|
|
|
MIRA INFORM REPORT
|
Report No. : |
487613 |
|
Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHARASHTRA STATE ELECTRICITY DISTRIBUTION COMPANY LIMITED |
|
|
|
|
Formerly Known
As : |
MAHARASHTRA STATE DISTRIBUTION COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Prakashgad Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai –
400 051, Maharashtra |
|
Tel. No.: |
91-22-26474211 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
11-153645 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 461596.349 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109MH2005SGC153645 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
GSTIN/UIN: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECM2933K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company
engaged in the business of electricity distribution of electric energy to
households, industrial, commercial and other users.(Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 901000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Maharashtra State Electricity Distribution Company Limited (MSEDCL) was incorporated on June 31, 2005 as a wholly owned entity of Government of Maharashtra (GoM) with the objective of carrying out power distribution activity of erstwhile Maharashtra State Electricity Board (MSEB), now it acts as a part of Maharashtra State Electricity Holding Co Ltd having fine track record. Further, MSEDCL is the largest power distribution entity in India with consumer base of over 24.8 million. As it supplies electricity to the entire state of Maharashtra excluding the island city of Mumbai and enjoys a near monopoly. The Management has not filed its financials for March 2017 with the Government Registry. The company has witnessed continuous operating losses which has led to negative reserve level. However, the company possesses fair net worth base during the year 2016 due to additional equity funding by its holding entity. Further the company has entered into as escrow agreement with “State Bank of India” wherein the lender will have an effective control over the cash flow which will be utilized for debt servicing. Rating continue to derive strength from the high revenue generation ability and collection efficiency along with regulated and sole seller nature of business. Payments are reported to be regular. In view of aforesaid, the company can be considered for business dealings with 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk |
|
Date |
03.01.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 25.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office : |
Prakashgad Plot No. G-9, Anant Kanekar Marg, Bandra (East), Mumbai –
400 051, Maharashtra |
|
Tel. No.: |
91-22-26474211 |
|
Fax No.: |
91-22-26476749 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office: |
Prakashgad, Prakash Ganga, Estrella Batt., Dharavi, Mumbai, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Sanjeev Kumar |
||||||||||||||||
|
Designation : |
Managing director |
||||||||||||||||
|
Address : |
601 Aasawari, Churchgate, Mumbai- 400020, Maharashtra,
India |
||||||||||||||||
|
Date of Appointment : |
21.12.2015 |
||||||||||||||||
|
DIN No.: |
01866640 |
||||||||||||||||
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Other Directorship:
|
|||||||||||||||||
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|
||||||||||||||||
|
Name : |
Mr. Vishwas Vasant Pathak |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
C 302, Lotus Court, Opposites VCA Ground, Civil Line,
Nagpur- 440001, Maharashtra, India |
||||||||||||||||
|
Date of Appointment : |
14.08.2015 |
||||||||||||||||
|
DIN No.: |
00093771 |
||||||||||||||||
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Other Directorship:
|
|||||||||||||||||
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|
||||||||||||||||
|
Name : |
Mr. Ashok Rajaram Harane |
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|
Designation : |
Director |
||||||||||||||||
|
Address : |
B-302 Millennium Gardens, 182 Upper Govind Nagar, Malad
(East), Mumbai- 400097, Maharashtra, India |
||||||||||||||||
|
Date of Birth: |
04.06.1946 |
||||||||||||||||
|
