MIRA INFORM REPORT
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Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
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Name : |
DRUK GREEN POWER CORPORATION LTD. |
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Registered Office : |
Post Box: 1351, Thimphu |
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Country : |
Bhutan |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.01.2008 |
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Legal Form : |
Limited Company |
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Line of Business : |
Promote, develop, and manage renewable energy projects |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Bhutan |
b2 |
b2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
Name & address
Druk Green Power Corporation Ltd.
Post Box: 1351
Thimphu :Bhutan
Tel: +975-2-336413/336414,
Fax:+975-2-336342
Chhukha Hydropower
Plant
Post Box:
Chhukha: Bhutan
Tel: +975-8-478254/ 478253
Fax: +975-8-478272
Tala Hydropower Plant
Post Box:
Gedu: Bhutan
Tel:+975-5-253233
Fax:+975-5-252841
Basochhu
Hydropower Plant
Post Box:
Wangdue Phodrang: Bhutan
Tel: +975-2-471057,
Fax: +975-2-471020
Kurichhu
Hydropower Plant
Post Box:
Mongar: Bhutan
Tel:+975-4-744161/744100
Fax: +975-4-744154
History
It is a limited company incorporated at Thimpu, Bhutan under Govt. B1255 of January 1, 2008.
Directors
|
Sherub Gyaltshen (Chairman) |
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Yeshi Wangdi |
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Bharat Taman |
|
Tenzing Yonten |
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Sonam Lhundrup |
|
Choiten Wangchuk |
|
Chhewang Rinzin |
Bankers
Bhutan Bank Ltd., Bhutan
Shareholding
Pattern
Major Shareholder Govt.
of Bhutan.
Auditors
Darji & Co., Bhutan
Business
Promote, develop, and
manage renewable energy projects, particularly hydropower, in an efficient,
responsible and sustainable manner, and maximize wealth and revenues for the
nation.
- Effectively and efficiently manage hydropower plants, and maximize returns.
- Take a lead role in accelerating hydropower development in the
kingdom by developing new hydropower projects independently, through joint
venture or any other arrangement with domestic and international partners.
- Provide energy security for domestic consumption, fuel economic
growth, and also explore forms of renewable energy other than hydropower.
- Build capacity in hydropower development and management.
- Be a responsible, proactive, and progressive company with
motivated, high performing individuals.
Capitalization
Structure
|
Authorized Share Capital |
:
|
Nu. 5,000,000 divided into 500,000 Equity Shares of Nu. 10/- each. |
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Issued, Subscribed & Paid Up Capital |
:
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Nu. 2,616,680 divided into 261,668 Equity Shares of Nu. 10/- each. |
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Face Value |
:
|
Nu. 10/- each. |
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Last AGM |
:
|
July 15, 2009 |
.
Financial
Balance Sheet
(Amount in Nu Mln.)
|
Particular |
March
31, 2009
|
March
31, 2010
|
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Sources of Funds |
||
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Share Capital |
2.62 |
0.59 |
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Reserves & Surplus |
13.56 |
3.40 |
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Unsecured
Loans |
2.67 |
4.30 |
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Deferred
Tax Liability (Net) |
0.01 |
0.01 |
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Total Liabilities |
18.86 |
8.30 |
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Application Of Funds |
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Gross Block |
1.28 |
0.88 |
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Less: Depreciation |
0.43 |
0.24 |
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Net Block |
0.85 |
0.64 |
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Current Assets, Loan and Advances |
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Inventories |
30.24 |
22.01 |
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Sundry
Debtors |
10.84 |
9.63 |
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Cash
And Bank Balances |
0.14 |
0.82 |
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Loans
and Advances |
2.49 |
1.31 |
|
|
43.71 |
33.77 |
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Less : Current Liabilities & Provisions |
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Current Liabilities |
23.56 |
25.09 |
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Provisions |
2.18 |
1.06 |
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|
25.74 |
26.15 |
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Net Current Assets |
17.97 |
7.62 |
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Miscellaneous Expenditure |
0.04 |
0.04 |
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Total Assets |
18.86 |
8.30 |
Profit
& Loss
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Particulars |
FY 2009 |
FY 2010 |
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Revenue (Nu.) |
10,889 |
11,811 |
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Profit before tax (Nu.) |
6,556 |
6,486 |
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Provision for tax (Nu.) |
1,966 |
1,972 |
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Dividend (Nu.) |
4,325 |
3,848 |
Remarks : Payments are reported to be correct and
regular as per commitments. Trade relations
are fair. Consider good for normal business Engagement as usual trade terms
& condition.
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
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UK Pound |
1 |
Rs.72.92 |
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Euro |
1 |
Rs.64.69 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.