MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
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Name : |
GMR KAMALANGA ENERGY LIMITED |
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Registered
Office : |
25/1, Skip House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.12.2007 |
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Com. Reg. No.: |
08-44809 |
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CIN No.: [Company Identification
No.] |
U40101KA2007PLC044809 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Development of Power Projects. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Yet to Commence Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in 2007, it has yet to commence
its commercial business activities as per available, March 2010 details.
Payment terms are not known. The company can be considered for business dealings on a secured trade
terms and conditions, initially. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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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 |
INFORMATION DECLINED BY
Management Non-Cooperative
LOCATIONS
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Registered Office : |
25/1, Skip House, |
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Tel. No.: |
91-80-40432000 |
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Fax No.: |
91-80-40432180 |
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E-Mail : |
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Website : |
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Corporate Office : |
GMR Group, IBC Knowledge Park, Phase 2, "D"
Block, 9th Floor, 4/1, Bannerghatta Road, Bangalore - 560029, Karnataka,
India |
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Tel. No.: |
91-80-40432000 |
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Fax No.: |
91-80-40432180 |
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E-Mail : |
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Regional Office
: |
Located at: ·
· Himachal Pradesh ·
· Orissa · Uttarakhand ·
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· Karnataka · Tamilnadu · Andhra Pradesh |
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International
Office : |
Located at: ·
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·
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DIRECTORS
(AS ON 13.08.2010)
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Name : |
Mr. Venkatanageswara Rao Boda |
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Designation : |
Director |
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Address : |
98, Next to Nal Layout, Behind FCI Building, East End Main Road, 4th
Block, Jaya Nagar, Bangalore – 560041, Karnataka, India |
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Date of Birth/Age : |
16.01.1954 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Kotih Venkata Varaha Rao |
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Designation : |
Director |
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Address : |
2C, Santhrupthi MCHS Colony, 3rd Block, 14th C
Cross, HSR Layout, sector VI, |
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Date of Birth/Age : |
20.06.1950 |
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Date of Appointment : |
28.12.2007 |
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Name : |
Mr. Chandramoul Sarabeswaran Nangavaram |
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Designation : |
Director |
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Address : |
No.27, Papanasam, Silvan Salai, |
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Date of Birth/Age : |
07.05.1944 |
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Date of Appointment : |
01.09.2008 |
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Name : |
Mr. Padmanabha Rao Appanna |
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Designation : |
Director |
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Address : |
No.557, 20th Main, 26th Cross, 4 T Cross,
Jayanagar, |
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Date of Birth/Age : |
25.11.1936 |
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Date of Appointment : |
01.09.2008 |
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Name : |
Mr. Rajgopal Srinivasachari |
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Designation : |
Director |
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Address : |
Varenya, 1043 10th Main Road, Judicial Officers Layout,
GKVK Post, |
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Date of Birth/Age : |
10.03.1940 |
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Date of Appointment : |
01.09.2008 |
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Name : |
Mr. Aditya Sureshkumar Aggarwal |
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Designation : |
Nominee Director |
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Address : |
501, Ananta, |
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Date of Birth/Age : |
01.10.1973 |
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Date of Appointment : |
27.11.2009 |
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Nominee Company : |
IDFC Project Equity Company Limited |
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Email : |
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Name : |
Mr. Vinayak Ravindra Mavinkurve |
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Designation : |
Nominee Director |
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Address : |
B-404, Jupiter, Vasant Galaxy, Junction of Link Road and Marg Road, Goregaon
(West), Mumbai – 400090, Maharashtra, India |
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Date of Birth/Age : |
18.03.1970 |
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Date of Appointment : |
13.08.2010 |
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Nominee Company : |
Infrastructure Development Finance Company Limited |
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Email : |
KEY EXECUTIVES
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Name : |
Mr. Sridhar Muthukrishan |
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Designation : |
Company Secretary |
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Address : |
Flat 302, 3rd Floor, Suryanilaya Apartment, 13th
Cross, Sarakki J P Nagar, Phase – I, |
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Date of Birth/Age : |
16.01.1975 |
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Date of Appointment : |
13.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 13.08.2010)
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Names of Shareholders |
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No. of Shares |
