1. Summary Information
|
|
|
Country |
|
|
Company Name |
GMR INFRASTRUCTURE LIMITED |
Principal Name 1 |
MR. G.M. RAO |
|
Status |
GOOD |
Principal Name 2 |
MR. SRINIVAS
BOMMIDALA |
|
|
|
Registration # |
08-034805 |
|
Street Address |
25/1, SKIP
HOUSE, |
||
|
Established Date |
10.05.1996 |
SIC Code |
-- |
|
Telephone# |
91-80-40534000 |
Business Style 1 |
SUBJECT IS ENGAGED IN DEVELOPMENT OF VARIOUS INFRASTRUCTURE PROJECTS
IN POWER AND TRANSPORTATION SECTORS THROUGH SEVERAL SPECIAL PURPOSE VEHICLES. |
|
Fax # |
91-80-22279353 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
-- |
|
Paid up capital |
Rs.3,892,433,000/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-71.43% PUBLIC SHAREHOLDING-28.57% |
Banking |
AXIS BANK
LIMITED |
|
Public Limited Corp. |
YES |
Business Period |
16 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
HOLDING COMPANY |
--
|
GMR HOLDINGS PRIVATE LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
27,919,121,000
|
Current Liabilities |
3,721,341,000
|
|
Inventories |
105,688,000
|
Long-term Liabilities |
23,760,688,000 |
|
Fixed Assets |
818,265,000 |
Other Liabilities |
142,947,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
27,624,976,000 |
|
Invest& other Assets |
70,477,685,000 |
Retained Earnings |
67,803,350,000 |
|
|
|
Net Worth |
71,695,783,000 |
|
Total Assets |
99,320,759,000 |
Total Liab. & Equity |
99,320,759,000 |
|
Total Assets (Previous Year) |
84,954,369,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
7,274,048,000 |
Net Profit |
588,780,000 |
|
Sales(Previous yr) |
1,693,583,000 |
Net Profit(Prev.yr) |
134,522,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
GMR INFRASTRUCTURE LIMITED (w.e.f. July 24, 2000) |
|
|
|
|
Formerly Known
As : |
GMR VASAVI INFRASTRUCTURE FINANCE LIMITED (w.e.f. May 31, 1999) VARLAKSHMI VASAVI POWER PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
25/1, Skip House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.05.1996 |
|
|
|
|
Com. Reg. No.: |
08-034805 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3892.433
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45203KA1996PLC034805 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG6010E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG8889P |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The Company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in development of various infrastructure projects
in power and transportation sectors through several special purpose vehicles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 286780000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track
records. Financial position of the company appears to be sound. Trade
relations are reported as fair. Fundamentals are strong and healthy. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
25/1, Skip House, |
|
Tel. No.: |
91-80-40534000 |
|
Fax No.: |
91-80-22279353 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-80-40432000 |
|
Fax No.: |
91 80 40432180 |
|
E-Mail : |
|
|
|
|
|
Regional Office : |
Located at: v
v
Himachal Pradesh v
v
Uttarakhand v v
Mumbai v
v
Mangalore v
Chennai v
Villupuram v
Chengalpattu v
Srikakulam v
v
v
Ranga Reddy v
|
|
|
|
|
International Office : |
Located at: v
v v v
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. G.M. Rao |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Srinivas
Bommidala |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. G.B.S. Raju |
|
Designation : |
Group Director |
|
|
|
|
Name : |
Mr. Kiran Kumar
Grandhi |
|
Designation : |
Group Director |
|
|
|
|
Name : |
Mr. B.V. Nageswara
Rao |
|
Designation : |
Group Director |
|
|
|
|
Name : |
Mr. O. Bangaru
Raju |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun K.
Thiagarajan |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. K.R.
Ramamoorthy |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Dr. Prakash G.
Apte |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. R.S.S.L.N.
Bhaskarudu |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Udaya Holla |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Uday M.
Chitale |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
C.P. Sounderarajan |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Audit Committee
: |
|
|
Name : |
Mr. K.R. Ramamoorthy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Arun K.
Thiagarajan |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. R.S.S.L.N.
Bhaskarudu |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Uday M. Chitale |
|
Designation : |
Member |
|
|
|
|
Shareholders’
Transfer and Grievance Committee : |
|
|
Name : |
Mr. Udaya Holla |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. G.B.S. Raju |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. K.R. Ramamoorthy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. B.V. Nageswara
Rao |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4,195,970 |
0.11 |
|
|
2,776,221,862 |
71.32 |
|
|
4,000 |
- |
|
|
4,000 |
- |
|
|
2,780,421,832 |
71.43 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2,780,421,832 |
71.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
22,571,207 |
0.58 |
|
|
291,014,101 |
7.48 |
|
|
460,430,856 |
11.83 |
|
|
774,016,164 |
19.89 |
|
|
|
|
|
|
50,847,581 |
1.31 |
|
|
|
|
|
|
215,253,113 |
5.53 |
|
|
28,148,598 |
0.72 |
|
|
43,747,494 |
1.12 |
|
|
27,191,152 |
0.70 |
|
|
9,044,445 |
0.23 |
|
|
7,511,897 |
0.19 |
|
|
337,996,786 |
8.68 |
|
Total Public shareholding (B) |
1,112,012,950 |
28.57 |
|
Total (A)+(B) |
3,892,434,782 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
3,892,434,782 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Any OtherBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in development of various infrastructure projects
in power and transportation sectors through several special purpose vehicles. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
v
Axis Bank Limited v
ICICI Bank Limited v
IDBI Bank Limited v
United Bank of |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
12th and 13th Floor, “UB City”, |
|
Tel No.: |
91-80-40275000 |
|
Fax No.: |
91-80-22106000 |
|
|
|
|
Holding Company
: |
v
GMR Holdings Private Limited (GHPL) |
|
|
|
|
Subsidiary
Companies : |
v GMR Renewable
Energy Limited (GRENL) v GMR Energy
Limited (GEL) v GMR Power Corporation
Limited (GPCL) v GMR Vemagiri
Power Generation Limited (GVPGL) v GMR Energy
Trading Limited (GETL) v GMR (Badrinath)
Hydro Power Generation Private Limited (GBHPL) v Badrinath Hydro
Power Generation Private Limited (BHPL) v GMR Mining and
Energy Private Limited (GMEL) v GMR Kamalanga
Energy Limited (GKEL) v GMR Consulting
Services Private Limited (GCSPL) v GMR Rajahmundry
Energy Limited (GREL) v SJK Powergen
Limited (SJK) v GMR Coastal
Energy Private Limited (GCEPL) v GMR BajoliHoli
Hydropower Private Limited (GBHPPL) v GMR Chhattisgarh
Energy Limited (GCHEL) (formerly called GMR Chhattisgarh Energy Private
Limited) v GMR Londa
Hydropower Private Limited (GLHPPL) v GMR Kakinada
Energy Private Limited (GKEPL) v EMCO Energy
Limited (EEL) v Delhi International
Airport Private Limited (DIAL) v Delhi
Aerotropolis Private Limited (DAPL) v v GMR Hyderabad
International Airport Limited (GHIAL) v Hyderabad
Menzies Air Cargo Private Limited (HMACPL) v Hyderabad
Airport Security Services Limited (HASSL) v GMR Hyderabad
Airport Resource Management Limited (GHARML) v GMR Hyderabad
Aerotropolis Limited (GHAL) v GMR Hyderabad
Aviation SEZ Limited (GHASL) v GMR Hyderabad
Multiproduct SEZ Limited (GHMSL) v GMR Hotels and Resorts
Limited (GHHL) v Gateways for
India Airports Private Limited (GFIAPL) v GMR Highways
Limited (GMRHL) v GMR
TuniAnakapalli Expressways Private Limited (GTAEPL) v GMR
TambaramTindivanam Expressways Private Limited (GTTEPL) v GMR Ambala
Chandigarh Expressways Private Limited (GACEPL) v
GMR Jadcherla Expressways Private Limited (GJEPL) v GMR Pochanpalli
Expressways Limited (GPEL) v GMR Ulundurpet
Expressways Private Limited (GUEPL) v GMR Hyderabad
Vijayawada Expressways Private Limited (GHVEPL) v GMR Chennai
Outer Ring Road Private Limited (GCORRPL) v GMR OSE
HungundHospet Highways Private Limited (GOSEHHHPL) v GMR Krishnagiri
SEZ Limited (GKSEZL) v Advika
Properties Private Limited (APPL) v Aklima
Properties Private Limited (AKPPL) v Amartya
Properties Private Limited (AMPPL) v Baruni
Properties Private Limited (BPPL) v Camelia
Properties Private Limited (CPPL) v Eila Properties
Private Limited (EPPL) v Gerbera
Properties Private Limited (GPPL) v Lakshmi Priya
Properties Private Limited (LPPPL) v Honeysuckle
Properties Private Limited (HPPL) v Idika Properties
Private Limited (IPPL) v Krishnapriya
Properties Private Limited (KPPL) v Nadira
Properties Private Limited (NPPL) v Prakalpa
Properties Private Limited (PPPL) v Purnachandra
Properties Private Limited (PUPPL) v Shreyadita
Properties Private Limited (SPPL) v Sreepa
Properties Private Limited (SRPPL) v Bougianvile
Properties Private Limited (BOPPL) v GMR Corporate
Center Limited (GCCL)* v GMR v GMR Headquarters
Private Limited (GHDPL)* v GMR Airports
Holding Limited (GAHL) v GMR Corporate
Affairs Private Limited (GCAPL) v GMR SEZ and Port
Holdings Private Limited (GSPHPL) v GMR Aviation
Private Limited (GAPL) v Dhruvi
Securities Private Limited (DSPL) v Himtal Hydro
Power Company Private Limited (HHPCPL) v GMR Upper
Karnali Hydro Power Limited (GUKHL) v GMR Energy ( v GMR Lion Energy
Limited (GLEL) v GMR Energy ( v GMR Energy ( v PT Unsoco (PT) v PT Dwikarya
Sejati Utma (PTDSU) v PT Duta Sarana
Internusa (PTDSI) v PT Barasentosa
Lestari (PTBL) v Lion Energy Tuas
Pte Limited (LETPL)**** v GMR
Infrastructure ( v GMR
Infrastructure ( v GMR
Infrastructure Overseas Sociedad Limitada (GIOSL) v GMR Infrastructure
( v GMR
International ( v GMR
Infrastructure (Global) Limited (GIGL) v
GMR Infrastructure ( v GMR Energy
(Global) Limited (GEGL) v Island Power
Intermediary Pte Limited (IPIPL) v Island Power
Company Pte Limited (IPCPL) v Island Power
Supply Pte Limited (IPSPL) v Homeland Energy
Group limited (HEGL)** v Homeland Energy
Corp. (HEC)*** v Homeland Mining
