|
|
|
MIRA INFORM REPORT
|
Report No. : |
499889 |
|
Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
NTPC VIDYUT VYAPAR NIGAM LIMITED |
|
|
|
|
Registered
Office : |
NTPC Bhawan Core 7, Scope Complex, 7 Institutional Area, Lodi Road,
New Delhi-110003 |
|
Tel. No.: |
91-11-24360071 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
01.11.2002 |
|
|
|
|
Com. Reg. No.: |
55-117584 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 200.000
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40108DL2002GOI117584 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
07AABCN7433J1ZC |
|
|
|
|
TIN No.: |
07060301818 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCN7433J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading of Power. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a wholly-owned subsidiary of “NTPC Limited” and was
incorporated in the year 2002. It is a Government Company engaged in the
business of power trading. For the financial year 2016, the company achieved revenue growth of
5.89% as compared to the previous year along with an average profit margin of
1.23%. The sound financial risk profile of the company is marked by adequate
net worth base along with strong debt protection metrics due to debt free
balance sheet profile. Rating takes into consideration the subject’s favourable Earning s per
Share of INR 25.16 against the face Value of INR 10. Rating also takes into account the strong financial and managerial
support that the company receives from Government of India. These rating strengths are partially offset by exposure to risks
relating to counter parties, and to the regulated and highly competitive
nature of the power trading industry. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. Note: As per
Registrar of Companies date of balance sheet (i.e. financial filed) is shown
as 31.03.2017 but documents related to financial for the year 31.03.2017 are
not available from any sources. |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
CRISIL |
|
Rating |
Long Term Borrowing=AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
29.05.2017 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Borrowing=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
29.05.2017 |
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 27.03.2018.
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-11-24387018/ 24387741]
LOCATIONS
|
Registered Office : |
NTPC Bhawan Core 7, Scope Complex, 7 Institutional Area, Lodi Road,
New Delhi-110003, India |
|
Tel. No.: |
91-11-24360071/ 24387018 |
|
Fax No.: |
91-11-24360241 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
7th Floor, Core 3, SCOPE Complex, 7 Institutional Area, Lodhi Road, New Delhi-110003, India |
|
Tel. No.: |
91-11-24387741 |
|
Fax No.: |
91-11-24362009/ 24361771 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Saptarshi Roy |
|||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||||||||
|
Address : |
E-703 F-31 Shubhkamna Appt, F-31 Sector-50 (F-Block),
Noida-201303, Uttar Pradesh, India |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.12.2017 |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
03584600 |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Annegowda Sathyabhama |
|||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||
|
Address : |
D-105, Shaurya NTPC Township, Sector- 33, Noida-201301,
Uttar Pradesh, India |
|||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.07.1958 |
|||||||||||||||||||||||||||||||||
|
Qualification : |
Electrical Enginee |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.07.2014 |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
06904946 |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Anand Kumar Gupta |
|||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||||||||
|
Address : |
521, Abhinav Appts , B-12, Vasundhara Enclave, New
Delhi-110096, India |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.08.2017 |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
07269906 |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Pramod Kumar |
|||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
|||||||||||||||||||||||||||||||||
|
Address : |
56, Urja Villa A-100/1, Sector-51, Gautam Buddha Nagar,
Noida-201301, Uttar Pradesh, India |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
18.11.2017 |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
07992859 |
|||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Nitin Mehra |
|
Designation : |
Company Secretary |
|
Address : |
C-8/89, Yamuna Vihar, Delhi-110053, India |
|
Date of Birth/Age : |
26.08.1978 |
|
Qualification : |
Fellow Member of the Institute of the Company Secretaries of India |
|
Date of Appointment : |
16.08.2005 |
|
PAN No.: |
ALDPM3233B |
|
|
|
|
Name : |
Mr. Kumar Sanjay |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
549, Sachin Nag Block, Asian Games Village, Khelgaon, New
Delhi-110049, India |
|
Date of Appointment : |
27.07.2017 |
|
PAN No.: |
ALLPS3448J |
|
|
|
|
Name : |
Mr. Arun Kumar Garg |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
Flat No. 115, Pocket D Sarita Vihar, New Delhi-110076,
India |
|