Date of Appointment : |
02.01.2009 |
||||||||||||||||
|
DIN No.: |
00123013 |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Sunil Laxman Pimpalkhute |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
20, 5th Floor, Sagar Apartments, B Road, Churchgate,
Mumbai – 400020, Maharashtra, India |
||||||||||||||||
|
Date of Appointment : |
24.07.2015 |
||||||||||||||||
|
DIN No.: |
01915725 |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Abhijit Jayantrao Deshpande |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
701 Sunrise C-33 Shastrinagar, Off J P Road Andheri West, Mumbai-
400053, Maharashtra, India |
||||||||||||||||
|
Date of Birth: |
13.04.1965 |
||||||||||||||||
|
Date of Appointment : |
04.06.2014 |
||||||||||||||||
|
DIN No.: |
01915725 |
||||||||||||||||
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|
|
||||||||||||||||
|
Name : |
Mr. Arvind Gaurishankar Singh |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
36, Amber, N.D. Road, Malabar Hills, Mumbai - 400006
Maharashtra, India |
||||||||||||||||
|
Date of Appointment : |
10.03.2017 |
||||||||||||||||
|
DIN No.: |
02780573 |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Dinesh Rambilas Saboo |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
B/69, Kranti Tower, Shree Nagar Wagle Estate, Sector -09,
Thane West, Thane – 400604, Maharashtra, India |
||||||||||||||||
|
Date of Appointment : |
20.09.2016 |
||||||||||||||||
|
DIN No.: |
07552024 |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Sunil Laxman Pimpalkhute |
|
Designation : |
CFO(KMP) |
|
Address : |
20,5th Floor, Sagar Apartments, B Road, Churchgate, Mumbai
– 400020, Maharashtra, India |
|
Date of Appointment : |
24.07.2015 |
|
PAN No.: |
AKDPP7327G |
|
|
|
|
Name : |
Mrs. Anjali Makarand Gudekar |
|
Designation : |
Secretary |
|
Address : |
A-102, Mangalmurti Apts, Chougule Nagar, Sawarpada, Borivali (E), Mumbai- 400066, Maharashtra, India |
|
Date of Appointment : |
17.03.2012 |
|
PAN No.: |
AEAPT6401N |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
|
Names of Shareholders |
No. of Shares |
|
Mukesh Khullar |
10 |
|
Sanjeev Kumar |
10 |
|
Sunil Pimpalkhute |
10 |
|
P.U.Shinde |
10 |
|
Subodh Zare |
10 |
|
Abijit Deshpande |
10 |
|
MSEB Holding Company Limited |
46159634844 |
|
Total |
46159634904 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.12.2016
|
Category |
Percentage |
|
Promoters- Government - (Government companies) |
100.00 |
|
Total |
100.00 |
AS ON 01.09.2017
|
Names of Allotee |
No. of Allotee |
|
MSEB Holding Company Limited |
301000000 |
|
Total |
301000000 |
BUSINESS DETAILS
|
Line of Business : |
The company
engaged in the business of electricity distribution of electric energy to
households, industrial, commercial and other users.(Registered Activity) |
||||
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Products / Services
: |
|
||||
|
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|
||||
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Brand Names : |
Not Available |
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|
||||
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Available |
||||
|
|
|
||||
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Imports : |
Not Available |
||||
|
|
|
||||
|
Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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|
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Bankers : |
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|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Mittal and Associates Chartered Accountants |
|
Address : |
471 B, Astral Building, N.M. Joshi Marg, Chinchpokli,
Mumbai-400011, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM9559Q |
|
|
|
|
Auditors 2 : |
|
|
Name : |
B. N. Kedia and Company Chartered Accountants |
|
Address : |
507, Swapna Siddhi, Akurli Road, Kandivali (East), Mumbai – 400101,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFB4343G |
|
|
|
|
Auditors 3 : |
SGCO and Company Chartered Accountants |
|
Address : |
4A, Kaledonia – HDIL, 2nd Floor, Sahar Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS7160D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
