There is an arbitration going on with CMCM (I think) where about RM200m is owed to Mudajya...outcome should be out anytime now. It will provide some financial relief for the time being.

Problem is more than 60 to 70% of assets tied up in the power segment.

The earlier corporate restructure was to segregate the power and construction business to facilitate a sale of the power segment if necessary...in my opinion (5cts worth)

They restructured to separate the power and profitable construction business so as to prepare for a disposal most likely...in my opinion (5cts worth as usual).

I doubt any bank is going to lend some more for the power plants. it must be sold

Yes I still sibuk here just to keep track of my biggest failure in life

usually ringfenced and cannot be used for other projects

The USD 200m is most likely for the Pan Borneo Highway project

Good luck guys...I lost so much...I decided to pay up my housing loan with the little i had left...now almost no debts and no EPF $$$. Still working and looking for serenity and simple things in whats left of my life. No $$$ to invest even if I wanted to. Mudajya should survive this India episode...the question is at what costs?

banks will squeeze everybody's balls

Key events coming up...substantial borrowings due for payment within 12 months...question is can rollover or not. Islamic Medium Term notes review

I guess that's why the Power Reits idea came about...get long term investors to invest in the power plants. Good idea actually.

The silence by the management about the above is deafening to say the least. If they remain positive...why the silence when the share price has plummeted?

Plus points...almost 4 completed and very very expensive plants. minus points crocs in the form of banks waiting....PPA (power pucrhase agreements) unclear in the midst of oversupply in the state. pipelines to other states not cost effective...All have to bear in mind that more than RM600 mllion is on the asset side and is largely contributed by the 24% ownership of the Indian power plants. Sell the plants??? to whom and for how much? Continue to ask the banks to fund until able to repay??

My analysis is this (for what it's worth)...what was the projected cost compared to the current cost up-to-date, the financing element/banks, bank repayment schedules, moratorium periods on principal/interest payments and last but not least is the amount of cash flow from the 2 soon to be cash flow generating units will generate is key to determining whether to buy at RM1. Most of the answer lies in the actual agreement between RKM Powergen and the Indian state authorities. Who bears the costs of delays and enlarged interest payments not to mention how to pay the principal payments to the banks.

Since the plants 1 & 2 are up and running the interest has to be expensed and no more on the development costs (asset) side. Just my 5 cts worth.

Kuenkucheng cash items...emmm interesting. Yes not impacting on the cash flow and you may ignore the depreciation of the power plant part...but the interest element is a different thing all together believe me (accountant buruh). Non cash items do not have an immediate impact on the cash flow but are added/deducted according to accounting principals based on fair values...hope I know wat I am talkin about. Any accountants here to verify my statement/

As at 21st March 2016 Mulpha Infrastructure Holdings Sdn Bhd owned 120,287,000 shares or 22.34% of Mudajaya. The 2 are separate entities and you cannot compare their respective share prices. There is no connection except that the shareholding will appear in Mulpha's balance sheet as an investment in the asset side

The motto in RKM Powergen's website says "We love to solve complex problems"...well they might have met their nemesis

It all boils down to contract cost overruns and whether RKM Powergen can claim from the principals or not.

If only Fairfax can buy over the power assets as they have the financial power to do so - and wait till India needs more power. . Even then the price it would pay won't be at favorable terms to the shareholders...but at least it will take some of the pain away....

By the way...I was in and out of this counter for more than 5 years...

The diff is I lost more than 100K in this counter but not KYY (I believe u are refering to a Mr Koon that everyone talks about). Really believed in them especially when Fairfax started buying...now got out because I think the losses now are mainly due to the power plants, while management is quiet about the total cost overruns/bank repayment, power purchase agreements etc. Sorry if I had misled anyone. I sincerely hope the company turns around and good luck to all.

I still have some interest in this counter though I have given up (no holdings). Not to buy I have no more $$$ and have retired from the stock market which I have lost somewhere around RM370K...so my views may be useless. Just points for investors to consider in my view. Total cost incurred until now i.e. total cost to build the power plants and repayment terms/issues with banks (are they the ultimate winner i.e. banks). Another big concern is delay in plant 3 & 4. Even if all running...are there any buyers? At what price? Is there a oversupply of power in India currently? Have RKM Powergen covered all the contract costs overruns with the principals??? Will the income generated from the power plants go to the banks to repay the ballooning costs? Can RKM Powergen/Mudajaya sell the plants? Almost 60% of all the companies worth is in the power plants.....just my 5cts worth....

Not easy to decide and make $$$ in the stock market even with price at RM1 ya?

Is it a case of last straw breaking the camel's back?

Even if Fairfax takes over....it will be on their terms not Mudajaya's...

Johnny Cash...will do. Sorry if I bothered anybody...think I am going mad...

Final analysis...plus points..near completion with about RM7 to 8 billion invested. India needs power in future. Negative points...costs overruns..long wait for income...huge payments to be made. Your guess is as good as mine.