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GMR Energy Limited, |
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283752380 |
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Mallikarjuna Rao Grandhi |
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100 |
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Bommidala Srinivas |
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100 |
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Butchi Sanyasi Raju Grandhi |
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100 |
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Kiran Kumar Grandhi |
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100 |
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Venkatanageswara Rao Boda |
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100 |
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IDFC Trustee Company Limited, |
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53200000 |
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IDFC Limited, |
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17730000 |
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Total |
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354682880 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Public Financial Companies |
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5.00 |
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Venture Capital |
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15.00 |
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Bodies corporate |
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80.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Development of Power Projects. |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
§
IDBI Trusteeship Services Limited |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714-715 Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
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Holding Company : |
§
GMR Energy Limited, U85110KA1996PLC021262 §
GMR Infrastructure Limited (GIL) §
GMR Holdings Private Limited (GHPL) |
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Fellow Subsidiaries : |
§
GMR Power Corporation Limited (GPCL) §
GMR Chhattisgarh energy Private Limited (GCEPL) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1150000000 |
Equity Share |
Rs.10/- each |
Rs.11500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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354682880 |
Equity Share |
Rs.10/- each |
Rs.3546.829
Millions |
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NOTE:
Out of 35,46,82,880
Equity Shares, 28,37,52,380 (80%) Equity Shares are held by GMR Energy Limned.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3546.829 |
1005.688 |
0.500 |
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2] Share Application Money |
422.150 |
698.741 |
184.138 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(95.294) |
0.000 |
0.000 |
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NETWORTH |
3873.685 |
1704.429 |
184.638 |
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LOAN FUNDS |
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1] Secured Loans |
5000.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
5000.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8873.685 |
1704.429 |
184.638 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
418.573 |
35.779 |
5.905 |
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Capital work-in-progress |
8151.778 |
1780.119 |
0.000 |
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INVESTMENT |
143.598 |
16.015 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
52.469
|
7.393 |
1.000 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
148.485
|
102.862 |
78.618 |
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Total
Current Assets |
200.954
|
110.255 |
79.618 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
10.376 |
226.504 |
42.490 |
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Other Current Liabilities |
11.133
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6.635 |
0.000 |
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Provisions |
19.709
|
4.600 |
0.020 |
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Total
Current Liabilities |
41.218
|
237.739 |
42.510 |
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Net Current Assets |
159.736
|
(127.484) |
37.108 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Expenditure during construction period pending al |
0.000 |
0.000 |
141.625 |
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TOTAL |
8873.685 |
1704.429 |
184.638 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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|
0.000 |
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Other Income |
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|
0.000 |
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TOTAL |
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|
0.000 |
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Less |
EXPENSES |
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Administrative Expenses |
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|
90.279 |
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TOTAL |
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|
90.279 |
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PROFIT BEFORE
TAX |
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|
(90.279) |
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Less |
TAX |
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|
5.015 |
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PROFIT AFTER TAX
|
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(95.294) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
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BALANCE CARRIED
TO THE B/S |
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|
(95.294) |
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Earnings Per
Share (Rs.) |
|
|
(0.42) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.57)
|
NA |
NA |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
NA |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
0.14 |
0.23 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.88
|
0.46 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS: (RS. IN MILLIONS)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Micro and Small Enterprises |
-- |
-- |
42.490 |
|
Others |
10.376 |
226.504 |
-- |
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FINANCIAL
RESULTS:
The Company was hitherto grouping all expenditure during construction
stage under ‘Expenditure during Construction Period pending allocation (Net)’
as per the Guidance Note issued by Institute of Chartered Accountants of India.
