MIRA
INFORM REPORT
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Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
GVK JAIPUR EXPRESSWAY PRIVATE LIMITED |
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Registered Office : |
503-504, Pragati Towers, 26, Rajendra Place, New Delhi – 11008 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.04.2002 |
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Com. Reg. No.: |
017527 |
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CIN No.: [Company
Identification No.] |
U45203RJ2002PTC017527 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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 13652060 |
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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 subsidiary of GVK Power and Infrastructure Limited. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
503-504, Pragati Towers, 26, Rajendra Place, New Delhi – 11008, India |
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Corporate Office 1 : |
Paigah House, 156-159, Sardar Patel Road, Secunderabad – 500003, India |
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Corporate Office 2 : |
Toll Plaza, At KM 286, Ajmer Road, NH-8, Village Tshekaria, Teh.
Sanganer, Jaipur – 303007, Rajasthan, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. G V Krishna Reddy |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. G Indira Krishna Reddy |
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Designation : |
Director |
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Name : |
Mr. G V Sanjay Reddy |
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Designation : |
Director |
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Name : |
Mr. Somanadri Bhupal |
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Designation : |
Director |
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Name : |
Mr. A Ramakrishna |
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Designation : |
Director |
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Name : |
Mr. K N Shenoy |
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Designation : |
Director |
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Name : |
Mr. Abid Hussain |
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Designation : |
Director |
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Name : |
Mr. P Abraham |
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Designation : |
Director |
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Name : |
Mr. Ajay Lal |
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Designation : |
Director |
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Name : |
Mr. Sanjay Narayan |
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Designation : |
Director ( Co-opted on 28.01.2007) |
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Name : |
Mr. Pradip Baijal |
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Designation : |
Director ( Co-opted on 24.07.2007) |
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Name : |
Mr. Ch G Krishna Murthy |
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Designation : |
Director ( Co-opted on 24.07.2007) |
KEY EXECUTIVES
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Name : |
Mr. A Lssac George |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. P V Rama Seshu |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Not Available |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Facilities : |
Above loans are secured by way of A first mortgage and charge against the Company's
immovable properties present and future. A first charge by way of hypothecation1 of all the
movables, including movable plant and machinery, machinery - spares, tools
and accessories, furniture, fixtures, vehicles and all other movable assets,
present and future. A first charge on all cash flows, books debts and
receivables and any other revenues of whatsoever nature and wherever
arising-, present and1 future. A first charge on all intangibles including but not
limited to Goodwill, uncalled capital, present and future. A first charge by way of assignment, or creation of
security interest in: All rights; titles, interest, benefits. claims and demands
whatsoever of the Company in the project documents, duly acknowledged and
consented to by the relevant counter parties to such project .documents, all
as amended, varied or supplemented from time to time;
A first charge on the Escrow Account and other reserves,
and any other bank accounts of the Company wherever maintained. , Pledge of shares to the extent of 51% of the capital of
the. Company. The securities specified above shall rank pan passu
amongst the participating senior lenders.
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Auditors : |
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Name : |
Statutory
Auditor S R Batiboi and Associates Chartered Accountant |
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Address: |
205, 2nd Foor, Ashok Bhoopal Chambers, S P Road,
Secunderabad - 500003 |
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Holding Company : |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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122000000 |
Equity Share |
Rs.10/- each |
Rs.1220.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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121170000 |
Equity Share |
Rs.10/- each |
Rs.1211.700
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1211.700 |
1211.700 |
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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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2201.315 |
2247.438 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3413.015 |
3459.138 |
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LOAN FUNDS |
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1] Secured Loans |
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2787.978 |
2823.324 |
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2] Unsecured Loans |
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105.500 |
0.000 |
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TOTAL BORROWING |
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2893.478 |
2823.324 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6306.493 |
6282.462 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6054.507 |
5886.362 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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76.430 |
26.359 |
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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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9.083 |
10.570 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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172.619 |
350.725 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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80.432 |
40.675 |
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Total
Current Assets |
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262.134 |
401.970 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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53.224 |
39.091 |
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Provisions |
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39.545 |
1.394 |
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Total
Current Liabilities |
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92.769 |
40.485 |
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Net Current Assets |
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169.365 |
361.485 |
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MISCELLANEOUS EXPENSES |
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6.191 |
8.256 |
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TOTAL |
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6306.493 |
6282.462 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1137.703 |
984.852 |
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Other Income |
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26.569 |
9.678 |
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Total Income |
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1164.272 |
994.530 |
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Profit/(Loss) Before Tax |
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437.051 |
276.330 |
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Provision for Taxation |
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89.625 |
31.851 |
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Profit/(Loss) After Tax |
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347.426 |
244.479 |
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Import Value |
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3.098 |
8.689 |
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Expenditures : |
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Operating Expenses |
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106.369 |
104.409 |
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Payments and Benefits to Employees |
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28.832 |
19.059 |
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Administrative Expenses |
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38.532 |
50.813 |
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Financial Expenses |
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259.686 |
315.157 |
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Depreciation & Amortization |
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293.802 |
228.981 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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727.221 |
718.200 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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29.84 |
24.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
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38.41 |
28.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.92 |
4.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.87 |
0.83 |
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Current Ratio (Current Asset/Current Liability) |
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2.82 |
9.93 |
LOCAL AGENCY
FURTHER INFORMATION
Review of Operations:
The financial year 2006-07 the Company has earned Gross Revenue
of Rs. 1164.300 Millions consisting of Net Toll Revenues to the tune of Rs.