and Energy SA (Pty) Limited (HMEP)*** v Homeland Energy
( v Homeland Mining
and Energy ( v Homeland Coal
Mining (Pty) Limited (HCMPL)*** v Ferret Coal
Holdings (Pty) Limited (FCHPL)*** v Wizard
Investments (Pty) Limited (WIPL)*** v Ferret Coal
(Kendal) (Pty) Limited (FCKPL)*** v Manoka Mining (Pty)
Limited (MMPL)*** v Corpclo 331
(Pty) Limited (CPL)*** v GMR Maharashtra
Energy Limited (GMEL) v GMR Bundelkhand
Energy Private Limited (GBEPL) v GMR Uttar
Pradesh Energy Private Limited (GUPEPL) v GMR Hosur Energy
Limited (GHEL) v Karnali
Transmission Company Private Limited (KTCPL) v Marsyangdi
Transmission Company Private Limited (MTCPL) v GMR Indo-Nepal
Energy Links Limited (GIELL) v GMR Indo-Nepal
Power Corridors Limited (GIPCL) v Aravali
Transmission Service Company Limited (ATSCL) v Maru
Transmission Service Company Limited (MTSCL) v GMR Energy
Projects ( v v GMR Airport
Developers Limited (GADL) v GADL
International Limited (formerly GADL (Isle of Man) Limited) ( v GADL ( v Deepesh
Properties Private Limited (DPPL) v Larkspur
Properties Private Limited (LPPL) v Padmapriya
Properties Private Limited (PPPL) v Kakinada SEZ
Private Limited (KSEZL) v GMR Power Infra
Limited (GPIL) v GMR Male
International Airport Private Limited (GMIAPL) v GMR
Infrastructure Investments ( v
GMR Airport Handling Services Company Limited
(GAHSCL) |
|
|
|
|
Enterprises where significant influence exists : |
v v Rampia Coal Mine
and Energy Private Limited (RCMEPL) v MAS GMR
Aerospace Engineering Company Limited (MGAECL) v TVS GMR Aviation
Logistics Limited (TGALL) v Asia Pacific
Flight Training Academy Limited (APFTAL) v Limak GMR
Construction JV (LGCJV) v Celebi Delhi
Cargo Terminal Management India Private Limited (CDCTMIPL) v Delhi Cargo
Service Centre Private Limited (DCSCPL) v Delhi Aviation
Services Private Limited (Formerly DIAL Cargo Private Limited (DCPL)) v Travel Food
Services ( v
Devyani Food Street Private Limited (DFSPL) v Delhi Select
Services Hospitality Private Limited (DSSHPL) v Wipro Airport IT
Services Private Limited (WAISPL) v TIM Delhi
Airport Advertisement Private Limited (TDAAPL) v LGM Havalimani
Isletmeleri Ticaret Ve Turizm Anonim Sirketi (LGM) v Delhi Airport
Parking Services Private Limited (DAPSPL) v MAS GMR Aero
Technique Limited (MGATL) v Tshedza Mining
Resource (Pty) Limited (TMRPL) *** v Nhalalala Mining
(Pty) Limited. (NMPL) *** v v Delhi Aviation
Fuel Facility Private Limited (DAFFPL) v Welfare Trust of
GMR Infra Employees (WTGIE) v
GMR Varalakshmi Foundation (GVF) |
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Fellow Subsidiaries (Where transactions have
taken place) : |
v Raxa Security
Services Limited (RSSL) v GMR Bannerghatta
Properties Private Limited (GBPPL) v GMR Projects Private
Limited (GMRPPL) v Ideaspace
Solutions Limited (ISL) v Rajam
Enterprises Private Limited (REPL) v Grandhi
Enterprises Private Limited (GREPL) v GMR Holdings ( v GMR Holdings
(Overseas) Limited (GHOL) v GMR Holdings
Overseas (Investments) Limited (GHOIL) |
* Ceases to be a
subsidiary during the year.
** Became
subsidiary during the year.
*** Consequent to
further investments in HEGL during the year.
**** Wound up during the year.
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000000 |
Equity Shares |
Re.1/- each |
Rs.7500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3892434782 |
Equity Shares Notes: Of the above, (i)
1,057,747,230 equity shares of Re.1 each fully paid-up were allotted during
the year ended March 31, 2006, by way of bonus shares by capitalising free
reserves of the Company. (ii)
2,726,840,000 equity shares of Re.1 each fully paid-up are held by the
Holding Company, GMR Holdings Private Limited. (iii) During the
year ended March 31, 2010, 46,800,000 equity shares of Rs.10 each of Delhi
International Airport Private Limited (DIAL) were acquired from
Infrastructure Development Finance Corporation Limited Infrastructure Fund -
India Development Fund at a consideration of Rs.1497.197 millions which was
discharged by allotment of 26,038,216 equity shares of GIL of Re.1 each at
issue price of Re.1 each at a issue price of Rs.57.50 per equity share
(including Rs.56.50 per equity share towards share premium). |
Re.1/- each |
Rs.3892.435
millions |
|
|
Less: Calls unpaid -others |
|
Rs.0.002
million |
|
|
Total |
|
Rs.3892.433 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3892.433 |
3667.352 |
3641.313 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
67803.350 |
54732.844 |
53380.938 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
71695.783 |
58400.196 |
57022.251 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13760.688 |
12750.000 |
4203.011 |
|
|
2] Unsecured Loans |
10000.000 |
13000.000 |
0.000 |
|
|
TOTAL BORROWING |
23760.688 |
25750.000 |
4203.011 |
|
|
DEFERRED TAX LIABILITIES |
12.749 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
95469.220 |
84150.196 |
61225.262 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
818.265 |
237.065 |
8.132 |
|
|
Capital work-in-progress (including capital advances) |
97.488 |
84.780 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
70380.197 |
62524.959 |
40618.684 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.302 |
2.156 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
105.688
|
126.809 |
0.000 |
|
|
Sundry Debtors |
1166.179
|
373.516 |
0.000 |
|
|
Cash & Bank Balances |
4741.771
|
685.306 |
13319.158 |
|
|
Other Current Assets |
1694.195
|
28.536 |
57.969 |
|
|
Loans & Advances |
20316.976
|
20893.096 |
7402.076 |
|
Total
Current Assets |
28024.809
|
22107.263 |
20779.203 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1717.556
|
370.318 |
74.880 |
|
|
Other Current Liabilities |
2003.785
|
331.265 |
99.596 |
|
|
Provisions |
130.198
|
102.590 |
8.437 |
|
Total
Current Liabilities |
3851.539
|
804.173 |
182.913 |
|
|
Net Current Assets |
24173.270
|
21303.090 |
20596.290 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
95469.220 |
84150.196 |
61225.262 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
7274.048 |
1693.583 |
1592.004 |
|
|
|
Other Income |
54.567 |
94.206 |
58.182 |
|
|
|
TOTAL (A) |
7328.615 |
1787.789 |
1650.186 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating expenses |
3920.536 |
423.407 |
0.000 |
|
|
|
Administration and other expenditure |
957.871 |
527.493 |
371.286 |
|
|
|
TOTAL (B) |
4878.407 |
950.900 |
371.286 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2450.208 |
836.889 |
1278.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1741.424 |
691.149 |
237.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
708.784 |
145.740 |
1040.976 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.137 |
9.363 |
1.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
659.647 |
136.377 |
1039.890 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
70.867 |
1.855 |
63.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
588.780 |
134.522 |
976.733 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2774.772 |
2510.402 |
1496.169 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to debenture redemption reserve |
(377.290) |
(32.652) |
0.000 |
|
|
|
Transfer from debenture redemption reserve |
0.000 |
162.500 |
37.500 |
|
|
BALANCE CARRIED
TO THE B/S |
2986.262 |
2774.772 |
2510.402 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
126.773 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
126.773 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.15 |
0.04 |
0.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2668.000 |
3482.500 |
3959.700 |
3708.600 |
|
Total Expenditure |
1862.400 |
2648.500 |
3082.300 |
3410.500 |
|
PBIDT (Excl OI) |
805.600 |
834.000 |
877.400 |
298.100 |
|
Other Income |
11.400 |
296.900 |
330.700 |
3.800 |
|
Operating Profit |
817.000 |
1130.900 |
1208.100 |
301.900 |
|
Interest |
483.500 |
485.400 |
493.900 |
510.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
333.500 |
645.500 |
714.200 |
(208.800) |
|
Depreciation |
16.600 |
17.500 |
20.500 |
21.200 |
|
Profit Before Tax |
316.900 |
628.000 |
693.700 |
(230.000) |
|
Tax |
72.000 |
44.400 |
(66.100) |
155.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
244.900 |
583.600 |
759.800 |
(385.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
244.900 |
583.600 |
759.800 |
(385.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.03
|
7.52 |
59.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.03
|
8.05 |
65.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.29
|
0.61 |
5.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
0.45 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.28
|
27.49 |
113.60 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export / Import
details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
No |
BACKGROUND:
Subject carries
its business in the following verticals:
Engineering Procurement Construction
The Company is
engaged in handling Engineering Procurement Construction (EPC) solutions in the
infrastructure sector.
Others
The Company’s
business also comprises of investment activity and corporate support to various
infrastructure Special Purpose Vehicles (SPV).
FINANCIAL RESULTS:
The Company has a
unique business model. The Company, as a holding company, operates in four
different business sectors - Energy, Airports, Highways and Urban
Infrastructure through various subsidiaries and associate companies. The
Company in the previous year commenced the Engineering, Procurement and
Construction (EPC) business as a separate operating division which mainly caters
to the requirements for implementing the projects undertaken by the
subsidiaries. During the year, the Company through its subsidiaries took over
the
The Company’s
revenue, expenditure and results of operations are presented through
consolidated financial statements and the details given below show both the
consolidated and standalone financial results.
Consolidated gross
revenue grew by 25.41% from Rs.51234.200 millions to Rs.64250.400 millions and
net revenue by 26.44 % from Rs.45665.100 millions to Rs.57737.800 millions.