MSEB Holding Company Limited [U40100MH2005SGC153649] |
|
|
|
|
Subsidiaries Company: |
Aurangabad Power Company Limited [U40109MH2007SGC171852] |
CAPITAL STRUCTURE
AFTER 29.12.2016
Authorised Capital : INR 600000.000 Million
Issued, Subscribed & Paid-up Capital : INR 467976.349
Million
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000000 |
Equity Shares |
INR 10/- each |
INR 600000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46159634904 |
Equity Shares |
INR 10/- each |
INR 461596.349 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
461596.349 |
57033.105 |
53169.818 |
|
(b) Reserves &
Surplus |
(149637.255) |
(12566.471) |
7132.137 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
3370.000 |
6528.213 |
7748.921 |
|
Total Shareholders’ Funds
(1) + (2) |
315329.094 |
50994.847 |
68050.876 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
178540.967 |
164385.203 |
184678.907 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
423.535 |
1388.526 |
|
(c) Other long term
liabilities |
57714.504 |
24322.575 |
32942.208 |
|
(d) long-term provisions |
35155.124 |
34141.000 |
30775.849 |
|
Total Non-current
Liabilities (3) |
271410.595 |
223272.313 |
249785.490 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
76808.032 |
36436.532 |
31970.377 |
|
(b) Trade payables |
197000.988 |
179518.359 |
140899.152 |
|
(c) Other current
liabilities |
90446.094 |
88144.022 |
40687.338 |
|
(d) Short-term provisions |
7932.294 |
10500.805 |
11927.393 |
|
Total Current Liabilities
(4) |
372187.408 |
314599.718 |
225484.260 |
|
|
|
|
|
|
TOTAL |
958927.097 |
588866.878 |
543320.626 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
576290.745 |
290779.733 |
261716.839 |
|
(ii) Intangible Assets |
25115.520 |
12818.990 |
65.275 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
20480.560 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1917.273 |
1918.817 |
1928.082 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6276.818 |
4008.945 |
3000.321 |
|
(e) Other Non-current
assets |
7313.025 |
8292.961 |
46487.903 |
|
Total Non-Current Assets |
616913.381 |
317819.446 |
333678.980 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
9482.085 |
7244.259 |
7423.347 |
|
(c) Trade receivables |
261909.456 |
195642.832 |
116012.756 |
|
(d) Cash and cash
equivalents |
5152.487 |
4368.370 |
3837.051 |
|
(e) Short-term loans and
advances |
194.344 |
1071.069 |
5137.428 |
|
(f) Other current assets |
65275.344 |
62720.902 |
77231.064 |
|
Total Current Assets |
342013.716 |
271047.432 |
209641.646 |
|
|
|
|
|
|
TOTAL |
958927.097 |
588866.878 |
543320.626 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
537073.696 |
555556.145 |
506216.482 |
|
|
Other Income |
28820.383 |
19366.434 |
16404.090 |
|
|
TOTAL |
565894.079 |
574922.579 |
522620.572 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
476960.697 |
490883.512 |
395260.468 |
|
|
Employees benefits
expense |
41874.698 |
45514.697 |
40280.241 |
|
|
Repairs and maintains |
5893.293 |
9033.870 |
7522.576 |
|
|
Administration and
general |
6408.800 |
7027.720 |
5395.604 |
|
|
Extraordinary items |
124142.595 |
0.000 |
0.000 |
|
|
Exceptional item |
(1871.018) |
(22168.517) |
0.000 |
|
|
Other expenses |
4608.298 |
4166.098 |
40052.444 |
|
|
TOTAL |
658017.363 |
534457.380 |
488511.333 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(92123.284) |
40465.199 |
34109.239 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
30490.690 |
28186.764 |
29011.570 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(122613.974) |
12278.435 |
5097.669 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
27596.890 |
16899.970 |
16764.049 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(150210.864) |
(4621.535) |
(11666.380) |
|
|
|
|
|
|
|
Less |
TAX |
(423.535) |
(964.580) |
(8862.155) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(149787.329) |
(3656.955) |
(2804.225) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(26.13) |
(2.00) |
(0.68) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current
Maturities of Long term debt |
|
|
|
|
a) From Bank. |
|
|
|
|
Loan From DCC Banker |
296.016 |
659.001 |
633.136 |