1137.700 Millions (Net of excess fee shared with National Highways Authority of
India) (NHAI) and Other Income of Rs.26.600 Millions achieving a growth rate of
17% as against the Gross revenue of Rs.994.500 Millions earned during the year
2005-06.
The three major factors that have contributed to the growth
are
·
Increase in the traffic
·
Shift in the traffic composition tram low tariff categories
to higher tariff categories
·
Upward revision of toll fee with effect from 1/7/2006.
The average daily collections received during 2006-07 is
Rs.3.170 Millions as against Rs.2.762 Millions received during 2005-06. Other income
received for the year is Rs.26.600 Millions as against Rs.9.700 Millions
received during the previous year.
The Gross profit earned during the year is Rs.990.500
Millions as against Rs.820.200 Millions earned during the year 2005-06
resulting in a growth rate of 21%. After providing an amount of Rs.259.700
Millions towards Interest (Rs.315.200 Millions for 2005-06) and Rs.411.000
Millions towards depreciation (Rs.345.900 Millions for 2005-06) the Profit
before Tax for the year 2006-07 stood at Rs.319.800 Millions as against
Rs.159.100 Millions earned during the year 2005-06. After considering the
withdrawal of grant to the extent of Rs.117.200 Millions the PBT stands at
Rs.437.000 Millions for the financial year 2006-07 as against Rs.276.300 Millions
achieved during the year 2005-06. The Net Profit earned during the financial
year is Rs.347.400 Millions as against Rs.244.500 Millions earned during the
year 2005-06.
Sharing of Excess Revenue with NHAI during the year 2006-07:
The Members are requested to note that in terms of Clause
7.2.1 and 7.2.3 of Concession Agreement 80% of the Excess Toll Fee Revenue over
and above the Projected Toll Fee of Rs.1108.200 Millions for the year 2006-07
(as declared in schedule Y of the Concession Agreement) should be distributed
equally between NHAI and the Company.
The Toll Fee Revenue of Rs.1157.400 Millions earned during
2006-07 was in excess of the Projected Toll Fee to the extent of Rs.49.200
Millions and 80% of this excess revenue amounting to Rs.39.300 Millions was
equally shared for the first time between NHAI and the Company. The Company
remitted Rs.19.700 Millions (being 50% of Rs.39.200 Millions) to NHAI on
27-04-2007.The financial year 2005-06 there was no excess toll fee revenue and
hence, there was no sharing.
1. Contingent Liabilities not provided for
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Description |
31.03.2007 Rs. In Millions |
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Estimated amount of contract to be executed on capital account |
330.000 |
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On account of Bank Guarantee |
210.000 |
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On account of Corporate Guarantee given by others on behalf of the
company. |
90.000 |
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On account of Foreign Letter of Credit |
7.500 |
2. Deposits recoverable under loans and advances include Rs. 9.000 Millions being the margin money deposit with Novopan Industries Limited against the Corporate Guarantee given by them.
Fixed Assets:
- Road Office and Communication
- Equipment
- EDP Equipment
- Furniture and Fixture
- Vehicles
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.53 |
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UK Pound |
1 |
Rs.81.54 |
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Euro |
1 |
Rs.62.40 |
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 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
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64 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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