Airport, Energy, Highways, EPC and other segments contributed Rs.30215.200
millions (47.03 %), Rs.21858.400 millions (34.02 %), Rs.3902.500 millions
(6.07%), Rs.5152.600 millions (8.02%) and Rs.3121.700 millions (4.86%)
respectively to the gross revenue.
EBITDA has grown
by 14.01 % as compared to the previous year from Rs.13643.100 millions to
Rs.15554.900 millions. PAT has gone down from Rs.2253.400 millions to a
negative PAT of Rs. (10466.700) millions mainly due to provision for diminution
of investment, higher depreciation and interest charges. Most of the projects
are in their initial phase of operations wherein the capacity costs tend to be
higher and revenue optimization is yet to accrue.
The negative PAT
for the year was primarily on account of exceptional, one time and
non-recurring loss of Rs.9389.100 millions from the divestment of InterGen N.V.
Of this loss, Rs.3660.000 millions was due to the reversal of incomes (success
fee, interest on debentures invested for the acquisition of InterGen N.V.,
asset management fee) earlier accounted.
The gross revenue of
the Company on standalone basis has gone up by 329.50% from Rs.1693.600
millions to Rs.7274.000 millions primarily due to increased revenue from EPC
segment of Rs.4390.100 millions. The increase in operating and administrative
expenditure from Rs.950.900 millions to Rs.4878.400 millions is mainly due to
operating expenses of construction division. Increase in interest expenditure
from Rs.691.100 millions to Rs.1741.400 millions is on account of interest on
borrowings made during the year to meet the increased requirement of funds for
investments.
AIRPORT SECTOR:
Airports business
of the Company consists of two operating airports in
Delhi International Airport Private Limited (DIAL)
DIAL, a Joint
Venture (JV) between GMR Group (54%), Airports Authority of India (AAI) (26%),
Fraport AG Frankfurt Airport Services Worldwide (Fraport) (10%) and Malaysia
Airports Holdings Berhad (MAHB) (10%) has entered into a long-term agreement to
operate, manage and develop the Indira Gandhi International Airport (IGIA),
DIAL achieved an
important milestone of successful delivery of new integrated terminal, T3 at
IGIA,
The other
significant developments during the current year are:
v Opened Transit
Hotel with 40 rooms for domestic and 60 rooms for international passengers;
v On the Airlines
marketing front, 5 new airlines have started operations during 2010-11.
DIAL recorded
passenger traffic of 29.94 million in 2010-11, which is an overall growth of
14.7 % over the previous year. Cargo volume has touched 600,000 tonnes (MT) for
the year 2010-11, an overall growth of 20 % over the previous year.
v Rated for the
second consecutive year as the 4th
v T3 of Indira
Gandhi International Airport is the first airport in the world to be awarded
the Leadership in
v Energy and
Environmental Design (LEED) NC Gold rating;
v “Best
International Project” by British Construction Industry Award (BCIA) for the
best International Project among 180 International Projects;
v “Best Infrastructure
Award” and “PPP Project of the Year” - KPMG Infrastructure Awards 2010.
GMR Hyderabad International Airport Limited (GHIAL)
GMR Hyderabad
International Airport Limited (GHIAL) is a joint venture company promoted by
the GMR Group (63%) in partnership with the Airports Authority of India (AAI)
(13%), Government of Andhra Pradesh (13%) and Malaysia Airports Holdings Berhad
(MAHB) (11%). GHIAL has set up
The key highlights
for the current year are:
v RGIA was declared
world’s no.1 airport for the second consecutive year in the 5-15 million
passenger category by Airport Council International (ACI) with Airport Service
Quality overall score of 4.51 on a scale of 1 - 5. It also won ‘
v Approval received
in November, 2010 for hike in User Development Fee (UDF);
v Airline
Marketing’s efforts aimed at establishing
v MAS-GMR MRO
(Maintenance, Repair and Overhauling) achieved Financial Closure during the
year;
v
In the Financial
Year 2010-11, GHIAL recorded a passenger traffic of 7.63 million, a growth of
17.6% over the previous year, with international traffic growing by 11% and
domestic traffic growing by 20%. Similarly cargo traffic grew by about 22.89%
over the previous year reaching a volume of 80,777 tonnes (MT).
The Company owns 40
% of Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim Yapim ve Isletme
A.S., the company which is operating ISGIA through a BOT agreement for 20 years
(extended by an additional 2 years). Other shareholders of ISGIA are Limak
Holdings of Turkey with 40% and Malaysia Airports Holdings Berhad (MAHB) with
20% stake. The Consortium took over the operations as of May 2008 and has
successfully inaugurated the new integrated passenger terminal with a capacity
of 25 million passengers on October 31, 2009.
Important
highlights for the year are:
v ISGIA was selected
as the
v The declared
airside capacity of ISGIA has increased to 32 Air Traffic Movement (ATM)/ hour
from the previous 28 ATM/ hour by building a perimeter road around the airport
to reduce runway crossings;
v 16 new airlines
started flights out of ISGIA during the year;
v The prestigious journal
called Risk Management Monitor named ISGIA to be amongst the 5 safest places on
earth with its unique earthquake ready infrastructure;
v ISGIA closed the
Calendar Year 2010 with 11.6 million passengers, which corresponds to a 75 %
growth compared to the previous year. It continues to rank among the fastest
growing airports in the world.
GMR Male International Airport Private Limited
(GMIAL)
GMIAL is a
Brownfield airport in Male, capital city of
The Concession
agreement was signed on June 28, 2010 by the Company. The key highlights are:
yy Took over the
operations of airport on November 25, 2010 - 4 months ahead of schedule;
yy Traffic has
grown over 10 % in the months of operation compared to same months last year;
yy Rolled out
Terminal improvement plan and service quality improvement initiatives to
improve service levels.
Energy Sector
The year was a
significant year for the Energy Sector of the Company which now has 3 operating
assets and 13 projects under different stages of construction or development.
New Initiatives
v The Company has
made a foray into transmission sector winning two projects in Rajasthan;
v The Company has
also made a foray into renewable energy undertaking a 25 MW solar project in
Gujarat which is expected to be completed in the Financial Year 2011-12; and
v A 2.1 MW Wind
Turbine is being set up in
Operating Assets update
v Successfully
commissioned GMR Energy Limited barge on combined cycle at
v GMR Vemagiri power
plant won the prestigious National Energy Conservation award on December 14,
2010 in recognition of its energy conservation measures;
v Social
Accountability - 8000 system was implemented, with initial audit conducted by
Det Norske Veritas (DNV) and certification was obtained for the Chennai Power
Plant;
v GMR Power
Corporation Limited (GPCL) also obtained favorable decision from Appellate
Tribunal on commercial issues with Tamilnadu Electricity Board (TNEB).
Projects update
v The construction
activities are in advanced stages in 3 thermal projects (
v Achieved financial
closure of the 768 MW
v Approval of the
Kamalanga Project expansion by one unit of 350 MW; EPC contract has been
awarded for the same;
v Significant
progress in development of the coal mines in
v EPC contract
placed on consortium of Siemens – Samsung for Island Power Plant at
v Environmental
Clearance obtained and Implementation Agreement signed with Government of
Himachal Pradesh for Bajoli Holi Project;
v The Company
increased its investment to a majority stake in Homeland Energy Group (HEG)
towards its long term strategy for fuel security. The management team of HEG
has been strengthened to ensure profitable operations.
The Company is on
track to implement several other projects which are under different stages of
construction and development. These projects are coal based 1370 MW SJK
Powergen project and the hydroelectric power projects - (i) 300 MW Alaknanda
power project on the Alaknanda River in the State of Uttarakhand, (ii) 160 ™
Talong power project in East Kameng district in the State of Arunachal Pradesh,
(iii) 600 MW Upper Marsyangdi power project in Nepal; and (iv) 900 MW Upper
Karnali power project in Nepal.
Highways
The Company
operates the following six highways across
Three Annuity
based highways:
v Tuni - Anakapalli;
v Tambaram -
Tindivanam;
v Adloor Yellareddy
- Gundla Pochanpalli.
Three Toll based
highways:
v Ambala -
v Thondapalli –
Jadcherla;
v Tindivanam -
Ulundurpet.
During the financial
year, the Company has been successful in achieving financial closure of the
three new projects in the Highways Sector and has made significant progress in
the execution of these projects.
These are:
v The 1090 lane km
v The 178 lane km
Chennai Outer Ring Road annuity project;
v The 376 lane km
Hungund – Hospet toll project.
Urban Infrastructure
The Company is
developing SEZs in Krishnagiri and
Krishnagiri and
Pursuant to a
memorandum of understanding entered into with the State of
The Krishnagiri
SEZ is planned to be spread over 3,000 acres, major portion of which has
already been acquired.
Commercial
operation of this SEZ is expected to commence in 2014.
The Company has
acquired a majority stake in Kakinada SEZ Private Limited and is developing the
area as a Special Investment Region. Conceptual Master plans have been
developed through reputed international consultants.
Aerotropolis Development
The Company is
developing airport cities around the
The Hyderabad
Aerotropolis is envisaged on 1,000 acres of commercial land around the
Aviation Business
The Group’s
Corporate Aviation business consists of chartering business jets both to the
Group companies as well as to third parties. It is presently focusing on
external charter growth to reduce dependence on the group for its financing
needs. The Company’s wholly owned subsidiary, GMR Aviation Private Limited
(GAPL) has a young fleet comprising of short-haul and long-haul planes and
helicopters with experienced crew and operational staff. The fleet includes
Falcon and Hawker aircraft and
InterGen N.V.
The Company,
through its step-down subsidiary, GMR Energy Global Limited (GEGL), had entered
into necessary arrangements to acquire 50% economic stake in InterGen N.V. In
this regard it had subscribed to the Compulsory Convertible Debentures (CCDs)
issued for this purpose, by a fellow subsidiary, GMR Holding (Malta) Limited
(GHML), a step down subsidiary of GMR Holdings Private Limited, the Company’s
Holding Company. The said fellow subsidiary, GHML, had acquired the 50% stake
in InterGen N.V. through its step down subsidiary GMR Infrastructure (Malta)
Limited (GIML) for USD 1,135 million through a mix of external borrowings of
USD 1,107 million (under the guarantees extended by the Company) and the
balance was funded through CCDs as above. The Company has extended further
funding support to GHML by subscribing to additional CCDs to meet the interest,
transaction / carrying costs.
