Company Profile:
Mathillo Mailun Khola Jalvidhyut Limited is a public limited company, incorporated on August 14, 2012. It is promoted by institutional investors majorly related to Sanima Hydro group and other institutes which include Banks and Insurance companies also for setting up of a 14.3 MW run-of-river, Mathillo Mailun Khola Jalvidhyut Project in BOOT (Build, Own, Operate and Transfer) mechanism and located at Rasuwa district of Nepal.
About the issue:
Mathillo Mailung Khola Jalbidhyut Limited will be issuing its IPO to the project-affected locals of Rasuwa and Nuwakot District and Nepalese citizens working abroad from today i.e. on 4th Shrawan and close on 18th Shrawan, 2080. Note that for the locals of Rasuwa and Nuwakot District, if the issue is not subscribed by the early closing date, the issue can be extended till the Bhadra 01. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
The issued capital of the company is Rs. 1 Arba of which 10% i.e. 10,00,000 unit shares worth Rs. 10 Crores have been allocated to project-affected locals of Kaski District. Meanwhile, 15% of the company's issued capital i.e. 15,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 150,000 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open from today.
Sanima Capital has been appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 10,000 units.
Click here for the offer letter
| Mathillo Mailung Khola Jalbidhyut Limited |
| Particulars |
Percentage |
Units |
Amount |
| Total Capital |
100% |
10,000,000.00 |
1,000,000,000.00 |
| Total Issue (Project-affected Locals) |
10% |
1,000,000.00 |
100,000,000.00 |
| Total Issue (Nepalese citizens working abroad) |
1.50% |
150,000.00 |
15,000,000.00 |
| Issue Manager |
Sanima Capital |
|
|
| Issue Open Date |
4th Shrawan |
|
|
| Issue Closing Date (earliest) |
18th Shrawan |
|
|
| Issue Late Closing Date (for locals only) |
Bhadra 01 |
|
|
| Minimum Application |
10 |
|
|
| Maximum Application |
10,000 |
|
|
Capital Structure:
| Authorized Capital |
2,100,000,000.00 |
| Issued Capital |
1,000,000,000.00 |
| Current Paid-Up Capital |
700,000,000.00 |
| Capital after IPO Issuance |
1,000,000,000.00 |
Shareholding Structure:
| |
Number of Shares |
Amount |
Percentage |
Remarks |
| Promoters Shareholders |
7,000,000.00 |
700,000,000.00 |
70% |
Already issued |
| Employees of the company |
500,000.00 |
50,000,000.00 |
5% |
Already issued |
| Project-Affected Locals |
1,000,000.00 |
100,000,000.00 |
10% |
To be issued |
| General Public (Including Nepalese citizens working abroad) |
1,500,000.00 |
150,000,000.00 |
15% |
To be issued |
Project Information:
| Name of Project |
Mathillo Mailung Khola Jalbidhyut Yojana |
| Type of Project |
Run-of-River |
| Installed Capacity |
14.3 MW |
| Electricity Generation License received |
Falgun 09, 2078 |
| Generation Valid Date |
Falgun 26, 2107 |
| Required Commercial Operation Date (RCOD) |
Shrawan 15, 2080 |
| Total Cost |
Rs. 2.50 Arba |
| Cost per Megawatt in Rs. |
Rs. 17.48 Crores |
Board of Directors:
| Name |
Position |
| Mr. Rameshwor Rijal |
Chairman |
| Mr. Ajoy Karki |
Director |
| Mr. Ghanashyam Thapa |
Director |
| Ms. Saroja Paudyal Regmi |
Director |
Management Team:
| Kangada Prasai |
Head Manager |
| Kishor Gautam |
Assistant Manager |
| Rishiraj Gautam |
Assistant Manager |
Uses of Funds:
| S. No. |
Particulars |
Amount |
| 1 |
Civil Construction Cost |
126,800,000.00 |
| 2 |
Hydromechanical Purchase and Installation Cost |
40,610,000.00 |
| 3 |
Electromechanical Purchase and Installation Cost |
6,313,000.00 |
| 4 |
Power Transmission Line Construction Cost |
52,720,000.00 |
| 5 |
Administrative and Engineering Management Cost |
23,557,000.00 |
| Total |
250,000,000.00 |
Financial Statement:
| Financial Highlights |
| Particulars |
Actual |
Estimated |
| 2076/77 |
2077/78 |
2078/079 |
2078/079 (Q3) |
2079/80 |
2080/81 |
2081/82 |
| Total Paid-Up Capital ('000) |
439,925.00 |
600,000.00 |
700,000.00 |
750,000.00 |
1,000,000.00 |
1,000,000.00 |
1,000,000.00 |
| Share Premium |
- |
- |
- |
- |
- |
- |
- |
| Reserve & Surplus ('000) |
(4,635.00) |
(14,333.00) |
(26,997.00) |
(40,069.00) |
(23,488.00) |
60,776.00 |
164,020.00 |
| Debt ('000) |
- |
- |
- |
- |
- |
- |
- |
| Revenue ('000) |
- |
- |
- |
- |
107,214.00 |
433,032.00 |
445,927.00 |
| Interest Expenses ('000) |
- |
- |
- |
- |
48,984.00 |
195,938.00 |
187,673.00 |
| Net Profit ('000) |
(4,488.00) |
(9,326.00) |
(15,646.00) |
(13,072.00) |
3,616.00 |
84,264.00 |
103,244.00 |
| Earnings per share (Rs.) |
(1.02) |
(2.12) |
(2.59) |
(1.82) |
0.36 |
8.43 |
10.32 |
| Net worth per share (Rs.) |
98.95 |
97.61 |
96.14 |
94.66 |
97.65 |
106.08 |
116.4 |
| Debt-Equity (times) |
- |
- |
- |
- |
- |
- |
- |
| Return on Equity (%) |
(0.10) |
(0.16) |
(0.23) |
(0.18) |
0.04 |
0.79 |
0.89 |
Care Ratings Nepal:
CARE Ratings Nepal Limited (CRNL) has assigned the ‘CARE-NP BB-’ rating to Mathillo Mailun Khola Jalvidhyut Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations, in Nepal.
Key Rating Weaknesses
- Project implementation and operations stabilization risk.
- Hydrology risk associated with run-of-the-river power generation.
- Power evacuation risk.
- Exposure to volatile interest rates.
- Exposure to regulatory risk.
Key Rating Strengths
- Associated with the large group having multiple hydropower projects and experienced board members and management team.
- The power purchase agreement with sufficient period coverage.
- Favorable Government policies towards the power sector.