Accounting Standard 26 requires all the expenditure which does not result in
future economic benefits to be accounted in the year in which it is incurred.
This requirement rendered the guidance note redundant and it was finally
withdrawn in August 2008.
The company has prepared its Profit and Loss Account for the
first time on account of withdrawal of Guidance Note on treatment of
expenditure during construction period. The company has incurred loss of
Rs.95.294 Millions during the year.
INCREASE
IN SHARE CAPITAL:
The subscribed and paid up equity share capital of the
Company has been increased from Rs.1704.428 Millions to Rs.3546.829 Millions.
Company entered into a Share Subscription and Shareholders Agreement (SSSA)
dated 29th September 2009 with Indian Infrastructure Fund and Infrastructure
Development Finance Company Limited for subscription of 20% of the equity share
capital of the company. Subsequently, India Infrastructure Fund and
Infrastructure Development Finance Company Limited have subscribed Rs.709.300
Millions towards equity capital of the company.
THE
COMPANY:
GMR group is a player in infrastructure sector in
The project is to be implemented by a special purpose
vehicle subject.
The project information on the proposed private railway
siding connecting to the plant site is given hereunder.
PROJECT
INFORMATION:
|
Employers
|
GMR Kamalanga Energy Limited. Web Site : www.gmrgroup.in |
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Project
|
Construction of Private Railway siding with take-off from
Budhapank railway station on Cuttack and Talcher section of East Coast
Railway including formation work, minor / major bridges, Permanent-way (P -
way), Over Head Electrification (OHE), Signal and Telecommunication system
(S&T) including in plant yard as per the scope of the work. |
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Communication
Address |
Mr. A. V. Viswanath. Manager (Civil) GMR Kamalanga Energy Limited Pradhan Kutir (Near Durga Hotel) NH - 42, Turanga, Angul - 759121 Contact Phone # 9937008813 Email id:- viswanath.av@gmrgroup.in |
FORM
8:
|
Corporate
identity number of the company |
U40101KA2007PLC044809 |
|
Name of the
company |
Gmr Kamalanga
Energy Limited |
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Address of the
registered office or of the principal place of business in |
25/1, Skip House,
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|
This form is for |
Modification of charge |
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Type of charge |
Immovable property Movable property (not being pledge) |
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Particular of
charge holder |
§
IDBI Trusteeship Services Limited |
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Nature of
instrument creating charge |
No instrument was
executed. The company created mortgage by deposit of title deeds in respect
of its immovable properties situate at Village Kamalanga, Village
Senapatiberana and Village Bhagabatapur in Orissa totalling 636.89 acres
pertaining to its Project in the state of orissa and more particularly mentioned
in attached schedule hereto. |
|
Date of
instrument Creating the charge |
22.07.2010 |
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Amount secured by
the charge |
Rs.34.050
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and Operation
of the charge The charge
operates as security for due repayment and discharge of principal amount of
the Loan together with interest, further interest, additional interest,
liquidated damages and all other moneys and charges payable to the Lenders by
the company in terms of the Loan Agreement dated May 27, 2009 entered into
between the Lenders and the company |
|
Particulars of
the property charged |
An exclusive
first charge by way of mortgage was created in favour of security trustee for
the benefit of the Lenders on the immovable properties situate in Orissa and
details as below; The properties
are : a) 515.31 acres
of land located in village Kamalanga, Dhenkanal District, Orissa b) 82.49 acres of
land located in village Senapatiberana, Dhenkanal District, Orissa c) 35.40 acres of
land located in village Bhagabatapur, Dhenkanal District, Orissa d) 3.69 acres of
land located in villages Kamalanga and Senapatiberana, Dhenkanal District.,
Orissa |
|
Particulars of
the present modification |
The original
charge created by way of hypothecation on May 27, 2009 and which was modified
by creation of mortgage on immovable properties at Pali, Maharashtra, by way
of deed of indenture dated 29.05.2010, is further modified by creation of
mortgage by deposit of title deeds on immovable properties situate at
Kamalanga, Senapatiberana, Bhagabatapur Villages in Orissa on July 22, 2010. |
FIXED ASSETS:
·
· Computers
· Office Equipment
· Furniture and Fixtures
· Vehicles
WEBSITE DETAILS:
CORPORATE PROJECT
PROFILE:
GMR Group is a
With its foray into the Airports sector, the Group has established itself as a
front runner and pioneer in the core infrastructure areas of the country.