Due to the changed
economic environment in overseas markets and the group’s intention of renewed
focus in developing large energy assets within India for which opportunities
are opening up due to sustained economic growth of India fuelling huge demand
for power, during the year ended March 31, 2011, GIML was advised to sell the
investment in InterGen N.V. Accordingly, GIML entered into an agreement with
Overseas International Inc. Limited, an associate of China Huaneng Group to
sell the investment in InterGen N.V. for USD 1,232 million.
On consummation of
the transaction during April 2011, after due regulatory approvals, GHML has
repaid the loans availed from the banks in full but could repay the CCDs in part
only after meeting the interest, transaction / carrying costs. Thus GEGL has
recorded a one time loss of Rs.9389.100 millions, which is disclosed as an
exceptional item in the consolidated financial results.
Though the
divestment of InterGen N.V. has resulted in a one time and non-recurring loss
of Rs.9389.100 millions, it has released an equity capital of Rs.9580.000
millions that would enable the Company to reinforce its focus and deploy
resources on more profitable Assets.
Changes in Share capital
During the year
the Company completed issue of 225,080,390 equity shares of Re.1 each at a
price of Rs.62.20 per equity share, including premium of Rs.61.20 per equity
share, aggregating to Rs.14000.000 millions to Qualified Institutional Buyers
(QIBs) as per Chapter VIII of SEBI (Issue of Capital and Disclosure
Requirement) Regulations, 2009, through the Qualified Institutional Placement
(QIP). The QIP opened for subscription to QIBs on April 15, 2010 and closed on
April 19, 2010. The entire money amounting to Rs.14000.000 millions was
received and allotment of shares was made on April 21, 2010. Consequent to this
allotment, the listed equity share capital has increased from Rs.3667.354
millions to Rs.3892.435 millions.
The Company has
paid the listing fees payable to the BSE and the NSE for the Financial Year
2011-12.
Awards and Recognitions
During the period,
the Company and its subsidiaries / associates have received the following
awards/ recognitions:
v Indira Gandhi International
Airport (IGIA), New Delhi has been ranked 12th out of 154 participant Airports
in overall category based on Airport Service Quality (ASQ) score and selected
for Airport Council International (ACI) Director General’s Recognition Award;
v Award for “Airport
with Most New ‘Non – Regional’ Routes” for IGIA;
v Greentech Gold
Award for Environmental Excellence in Infrastructure Sector for the year 2010
for IGIA; and
v Rajiv Gandhi
International Airport (RGIA),
Management Discussion and Analysis
About Us
They are a
diversified infrastructure Company with operations and investments across the
Airport, Energy, Urban Infrastructure and Highways sectors.
Our airport
business consists of interests in the companies that operate
The GMR Group is
among the major private players in the Indian power sector. The company
currently has three operating power plants with an aggregate capacity of about
808 MW. The company has ambitious growth plans in the sector with 8474.5 MW of
capacity under various stages of implementation and development. The Company is
developing 13 power generating projects in different states and countries and
will have a diversified generation portfolio with different technologies viz.,
thermal – both gas and coal, hydro and renewables – Solar and Wind. Besides
power generating projects, the company is also developing coal mines and
transmission systems as a natural extension of core power generation business.
At present, the international presence of the company is through its two hydro
projects in
Our highways
business consists of six highways in commercial operation and three projects
under development. They play an active role in all stages of development of
their projects, including construction, financing and operation.
Geographical presence of their businesses
GMR’s asset
ownership extends beyond
Diversification strategy
They continue to
take steps to diversify their business on various dimensions. The advantage of
this is both in terms of tapping a wide spectrum of entrepreneurial
opportunities as well as bring in multi-disciplinary and diverse competencies
to achieve excellence in all that they do. This strategy also provides immense
scope for cross learning and innovation.
Proven execution capabilities:
The company has
built and commissioned 3 power projects, 6 road projects and 3 airports – all
completed without significant time overruns – indicative of the Group’s project
management and execution capabilities. The company plans to progressively
increase the involvement of its in-house EPC division in project execution.
Global Economic Scenario
Recovery outpacing
expectations but oil, Euro zone risks remain
Growth in both
advanced economies and emerging/ developing economies outpaced initial
expectations. This raises hope for sustained, though moderately paced global recovery
during 2011, with risks emerging from high oil prices. They are seeing that
Indian economy continued to outperform most emerging markets during 2010-11
retaining its position as the second fastest growing economy, after
and
Indian Economy:
GDP growth during
2010-11 reverted to the high growth trajectory. Growth had moderated in the
preceding two years as the global economy slowed down as a result of global
financial crisis. The growth during 2010-11 reflects a rebound in agriculture
and sustained levels of activity in industry and services.
Growth of core infrastructure sector remains
moderate
The six core
industries (26.6% of total weight in IIP) registered marginally higher growth
during April-February 2010-11 as compared with the same period in the previous
year while the year-on-year growth indicates some moderation in recent months.
Acute shortage of coal from domestic sources seems to have had some adverse
impact on electricity generation. Closer attention to investment in core
infrastructure industries is necessary in view of likely energy deficits over
the medium term.
Growth momentum likely to sustain at close to trend
The current growth
conditions suggest that the Indian economy is neither overheated, nor does it
face a slack. The growth conditions have shown slight moderation of late, but
GDP is still likely to grow close to trend in 2011-12. However, if monsoon
turns out to be less than normal there is a potential downside risk. If recent
increases in crude oil and industrial raw material prices persist, they could
weaken the growth momentum amidst high inflation. The downside risks to growth
also arise from higher cost of capital and any weakening of consumer confidence
as the cost of leverage goes up.
Projected Investment in the Twelfth Plan (2012-17)
The projections
presented in the table suggest that the economy will enter the Twelfth Plan in
a much stronger position as far as infrastructure is concerned than existed at
the start of the Eleventh Plan. Investment in infrastructure will be around
8.37 % of GDP in the base year of the Twelfth Plan.
PPP model for Infrastructure development
One of the
critical aspects of consolidating the infrastructure of their country is to
strengthen the Public-Private partnership model. While they have made
significant progress in building assets using this model, there are several
steps that needs to be done.
v The states’
progress in the execution of PPP projects has been quite uneven. Some southern
and western states have implemented more projects as compared to the states in
the north and the east.
v The decision
making processes can be less cluttered, thereby enabling new ideas and ventures
to be attempted without undue delay.
v The states will
need to develop the capacity to identify possible PPPs to develop bankable
projects and bid them out and thereafter monitor their costs.
Airports Sector
Aviation has been
recognized as one of the fastest growing sectors in
The financial
health of Indian carriers is at risk due to spiraling fuel prices and increased
operational cost. Though the industry has many success stories in the LCC
segment, financial health of airlines, oil price and other taxations,
international operations of Indian LCC’s will be the main focus areas of Indian
aviation in the coming year.
Keeping with the
growth of Air Passenger Traffic, fleet sizes have also grown significantly.
According to projections made by Boeing, over the next 20 years (2029-30), the
Indian market would require 1000 commercial jets valued at approximately $100
billion.
Key Industrial Drivers
On an overall
level the economic growth, increased fleet size, higher income levels of the
new generation working population and a more aware traveler, all have a
significant impact on the need for growth in the sector. Apart from the macro
determinants, there are other more specific industry factors which suggest that
the demand for airport services will continue to grow. Some of these factors
are the growth in inbound tourism, outbound passenger travel, inbound business
travel, low cost carriers and increased cargo movements.
Energy Sector
Indian Power
sector has come a long way since reforms were first introduced in 1991. The
Electricity Act 2003 however, proved to be the landmark step for the sector
reforms. Provisions of the Act such as “Delicensing of generation”,
“Procurement of power through competitive bidding” and “Recognition of power
trading”, etc. have been key enablers for attracting huge private interest in
the sector. The number of private players in the power sector has
correspondingly increased to a significant level in the past few years. It is
evident from the graph below that capacity addition in the Private sector has
outpaced additions in State and Central Sectors in the past 3 years.
Indian power
sector continues to be in the demand supply deficit regime with the peak
deficit and energy deficit for Financial Year 11 being 10.3 % and 7.5 %
respectively. As evident from the graph below, the situation has however
improved in Financial Year 11 with the deficit levels decreasing when compared
with the same in Financial Year 10. On the back of faster capacity addition in
the coming years it is expected that deficit levels will further come down.
Even in the
reducing deficit scenario, the sector provides huge business opportunities. If
they were to achieve the much talked about 10 % GDP growth number, power sector
will be one of the major enablers which can help them in achieving this growth.
It would be
pertinent to be conscious of certain ground realities which pose a risk to the
reducing deficit scenario-
Delays in capacity
addition – In all the Five Year Plans till now, the actual capacity additions
have always fallen short of targets. In the current Five Year plan too, the
actual capacity addition is expected to be lower than the targeted addition of
78,000 MW.
Availability of
Fuel –Coal linkage has not been awarded to several power projects which will be
ready for commissioning in the first half of Twelfth Five Year Plan (by
2014-2015). This delay is a potential threat to the planned capacity coming
upon time. This will affect timely completion of some critical stages of the
Project Implementation Process such as grant of key approvals and clearances
such as Environmental Clearance, Consent to Establish and Financial Closure.
During fiscal year
2011, the shortage of coal impacted power generation. As per CEA, only 92.6 %
of the total requirement of coal was available during the year, leading to a loss
of generation of about 7 billion units. The situation continued to be grim
towards the end of the year because as on March 31, 2011, 29 power stations had
critical stock including 13 stations with super critical stock i.e. stock for
less than 4 days.
Regulatory changes
–The important regulations which came out during the year were:
v Sharing of Inter
State Transmission Charges and Losses Regulations, 2010 – The new regulations
are expected to bring more efficient transmission pricing regimes. The “Point
of Connection method of sharing the cost of interstate transmission services”
under the new regulations would replace the present method of regional “Postage
stamp pricing.”
v All future
requirement of power should be procured competitively by distribution licenses:
This regulation from CEA which has come into effect since January 5, 2011 is
expected to end the cost plus regime of tariff determination enhancing
competition in the sector.
The Power trading
industry has grown considerably over the past few years. As evident from the
graph below, volume of electricity traded has more than doubled during the
period FYs 06- 11.