|
b) From
Financial Institution |
|
|
|
|
Rural electrification |
9907.284 |
9497.606 |
9708.550 |
|
Power Finance Corporation |
7737.210 |
11586.458 |
5840.000 |
|
Medium Term Loan from REC |
1250.000 |
6458.333 |
6250.000 |
|
c) From Others |
|
|
|
|
State Government Loans - GoM |
292.627 |
689.812 |
689.812 |
|
Others |
0.000 |
0.000 |
40.653 |
|
Total |
19483.137 |
28891.210 |
23162.151 |
|
|
|
|
|
|
Cash generated from operations |
12935.712 |
85687.856 |
35556.623 |
|
Net cash flows from (used in) operations |
12935.712 |
85687.445 |
34524.753 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
178.00 |
128.54 |
83.65 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.05 |
2.84 |
4.36 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
150.76 |
133.48 |
130.11 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(9.72) |
5.59 |
4.59 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.15) |
0.13 |
0.12 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.59 |
0.86 |
0.80 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.87 |
4.50 |
3.52 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.18 |
6.17 |
3.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.91 |
5.95 |
4.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(3.02) |
1.44 |
1.18 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(27.89) |
(0.66) |
(0.55) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(15.62) |
(0.62) |
(0.52) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(47.50) |
(7.17) |
(4.12) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.92 |
0.86 |
0.93 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.89 |
0.84 |
0.90 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.33 |
0.09 |
0.13 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.60 |
4.03 |
4.51 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.92 |
0.86 |
0.93 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
53169.818 |
57033.105 |
461596.349 |
|
Reserves & Surplus |
7132.137 |
(12566.471) |
(149637.255) |
|
Share Application money
pending allotment |
7748.921 |
6528.213 |
3370.000 |
|
Net worth |
68050.876 |
50994.847 |
315329.094 |
|
|
|
|
|
|
long-term borrowings |
184678.907 |
164385.203 |
178540.967 |
|
Short term borrowings |
31970.377 |
36436.532 |
76808.032 |
|
Current Maturities of
Long term debt |
23162.151 |
28891.210 |
19483.137 |
|
Total borrowings |
239811.435 |
229712.945 |
274832.136 |
|
Debt/Equity ratio |
3.524 |
4.505 |
0.872 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
506216.482 |
555556.145 |
537073.696 |
|
|
|
9.747 |
(3.327) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
506216.482 |
555556.145 |
537073.696 |
|
Profit/(Loss) |
(2804.225) |
(3656.955) |
(149787.329) |
|
|
(0.55)% |
(0.66)% |
(27.89)% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
|
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
57033.105 |
|
(b) Reserves &
Surplus |
|
|
(12566.356) |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
6528.213 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
50994.962 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
164385.203 |
|
(b) Deferred tax
liabilities (Net) |
|
|
423.535 |
|
(c) Other long term
liabilities |
|
|
24369.693 |
|
(d) long-term provisions |
|
|
32789.003 |
|
Total Non-current
Liabilities (3) |
|
|
221967.434 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
36436.532 |
|
(b) Trade payables |
|
|
179518.359 |
|
(c) Other current
liabilities |
|
|
88144.882 |
|
(d) Short-term provisions |
|
|
11852.806 |
|
Total Current Liabilities
(4) |
|
|
315952.579 |
|
|
|
|
|
|
TOTAL |
|
|
588914.975 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
290380.568 |
|
(ii) Intangible Assets |
|
|
399.165 |
|
(iii) Capital
work-in-progress |
|
|
12881.014 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
1918.317 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
4008.936 |
|
(e) Other Non-current
assets |
|
|
47786.538 |
|
Total Non-Current Assets |
|
|
357374.538 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
7244.259 |
|
(c) Trade receivables |
|
|
156149.255 |
|
(d) Cash and cash
equivalents |
|
|
4369.167 |
|
(e) Short-term loans and
