Posted by charles pang kah keet > 2016-12-01 20:23 | Report Abuse

dont worry lah, director will buy back share from loer price support lah, good luck

Posted by charles pang kah keet > 2016-12-01 20:24 | Report Abuse

mudaJAYA GROUP HAVE 60 YEars , india power plant only losses, but have a lot projects and assets to cover support.

Posted by Orson Chin > 2016-12-01 20:58 | Report Abuse

Wait for 0.65. I think nx QA still red... Now is not the right time to buy ....

Posted by Ehl1964 > 2016-12-01 21:28 | Report Abuse

New power tarrif under revised PPA means both side already agree with new power selling price pending for approval. This deal involved billions of money, so need time to make final approval.

Posted by Ehl1964 > 2016-12-01 21:46 | Report Abuse

Before next QR out, may be unit 1 already fire up and share price will break RM1. Last time announcement made for COD of Unit1 n Unit2, share price shot up to RM1.50.

Posted by Un Tong > 2016-12-01 22:31 | Report Abuse

Anything below 500M market cap is no brainer buy. 40-70M recurring income for 20 years, get me another investment that is better than this.

look at the size of the power sale for mudajaya vs other smaller power player
360MW x 4 is no joke
coal power is still one of the cheapest power generation, much better than solar power at the moment.

Posted by Ehl1964 > 2016-12-01 22:33 | Report Abuse

I use Google Search to find out that India coal power tariff is over 30sen per kw. That means revenue for Unit1 is 360000*rm0.3*24hrs*30days*9mths( 3mths for maintenance n not running at full Capacity) = 700mil

Posted by Un Tong > 2016-12-01 22:34 | Report Abuse

alot construction player die hard want to venture into recurring income business, mostly power sale and toll concessionaire or mall management, look at gadang/bina puri etc, they trying hard to increase their recurring income from these business, to cushion the construction cyclical nature, their recurring income business still very small, mudajaya just transformed much earlier than those players, and suffer the pain of transformation earlier

Posted by 400523 > 2016-12-02 09:05 | Report Abuse

2015 Sept Info
With deficit coming down, new capacity addition is causing a concern

NEW DELHI, SEPTEMBER 3:
The latest government data is an indicator of why the power situation improved this summer. The power deficit had come down to 2.2 per cent between April-July 2015 and electricity generation rose 3.5 per cent in July.

But developers fear that with 82,241 MW of thermal power generation capacity under various stages of construction as of July 2015, it could soon lead to a situation of oversupply.

In April-July alone, according to data from the Central Electricity Authority, electricity requirement grew 0.1 per cent to 369,253 million units, and availability rose almost 2 per cent to 361,299 million units.

With the financially stressed state distribution utilities opting for long power cuts in the hunt for power purchase agreements at cheaper tariffs, the growth in supply in the country is outstripping requirement.

The average power tariffs on the spot markets like Indian Energy Exchange during the period has been down by over ₹1 a unit as compared to the same months last year, while the volume of electricity traded on the exchanges has gone up by at least 400-500 million units every month apart from June.

In such a situation, generators are also not producing to their full capacity. Plant load factors of thermal power plants are down to 60.96 per cent so far in the current fiscal from 66.42 per cent in the previous year.

Experts differ on their views on the pace at which the country needs to add generation capacity.

A former NTPC Chairman and Managing Director recently said: “Provided you are not looking for windfall profits then investment in power generation is still viable. NTPC has been generating return on investment of 18-19 per cent quite comfortably. Higher than that may not be possible.”

“In a country like ours where the per capita consumption of electricity is still very low, it’s a question of whether to have the capacity in place for future demand or not. Five-six years down the line when the demand will eventually increase. At that point of time do you want to have the plants in place or do you want to start building the plants then?” he added.

However, private sector counterparts say with the low plant load factors of the existing installed capacity, the country can go slow on capacity addition. “The focus should be on fully utilising the existing capacity which can easily meet the demand for the next few years,” said a private sector power industry representative.

(This article was published on September 3, 2015)

Posted by 400523 > 2016-12-02 09:09 | Report Abuse

http://ieefa.org/wp-content/uploads/2016/08/India%E2%80%99s-Questionable-Ultra-Mega-Power-Plans-Viability-Issues-Continue-to-Complicate-New-Coal-Fired-Projects-August-2016.pdf

Posted by 400523 > 2016-12-02 09:11 | Report Abuse

More info is to your benefit...collate all check and then decide. Not like me...damned loser!!