Urban Infrastructure and Highways Sector
Out of the total
Indian Road Network of 3.34 million kilometers, National highways constitute
70,934 Km while Expressways are around 200 Km. Currently, about 30 % of the
total NH network is still single-laned, 53 % double-laned and 17 %
four/six/eight-laned. According to the Planning Commission report, the road
freight industry will be growing at a compounded annual growth rate (CAGR) of
9.9% from 2007-08 to 2011-12. A target of 1,231 billion ton kilometer (BTK) has
been put on road freight volumes for 2011-12.
The Government of
India has taken several initiatives to encourage private investment in roads.
Some of the key initiatives are:
v NHAI has
introduced a scheme for annual prequalification of bidders. This major
initiative would be helpful in cutting short the bidding process of highway
projects
v All NHAI tenders
after August 2011 will be through e-Tendering Government of
v Rights of way to
be made available to concessionaries free from all encumbrances
v Government to bear
the cost of the project feasibility study, land for the right of way and way
side amenities, shifting of utilities, environment clearance, cutting of trees,
etc.
v Foreign Direct
Investment up to 100% in road sector
v NHAI / Government
of India may provide capital grant up to 40% (maximum) of project cost to
enhance viability on a case to case basis
v 100% tax exemption
for any consecutive 10 out of 20 years from the Commercial Operation Date.
v Concession period
extended up to 30 years
v Duty free import
of specified modern high capacity equipment for highway construction
v Government of
v Arbitration and
Conciliation Act 1996 based on UNICITRAL provisions.
v In BOT projects
concession holders are allowed to collect and retain tolls
v Planning
Commission, NHAI and Ministry of Road Transport and Highways have introduced a
model concession agreement to mitigate the traffic risks of toll based projects
– pursuant to which the concession period will be extended or reduced based on
actual traffic.
For the five year
plan period (2007 to 2012), the Indian government has predicted a requirement
of US$ 90 billion to enhance the nation’s road infrastructure. With the
initiation of the National Highway Development Program (NHDP), the government
is looking forward to sponsor more than 200 schemes under the NHDP. The average
plans are anticipated to use US$150 million-US$200 million while bigger plans
are likely to touch US$700 million to US$800 million. The acquisition method
prefers firms with decent knowledge and sound fiscal vigor.
During the
financial year 2011-12, about 7,300 Km of the National Highways are to be
developed that is likely to translate into a Rs.70,000 Cr opportunity for
developers. The market potential for developers is also enhanced by State level
projects. More than 10 Indian states are vigorously scheduling growth of their
highways.
It is believed
that the Sector is on fast track owing to: 1) Political will; 2) Structural
Changes; and 3) Buoyant Capital Markets (boosts confidence levels that fund
raising is still an option). The Sector looks positive as in the recent past
not a single Road project has failed to achieve financial closure. This
reflects the increasing readiness and confidence of the financiers to fund Road
Projects. Going ahead, they expect both domestic as well as international funds
to flow into the Sector to capitalize on the upcoming lucrative opportunities
in the Sector.
Finally, it is
believed that with required structural, financial and procedural changes, the
aggressive target of constructing 20 km/day, as against 6 km/day achieved
during last fiscal year, is still achievable. But this requires NHAI to be
efficient in clearing regulatory issues like land acquisition, utility shifting
and environmental clearances which still remain a big dampener for project
execution. The Ministry of Roads, Transport and Highways is also playing a very
active role in achieving this ambitious target by setting themselves monthly
targets for project award and completion, which enables close monitoring and
control.
The “Global
Competitiveness Report 2007-08” by the World Bank points at the “Inadequate
supply of Infrastructure”, which is the most problematic factor for doing
business in India, and which sums up the crucial role that infrastructure plays
in ushering growth hereon. Hence, investment in Road infrastructure has been
the focal point in recent years, as the government has ultimately recognized
the fact that inadequate infrastructure has been constraining growth and
investment in the country.
It is believed
that there exist significant opportunities in the Road Sector, which can
provide investors a platform to grow and expand in the Indian economy. The
government is also focusing on nurturing the profitable partnership with the
private sector to bridge the investment and knowledge gaps in the Road
infrastructure. However, investment in Road Infrastructure entails substantial
investments, and while returns are also high, investors will have to accept the
long gestation periods involved. Thus, it is clear that the way ahead is
through well-defined and innovative partnerships.
Urban Infrastructure Sector
Special Economic Zones / Special Investment Region
Property Development
As part of the
Aerotropolis development in
Segment wise performance outlook
Passenger traffic growth
in the year 2010-11:
Airports
IGIA-New Delhi
recorded 29.94 Mn passengers’ traffic in 2010-2011, which is an overall growth
of 14.7 % over the previous year. Cargo volume has touched 600,000 MT for the
year 2010-2011, recording an overall growth of 20% over the previous year.
Key milestones and achievements:
v Commencement of
Terminal 3 (T3) commercial operation without any major glitches well ahead of
the Commonwealth Games
v Completed
rehabilitation of Runway 10/28
v Opening of
Northern access road for better connectivity
v Opening of Transit
Hotel with 40 rooms for domestic and 60 rooms for international
v Awarded Gold
rating by IGBC LEED Certification for
v New airlines
during 2010-11 - Air Asia (Thai and
v New destinations
in 2010-11 -
v Airport Metro
Express link started its operation in February 2011
At IGIA, an
integrated noise management system has been formed in association with airlines
and other airport stakeholders such as AAI, DGCA and ATC (Air Traffic Control).
This has helped DIAL establish the Aircraft Noise Monitoring System (ANMS) that
will monitor and measure aircraft noise.
IGIA has
undertaken the following noise mitigation steps during the reporting period:
v Regularly
conducted ambient noise monitoring at different locations in and around the
airport including areas under the takeoff and landing funnels.
v Maintained all equipment
operating within the airport in good working condition, designed engine
enclosures and provided intake silencers (such as on DG Sets) to reduce noise
at ground level in the premises
v Acoustically treat
terminal buildings as well as all the offices within the airport boundary
v Integral part of
the “working group on airport noise” formed by DGCA. The group is exploring
various possibilities and developing feasible measures to reduce excessive
noise in the vicinity of IGIA
IGIA has undertaken
the following steps towards environment sustainability during the reporting
period:
v Sewage Treatment
Plan operational with advanced tertiary treatment viz. ultra filtration and RO
technique and latest water treatment equipment to achieve zero water discharge
plan. The entire treated water is being utilized for air-condition cooling i.e.
Heating, Ventilating, and Air Conditioning (HVAC) and horticulture activities.
v Advanced stage of
issuance of Certified Emission Reduction (CER) for energy reduction measure
taken at
v T3 terminal by
UNFCC - Clean Development Mechanism (CDM)
v The new T3
terminal has incorporated ‘segregation at source’ using twin bin system i.e.
food and recyclables by passengers, concessionaires and all service providers
Awards and Recognitions
During the period,
the company and its subsidiaries / associates have received the following
awards / recognitions:
v In 2010, IGIA has
been ranked 12th out of 154 participating airports in overall category based on
ASQ (Airport Service Quality) score and selected for ACI (Airport Council
International) Director General’s Recognition Award. It has also been rated for
the second consecutive time as the 4th
v T3 of IGI airport
first amongst the world’s airports to be awarded the LEED NC Gold rating.
v Award for “Airport
with Most New ‘Non – Regional’ Routes”
v “Best
International Project” by British Construction Industry Award (BCIA) for the
best International Project among 180 International Projects.
v “Best infrastructure
award” - KPMG infrastructure awards 2010
v “PPP Project of
the Year” - KPMG infrastructure awards 2010
In FY 2010-11,
GHIAL has seen a 17.6 % growth in overall passenger traffic with international
traffic growing by 11% and domestic traffic growing by 20 %. International air
traffic movements (ATMs) grew by 2 % and domestic ATMs grew by 4 %.This has
resulted in an overall ATM growth by 3 %. It is worthy to note that passenger
traffic grew by a healthy 18 % although the capacity has been increased
marginally, which resulted in a healthy seat load factor for airlines.
Our mission is to
establish
Highlights:
v Passenger traffic
grew by 17.60% Year to-Year (Y-o-Y) to 7.63 mn; Cargo traffic grew by 22.89%
Y-o-Y to 80777
v tonnes (MT).
v Malaysia Airlines
increased its weekly frequency from 4 to 7
v Lufthansa Cargo
increased its weekly frequency from 1 to 3
v Jet Airways added
12 domestic flight routes.
v Agreement signed
between Spice Jet and GHIAL to improve and strengthen regional connectivity out
of
v Signed MoU with
Lufthansa Cargo AG (LCAG) for making
v Pharma Zone
operations at the Cargo terminal commenced from 1st January 2011
v Agreement signed
in September 2010 with TCI for Road Feeder Service from RGIA
v Approval received
in November 2010 for hike in UDF.
v Airport Service
Quality : World no. 1 ranking for the second consecutive year in the 5-15
million passengers category with overall score of 4.51 on a scale of 1-5
v APSRTC commences
operation of buses directly from the Airport to nearby major towns.
v GO KARTING in the Car
Park area commenced operations– in line with strategy to develop the car park
area as a leisure destination for people from the city.
v
v Approval from
Development commissioner received in August 2010 for the Aviation SEZ.
v Launched MICE
Bureau in collaboration with AP State Government and HICC in Oct 2010.
v Received ‘
GMR holds 40% of
Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim Yapim Ve Isletme A.S.),
the company which is operating and expanding ISGIA through a BOT agreement for 20 years (extended by an
additional 2 years). Other shareholders
of ISGIA are Limak Holdings of Turkey with
40% and Malaysia Airports Holdings Berhad with 20%. The Consortium took over the operations in May-2008 and the new integrated passenger terminal
off 25 mppa capacity was completed
and successfully inaugurated on October 31,
2009.
