name : |
Mr. Pankaj Patel |
|
Designation : |
Whole-Time Director |
|
Address : |
Flat No C-1/13, 1st Floor, Mangal Apartments, Plot No.16, Vasundhra Enclave, New Delhi - 110096, India |
|
Date of Appointment : |
07.05.2015 |
|
DIN No.: |
07178888 |
|
|
|
|
Name : |
Mr. Subhasis Ghosh |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 169, Asian Games Village Complex, New Delhi-110049, India |
|
Date of Appointment : |
31.08.2015 |
|
DIN No.: |
06812550 |
KEY EXECUTIVES
|
Name : |
Mr. Deshpande |
|
Designation : |
Department General Manager Finance |
|
|
|
|
Name : |
Mr. Ankit Jain |
|
Designation : |
Secretary |
|
Address : |
P-3, Vijay Vihar, Uttam Nagar, New Delhi-110059, India |
|
Date of Birth/Age : |
21.01.1989 |
|
Date of Appointment : |
11.06.2014 |
|
PAN |
AIKPJ8825G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
List of Allottees
As on 30.06.2015
|
Names of Shareholders |
|
No. of Shares |
|
IDBI Bank Limited, India |
|
146764072 |
|
State Bank of India, India |
|
115410000 |
|
ICICI Bank Limited, India |
|
116640000 |
|
Canara Bank Limited, India |
|
24780000 |
|
IFCI Limited, India |
|
46657367 |
|
Total |
|
450251439 |
As on: 29.12.2014
|
Names of Shareholders |
|
No. of Shares |
|
Gail India Limited, India |
|
974308300 |
|
NTPC Limited, India |
|
974308300 |
|
MSEB Holding Company Limited, India |
|
516280000 |
|
IDBI Bank Limited, India |
|
334920000 |
|
State Bank of India, India |
|
267950000 |
|
ICICI Bank Limited, India |
|
223870000 |
|
Canara Bank Limited, India |
|
57430000 |
|
IFCI Limited, India |
|
20954376 |
|
Total |
|
3370020976 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.12.2014
|
Category |
Percentage |
|
Government companies |
73.15 |
|
Nationalized of other banks |
26.85 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation of Electricity LNG Regasification |
|
|
|
|
Products : |
- |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
|
|
Products : |
Spare Parts |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit |
|
|
|
|
Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
33 (Approximately) |
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Bankers : |
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Facilities : |
|
|
Banking
Relations : |
IDBI Trusteeship Services Limited, Asian Building , Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
P.R. Mehra and Company Chartered Accountants |
|
Address : |
H.O No. 56, DARYAGAN, NEW DELHI- 110002, India |
|
Tel. No.: |
91-11-43156156/ 23274910/ 23271236 |
|
E-Mail : |
|
|
PAN: |
AAEFP1838M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
After As on:
29.12.2014
Authorised Capital: Rs. 38202.724
Million
Issued, Subscribed & Paid-up Capital: Rs. 38202.724 Million
As on 29.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,500,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 35000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,370,020,976 |
Equity Shares |
Rs.10/- each |
Rs. 33700.210 Million |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,500,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 35000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2916456200 |
Equity Shares |
Rs.10/- each |
Rs. 29649.000 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 |
29649.000 |
29164.600 |
24650.000 |
|
(b) Reserves & Surplus |
(10616.300) |
4248.400 |
8001.700 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
1183.600 |
|
Total
Shareholders’ Funds (1) + (2) |
19032.700 |
33413.000 |
33835.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
76132.400 |
81950.800 |
86765.200 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
115.600 |
119.900 |
121.000 |
|
(d) long-term
provisions |
141.200 |
128.400 |
118.200 |
|
Total Non-current
Liabilities (3) |
76389.200 |
82199.100 |
87004.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2163.700 |
753.500 |
1584.400 |
|
(c) Other
current liabilities |
12359.800 |
5383.400 |
5907.500 |
|
(d) Short-term
provisions |
800.300 |
0.300 |
1831.200 |
|
Total Current
Liabilities (4) |
15323.800 |
6137.200 |
9323.100 |
|
|
|
|
|
|
TOTAL |
110745.700 |
121749.300 |
130162.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
90078.600 |
63304.000 |
67466.500 |
|
(ii)
Intangible Assets |
0.500 |
0.600 |
1.700 |
|
(iii)
Capital work-in-progress |
11919.800 |
41710.900 |
38452.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
328.100 |
333.300 |
193.500 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