Nobody said it was easy to make $$$

Power oversupply at the moment...coal supply problems...vultures flying overhead

Banks now hold the trump card

Now almost completed...cost at least RM6 billion...India sure needs power...banks clear winner at this stage..huge losses price only RM1...very very complicated investment

Uchpinda TPP
Unit-1(Ph-I)
Unit-2,3&4(Ph-II)
R.K.M Power, Janjgir Champa District, Chhattisgarh
U-1
360
03/12
05/12
28.02.15 (A)
28.10.15(A)
27.11.15(A)
Unit-1
Boiler: Boiler erection started on 03.09.11. Boiler drum lifted on 22.04.12. HT test conducted on 07.09.13. BLU done on 08.11.14..SBO completed on 03.01.15. Unit synchronized on 28.02.15. Consent to operate received on 17.07.15. Full Load achieved on 28.10.15. COD on 27.11.15
TG: TG erection started in 10/12. TG box up completed on 02.09.14. TG oil flushing completed 07/14. TG barring gear on 09.12.14..
Unit-2
Boiler: Boiler erection started on 12.12.11 .Boiler drum lifted on 30.04.12. HT conducted on 07.11.13. Non drainable HT done on 27.03.14. BLU done on 17.04.15. SBO completed on 25.10.15. Unit Synchronized on 07.01.16. Coal fired on 07.01.16. . Consent to operate received from State Govt. 01.01.16. Full Load achieved on 28.01.16 and COD achieved on 12.02.16.
TG: TG erection started on 16.03.14. TG boxed up in 04/2015. TG Oil Flushing Completed in 07/15. TG on barring Gear in 07/15.
Unit-3
Boiler: Boiler erection started on 12.01.12. Boiler drum lifted on 19.05.12. HT (drainable) conducted on 22.08.14. BLU expected in 09/16. SBO expected in 10/16. Syn. Expected in 11/16.
TG: TG erection started on 11.10.14. TG –LP final box up completed. HIP temporary box up completed and final box up under progress expected in 8/16.
Unit4
Boiler: Boiler erection started on 30.04.12. Boiler drum lifted on 26.01.13. HT conducted on 20.01.15. BLU expected in 01/17.SBO expected in 02/17. Syn. Expected in 4/17.
ESP: civil work completed except grade slab.
TG: TG erection started on 25.11.14. TG box-up expected in 03/17.
U-2
360
09/12
11/12
07.01.16 (A)
28.01.16(A)
12.02.16(A)
U-3
360
12/12
02/13
09/16
12/16
U-4
360
05/13
07/13
12/16
05/17

Thanks fankim...lots of info in the report.

Yes only till May 2016...should be around 7/8 billion ringgit at the end. I think overshot by a billion or 2. Moratorium on interest and principal pymts over I think for the early units 1 & 2.

Derived from the CEA report given by fankim

Org.Est. cost / latest cost ( Ph-I- 148750 lacs/ 263835 lacs Ph-II – 516611 lacs / 914616 lacs )
: Rs. 665361 Lacs /1037733 lakhs/ 1178451
Latest cost
: Rs. 1037733 Lacs
Exp. During 07-08
: Rs. 1270 Lacs
Exp. During 08-09
:Rs. 12311 Lacs
Exp. During 09-10
: Rs. 37363 Lacs
Exp. During 10-11
: Rs. 67641 lacs
Exp. During 11-12
: Rs. 153338 iacs
Exp. During 12-13
: Rs. 277291 lacs
Exp. During 13-14
: Rs. 255521 lacs
Exp. During 14-15
: Rs. 119057 lacs
Exp. During 15-16
: Rs 99890 lacs
Exp. During 16-17
: Rs 7172 lacs
Cumm Exp. (Up to 05/16)
: Rs.1029954 lacs

Can somebody please convert and find the total cost of the power plants so far?

Just my 10cts worth

Now with hindsight...it was crazy to pump so much into a venture that can kill all they built. From a staunch supporter I became a strong critic

If the 2nd Q results was shocking...wait till year end...with not much contribution from the power plants. Even with full projected RM70m per annum..I dare not figure out

Who is the guarantor for RKM Powergen?

Funny how I sound like Grace123!

Ystock says borrowings paid down...voluntarily? Also mentioned "non-cash items" The accounting standard is there for a reason. Depreciation of investment buildings can be revaluated to get the actual value...what about power plants? What is the financial cost incurred by the power plants since now?...When I try to calculate and convert CRORES to US $ I get scared. Nobody wants to talk about borrowings and how much to repay banks...with current cash flow plus RM35m from the 2 plants operating for full year...How about the Indian partner's losses and loans to pay?

Revolving credit of RM140m granted was there end DEC'15 now only at RM70m. Will they have to provide funds to keep their Indian counterpart afloat? It is not a public listed company in India.

Short term MTN borrowings of RM300m due within 12 mths. Refinance?

h

Someone please tell me I am wrong...as I am not an accountant

Have Mudajaya covered cost overuns in their lucrative Indian project? Or were they so eager to clinch the contract they were soft on that issue? The suggestion of Power Reit was maybe due to the fact that so much more funding is required.

Although the danger of power plants not being completed is very slim...PPA (power purchase agreements) problems with current oversupply, Coal supply agreements issue due to delay in purchase. Huge cost overruns, Interest and principal payments moratorium over with only 2 to start giving RM35m max per annum. RKM powergen India partner losses 5 times that of Mudajaya...estimated at RM280m for 2nd Q will banks throw in the spanner and stop funding?

I have spent so many years analysing in my own way and have lost a fortune and I must admit I was so naive to think that projects in India was different from those in China...so many pitfalls and the graveyard for so many foreign companies.

There is a valid reason to reduce asset value by depreciation...do not be fooled by "non-cash".