advances |
|
|
1056.854 |
|
(f) Other current assets |
|
|
62720.902 |
|
Total Current Assets |
|
|
231540.437 |
|
|
|
|
|
|
TOTAL |
|
|
588914.975 |
PROFIT
AND LOSS (CONSOLIDATED)
|
|
PARTICULARS |
|
|
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
555347.287 |
|
|
Other Income |
|
|
19575.360 |
|
|
TOTAL |
|
|
574922.647 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
|
|
490883.512 |
|
|
Employees benefits
expense |
|
|
45514.697 |
|
|
Repairs and Maintenance |
|
|
9033.870 |
|
|
Administration and
General Expenses |
|
|
7027.736 |
|
|
Exceptional Items |
|
|
(22168.517) |
|
|
Other expenses |
|
|
4267.217 |
|
|
TOTAL |
|
|
534558.515 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
40364.132 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
28186.764 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
12177.368 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
16798.851 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
(4621.483) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
(964.555) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
(3656.928) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
LEGAL
CASES
|
Case Details |
|
Bench:-Bombay |
|
Presentation Date:-
22/11/2017
Reg. No : WP/77/2018 Reg. Date: 12/01/2018 |
|
Lodging No.:- WPL/3267/2017 Respondent: MAHARASHTRA STATE ELECTRICITY
DISTRIBUTION COMPANY LIMITED |
|
Petitioner: MAHA ACTIVE ENGENERRS
INDIA PRIVATE LIMITED Resp.Adv: DESAI LEGAL (I5528) |
|
Petn. Adv: KHAITAN LEGAL
ASSOCIATES (I12890) |
|
District: MUMBAI |
|
Bench: DIVISION |
|
Status: Disposed Category:
WRIT PETITION(OTHERS) |
|
Disp. Date:
22/12/2017 |
|
Disp.By: HON'BLE SHRI JUSTICE SHANTANU S. KEMKAR HON'BLE SHRI JUSTICE RAJESH G. KETKAR |
|
Last Date: 22/12/2017
Stage:
FRESH ADMISSION |
|
Last Coram: HON'BLE SHRI JUSTICE SHANTANU S. KEMKAR HON'BLE SHRI JUSTICE RAJESH G. KETKAR |
|
Act: Indian Contract
Act 1872 |
|
|
|
Case Details |
|
Bench:-Bombay |
|
Presentation Date:- Reg. No : COMEX/24/2017
Reg. Date: 09/11/2017 |
|
Lodging No.:- Respondent: MAHARASHTRA STATE ELECTRICITY DISTRIBUTION
COMPANY LIMITED |
|
Petitioner: MAHA ACTIVE ENGENERRS
INDIA PRIVATE LIMITED |
|
Petn. Adv: KHAITAN LEGAL
ASSOCIATES (I12890) |
|
District: AURANGABAD |
|
Bench: SINGLE |
|
Status: PRE – ADMISSION Category: EXECUTION APPLICATION IN COMMERCIAL DIVISION MATTERS |
|
Act: CODE OF CIVIL PROCEDURE |
|
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Maharashtra State Electricity Distribution Company Limited (MSEDCL),a Limited Company, incorporated under the Companies Act, 1956 came into existence on June 6, 2005 after unbundling the erstwhile Maharashtra State Electricity Board into four companies.
The main object of the Company is distribution of reliable and quality supply of electricity at reasonable and competitive tariff so as to boost agricultural, industrial and overall economic growth and development of Maharashtra. In order to achieve the main objective, the company has undertaken the activities of sub-transmission, distribution, provision, supply, wheeling, purchase, sale and trading of electricity and introduced open access in the distribution as per the, Maharashtra Electricity Regulatory Commission directives. The tariff of the company is regulated by Maharashtra Electricity Regulatory Commission.
The Registered Office of the Company is situated at Prakashgad, Bandra (East), Mumbai 400051. MSEDCL,also known as Mahavitaran or Mahadiscom, is one of the largest public sector company engaged in the business of electricity distribution. MSEDCL'sdistribution network is divided in 16 zones, 50 circles, 166 divisions, 716 sub divisions and 34 IT Centres catering services to around 23.97 million consumers.
UNSECURED LOANS:
|
Particulars |
31.03.2016 INR In Million |
31.03.20145 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
a)Term Loans |
|
|
|
From other
parties |
|
|
|
State Government Loans- GoM |
851.107 |
1540.919 |
|
Interestfree loan from-MIDC |
250.466 |
250.466 |
|
|
|
|
|
b) Deposits |
|
|
|
Security deposits from consumers |
61742.751 |
57729.872 |
|
Deposits for Electrification service connections |
869.283 |
831.485 |