Date of Appointment : |
21.10.2016 |
|
PAN No.: |
ACHPG0010D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
NTPC Limited, India |
19999300 |
100.00 |
|
Gurdeep Singh, Chairman and Managing Director, NTPC (as nominee of NTPC Limited, India) |
100 |
0.00 |
|
A.K. Rastogi, Company Secretary, NTPC (as nominee of NTPC Limited, India) |
100 |
0.00 |
|
A.K. Gupta, Director (Commercial), NTPC (as nominee of NTPC Limited, India) |
100 |
0.00 |
|
G. Ravindra, ED (FM), NTPC (as nominee of NTPC Limited, India) |
100 |
0.00 |
|
Sudhir Arya, ED (Finance), NTPC (as nominee of NTPC Limited, India) |
100 |
0.00 |
|
A.K. Jha, Director (Technical), NTPC (as nominee of NTPC Limited, India) |
100 |
0.00 |
|
Kulamani Biswal, Director (Finance), NTPC (as nominee of NTPC Limited, India) |
100 |
0.00 |
|
|
|
|
|
Total |
20000000 |
100.00 |
AS ON: 27.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Government – Government Companies |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Electric Power. [Registered Activity] |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
· State Bank of Hyderabad Core-6, Scope Complex,, Lodhi Road,, New Delhi - 110003, India |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
|
Address : |
146-148, Tribhuvan Complex, Ishwar Nagar, Mathura Road, Delhi, India |
|
PAN No.: |
AABFS6730L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
NTPC Limited, India [L40101DL1975GOI007966] |
|
|
|
|
Joint Venture
Company of NTPC Limited : |
Utility Powertech Limited, India [U45207MH1995PLC094719] |
CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in 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 |
200.000 |
200.000 |
200.000 |
|
(b) Reserves and Surplus |
2121.428 |
1858.958 |
1662.832 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2321.428 |
2058.958 |
1862.832 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.183 |
0.464 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
9.857 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.183 |
10.321 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
6383.316 |
5304.573 |
4771.151 |
|
(c) Other
current liabilities |
3413.742 |
4243.118 |
5600.068 |
|
(d) Short-term
provisions |
441.614 |
51.492 |
0.000 |
|
Total Current
Liabilities (4) |
10238.672 |
9599.183 |
10371.219 |
|
|
|
|
|
|
TOTAL |
12560.100 |
11658.324 |
12244.372 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1.721 |
2.474 |
4.375 |
|
(ii)
Intangible Assets |
0.450 |
0.769 |
0.008 |
|
(iii) Tangible assets
capital work-in-progress |
0.341 |
0.341 |
0.341 |
|
(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) |
0.012 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
292.656 |
291.587 |
297.723 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
295.180 |
295.171 |
302.447 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.111 |
|
(c) Trade
receivables |
5602.018 |
4858.395 |
2682.839 |
|
(d) Cash and
bank balances |
3337.172 |
3474.391 |
6376.005 |
|
(e)
Short-term loans and advances |
22.136 |
10.658 |
78.012 |
|
(f) Other
current assets |
3303.594 |
3019.709 |
2804.958 |
|
Total
Current Assets |
12264.920 |
11363.153 |
11941.925 |
|
|
|
|
|
|
TOTAL |
12560.100 |
11658.324 |
12244.372 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
41016.871 |
38736.009 |
34757.159 |
|
|
Other Income |
209.292 |
143.681 |
566.088 |
|
|
TOTAL |
41226.163 |
38879.690 |
35323.247 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
40209.102 |
38047.742 |
33890.630 |
|
|
Employee benefit expense |
139.736 |
101.618 |
85.921 |
|
|
CSR expenditure |
14.725 |
8.024 |
1.033 |
|
|
Other expenses |
83.171 |
55.634 |
431.776 |
|
|
TOTAL |
40446.734 |
38213.018 |
34409.360 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
779.429 |
666.672 |
913.887 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.523 |
0.152 |
0.438 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
778.906 |
666.520 |
913.449 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.307 |
1.671 |
0.696 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
777.599 |
664.849 |
912.753 |
|
|
|
|
|
|
|
Less |
TAX |
274.413 |
228.736 |
310.393 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
503.186 |
436.113 |
602.360 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4461.748 |
4459.493 |
2118.538 |
|
|
TOTAL EARNINGS |
4461.748 |
4459.493 |
2118.538 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
25.16 |
21.81 |
30.12 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(71.876) |
(2910.081) |
978.820 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(309.145) |
(3121.176) |
826.667 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
49.85 |
45.78 |
28.17 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
7.32 |
7.97 |
12.96 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
57.94 |
50.89 |
51.39 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
8233.22 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
310.28 |
186.01 |
193.46 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.82 |
0.82 |
0.85 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
4.41 |
4.66 |
5.57 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1490.30 |
4386.00 |