Key highlights of ISGIA during the year:
v ISGIA closed CY
2010 with 11.6 mn passengers which corresponds to a 75% growth compared to the
previous year. ISG continues to rank among the fastest growing airports in the
world.
v ISGIA released the
payment of €76.5mn towards its first instalment of utilization fee. The
symbolic check was presented to The Under Secretariat for Defence Industries of
Turkey at a ceremony held in January 2011
v ISGIA was selected
as the
v 16 new airlines
started flights out of ISGIA including Span Air, Moldovian Airline, Fly Dubai,
Air
v The prestigious
journal ‘Risk Management’ named ISGIA to be among the 5 safest places on earth
with its unique earthquake ready infrastructure
v The works for building
a perimeter road around the airport has been completed, which will reduce
runway crossings and enhance the runway capacity. The declared airside capacity
of ISGIA has increased to 32 ATM / hour from the previous 28 atm / hour
GMIAL (GMR Malé International Airport Private
Limited)
GMIAL (GMR Malé
International Airport Private Limited) is a Brownfield airport in Malé, capital
city of
Significant
progress made since then:
v Took over the
operations of the airport on November 25, 2010– 4 months ahead of schedule.
v Traffic has grown
over 10 % in the months of operation compared to the same period last year.
v Rolled their
organizational development initiatives under 7S framework
v Rolled out
Terminal improvement plan and Service quality improvement initiatives to
improve service levels.
v In the process of
implementing SAP to improve systems and process.
Energy
The year saw the
following significant milestones being accomplished by the Company in the
Energy Sector:
v Successful
commissioning of GMR Energy Limited barge on combined cycle at
v Obtained favorable
decision from Appellate Tribunal on commercial issues with TNEB
v Financial closure
of the 768 MW
v Approval of the
Kamalanga Project expansion by an additional unit of 350 MW; EPC contract has
been awarded for the same..
v Environmental
Clearance obtained and Implementation Agreement signed with Government of
Himachal Pradesh for Bajoli Holi Project
v Foray into
transmission sector by winning two projects in Rajasthan
v Foray into
Renewable Energy sector with a 25MW solar project in
Business Wins
Won bid for
developing 2 transmission projects in Rajasthan which involves setting up of 320
km of 400 KV and 85 km of 220 KV Transmission lines and 2 associated 400 KV
substations.
Awards won during the year
v Vemagiri Plant won
the National Energy Conservation Award in recognition of the energy
conservation measures implemented by the plant.
v Vemagiri plant was
awarded the “Innovative Environmental Project” at the CII Environmental Best
Practices Award 2011 organized by CII – Godrej Green Business Centre,
v Vemagiri Plant
received the Sustenance Award under Large Scale Category from ABK AOTS-CUMI
Alumni association from Japan MoU’s signed
v Signed MoU with
Government of Gujarat for developing a 25 MW Solar Project in the state.
v MoU signed with
Government of Madhya Pradesh for development of a 1980 MW coal based power
plant in Bundelkhand region.
Highways Sector
GMR Group has six
operating highways across
- Tindivanam,
Adloor Yellareddy - Gundla Pochanpalli and three Toll based projects: Ambala -
- Jadcherla and
Tindivanam - Ulundurpet. The Highways sector generated an income of Rs. 390.25
Cr during 2010-11 with a balanced mix of Toll and Annuity income.
Annuity Road Projects
v GMR Tuni-Anakapalli,
a 236 Lane Km stretch road project on NH5, Andhra Pradesh commenced commercial
operation in December 2004. The concession period for the project is 17.5 years
with an operation period of 15 years.
v GMR
Tambaram-Tindivanam, a 372 Lane Km stretch road project on NH45, Tamilnadu
commenced commercial operation in October 2004. The concession period for the
project is 17.5 years with an operation period of 15 years.
v GMR Pochanpalli, a
412 Lane Km stretch road project between Adloor -Yellareddy and Gundla Pochanpalli
on NH7, Andhra Pradesh commenced commercial operation in March 2009. The
concession period for the project is 20 years with an operation period of 17.5
years.
Toll Road Projects
v GMR
Ambala-Chandigarh, a 140 Lane Km stretch between Ambala and
v GMR Jadcherla, a
232 Lane Km stretch between Thondapalli and Jadcherla on NH7, Andhra Pradesh
which commenced commercial operations in February 2009. The concession period
for the project is 20 years including a construction period of 2.5 years.
v GMR Ulundurpet, a
292 Lane Km stretch between Tindivanam and Ulundurpet on NH-45, Tamilnadu which
commenced commercial operation in July 2009. The concession period for the
project is 20 years including a construction period of 2.5 years.
Road Sector Performance
During the year,
the company has successfully completed the financial closure of all three road
projects namely Hyderabad-Vijayawada, Chennai ORR and Hungund-Hospet.
Construction activities including structures at all three project locations
have also commenced during the last fiscal year and it is expected that
operations will commence as per schedule.
In May 2009, a
consortium led by GMR Group was awarded a 25 year concession to develop the
181.6 Km Hyderabad –
Chennai Outer Ring Road Project:
The Chennai Outer
Ring Road in Tamilnadu measuring 29.65 km is the Group’s first state highway
project. It entails design, construction, development, finance, operation and
maintenance of the six lane road and two service lanes from Vandalur to
Nemilicheri section in Chennai. The project is annuity based with a concession
period of 20 years that includes construction time of 30 months.
Hungund-Hospet
project measuring 99 Km on NH-13 is the Group’s first project in Karnataka. The
project involves widening of the existing two-lane stretch to four-lanes. The
concession period for the project is 19 years which includes a construction
time of 30 months. The project is being developed by GMR Group along with its
consortium partner Oriental Structural Engineers Private Limited.
Environmental Protection and Sustainability:
The industrial
entrepreneurial success of the company is integrated with strong Environmental
Management practices across all process operations. Clean environment is their
top priority and to support that several unique schemes have been implemented
and continually progressed to prevent pollution and conserve natural resources
to achieve sustainable development.
All the operating
units are in compliance with environmental regulations. Hazardous wastes are
being disposed through Pollution Control Board authorized agencies. Continuous
Ambient Monitoring systems have been set up at appropriate locations in and
around the plants and the Environmental performance indicators like Stack
emissions, ambient air quality etc. are much below the stipulated norms.
Vemagiri and
Chennai units are certified with OHSAS 18001, ISO 14001, ISO 9001 and work is
on for establishing Integrated Management System Certification for Quality,
Environment, Health, and Safety in all their existing and proposed units.
At the Chennai
plant, a fully integrated Sewerage Water Treatment Plant (STP) has been set up
including Reverse Osmosis process for treating 10% of Chennai city’s total
sewage saving fresh water intake of 5,400 m3/day, which is equivalent to the
water use by 100,000 people. The treated STP water is used for cooling
operations and green belt development. Waste Heat Recovery Boilers generate
steam for use in indirect heating of fuel storage tanks and pipelines. Solar
energy is used to illuminate the boundary fence.
At the Vemagiri
Plant, the gas turbine uses the advanced Dry Low NOx (DLN 2.0 +) burner system
to reduce NOx emissions at source. Waste heat from the gas turbine is used for
power production in the steam turbine through Heat Recovery Steam Generator
(HRSG). Reuse of Steam Condensate and HRSG is designed for zero make up.
At GMR Hyderabad
International Airport Limited (GHIAL), special environment friendly design
features have been incorporated for power savings by using natural sun light.
The Lighting per square foot in the passenger terminal block uses only 0.9
watts of energy as against the minimum of 1.3 watts prescribed by the American
Society of Heating, Refrigerating and Air-Conditioning Engineers.
Outlook for FY 2011-12 and future plan:
Sankalp 2020 – Developing the long range plan for
GMR
During the year
the group undertook an important exercise called Sankalp 2020 – a process of
evolving the group’s vision and aspiration for 2020.
The Board of GMR
Group felt the need for long-term strategy/aspirations for the Group for some
time. Corporate
Strategy and Planning
Department of the Group worked with the senior management team across sectors.
The culmination of more than 3 months’ effort was conducting a 4-day Group
Aspirations workshop titled ‘Sankalp 2020’ – meaning “pledge”. The first two
days of the workshop were dedicated to Senior Management Team and the next two
days were exclusively for the Group Holding Board. The four days of the
workshop were facilitated by eminent dignitaries from both academia and
industry.
The workshop
commenced with a presentation on the macro economic factors shaping up for the
next decade thus stimulating the thought process among the participants. The
conducive atmosphere was taken forward to brainstorm and discuss in small
groups of management teams as to what should be the aspirations for the Group.
After the intensive two days exercises, the senior management team articulated
their views on several different dimensions of the ‘Group Aspirations 2020’.
The outcomes of
the exercise was defining a clear set of Group Aspirations on 6 business
dimensions (such as sector portfolio, competitive position, organization, ROCE,
brand and geography) as well as redefining the Group’s vision statement. The
key aspect of the revised Group vision is the inclusion of the aspiration of perpetuity
in the vision statement.
GMR Group Vision –
GMR Group will be an Institution in perpetuity that will build entrepreneurial
organizations making a difference to society through creation of value
Airports
Macro-economic
factors affecting the Indian aviation industry:
1. Fuel (Oil)
Price: One of the main areas of concern in the Indian aviation industry is the
rising crude prices. Concerns get further aggravated due to high taxes on the
Aviation Turbine Fuel (ATF). Globally, ATF costs account for around only 10-15
percent of the airline operating cost, whereas it is nearly 35 percent of the
operating cost of
2. High inflation:
Over the past few quarters, interest rates in
The outlook for
v Passenger traffic
is expected to grow at 8-10 % in 2011-12 and 10% p.a. during the next two
years.
v Cargo traffic out
of
v Domestic traffic
is projected to grow faster than international traffic for passengers as well
as for cargo
The company will
continue to work towards the following strategic objectives:
v Emerge as an
international air traffic “Hub”
v Optimize costs
v Establish better
connectivity to the airport
v Attract and retain
talent
v Monetize
commercial property around the Airport Hyderabad Airport GHIAL is expected to witness
a passenger traffic growth of 12-14 % and cargo tonnage growth at 16% during
FY12.
