MIRA
INFORM REPORT
|
Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT URJA VIKAS NIGAM LIMITED |
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Registered Office : |
Sardar Patel Vidyut Bhavan, Race Course, Vadodara 390 007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.12.2004 |
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Com. Reg. No.: |
04-45195 |
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CIN No.: [Company
Identification No.] |
U40109GJ2004SGC045195 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDG00972G |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Subject is engaged in the business of bulk purchase and sale of Electricity,
Supervision, Co-ordination and facilitation of the activities. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 70300000 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company owned by the Gujarat State
Government Lenders and Creditors can feel confident about its exposure to the
company. Trade relations are fair. Payments are reported as slow but correct.
The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Sardar Patel Vidyut Bhavan, Race Course, Vadodara 390 007, Gujarat,
India |
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Tel. No.: |
91-265-2310582 / 83 /84 / 85/ 86 |
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Fax No.: |
91-265-2337918 / 2338164 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mrs. Vijaylaxmi Shiv Prasad Joshi |
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Designation : |
Chairman and Managing Director and Principal Secretary E and P
Department |
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Address : |
Shobha Bunglow, Old Padra Road, Vadodara 390 007, Gujarat, India |
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Date of Birth/Age : |
01.08.1958 |
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Qualification : |
IAS |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Tapan Durgadas Ray |
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Designation : |
Director |
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Address : |
Block No. 18-A, Sector 19 – KH, Gandhinagar 382 019, Gujarat, India |
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Date of Birth/Age : |
09.09.1957 |
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Qualification : |
IAS |
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Date of Appointment : |
25.07.2006 |
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Name : |
Mr. Praful Hardevrai Rana |
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Designation : |
Whole Time Director (Technical) |
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Address : |
One Bhavna Apartments, Ellora Park, Race Course, Gorwa, Vadodara 390
007, Gujarat, India |
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Date of Birth/Age : |
15.05.1943 |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Lalnunmawia Chuanungo |
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Designation : |
Managing Director |
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Address : |
GIPCL House, Near Amar Complex, Sama Road, Vadodara 390 008, Gujarat,
India |
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Date of Birth/Age : |
01.03.1962 |
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Qualification : |
IAS |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Ambalal Bhikhalal Panchal |
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Designation : |
Director |
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Address : |
20, Manichandra Society, Vibhag 1, Near Surdhara Circle, Thaltej,
Ahmedabad 380 052, Gujarat, India |
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Date of Birth/Age : |
01.01.1948 |
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Qualification : |
IAS |
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Date of Appointment : |
11.07.2006 |
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Name : |
Mr. Prem Kumar Taneja |
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Designation : |
Whole Time Director |
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Address : |
GACL House, 41-A, Urmi Society, Productivity Road, Vadodara 390 007,
Gujarat, India |
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Date of Birth/Age : |
05.02.1957 |
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Date of Appointment : |
22.12.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Parthiv Kapilray Bhatt |
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Designation : |
Company Secretary |
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Address : |
F-3, Finehome Apartment, 18 Laxmi Colony, Behind Haveli, Off BPC Road,
Vadodara 390 007, Gujarat, India |
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Date of Birth/Age : |
31.12.1969 |
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Date of Appointment : |
04.05.2006 |
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Name : |
Mr. Vipul Vijoy |
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Designation : |
IGP (Security) |
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Name : |
Mr. S B Khyalia |
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Designation : |
General Manager – Commerce |
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Name : |
Mr. B J Bhatt |
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Designation : |
Vice President – Co-Ordination |
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Name : |
Mr. K M Shringarpure |
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Designation : |
General Manager – Finance and Accounts |
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Name : |
Mr. K K Soni |
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Designation : |
AGM – HR |
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Name : |
Mr. K P Patel |
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Designation : |
OSD – Technical |
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Name : |
Mr. D G Gajjar |
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Designation : |
OSD – Jyotigram |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
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Government (Central and State) |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of bulk purchase and sale of
Electricity, Supervision, Co-ordination and facilitation of the activities. |
|
|
|
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Products : |
Purchase and Sale of Energy |
GENERAL
INFORMATION
|
Bankers : |
* UCO Bank, Raopura
Branch, Raopura, Vadodara 390 001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandrakant and Seventilal and J K Shah and Company Chartered Accountants |
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Address : |
301, Lalita Tower, 3rd Floor, Near Hotel Rajpath, Station
Akota Road, Vadodara 390 007, Gujarat, India
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Subsidiaries : |
* Gujarat State
Electricity Corporation Limited * Gujarat Energy
Transmission Corporation Limited * Uttar Gujarat
Vij Company Limited * Dakshin Gujarat
Vij Company Limited * Madhya Gujarat
Vij Company Limited * Paschim Gujarat
Vij Company Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Shares |
Rs. 10/- each |
Rs. 25000.000 millions |
As
on 31.03.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2251822695 |
Equity Shares |
Rs. 10/- each |
Rs. 22518.227 millions |
As
on 31.12.2007
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2385062695 |
Equity Shares |
Rs. 10/- each |
Rs. 23850.627 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
22518.227 |
16287.620 |
|
|
2] Share Application Money |
|