2086.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.23 |
1.13 |
1.73 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.01 |
3.74 |
4.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
21.68 |
21.18 |
32.34 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.20 |
1.18 |
1.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.20 |
1.18 |
1.15 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.18 |
0.18 |
0.15 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.20 |
1.18 |
1.15 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
200.000 |
200.000 |
200.000 |
|
Reserves & Surplus |
1662.832 |
1858.958 |
2121.428 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1862.832 |
2058.958 |
2321.428 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
34757.159 |
38736.009 |
41016.871 |
|
|
|
11.448 |
5.888 |
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 |
34757.159 |
38736.009 |
41016.871 |
|
Profit/ (Loss) |
602.360 |
436.113 |
503.186 |
|
|
1.73
% |
1.13
% |
1.23
% |
LEGAL CASES
|
$~6 * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 124/2017 RAJASTHAN SUN TECHNIQUE ENERGY PVT. LTD. ..... Petitioner Through: Ms.Malavika Prasad & Mr.Voraa Masood, Advs. versus NTPC VIDYUT VYAPAR NIGAM LTD. ..... Respondent Through: Mr.Pulkit Agarwal, Adv. CORAM: HON’BLE MR. JUSTICE NAVIN CHAWLA % ORDER 16.03.2018 At the request of the counsel for the petitioner, relist on 23rd April, 2018. NAVIN CHAWLA, J MARCH 16, 2018/ rv |
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 |
Yes |
|
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 |
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) |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
B10383974 |
10022545 |
STATE BANK OF HYDERABAD |
10/10/2006 |
30/03/2011 |
- |
2100000000.0 |
CORE-6, SCOPE COMPLEX,LODHI ROAD,NEW DELHIDL110003IN |
ENERGY TRADING AND OTHER BUSINESS
In accordance with Central Electricity Regulatory Commission (CERC) notification, the Company has a trading Licensee under Category I (highest category).
In the Financial Year 2015-16, your Company achieved highest ever power trading volume of 12600 million units (MUs) apart from Renewable Energy Certificates (RECs) equivalent to 166 MUs.
During the financial year, margin was INR 667.800 Million from trade of 12766 million units including 5789 million units traded under solar & thermal bundled power, 1092 million units traded under SWAP arrangements, 2416 million units under bilateral trade, 1508 million units traded through exchange and 1961 million units traded under Cross Border Trading, as compared to margin of INR 553.600 Million from trade of energy of 10421 million units including 5175 million units traded under solar & thermal bundled power, 1094 million units traded under SWAP arrangements, 2112 million units under bilateral trade, 295 million units traded through exchange and 1745 million units traded under Cross Border Trading. The overall volume of energy traded by the Company during the financial year 2015-16 has increased by 22.50% and margins increased by 20.60% over last financial year 2014-15.
BUSINESS INITIATIVES
The Government of India designated the Company as the Nodal Agency for Phase I of Jawaharlal Nehru National Solar Mission (JNNSM) with a mandate for purchase of power from the solar power projects connected to grid at 33 KV and above, at tariff regulated by CERC and for sale of such power bundled with the power sourced from NTPC coal power stations to Distribution Utilities under Phase I of JNNSM which envisages setting up of 1000 MW solar capacity. As on 31.03.2016 the total commissioned capacity under the Scheme of Batch I of Phase I of JNNSM is 733 MW as against the 718 MW as on 31.03.2015.
During the Financial Year 2015-16, a total of 5789 MUs of bundled solar power (including 1027 MUs of Solar Power) have been supplied to Discoms/ Utilities of the states of Rajasthan, Punjab, Maharashtra, Andhra Pradesh, Uttar Pradesh, Tamil Nadu, Karnataka, Assam, West Bengal, Odisha, Telengana, Chhattisgarh and Damodar Valley Corporation.
The Company has been designated as the nodal agency for cross border trading of power with Bangladesh, Bhutan and Nepal. As per the Power Purchase Agreement (PPA) for supply of 250 MW power for 25 years from NTPC stations, signed between the Company and Bangladesh Power Development Board (BPDB), power is being supplied by the Company to Bangladesh from Oct’2013. During the year PPA between BPDB and the Company and back to back Power Sale Agreement (PSA) has also been signed with Tripura State Electricity Corporation Limited (TSECL) for supply of upto 100 MW of power for a period of 5 years. Under this agreement power is being supplied by the Company to BPDB with effect from March 17, 2016.
The Company is appointed as the nodal agency by the Ministry of Power, Government of India on February 9, 2016 for cross border power trading with Nepal. PPA was signed between the Company and Nepal Electricity Authority (NEA) for supply of upto 80MW power through newly commissioned 400kV Muzaffarpur- Dhalkebar A/C line under radial mode from Indian Market. The Power supply commenced from February 18, 2016.