102327.000 |
105348.800 |
106113.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6148.600 |
6955.500 |
5919.500 |
|
(c) Trade
receivables |
0.000 |
486.800 |
7277.100 |
|
(d) Cash
and cash equivalents |
1687.000 |
7719.400 |
5409.100 |
|
(e)
Short-term loans and advances |
410.000 |
598.400 |
365.600 |
|
(f) Other
current assets |
173.100 |
640.400 |
5077.600 |
|
Total
Current Assets |
8418.700 |
16400.500 |
24048.900 |
|
|
|
|
|
|
TOTAL |
110745.700 |
121749.300 |
130162.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9654.900 |
22057.200 |
51771.500 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION |
(1466.900) |
6844.400 |
24491.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
(LOSS) BEFORE TAX AND DEPRECIATION |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
AFTER TAX |
(14864.700) |
(3753.300) |
10892.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
655.900 |
864.400 |
NA |
|
|
TOTAL IMPORTS |
655.900 |
864.400 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.03) |
(1.43) |
4.41 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
6353.200 |
3878.200 |
3224.700 |
|
Cash generated from operations |
8962.900 |
10471.600 |
15858.700 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(153.96) |
(17.02) |
21.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(15.19) |
31.03 |
47.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.33 |
2.57 |
2.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.55 |
2.67 |
2.58 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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 |
24650.000 |
29164.600 |
29649.000 |
|
Reserves & Surplus |
8001.700 |
4248.400 |
(10616.300) |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
1183.600 |
0.000 |
0.000 |
|
Net worth |
33835.300 |
33413.000 |
19032.700 |
|
|
|
|
|
|
long-term borrowings |
86765.200 |
81950.800 |
76132.400 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long-Term Debts |
3224.700 |
3878.200 |
6353.200 |
|
Total Borrowings |
89989.900 |
85829.000 |
82485.600 |
|
Debt/Equity ratio |
2.660 |
2.569 |
4.334 |
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 |
51771.500 |
22057.200 |
9654.900 |
|
|
|
(57.395) |
(56.228) |
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 |
51771.500 |
22057.200 |
9654.900 |
|
Profit/ Loss |
10892.400 |
(3753.300) |
(14864.700) |
|
|
21.04% |
(17.02%) |
(153.96%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
No |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE:
Despite of non-supply on natural gas from KG-6 basin throughout the year, the company has achieved Net sales of Rs. 9654.900 Million (including regasification charges of Rs. 843.900 Million) as compared to Rs. 22057.200 million during the previous year. Operating loss before interest and depreciation is Rs. 1466.900 Million) Previous year operation profit of Rs. 6844.400 Million) and Net Loss is Rs. 14864.700 Million (Previous year Net Loss of Rs. 3753.300 Million.
It is pertinent to mention that the company raised bills for Rs. 12228.300 Million being fixed charges billed to beneficiaries based on capacity declaration on alternate fuels, i.e. RLNG, based on the CERC order dated July 30, 2013. Company is declaring capacity in line with CERC regulations and is raising bills based on monthly regional energy account issued by western regional power committee (WRPC) secretariat. Company is raising rightfully the bills under the CERC regulations and legally entitled for recovery of the same from the beneficiaries.
However, principal beneficiary has filed appeal in Appellate Tribunal of electricity (APTEL) against the CERC order on capacity declaration on RLNG. Even in case of dispute, as per the power purchase agreement (s), the company is entitled to be paid 95% of the disputed amount, however, this amount is also not being paid by the beneficiaries. It is also pertinent to mention that APTEL and Hon’ble Supreme Court did not allow and dismissed petition by principal beneficiary to stay implementation of CERC order dated July 30, 2013 by the company. The matter is under advance stage of hearing with APTEL and the company is optimistic about a favorable outcome.
In view of the appeal as mentioned above and considering that the amounts associated being significant, revenue recognition of Rs. 12228.300 Million in accordance with the accounting standard 9 revenue recognition, has been postponed till final resolution of the case.