1332.400 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(6279.838) |
(6509.262) |
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NETWORTH |
|
17570.789 |
9778.358 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
13856.567 |
12572.691 |
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2] Unsecured Loans |
|
14874.694 |
22054.561 |
|
|
TOTAL BORROWING |
|
28731.261 |
34627.252 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
46302.050 |
44405.610 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
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|
|
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FIXED ASSETS [Net Block] |
|
336.968 |
362.688 |
|
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Capital work-in-progress |
|
1013.745 |
279.107 |
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|
|
|
|
|
|
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INVESTMENT |
|
54770.973 |
54770.973 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
1234.402 |
134.557 |
|
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Cash & Bank Balances |
|
3239.512 |
352.052 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
11609.148 |
10824.285 |
|
Total
Current Assets |
|
16083.062 |
11310.894 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
20934.128 |
17420.097 |
|
|
Provisions |
|
4968.570 |
4897.955 |
|
Total
Current Liabilities |
|
25902.698 |
22318.052 |
|
|
Net Current Assets |
|
(9819.636) |
(11007.158) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
46302.050 |
44405.610 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
118392.588 |
104602.731 |
|
|
Other Income |
|
1460.320 |
1575.252 |
|
|
Total Income |
|
119852.908 |
106177.983 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
224.424 |
779.344 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
224.424 |
779.344 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
|
116430.080 |
103198.947 |
|
|
Salaries, Wages, Bonus, etc. |
|
131.879 |
79.830 |
|
|
Managerial Remuneration |
|
21.532 |
1.515 |
|
|
Payment to Auditors |
|
0.449 |
0.393 |
|
|
Interest |
|
1832.541 |
1936.059 |
|
|
Insurance Expenses |
|
0.092 |
0.044 |
|
|
Depreciation & Amortization |
|
65.523 |
19.535 |
|
|
Other Expenditure |
|
1126.388 |
162.316 |
|
Total Expenditure |
|
119608.484 |
105398.639 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.18 |
0.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.18 |
0.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.31 |
1.16 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.11 |
6.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.62 |
0.50 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
This form is for |
Creation of
charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U40109GJ2004SGC045195 |
|
Name of the company |
GUJARAT URJA VIKAS NIGAM LIMITED |
|
Address |
Sardar Patel Vidyut Bhavan, Race Course, Vadodara 390 007, Gujarat, India
|
|
Type of Charges |
Book debts, others (as per second schedule of joint deed of
hypothecation) |
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Whether consortium finance is involved |
Yes |
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Whether joint charge involved |
Yes |
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Number of charge holder(s) |
15 |
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Particular of the charge holder |
UCO Bank Raopura Branch, Raopura, Vadodara 390 001, Gujarat, India |
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Nature or description of the instrument creating or modifying the charge |
Joint deed of hypothecation 2 working capital consortium agreement above two instruments create a single charge |
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Date of the instrument creating charge |
08.01.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs.
2220.000 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: of all member banks of the consortium is as per second schedule of working capital consortium agreement attached Terms of repayment: unless otherwise agreed to by the consortium member banks or any one or more of them the borrower shall repay the said facilities to each of the member bank forthwith on demand of all such amounts as may be standing at the foot of the cash credit account(s) together with interest, compound interest, additional interest, liquidated damages, costs, charges, expenses and other monies thereon at the rate of rates as may be applicable thereto. Margin: against of stocks of raw materials – 30% Against consumable spare and stores – 50% Against book debts and other movable assets – 40% Letter of credit / bank guarantee/ deferred payment guarantee nil Extent and operation of the charge: first charge ranking pari passu interse. Particulars of the share of the individuals banks of the consortium is as per first schedule of joint deed of hypothecation and also separately attached. Others: the other terms and conditions are described in the joint deed of hypothecation and working capital consortium agreement. |
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Short particulars of the Property charged |
As described in second schedule to the joint deed of hypothecation attached |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
AS PER WEB:
Introduction
As a part of Power Reform Process, the Electricity Act,
2003, was passed by the Central Government and Gujarat Electricity Industry
(Re-organization & Regulation) Act, 2003, was passed by the Government of
Gujarat to restructure the Electricity Industry with an aim to improve
efficiency in management and delivery of services to consumers.
Under the provisions of the said Acts Government of Gujarat framed the Gujarat
Electricity Industry Re-organization & Comprehensive Transfer Scheme, 2003,
(the Transfer Scheme) vide Government Notification dated 24-10-2003 for
transfer of assets/liabilities etc. of erstwhile GEB to the successor entities.
Accordingly erstwhile Gujarat Electricity Board (GEB) was reorganized effective from 1st April, 2005 in to Seven Companies with functional responsibilities of Trading, Generation, Transmission and Distribution etc. The Companies incorporated are as under:
1 Gujarat Urja Vikas Nigam Limited (GUVNL) - Holding Company
2 Gujarat State Electricity Corporation Limited (GSECL) - Generation
3 Gujarat Energy Transmission Corporation Limited (GETCO) - Transmission
4 Uttar Gujarat Vij Company Limited (UGVCL) - Distribution
5 Dakshin Gujarat Vij Company Limited (DGVCL) - Distribution
6 Madhya Gujarat Vij Company Limited (MGVCL) - Distribution
7 Paschim Gujarat Vij Company Limited (PGVCL) - Distribution
Subject was incorporated as a Govt. of Gujarat Company. Since 100% Shares in the other six companies are held by GUVNL w.e.f 1st April, 2005 they have become Subsidiary Companies of GUVNL as per the provisions of the Companies Act, 1956.
Subject is engaged in the business of bulk purchase and sale of electricity,
Supervision, Co-ordination and facilitation of the activities of its six
Subsidiary Companies. The GSECL is engaged in the business of Generation of
Electricity. The GETCO is engaged in the business of Transmission of
Electricity. The UGVCL, DGVCL, MGVCL and PGVCL are engaged in the business of
Distribution of Electricity in the Northern, Southern, Central and Western
areas of Gujarat respectively.
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 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.40.29 |
|
UK Pound |
1 |
Rs.79.98 |
|
Euro |
1 |
Rs.61.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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. |
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 |
|