Posted by 400523 > 2016-12-02 09:14 | Report Abuse

I am not running down Mudajaya just sharing my knowledge on the share

Posted by 400523 > 2016-12-02 09:16 | Report Abuse

Distribution of excess power in Charttisgarh to energy deficient states hindered by the size of the huge country and not feasible

Posted by 400523 > 2016-12-02 09:18 | Report Abuse

But at 0.77cts ...you might as well go for broke...unless its your life savings...like how I lost mine.

Posted by 400523 > 2016-12-02 09:19 | Report Abuse

I doubt you can find an unqualified person who has that much knowledge about this company.

Posted by 400523 > 2016-12-02 09:20 | Report Abuse

and lost that much too!

Posted by 400523 > 2016-12-02 09:34 | Report Abuse

Maybe delays not Mudajaya's fault...perhaps purposely done by authorities so as not to aggravate power oversupply. Just a thought.

Posted by 400523 > 2016-12-02 09:46 | Report Abuse

There is some RM200m due to Mudajaya in arbitration with CCM for work MRT done with decision by arbitrator due anytime now. That $$ can pay for the RM240m MTN due soon. Just sharing...i time used to sleep eat work...Mudajaya!

Posted by 400523 > 2016-12-02 09:48 | Report Abuse

Oh by the way...CCM did not dispute the work done but refused to pay full amount due to counter claim for some complaint.

Posted by 400523 > 2016-12-02 09:49 | Report Abuse

Anything else u want to know about this company...unqualifed info free of charge...just sharing

Posted by 400523 > 2016-12-02 09:55 | Report Abuse

Why I mentioned that Fairfax might buy over the power assets...old excerpt taken just to point out that sometimes they buy over companies...

"The purchase of TIG represents good value for Fairfax, said Mr. Ward. The price is $16.50 a share, higher than TIG's shares have recently been trading but far below its $22 book value.
Over the past few years Fairfax has bought several financially troubled companies. In 1997 it bought Sphere Drake Holdings Ltd., which had faced several financial difficulties since the early 1980s (BI, June 30, 1997)."

Posted by 400523 > 2016-12-02 09:56 | Report Abuse

Hope is there

Posted by 400523 > 2016-12-02 10:06 | Report Abuse

If anyone of you investors want info into the financial strength of any public listed companies in the Bursa...I can give you 1 for a small fee. 1st analysis free of charge next RM50. Serious. Had some 34 yrs experience in a financial institution. Jokes aside.

Posted by Ehl1964 > 2016-12-02 10:46 | Report Abuse

I am pleased to see 400523 stay here because always provides useful information to us : India coal plant still have 18 to 20 percent profit, India local coal supply enough until 2022, proposed to cancel 4 power plants project ( less competition ), shut down 20 percent old power plants because of old technologies and lack of efficiency, coal power tariff is 38sen per kw, India power plants running capacity at 62 percent.
After gather these information, I can calculate revenue for RKM Unit 1 much more accurately : Revenue = 360000KW/hour*RM0.38*24hours*365days*0.6(60percent capacity) = RM719mil
PROFIT = 719mil*0.18(18percent) = 129mil

When all 4 units running, PBT for Mudajya is
= 129mil*4*0.26( 26 percent share)
= 134mil per annum

Once again, thanks to 400523 to provide all these useful information.

Posted by 400523 > 2016-12-02 10:57 | Report Abuse

You must have some technical info on plant operations...let debate on the financial issue at hand...just to share..no offence. Share of losses of associates at about RM40m (mainly interest and amortisation) per quarter for just plant 1 completed plant (cannot capitalise the afforsaid due to completion - COD) ...RM13.3m per month..assuming no increase in losses for the single plant = RM160m p.a.

Since you are good at the technical side...what about the coal contracts...I read that the contracts had to be re-negotiated due to prolonged delay in firing...it had lapsed. At what cost? Coal is a vital comodity ...first of all..sourced locally or imported...

Just for knowledge la ok guys...I may be completely wrong ok guys...but I dig a lot.