The company will
work towards achieving the following strategic objectives:
v To make
v To position
v To maintain and
improve their world no.1 ACI ranking
v Conversion of
taxiway as Standby-runway on permanent basis
v Significantly
reduce International peak time baggage retrieval time
SGIA
The Turkish
Aviation industry growth mirrored the global economic recovery.
v ISGIA achieved an
overall traffic growth of 76 % in 2010 to reach 11.6 Million passengers.
v The passenger mix
at ISGIA is: 70 % domestic and 30 % international traffic
v The strategic
initiatives proposed to meet the future goals are:
v Sustaining the
fuel margins through open access model
v Attracting more
international routes
v Improving retail /
commercial revenues
v Pursue 2nd runway
opportunity
v Expedite
development of airside facilities
v Airport
connectivity is expected to improve with the proposed subway system, Marmaray
rail and Metro Projects which are all planned for commencement in 2014
The key drivers
for the
v Passenger profile
- Preferred high end tourism destination with high propensity to spend
v Well-connected
airport to Europe, West-Asia, East Asia and
v Steady incomes
from fuel concession
Energy
The company is on
track to implement the different projects which are under different stages of construction
and development. The construction activities are in full swing for the 25 MW
Solar project which is expected to be completed in Financial Year 12 year
itself. Construction activities are in advance stages in three thermal Projects
(
Planned Commercial
timelines for Operations commencement for various on-going projects:
v
v Kamalanga- 2012
v CTPP- 2014
v EMCO- 2012
v SJK-2014
v Alaknanda- 2016
v BajoliHoli - 2016
v UMS- 2016
v UK- 2015
v Talong-2016
Highways
Considering that
during the Financial Year 2011-12, about 7,300 Km of National Highways are to
be developed that is likely to translate into a 70,000 Cr opportunity for
developers, the Group will continue to focus on opportunities in the road
sector. This will enable the Group to balance longer gestation periods of the
Groups’ Airports and Power projects under development with relatively low
gestation period of road projects.
The Group’s focus
will be on projects of longer stretch and higher traffic potential. It is at
various stages of the bidding process for new toll and annuity road projects
for NHAI and various states. The Group has also submitted documents to NHAI for
annual qualification. In their endeavour to maintain a sustainable and robust
portfolio which offers significant value to all its stakeholders, they will
continue to evaluate various forthcoming road projects on merit, including
expressways.
Urban Infrastructure
Special Economic Zones / Special Investment Region
The company is planning
to develop a 3,300-acre SEZ at Krishnagiri in Tamilnadu, with respect to which
the company has acquired majority of the required land.
The company has
also acquired majority stake in Kakinada SEZ Private Limited and is in the
process of completing the land acquisition for the same. This is envisioned as
a Large Area Development spread over 10,000 acres with designated SEZs and DTAs
(Domestic Tariff Area).
Property Development
The company has
started to develop each of the
The
The company
further plans to develop approximately 1,000 acres of commercial land at the
Outlook for FY 2011-12 and future plans:
Special Economic Zones/ Special Investment Regions:
With the revival
of economy in
For Kakinada SEZ,
a detailed conceptual master-plan has been prepared with the assistance of
reputed international consultants and anchor tenants are being finalized.
Property Development:
The realty sector
has emerged successfully from the downturn of the recent past and has started
posting significant gains. The Group will leverage its significant holding in
scarce land resources by developing the
During the year,
the company continued its effort and investment of building a strong
institution. Some of the key initiatives are described in this section.
Leadership Development and Talent Management
GMR has built a
robust internal process for continuous leadership development and talent
management. The objective is to have a ready pipeline of future leaders for
their ever growing needs.
v The company
completed the formal Leadership Development program (LDP) for 27 persons with
the rank of Associate Vice President and above. The LDP is designed with both
formal academic sessions, on the job assignments and mentorship of both
internal and external facilitators. In addition, 18 managers promoted to senior
level bands underwent the band-transition training program to equip them with
the right skills and competencies required post their promotion
v The NextGen
program is designed for Middle-level managers to orient them to higher level competencies
of managing business. This year, the company completed the NextGen program for
120 managers.
v Board members
reviewed the Talent Pipeline through a formal process of talent identification,
talent management and deployment.
Information Technology
The company has
taken several initiatives to strengthen its assets and processes using
Information technology. During the year the company completed the following
projects/ transformational initiatives.
v Created a single
centralized platform and instance across the entire group. This has helped in
consolidation and optimizing resources and management of all the components
required namely - Application (SAP), Networking and E-Mail server. This
centralized platform is complimented by a Disaster Recovery and Business
continuity plan to ensure that IT assets are well protected and safeguarded
against unforeseen events
v The company has
deployed advanced collaborative tools and protocols that have made people to
people connectivity efficient and effective. The company utilizes desktop to
desktop communicators (Voice, Data and Video), VoIP and Video Conferences
(multi-location facility).
v The company has
created tools for management dashboards and decision making using business
intelligence tools.
CONTINGENT LIABILITIES: (AS ON 31.03.2011)
a. Corporate
guarantees issued in respect of borrowings availed by subsidiary companies and
others–Rs.95941.018 millions.
b. The Company has
an investment of Rs.16848.400 millions (USD 373.25 million) (including a loan
of Rs.2378.800 millions) in its subsidiary GMR Infrastructure (
During the year
ended March 31, 2011, GMR Infrastructure (Malta) Limited, a wholly owned
subsidiary of GHML, and which, through its step-down subsidiary, held 50%
economic stake in InterGen N.V. as stated above, entered into an agreement to
sell the investment in InterGen N.V. for USD 1,232 million to Overseas
International Inc. Limited, an associate of China Huaneng Group.
In April 2011, the
transaction was consummated for the aforesaid consideration after obtaining the
necessary regulatory approvals. On consummation of the transaction, GHML has
repaid the loans from the banks in full, thereby resulting in expiration of the
corporate guarantees of USD 1.13 billion given by the Company and CCDs issued
to GEGL in part.
The Company has
recorded a loss of Rs 9389.100 millions in its consolidated financial
statements, which has been disclosed as an exceptional item. Despite the
aforementioned loss, based on valuation assessment of GIML and its investments
in underlying subsidiaries / joint ventures the management of the Company
continues to carry the investment in GIML at cost.
GMR Energy Limited
(‘GEL’) during the year has issued following fully paid up Compulsorily
Convertible Cumulative Preference Shares (‘CCCPS’):
|
Investors |
No. of CCCPS |
Amount (Rs. in
millions) |
|
Claymore
Investments ( |
9,300,000 |
9300.000 |
|
IDFC Private
Equity Fund III |
2,500,000 |
2500.000 |
|
Infrastructure
Development Finance Company Limited |
500,000 |
500.000 |
|
IDFC Investment
Advisors Limited |
500,000 |
500.000 |
|
Ascent Capital
Advisors India Private Limited |
500,000 |
500.000 |
|
Argonaut
Ventures |
650,000 |
650.000 |
|
Total |
13,950,000 |
13950.000 |
The preference
shares are convertible upon the occurrence of qualifying initial public
offering (QIPO) of GEL at an agreed internal rate of return (IRR). In case of
non occurrence of QIPO within 3 years of the closing date, as defined in the
terms of agreement between the parties, Investors have the right to require the
Company to purchase the CCCPS or if converted, the equity shares in GEL at an
agreed upon IRR.
d. During the year
GMR Airports Holding Limited (GAHL) has issued 2,298,940 non-cumulative compulsory
convertible participatory preference shares bearing 0.0001% dividend on the
face value, of Rs.1000 each fully paid up amounting to Rs.2298.940 millions
along with a premium of Rs.2885.27 each amounting to Rs.6633.063 millions to
SBI Infrastructure Investments 1 Limited, (investor) for funding and
consolidation of the airport segment. Subject and GAHL have provided the
investors various conversion and exit options at an agreed internal rate of
return as per the terms of the Restructuring Options Agreement and Investment
Agreement.
UNAUDITED FINANCIAL RESULTS FOR QUARTER
AND NINE MONTHS ENDED DECEMBER 31, 2011
(STAND-ALONE RESULTS)
[Rs. in millions, except for share data]
|
Particulars |
Quarter ended |
Nine months
ended |
|
|
December 31, 2011 Unaudited |
September 30, 2011 Unaudited |
December 31, 2011 Unaudited |
|
|
1. Revenue from operations |
|
|
|
|
Sales / Income from Operations |
3959.700 |
3482.500 |
10110.200 |
|
Total Income |
3959.700 |
3482.500 |
10110.200 |
|
2. Expenditure |
|
|
|
|
a) Operating Expenses |
2635.500 |
2406.400 |
6668.600 |
|
b) (Increase) or Decrease in Stock in Trade |
(8.200) |
(140.600) |
(187.300) |
|
c) Employees Cost |
142.000 |
124.300 |
370.200 |
|
d) General and Administrative Expenditure |
313.000 |
258.400 |
741.700 |
|
Total Operating Cost |
3082.300 |
2648.500 |
7593.200 |
|
3. EBIDTA (1) - (2) |
877.400 |
834.000 |
2517.000 |
|
4. Depreciation / Amortisation |
20.500 |
17.500 |
54.600 |
|
5. Profit from Operation before Other Income, Interest and Exceptional
items (3) - (4) |
856.900 |
816.500 |
2462.400 |
|
6. Other Income |
330.700 |
296.900 |
639.000 |
|
7. Profit from Operation before Interest and Exceptional items (5) +
(6) |
1187.600 |
1113.400 |
3101.400 |
|
8. Interest |
493.900 |
485.400 |
1462.800 |
|
9. Profit / (Loss) from Ordinary Activities before tax (7) - (8) |
693.700 |
628.000 |
1638.600 |
|
10. Provision for taxation |
|
|
|
|
- Current Tax |
154.800 |
117.500 |
359.100 |
|
- Reversal of earlier years tax provision |
0.000 |
0.000 |
(14.000) |
|
- MAT credit entitlement |
(221.200) |
(83.000) |
(309.500) |
|
- Deferred Tax |
0.300 |
9.900 |
14.700 |
|
11. Net Profit/(Loss) from Ordinary Activities after tax (9) - (10) |
759.800 |
583.600 |
1588.300 |
|
12. Paid-up equity share capital (Face value - Re. 1 per share) |
3892.400 |
3892.400 |
3892.400 |
|
13. Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
0.000 |
0.000 |
0.000 |
|
14. Earnings Per Share - Basic and Diluted - (Rs.) (not annualised) |
0.20 |
0.15 |
0.41 |
|
Weighted average number of shares used in computing Earning Per Share |
3,892,432,532 |
3,892,432,532 |
3,892,432,532 |
|
15. Public Shareholding |
|
|
|
|
- Number of shares |
1,112,112,950 |
1,112,595,950 |
1,112,112,950 |
|
- Percentage of shareholding |
28.57% |
28.58% |
28.57% |
|
16. Promoters and Promoter Group Share Holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
864,106,312 |
793,555,360 |
864,106,312 |
|
- Percentage of shares (as % of the total
shareholding of promoter and promoter group) |
31.08% |
28.55% |
31.08% |
|
- Percentage of shares (as % of the total
share capital of the Company) |
22.20% |
20.39% |
22.20% |
|
b) Non- Encumbered |
|
|
|
|
- Number of shares |
1,916,215,520 |
1,986,283,472 |
1,916,215,520 |
|
- Percentage of shares (as % of the total
shareholding of promoter and promoter group) |
68.92% |
71.45% |
68.92% |
|
- Percentage of shares (as % of the total
share capital of the Company) |
49.23% |
51.03% |
49.23% |
REPORT ON STAND-ALONE SEGMENT REVENUE, RESULTS AND
CAPITAL EMPLOYED
[Rs. in millions]
|
Particulars |
Quarter ended |
Nine months
ended |
|
|
December 31, 2011 Unaudited |
September 30, 2011 Unaudited |
December 31, 2011 Unaudited |
|
|
1. Segment Revenue |
|
|
|
|
a) EPC |
3289.500 |
2644.500 |
7853.200 |
|
b) Others |
670.200 |
838.000 |
2257.000 |
|
Total |
3959.700 |
3482.500 |
10110.200 |
|
Less: Inter Segment |
0.000 |
0.000 |
0.000 |
|
Net Segment Revenue |
3959.700 |
3482.500 |
10110.200 |
|
|
|
|
|
|
2. Segment Result
[Profit before tax and interest ] |
|
|
|
|
a) EPC |
318.500 |
132.900 |
560.600 |
|
b) Others |
869.100 |
980.500 |
2540.800 |
|
Total |
1187.600 |
1113.400 |
3101.400 |
|
Less: Interest expenses |
493.900 |
485.400 |
1462.800 |
|
Profit before tax |
693.700 |
628.000 |
1638.600 |
|
3. Capital employed (Segment Assets - Segment Liabilities) |
|
|
|
|
a) EPC |
1422.800 |
1091.600 |
1422.800 |
|
b) Others |
94297.400 |
93611.100 |
94297.400 |
|
c) Unallocated |
(22937.400) |
(22512.100) |
(22937.400) |
|
Total |
72782.800 |
72190.600 |
72782.800 |
Notes to standalone results:
1. Investors can view the standalone results of Subject (“the Company” or “GMR”) on the Company’s website www.gmrgroup.in or on the websites of BSE (www.bseindia.com) or NSE (www.nse-india.com).
