MIRA
INFORM REPORT
|
Report Date : |
21.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TAMILNADU WATER SUPPLY AND DRAINAGE BOARD |
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Registered Office : |
31, Kamraj Salai, Chepauk, Chennai-600005, Tamilandu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
14.04.1971 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET00423D |
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Legal Form : |
A Statutory body formed by the Government of Tamilnadu. |
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Line of Business : |
Formulates and Executes Water Supply and Sewerage Schemes, Water
Supply Schemes are implemented in Rural as well as Urban Areas, and Sewerage
Scheme in Urban Areas. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 4200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered/ Head Office : |
31, Kamraj Salai, Chepauk, Chennai-600005, Tamilandu, India |
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Tel. No.: |
91-44-28416420/ 28412341 |
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Fax No.: |
91-44-28412341 |
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E-Mail : |
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Regional Offices : |
Located at : v Vellore v Thanjavur v Coimbatore v Madurai v Tiruvallur v Alandur v Kancheepuram v Cuddalore v Valudareddy v Cuddalore v Tindivanam v Thiruvannamal v Tirunelveli v Trichy v Tiruvannamalai v Virudhunagar v Dharmapuri v Krishnagiri v Thanjavur v Nagapattinam v Perambalur v Tuticorin v Nagercoil v Ramnad v Tiruchy v Karur v Pudukkottai v Coimbatore v Valliyoor v Ariyalur v Namakkal v Udagamandalam v Erode v Kangayam v Salem v Dindigul v Sivaganga v Ramanathapuram v Kovilpatti v Theni v Paramakudi v Thoothukudi v Kancheepuram |
MANAGEMENT
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Name : |
Thiru.K. Deenabandu |
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Designation : |
Chairman, TWAD Board and Secretary to
Government, Municipal Administration and Water Supply Department, Chennai-9. |
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Qualification : |
I.A.S. |
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Name : |
Thiru. Swaran Singh |
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Designation : |
Managing Director, TWAD Board, Chepauk,
Chennai-5 |
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Qualification : |
I.A.S. |
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Name : |
Thiru S. Rajarethinam |
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Designation : |
Secretary to Government, Public Works Department,
Chennai-9 |
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Qualification : |
I.A.S. |
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Name : |
Thiru Praveen Kumar |
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Designation : |
Special Secretary to Government, Finance
Department, Chennai-9 |
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Qualification : |
I.A.S. |
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Name : |
Thiru.V.K. Subburaj |
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Designation : |
Secretary to Government, Health and Family
Welfare Department, Chennai-9 |
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Qualification : |
I.A.S. |
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Name : |
Thiru K. Ashok Vardhan Shetty |
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Designation : |
Secretary to Government, Rural Development
Department and Panchayat Raj Department, Chennai-9 |
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Qualification : |
I.A.S. |
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Name : |
Dr. Niranjan Mardi |
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Designation : |
Commissioner of Municipal Administration,
Chepauk, Chennai-5 |
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Qualification : |
I.A.S. |
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Name : |
Thiru Shiv Das Meena |
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Designation : |
Managing Director, CMWSS Board, Chennai-2 |
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Qualification : |
I.A.S. |
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Name : |
Thiru.Gagandeep Singh Bedi |
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Designation : |
Director of Rural Development, Saidapet,
Chennai-15 |
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Qualification : |
I.A.S. |
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Name : |
Dr.K.Gopal |
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Designation : |
Director of Town Panchayats, Kuralagam,
Chennai-108 |
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Qualification : |
I.A.S |
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Name : |
Thiru K.Ganesan |
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Designation : |
Finance Director, TWAD Board, Chennai-5 |
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Qualification : |
B.Com. |
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Name : |
Er. P.K.Natesan |
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Designation : |
Engineering Director, TWAD Board, Chennai
- 5 |
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Qualification : |
M.E.(PH).,FIE., |
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Name : |
Thiru R.S. Barathy |
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Designation : |
Chairman, Chamber of Municipal Counsel, Alandur
Municipality, Chennai - 16 |
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Qualification : |
B.A., B.L. |
BUSINESS DETAILS
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Line of Business : |
Formulates and Executes Water Supply and Sewerage Schemes, Water Supply
Schemes are implemented in Rural as well as Urban Areas, and Sewerage Scheme
in Urban Areas. |
GENERAL
INFORMATION
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No. of Employees : |
Several hundred people are working for this department as reported. |
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Banking
Relations : |
-- |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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891.943 |
867.849 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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178.634 |
201.330 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1070.577 |
1069.179 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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7160.266 |
13677.949 |
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TOTAL BORROWING |
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7160.266 |
13677.949 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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MISCELLANEOUS ITEMS |
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2.525 |
0.000 |
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TOTAL |
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8233.368 |
14747.128 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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201.225 |
218.636 |
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Capital work-in-progress |
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13.459 |
14.145 |
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INVESTMENT |
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1845.435 |
1741.741 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.406 |
0.480 |
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Sundry Debtors |
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1073.879 |
1067.735 |
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Cash & Bank Balances |
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3150.459 |
3334.005 |
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Other Current Assets |
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1634.418 |
674.728 |
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Loans & Advances |
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3251.634 |
9845.281 |
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Total
Current Assets |
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9111.796 |
14922.229 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1728.931 |
1423.712 |
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Provisions |
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1848.999 |
1683.131 |
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Total
Current Liabilities |
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3577.930 |
3106.843 |
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Net Current Assets |
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5533.866 |
11815.386 |
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MISCELLANEOUS EXPENSES |
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639.383 |
957.220 |
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TOTAL |
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8233.368 |
14747.128 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Total Income |
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3440.374 |
3748.182 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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10.03 |
15.70 |
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Current Ratio (Current Asset/Current Liability) |
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2.54 |
4.80 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Tamil Nadu Water Supply and Drainage Board (TWAD Board), a statutory
body formed by the Government of Tamil Nadu, vested with the twin task of
providing water supply and sewerage facilities to the entire state of Tamil
Nadu except Chennai Metropolitan Area, came into existence on 14-4-1971.