Posted by Orson Chin > 2016-12-02 10:57 | Report Abuse

I believe fairfax who still in mudajya.. They won't invest in a hopeless company ...
Maybe need to wait 3 -5yrs
Follow fairfax step.. They leave we leave .

Posted by 400523 > 2016-12-02 10:58 | Report Abuse

Please remember I am not for or against...just sharing. Sharing is caring.

Posted by 10bagger10 > 2016-12-02 10:59 | Report Abuse

400523 now buying any other share? or keep cash>?

Posted by 400523 > 2016-12-02 11:06 | Report Abuse

If I am not mistaken... I also read that sometime in Oct'15 Mudajaya went to the arbitration court to fight against the cancellation of a coal supply contract due to time lapse and won an extension due to delay not being their fault. 10bagger10...hold no shares and have not much debts >30K...only.. living life simple and can sleep at night. No epf all lost in market ...but house almost fully paid. Still working in a small company. 2 kids graduated and working...i more to go. No money to buy any shares

Posted by 10bagger10 > 2016-12-02 11:10 | Report Abuse

400523 bro,

dont all in in one share la next time when u got money to invest. must buy 10-12 share with good dividend paying at the right time like 2008-2009 ma..

Posted by 400523 > 2016-12-02 11:27 | Report Abuse

I have just found some old info 2013 where the ministry of power India appears to have given loans to power producers to help in the construction..maybe good news... page 117 I believe. Website provided...maybe someone can get the latest..this 1 too old 2013. At least we know the govenment of India provides financial help. Sharing is caring!

7.0 CONSORTIUM LENDING GROUP CLG is primarily responsible for administrating loans for the private (Power) projects where PFC is the lead FI. The unit is also corresponding with developers of IPPs, corporate bodies, prospective lenders for identifying loan syndication proposals and coordinate with members of Power Lenders Club for providing single window facility to power project developers. The Consortium Lending Group (CLG) is thus, dedicated to the needs of those private sector borrowers who have reposed faith in the services of the Corporation. During the Financial Year 2011-12 and first two quarters of Financial Year 2012-13, the unit has managed to achieve disbursements of `4800 crore and `1300 crore respectively, despite the recent challenges faced by the sector with major setback to private players. The major projects which received disbursements were RKM Powergen Pvt. Ltd., Udupi Power Corp. Ltd., Vadinar Power Company Ltd., Lanco Amarkantak Power Ltd., KSK Mahanadi Power Company Ltd., KVK Nilanchal Power Pvt. Ltd., Ind-Barath Energy (Utkal) Ltd., IndiaBulls Power Ltd. and others. Further, in the current financial year to align with the government’s commitment to increase the share



http://powermin.nic.in/sites/default/files/uploads/Annual_Report_2012-13_English.pdf

Posted by 400523 > 2016-12-02 11:29 | Report Abuse

better get back to work before I get sacked...so kepochi...

Posted by Alfonso > 2016-12-02 11:55 | Report Abuse

Where is the company selling branded car at G floor Menara Mudajaya when to?? Plan to buy a porsche later and park in front Mudajaya maingate. Bought 500lot at 0.73..plan to sell at 0.95..it that possible..any recommendation?

Posted by 400523 > 2016-12-02 12:21 | Report Abuse

Sorry don't ask me...I am a loser. Can provide info and my understanding of the financials...you guys make the decisions.

Posted by Ehl1964 > 2016-12-02 12:22 | Report Abuse

I bought 300lot at 0.75. Plan to increase to 1000lot if durian runtuh to 0.73. Plan to sell after all 4 units generator fire up. Revised target price for 2018 to RM2.50 after 400523 sharing so many useful information with us.

Posted by HeartBreakKid > 2016-12-02 13:06 | Report Abuse

I still don't see any light yet else i will also board the ship like Alfonso and Ehl1964 to buy some and average down my share price. Although some news appears to be a relief, i am still in doubt because i am from power engineering background and i know how Mega projects can be screwed. I think the major problem in completing this project is either in the engineering, project management or financial management part. If the plant is completed, the company probably would have shared the pictures of the completed plant. Completing such a mega project is a milestone achievement and any engineering and construction company would be proud to add such an achievement into their portfolio although the plant is not energized (if the problem is other than what i stated above). Moreover, the company cannot pressure the utility unless they are fully ready for commissioning. These are purely my thoughts and assumptions.

