Material ui Date Picker show selected value -1

Question

 Material UI Date Picker show default value -1  for us time zone
 but show the correct date for Indian time zone

Relevant imports

---

import DatePicker from 'material-ui/DatePicker';

My state default value

---

state = {
   coverDate: '2000-01-01',
}

my Date picker

<DatePicker value={new Date(this.state.coverDate)}
            onChange={this.onCoverDateChange}
            formatDate={(date) => moment(date).format('YYYY-MM-DD')} 
            disableYearSelection={false}/>

onCoverDateChange method

onCoverDateChange = (event, date) => {
    console.log("coverDate value date to = " + date);
    this.setState({ coverDate: date });
}

when I select my computer time zone as Kolkata (India) -- the default value shown by date picker is 2000-01-01

but

when I change my time zone to Montreal (US) -- the default value shown by date picker is 1999-12-31 It is a React project and I am using admin on rest.