Going forward, the Group will actively seek opportunities in
core areas of the country’s infrastructure development including Transportation
and Property Development. All these would be driven by a single minded path of
translating the vision of the Group by building entrepreneurial organisations
that make a difference to society through creation of value.
GMR INTERNATIONAL
GMR Group seeks aggressive growth opportunities, by
expanding its business bandwidth and presence in the global market place in the
areas of Energy, Airports and property development around airports.
International forays will help GMR improve earnings from new opportunities,
access international talent and raise international capital at cheaper rates.
GMR International - a separate division was formed to harness these
opportunities with its head quarters at
GMR International manages the Group’s maiden foray into the global
infrastructure market.
PROJECTS:
The
InterGen
Island Power
|
Level – 1, T: +44
2077251350 F: +44
2077251351 |
GMR
Infrastructure (S) Pte Limited
T: (65)
6603 5959 F:
(65) 6533 3502 |
|
|
|
|
GMR
Group, IBC Knowledge Park, Phase 2, "D" Block, 9th
Floor, 4/1, Bannerghatta Road, Bangalore - 560 029, Karnataka, India T: +91
80 40432000 F: +91
80 40432180 |
GMR
Group, Buyukdere Cad. No. 185, Kanyon OFIS Binasi Kat:2 Levent
34294 T: +90 212 371 2700 – 2701 F: +90 212 371 2799 |
|
|
|
|
GMR
International FZE, #642-4W, B Block, DAFZA, T: + 971 4 2600600 F: + 971 4 2600601 |
GMR
Energy Limited PT Barasentosa Lestari, JI. Diponegoro No.22 T: + 62711 354924, + 622157 957700 F: + 62711 351277, + 622157 957703 |
PRESS RELEASE
GMR to
Divest its 50% Shareholding in InterGen N.V.
Strategic
Transaction with China Huaneng Group represents decision to primarily focus
energy investments on high-growth, attractive Indian market.
BANGALORE, November, 28 2010 -- GMR Group
(“GMR”) has entered into an agreement to divest its 50% shareholding interest
in InterGen N.V. (“InterGen”) to China Huaneng Group (“Huaneng”), the largest
power generation company in China for an equity value of US$ 1,232 million (the
“Transaction”). The Transaction is subject to customary regulatory approvals in
each of the jurisdictions where InterGen has operations as well as approval of
the Government of the People’s Republic of
InterGen N.V., is a leading Global Power Generation Company
with power plants located in the
Commenting on the Transaction, G.M. Rao, Group Chairman, GMR
Group said, "The decision to divest our 50% stake in InterGen is in line
with the strategy to focus more on Indian market where GMR is already a market
leader. This divestment will enable GMR Group to deploy further capital and
release substantial management bandwidth to focus on its Indian
Investments."
He further added that, “During the last two years of GMR’s
management of InterGen as a Shareholder, InterGen has emerged as a more
efficient and strong power producer. We believe that Huaneng will be an ideal
partner in the next phase of InterGen’s growth.”
“The Overseas Company holding Intergen Shares is having a
debt of USD 1,007 Million as of date and the sale would release USD 225 Million
equity that can be utilized for ongoing projects of the Group.”
The Global Energy and Power Teams of BofA Merrill Lynch and
White and Case LLP are acting as Financial Advisers and Legal Counsels
respectively to GMR.
About GMR Group GMR Group is a
About China Huaneng Group Headquartered in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.98 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.