Posted by 400523 > 2016-12-02 14:04 | Report Abuse

I came back early from lunch just to get back into this forum...eat full nothing to do (chinese saying - I am not Chinese by the way)...

Before anyone buys some more...

The financial situation is not good with 3Q'16 losses from associates at RM40m and accumulated losses for the 9 mth period 2016 from associates at RM100m. The RM40m losses of associates was from the 2 units 1 & 2. Development/interest costs could no longer be capitalised resulting in RM 40m for 3 months. If all 4 plants completed interest cost would be at least RM80m for 3 mths = RM26m per month and RM320m per annum (just interest cost).

Also, currently the interest for the 3rd and 4th plant is still being capitalised and yet losses for the 3Q was RM67m from entire operations. Additionally, principal payments should start for plants 1 & 2 given that interest cannot be capitalised anymore (no more moratorium) and its anyone's guess what the amount is. Also I remember seeing in the balance sheet - investment in associates at RM 1 billion (RKM Powergen being the most significant associate) in the balance sheet a few years ago..as it was the largest single asset they had...now it stands at RM593m down RM100m just for the 9mths ended 30SEP16. Even if the 4 plants are running...the income of RM70 per annum from all 4 plants cannot ...in my opinion cover the interest let alone the principal.

Where RKM Powergen is getting its loans other than Indian Govenment assisted, how much borrowed in total and when they need to start repayment is crucial to deciding the whole group's fate in my opinion. Also, like I mentioned...its possible that Mudajaya has guaranteed the associates entire borrowings. Meaning 26% owned but 100% backing the borrowings of the associates!

Hope I am wrong guys.

Posted by 400523 > 2016-12-02 14:18 | Report Abuse

By the way the amount due from CMC (arbitration) is RM176m (notes to the accounts Q9 financial results...not RM240m. Short term loans (due within 12 months) stands at RM370m of which MTN loans stand at RM240m (due soon). The rest of the RM370m short term loans are revolving credits and overdrafts which are usually not recalled even though listed as due within 12 mths.

Posted by 400523 > 2016-12-02 14:22 | Report Abuse

Also I believe they are having financial constraints in funding the completion of units 3 & 4 let alone get approval for COD. Bottom line is..in my 5ct opinion...sell the power assets fast...or sink.

Posted by HeartBreakKid > 2016-12-02 14:30 | Report Abuse

400523 i agree with you. That is the best option i can see now to salvage the company from further debts unless all my assumptions and observations are wrong.

Posted by 400523 > 2016-12-02 15:45 | Report Abuse

Anybody can get the latest ICRA rating on RKM Powergen Ltd India ...the old rating in 2015 was no good:-

Ratings revised for the bank loan facilities of RK Powergen Private Limited to [ICRA]BB- and [ICRA]A4; outlook revised to Negative
July, 30 2015 | Rationale

Rating reaffirmed at [ICRA]D for the bank loan facilities of RKM Powergen Private Limited
October, 07 2015 | Rationale

Please print the rationale behind the "D" rating please

Posted by 400523 > 2016-12-02 15:48 | Report Abuse

ICRA is an Indian rating agency like RAM in Malaysia I believe. Good source of how the Indian joint venture RKM Powergen's borrowings are rated. I think I have informed you guys before.

Posted by Ehl1964 > 2016-12-02 15:50 | Report Abuse

I am waiting durian runtuh. Don't let me wait too long until my neck become longer.

Posted by 400523 > 2016-12-02 16:05 | Report Abuse

Term Loan for 11,596.3

Rkm Powergen Pvt Ltd TL D 11596.3 Reaffirmed

Posted by 400523 > 2016-12-02 16:08 | Report Abuse

Can't get in to ICRA site to see rating rationale and amount of borrowings...only could get the above...dono amount in Rupees or Crores. Can someone help find out?