The Company has excelled in many fields including expanding customer base, selling captive power, selling power of Independent Power Producers (IPPs), entering into power banking arrangement, trading of Power and RECs on the platform of Power Exchange(s) etc. The customer base of the Company has increased to more than 100 customers including state government utilities, private power utilities, IPPs and captive power generators, Industrial customers in all five power regions of India.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Trading is an essential tool which plays an important role for optimisation of resources by utilizing the surpluses of seasons or time of day of a state / utility to meet the unmet demand / deficits of the same or another state / utility/ consumers by way of sale/purchase or swap arrangements. Power traders play a key role for identification of such sources of surplus (supply) and deficits (consumers), tie up open access, and arrange scheduling for matching supply and demand at optimum cost charging a very small margin of their own.
The short term market constitutes about 9-10%of the total power generation. However, there has been significant increase in direct transaction among Discoms (50%) as well as through Power Exchanges (21%) vis a vis last year. The Company traded 1508 MUs in power exchange as compared to 295 MUs in the previous year.
CERC has fixed a ceiling trading margin for short term trade at 7 paise per kWh in case the sale price is exceeding INR 3 per kWh and 4 paise per kWh where sale price is less than or equal to `3 per kWh. However, Transactions through power swapping/ banking are out of purview of the CERC Regulations for Short Term Trading.
During the last four years, 43 traders have obtained licenses for serving the needs of the various clients. The traders are issued license under categories I, II or III depending on the volume of units proposed to be traded and net worth. During 2015-16 out of the electricity generation of approximately 1103 Billion units, approximately 94 Billion units were traded, representing 8.52 % of trading to total generation.
Structure of Power
Market in India*
|
(i) Long –Term (89.6 %) |
988 BU |
|
(ii) Power Trading (8.5 %) |
94 BU |
|
(iii) Balancing Market (UI) (1.9 %) |
21 BU |
|
Total |
1103 BU |
The trading of Power
in India*
|
(i) Bilateral Trading |
36 BU |
|
(ii) Bilateral Direct |
24 BU |
|
(iii) Through Power Exchange |
34 BU |
|
Total |
94 BU |
*Source: CERC (2015-16)
*Source: CERC website
OUTLOOK
The Company was designated Nodal Agency for Cross Border trading of power with Bangladesh. The Power Purchase Agreement between the Company and BPDB for supply of 250 MW power from NTPC stations for 25 years was signed on February 28, 2012. The Power supply to Bangladesh commenced from October 5, 2013. The Company has signed another Power Purchase Agreement (PPA) with Bangladesh Power Development Board (BPDB) and back to back Power Sale Agreement with Tripura State Electricity Corporation Limited (TSECL) valid for the period of 5 years. Upto 100 MW of power is being supplied under this PPA by the Company to BPDB under radial mode from March 17, 2016.
The Company is appointed as the nodal agency by GoI/ MoP on February 09, 2016 for cross border power trading with Nepal. Power Purchase Agreement was signed between the Company and Nepal Electricity Authority (NEA) for supply of 80MW power upto June 2016, through newly commissioned 400kV Muzaffarpur- Dhalkebar A/C line under radial mode from Indian Market. The Power supply commenced on February 18, 2016.
The Company is also designated Nodal Agency under JNNSM Phase-I for buying power from solar power developers in India and selling to distribution utilities after bundling with thermal power from NTPC coal based stations. The business of selling bundled power to Discoms commenced from financial year 2011-12 and has grown with progressive commissioning of capacities.
The Company is exploring new avenues for enhancement of future business in the Cross Border Trading of Power, Renewable Power Sector and trading in Power Exchange and expects to consolidate its business in these segments for achieving long term growth.
CONTINGENT
LIABILITIES: [As on 31.03.2016]
a) -Various solar power developers challenged the encashment/ forfeiture of EMD/Bid bond under provisions of PPA before arbitrator/High Courts. The contingent liability of INR 2346.984 Million and interest claim of INR 895.878 Million thereon (previous year contingent liability INR 2210.023 Million and interest of INR 620.657 Million) has been estimated. Any possible liability crystalised on the above will be recovered from " Retention on A/c BG encashment (Solar)".
b)-One party has challenged the invocation of BG of INR 10.000 Million on the ground of non conclusion of contract with the company for Ash Business. Interest on above has been estimated till current year INR 7.708 Million (till previous year INR 6.352 Million).
c) 480.890 Million units supplied by the sellers under SWAP
arrangements are yet to be returned- Amount uncertainable.
FIXED ASSETS:
Tangible Assets
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.91 |
|
UK Pound |
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
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.