In view on nonpayment of dues by beneficiaries on account of various issues raised for capacity charges for the months May 13, to July 13, ship of pay charges etc. for the financial year 2013-14, provision for doubtful debts amounting to Rs. 3245.00 Million has been made during the current year as a prudent measure.
INDEX OF CHARGES
|
S.No. |
Charge Id |
Date Of Charge
Creation/Modification |
Charge Amount
Secured |
Charge Holder |
Address |
Service Request
Number (Srn) |
|
1 |
10068972 |
31/12/2010 * |
14,000,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, , India |
B05628557 |
|
2 |
10034209 |
31/03/2011 * |
76,514,300,000.00 |
IDBI Trusteeship Services Limited |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai 400001, Maharashtra, , India |
B17988965 |
|
3 |
10003368 |
25/04/2006 |
1,000,000,000.00 |
State Bank of Hyderabad |
Scope Complex, Lodhi Road, New Delhi-110003, India |
A00937193 |
Fixed Assets –
- Land
- Leasehold
- Buildings
- Plant and Machinery
- Furniture, Fixture and Other Office equipments
- Vehicles
PRESS RELEASE:
Ratnagiri Gas to convert Rs 450-cr debt into equity
April 6, 2015: Stressed state-run power utility Ratnagiri Gas and Power (RGPPL) is set to convert Rs 4500.000 Million of its debt into equity with an extraordinary general meeting scheduled this week to formally pass the proposal. Once this gets done, the State Bank of India-led consortium of lenders would — for the first time — become the majority stakeholder in the company.
This would be the second time the company would be forced to convert debt into equity ever since its power station stopped generation in March 2013 due to a continuous decline in domestic gas supply from the KG-D6 basin.
In January 2014, RGPPL had converted Rs 4050.000 Million into equity. With the first conversion, the total debt of RGPPL, pegged at Rs. 85000.000 Million, reduced to Rs. 80950.000 Million. The second tranche of conversion of R450 Million is the principal and interest burden accumulated till January 1, 2015. Post the second conversion, RGPPL’s net debt will be Rs. 76450.000 Million.
The Maharashtra government, which currently holds a 15.32% stake in the company after the first round of conversion and has been hesitant to the debt-to-equity conversions, gave its nod in writing on March 31, according to a senior RGPPL official.
Separately, bankers in the SBI-led consortium held a presentation in mid-March with RGPPL officials where they again mooted the option of hiving the 5 mmtpa LNG regasification plant to a separate SPV. The SPV will take up 50% of the total debt of RGPPL and will gain the benefit of a three year moratorium on interest payment.
The bankers don’t want the LNG plant to bear RGPPL’s expense burden as it is currently the only revenue-generating part of the company,” the official said.
The lenders also proposed that if the hive off plan is accepted, they will refinance the new company with an additional Rs. 12000.000 Million to construct a breakwater facility.
The LNG plant currently cannot receive ships between May to October as high waves prevent passage of ships.
RGPPL had initially planned to construct a breakwater facility, which would facilitate ships to berth in its docks throughout the year. In FY15, the LNG facility received 10 ships. However, with the construction of a breakwater, the facility can receive up to 80 ships in a year.
“Currently the LNG terminal has a revenue of about Rs. 1800.000 Million annually with 10 ships. With 80 ships and the interest moratorium of 3 years, that will increase to almost Rs. 12000.000 Million. So, LNG can then service the 50% debt transferred to the new SPV from RGPPL,” the RGPPL official said.
This proposal had been mooted previously in December 2014 but was not accepted by the company. However, there is a significant chance of the proposal being passed now with the lenders taking up a majority stake in the company.
The official said that lenders were told to rework the proposal after which global consulting firm Deloitte would analyses it for RGPPL.
A banker familiar with the discussions said that the latest proposal would be considered under Reserve Bank of India’s 5:25 scheme, wherein the new SPV will be assured funds for a long-term with refinancing evaluated every five years.
“They are trying very hard to make it viable since it is a great plant stuck due to non-availability of domestic gas,” the banker said.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.48 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.72.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KNL |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.