TWAD Board's activities are guided and monitored by the Board of
Directors senior level administrators of the Government of Tamil Nadu.
Headed by an IAS Officer as its Managing Director, TWAD has four
Regional Chief Engineers placed at Vellore for Northern Region, Thanjavur for
Eastern Region, Coimbatore for Western Region and Madurai for Southern Region.
Management
v
TWAD investigates, formulates and executes water supply and sewerage
schemes, Water supply schemes are implemented in rural as well as urban areas,
and sewerage schemes in urban areas.
v
TWAD, also maintains a large number of combined water supply schemes.
v
Workforce of more than 7500 comprising around 1500 qualified engineers
and 6000 technical and managerial personnel.
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21 drilling rigs are engaged in source creation works.
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6 hydro fracturing units to enhance the yield of borewell ground water
sources.
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Training Centers are at Chennai, Madurai, Trichy and Coimbatore.
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Well-developed Hydrogeological Wing with state-of-the-art equipments.
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Network of laboratories established in every district with a State level
laboratory at Chennai ensuring constant water quality surveillance.
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Computer aided design facility in all the Regional Offices.
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HRD Cell imparting training for engineers and other staff workers.
Landmarks
v
Construction of iron removal plant at FORD site Maraimalai Nagar near
Chennai.
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TWAD has provided at least one source of water supply at all the 81,787
rural habitations in the State.
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TWAD has developed and India Mark II and India Mark III handpumps in
Co-ordination with UNICEF which are used worldwide in rural water supply.
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TWAD applies Remote Sensing Data for identification of water sources,
locations for constructing of water recharge/harvesting structures.
v
TWAD is the first Public Health Engineering Organisation in the country
to have conducted a sector plan study.
v
TWAD has successfully implemented externally aided projects with the
assistance of DANIDA, UNICEF, EEC and the World Bank.
v
TWAD has implemented a mammoth Project with the assistance of the World
Bank worth around Rs. 3200 millions benefiting three major towns (viz)
Coimbatore, Madurai and Salem, 7 Municipal Towns, 76 medium/small towns and 955
rural habitations and also low cost sanitation facilities to 14 Municipal Towns
and Urban Town Panchayats.
v
Coimbatore Water Supply Scheme covering one major Corporation, 20 towns
and 523 rural habitations, implemented by TWAD, is the single largest scheme in
this sector.
v
TWAD has executed the longest tunnel of length KM to convey drinking
water under Coimbatore Water Supply Scheme.
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TWAD is installed to largest Desalination plant in South Asia for
converting sea water into potable water for the benefit of water starved areas
in Ramanathapuram District.
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To develop a sense of ownership among the user groups by involving them
in the formulation, execution and maintenance of water supply and sanitation
schemes.
Their March towards
TWAD Functions with the objective:
v
Provision of a minimum of 40 lpcd of safe drinking water to the entire
rural population of the State.
v
To execute/improve water supply and sewerage schemes in the urban areas
of Tamil Nadu on demand from the local body concerned.
v
To expand the activities of sanitation in the urban areas.
v
To extend technical support to the local bodies, in the maintenance of
completed URBAN water supply schemes and I. P. P. Schemes.
v
To maintain the combined water supply schemes, serving more than one
panchayat on a cost effective mode and to ensure sustainability.
v
To accelerate institutions financing in the field of water supply and
sanitation.
v
To mobilize external funding for water supply and sanitation sector in
the State.
v
To shift the pattern from supply driven to demand driven in the field of
water supply
v
TWAD investigates, formulates and executes water supply schemes in TWAD
also.
v
TWAD, also maintains a large number of combined water supply schemes
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.99 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
61 |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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