Posted by 400523 > 2016-12-02 16:26 | Report Abuse

Phoenix Lamps Ltd LT - Fund Based *^ A 1000 Upgraded
from A-
*including Rs. 15.00 crore proposed term loan
^ including Rs. 80.20 crore unallocated limits
Punjab Hammers Pvt Ltd CC BB 50 Reaffirmed
Rkm Powergen Pvt Ltd TL D 11596.3 Reaffirmed
Rkm Powergen Pvt Ltd Non-FB Fac D 2550 Reaffirmed
Rmz Ecoworld Infrastructure TL A 18043.1 Reaffirmed

Posted by 400523 > 2016-12-02 16:28 | Report Abuse

08 Oct16 rating above, TL stands for term loan and non-FB refers to non-fund banking facilities I believe. Just sharing ok

Posted by 400523 > 2016-12-02 16:28 | Report Abuse

sorry OCT'15!!!

Posted by 400523 > 2016-12-02 16:40 | Report Abuse

http://www.icra.in/Files/Reports/Rationale/RKM%20Powergen%20-R-07102015.pdf

got it!

Posted by 400523 > 2016-12-02 16:41 | Report Abuse

RKM Powergen Private Limited
Instrument Amount Rating Action in Rs crores September 2015 Term Loan 1159.63 [ICRA]D (reaffirmed) Non-fund based facilities 255.00 [ICRA]D (reaffirmed)
ICRA has reaffirmed the long term rating at [ICRA]D (pronounced ICRA D)* for the Rs. 1159.63 crore† fund based and Rs. 255 crore non-fund based bank facilities of RKM Powergen Private Limited (RKMPL).
The rating reaffirmation factors in the continued delays in meeting the interest payment obligations by RKM Powergen Private Limited owing to delay in commencement of commercial operations of the 1440 MW (4 x 360 MW) domestic coal based thermal power project (TPP) being developed by the company in the state of Chhattisgarh. ICRA notes that the delay in execution of the TPP was initially due to land compensation related issues and later due to delay in securing funding for cost overruns, securing working capital limits and also due to delay in receiving Consent to Operate from State Government. ICRA notes that the Consent to Operate for unit-1 has now been obtained, while the same is pending for unit-2. The cost overruns are primarily caused by adverse rupee dollar exchange rate fluctuations, increase in IDC (interest during construction) component due to time delays and increase in cost of civil works. The escalation in project cost is now estimated to be 56% of the appraised project costs. ICRA also takes note of the risks arising from the de-allocation of the captive coal block as per the Supreme Court order in September, 2014 which has heightened fuel availability risk from domestic sources for 35% of the project capacity; fuel supply risks persist for the remaining capacity owing to delay in achieving commercial operations from the timelines agreed in the fuel supply agreements (FSA) with South Eastern Coalfields Limited (SECL) and also as long term power purchase agreements (PPAs) are not in place for the entire capacity as the same is mandatory for off-taking coal from SECL. ICRA also takes note of the delays in development of railway siding due to pending land acquisition which would increase the delivered cost of coal as the fuel shall have to be transported by road from the nearest unloading point at a distance of about 22 KM.
ICRA however takes note of the significant construction progress achieved by the project with two out of the four units ready for commissioning and the presence of fuel supply agreement for supply of domestic coal under long term linkage for about 65% of the capacity; however, the shortfall in domestic coal production is expected to restrict the supply of coal from domestic sources‡ to 65%-75% of the contracted quantity with the remaining fuel being sourced from e-auction coal or imports. ICRA also takes note presence of a cost-plus PPA with Chhattisgarh State Electricity Board (now Chhattisgarh State Power Trading Corporation Limited) for 35% of the project capacity, wherein supply for 5% of the capacity would be at variable charges, while the tariff for the remaining 30% of the capacity would be determined by the state electricity regulatory commission as per the approved tariff regulations. Further, the project has received a letter of intent from Uttar Pradesh Power Corporation Limited for signing long term PPA for 350 MW.
Company Profile
RKM Powergen Private Limited is an special purpose vehicle promoted by the Chennai based R.K. Powergen Group (74% holding) and the Malaysia based Mudajaya Group (26% holding) for the development of a 1440 MW domestic coal based thermal power project in Janjgir Champa district of Chhattisgarh in 2 phases (Phase 1 of 360 MW (1 x 360) and Phase 2 of 1080 MW (3 x 360)). The project cost was initially revised from Rs.
* For complete rating scale and definitions, please refer