|
Deposit from Staff Welfare Fund |
558.716 |
442.480 |
|
Security Deposits from collection agencies |
509.701 |
461.420 |
|
Security Deposit Againest EnergyAG Pumps under EGS |
44.871 |
39.270 |
|
Depositsfor Electrification 'of vilages |
0.000 |
0.000 |
|
|
|
|
|
C) Current
Maturity |
|
|
|
Loan from Rural Electrification Corporation (REC) |
9907.284 |
9497.606 |
|
Loan from Power Finance Corporation (PFC) |
7737.210 |
11586.458 |
|
Medium Term Loan From REC |
1250.000 |
6458.333 |
|
Loan from Development Credit Co-op. Bank |
296.016 |
659.001 |
|
State Govt. Loans- GoM |
292.627 |
689.812 |
|
SHORT TERM BORROWINGS |
|
|
|
Unsecured Short term loan. from Banks |
|
|
|
- State bank of India |
40476.000 |
3888.000 |
|
- Bank of Maharashtra |
3000.000 |
5000.000 |
|
- Raigad District Co-Op Bank |
1500.000 |
1000.000 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G55788954 |
100126736 |
STATE BANK OF INDIA |
19/09/2017 |
- |
- |
20000000000.0 |
NEVILLE HOUSE, J.N. HEREDIA MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
2 |
G48420210 |
100109797 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
30/06/2017 |
- |
- |
260025000.0 |
CORE 4SCOPE COMPLEX7 LODI ROADNEW DELHIDE110003IN |
|
3 |
G15529381 |
100054782 |
STATE BANK OF INDIA |
22/09/2016 |
- |
- |
10000000000.0 |
CORPORATE ACCOUNTS GROUP-MUMBAI AT NEVILLE HOUSEJ.N. HEREDIA MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
4 |
G01833888 |
100021015 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
31/03/2016 |
- |
- |
707700000.0 |
CORE 4SCOPE COMPLEX7 LODI ROADNEW DELHIDE110003IN |
|
5 |
C70494190 |
10603265 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
26/10/2015 |
- |
- |
1752345200.0 |
CORE 4SCOPE COMPLEX7 LODI ROADNEW DELHIDL110003IN |
|
6 |
C70493051 |
10603286 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
26/10/2015 |
- |
- |
655779168.0 |
CORE 4SCOPE COMPLEX7 LODI ROADNEW DELHIDL110003IN |
|
7 |
C64818271 |
10592267 |
STATE BANK OF INDIA |
29/08/2015 |
- |
- |
50000000000.0 |
CORPORATE ACCOUNTS GROUP-MUMBAI AT NEVILLE HOUSEJ.N. HEREDIA MARG, BALLARD ESTATEMUMBAIMH400001IN |
|
8 |
C63881098 |
10590336 |
CANARA BANK |
21/08/2015 |
- |
- |
70000000000.0 |
SPECIALISED PRIME CORPORATE BRANCH,MAKER CHAMBERS-III, 7TH FLOOR, NARIMAN POINTMUMBAIMH400021IN |
|
9 |
G48151450 |
10569214 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
01/05/2015 |
14/06/2017 |
- |
5025943000.0 |
CORE 4SCOPE COMPLEX7 LODI ROADNEW DELHIDE110003IN |
|
10 |
C50634237 |
10562751 |
RURAL ELECTRIFICATION CORPORATION LIMITED |
27/03/2015 |
- |
- |
328977000.0 |
CORE 4SCOPE COMPLEX7 LODI ROADNEW DELHIDL110003IN |
3 MAHARASHTRA POWER
UTILITIES YET TO REPAY INR 66-K MILLION LOAN: MINISTER
Maharashtra Energy Minister Chandrashekhar Bavankule told the Legislative Assembly today that all the three state-run electricity companies are yet to repay loan worth nearly INR 6600.000 Million.
The minister informed this in a written reply tabled in the House, in which he
also dismissed the reports that these companies are not paying additional
interest as the state refused to stand guarantee for such loans.
"The Maharashtra State Electricity Generation Company Ltd (Mahagenco) has an unpaid loan amount of INR 3531.000 Million with an average interest rate of INR 10.16 per cent," he stated
"Similarly, the Maharashtra State Electricity Distribution Company Ltd (MSEDCL or Mahadiscom) has an unpaid loan of INR 2317.300 Million and the Maharashtra State Electricity Transmission Company Ltd (MSETCL or Mahatransco) is yet to repay INR 673.300 Million loan," the minister added.
Both these companies had borrowed the loan at an average interest rate of 10.54 per cent and 10.60 per cent respectively, Bavankule said.
FIXED ASSETS:
Tangible Assets
· Factory Buildings
· Plant and Machinery
· Lines and cable
· Hydraulic Works
· Furniture and Fixtures
· Office Equipments
· Computers
· Vehicles
Intangible Assets
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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
|
INR |
|
US Dollar |
1 |
INR 63.71 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NKTS |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.