2.
Segment Reporting
a. The Company carries on its
business in two business verticals viz., Engineering Procurement Construction
(EPC) and others.
b. The segment report of the
Company has been prepared in accordance with AS 17 on Segment Reporting
notified pursuant to the Companies (Accounting Standard) Rules, 2006 (as
amended).
The business segments of the
Company comprise of the following:
|
Segment |
Description of Activity |
|
EPC |
Handling of engineering, procurement and construction solutions in Infrastructure Sector |
|
Others |
Investment activity and corporate support to various infrastructure SPVs |
3. The Company has an investment of
Rs.18533.300 millions (including a loan of Rs.3753.400 millions) in its
subsidiary GMR Infrastructure (
During the year ended March 31, 2011, GMR Infrastructure (Malta) Limited,
a wholly owned subsidiary of GMR Holding (Malta) Limited (GHML), which through
its step-down subsidiary held 50% economic stake in InterGen N.V., entered into
an agreement to sell the investment in InterGen N.V. for USD 1,232 million to
Overseas International Inc. Limited, an associate of China Huaneng Group. The
transaction was consummated in April 2011 for the aforesaid consideration after
obtaining the necessary regulatory approvals. On consummation of the
transaction, GHML repaid the loans from the banks in full and Compulsory
Convertible Debentures issued to GMR Energy Global Limited (step-down
subsidiary of GIML) in part and GMR recorded a loss of Rs.9389.100 millions, as
an exceptional item in its consolidated financial statements for the year ended
March 31, 2011.
Despite the aforementioned loss, based on valuation assessment of GIML
and its investments in underlying subsidiaries / joint ventures the management
of the Company continues to carry the investment in GIML at cost as at December
31, 2011.
4. The Company has an investment of Rs.3041.100
millions (including loans of Rs.875.200 millions and investment in equity /
preference shares of Rs.2165.900 millions made by the Company and its
subsidiaries) in GMR Ambala Chandigarh Expressways Private Limited (GACEPL) as
at December 31, 2011. GACEPL has been incurring losses since the commencement
of commercial operations.
The management believes that these losses are primarily attributable to loss of revenue arising as a result of diversion of partial traffic on parallel roads. Based on managements’ internal assessment and a legal opinion, the management of GACEPL is confident that it will be able to claim compensation from relevant authorities for the loss it has suffered due to such diversion of traffic and accordingly, the investment in GACEPL has been carried at cost. The statutory auditors of the Company have drawn an Emphasis of Matter in their limited review report.
5. Investor complaints / references: During the
current quarter, 22 investor complaints / references were received and
resolved. There were no complaints / references pending, both at the beginning
and end of the quarter.
6. Other Income includes foreign exchange gain
(net) of Rs.327.700 millions for the quarter ended December 31, 2011 (2010:
Rs.24.400 millions) and Rs.622.900 millions for the nine months ended December
31, 2011 (2010: Rs.16.300 millions).
7. The financial results of the Company for the
quarter ended December 31, 2011 have been reviewed by the Audit Committee at
their meeting on February 06, 2012 and approved by the Board of Directors at
their meeting on February 07, 2012.
8. The Statutory Auditors of the Company have
carried out a Limited Review of the above standalone financial results of the
Company for the quarter ended December 31, 2011.
9. Figures pertaining to previous periods have
been regrouped, reclassified and restated, wherever necessary, to conform to
the classification adopted in the current period.
FIXED ASSETS:
v
v
Office Equipments
v
Computer Equipments
v
Plant and Machinery
v
Furniture and Fixtures
v
Vehicles
WEBSITE DETAILS:
COMPANY
INFORMATION:
Subject was originally incorporated on May 10, 1996 as a public limited
company called Varalakshmi Vasavi Power Projects Limited in the State of
The Company is an infrastructure holding company formed to fund the
capital requirements of the GMR Group’s initiatives in the infrastructure
sector. Subject is engaged in development of various infrastructure projects in
power and transportation sectors through several special purpose vehicles.
MILESTONES:
2012
|
Year |
Key
Events, Milestones and Achievements |
|
May 24, 2012 |
GMR Kishangarh Udaipur Ahmedabad
Expressways Limited. achieves Financial Closure |
|
Apr 20, 2012 |
SKYTRAX AWARD FOR GHIAL - Hyderabad’s
Rajiv Gandhi International Airport (RGIA) has been declared India's 3rd Best
Airport, 2012 at the ‘SKYTRAX World Airport Awards’ held at Passenger
Terminal EXPO in Vienna on 20th April 2012. |
|
Apr 20, 2012 |
SKYTRAX AWARD FOR DIAL - DIAL has been
awarded the World's Most Improved Airport-2012 and No. - 1 Airport in India
at the ‘SKYTRAX - World Airport Awards’ held at the Passenger Terminal EXPO,
Vienna on 20th April, 2012. The Routes Airport Marketing Awards are judged on
various criteria including new or additional service, route development
strategy and innovative marketing efforts. |
|
Apr 19, 2012 |
Routes Award for DIAL - DIAL won the award
for 'Highly Commended Airport in Marketing and Route Development' in the |
|
Mar 31, 2012 |
RGIA received ISO 14064 - RGIA to become
the |
|
Mar 15, 2012 |
INTERNATIONAL AIR TRANSPORT ASSOCIATION
(IATA) signed an MOU with |
|
Mar 14, 2012 |
ROTORCRAFT GROUNDBREAKING CEREMONY- The
groundbreaking ceremony for the construction of the new Helicopter production
facility was held at GHIAL on 14th March, 2012. Indian Rotorcraft, a joint
venture between Tata Sons and AugustaWestland, an Italian company, is setting
up a new helicopter production facility in the aviation specific Special
Economic Zone of the |
|
Mar 13, 2012 |
MRO FACILITY INAUGURATED- MAS GMR Aero
Technic Limited (MGAT), a Joint Venture facility between Malaysian Aerospace
Engineering and |
|
Feb 29 , 2012 |
GHIAL has been awarded the prestigious
“National Tourism Award 2010-’11” under the ‘ |
|
Feb 22, 2012 |
SATTE AWARD FOR GHIAL- GHIAL was awarded
the “ |
|
Feb 17, 2012 |
GHIAL IS 3rd BEST AIRPORT- GHIAL has been
ranked the third best Airport in the world in the 5-15 MMPA category in
Airport Service Quality by Airports Council International (ACI), the only
global trade representative of airports for 2011. The airport has been ranked
ahead of global contenders like |
|
Feb 15, 2012 |
DIAL is 2nd |
|
Feb 3, 2012 |
DIAL bags award for Excellence in Air
Cargo - The Indira Gandhi International Airport was awarded international
recognition for excellence in Air Cargo at an event organized by Stat Trade
Times. The award was presented at an Awards ceremony of the ‘Air Cargo India
2012’ event held at Mumbai from 1st – 3rd February, 2012. Mr. Pradeep
Panicker and Mr. Sanjiv Edward received the award on behalf of DIAL. |
|
Jan 11, 2012 |
The Hon’ble Minister for Civil Aviation,
Shri Ajit Singh laid the foundation stone of the new ATC tower at India Gandhi
International Airport (IGIA). The ceremony was attended by the Secretary,
Civil Aviation, Dr. Syed Nasim Ahmad Zaidi, Shri. E.K.Bharat Bhushan, DGCA,
the Chairman of AAI Shri V P Agrawal as well as GMR Group Chairman Shri G M
Rao, Business Chairman Airports Shri Srinivas Bommidala and DIAL’s CEO Shri I
Prabhakara Rao. |
2011
|
Year |
Key
Events, Milestones and Achievements |
|
Dec
31, 2011 |
GMR Energy achieved a new milestone in the
renewable space by successfully commissioning its first 25 MW Solar Project
in the State of |
|
Nov
1, 2011 |
MAS GMR Facility at |
|
Sep
15, 2011 |
GMR OSE Hungund- Hospet Highways- Project
4/6 laning- 99km financial closure |
|
Jul
29, 2011 |
GMR wins the Highway project - |
|
Jul
12, 2011 |
Ground breaking Ceremony for the Schulich
School of Business was held on Tuesday, 12th July, 2011. Shri N. Kiran Kumar
Reddy, Honorable Chief Minister, Government of Andhra Pradesh was the chief guest.
Schulich’s GMR Campus will be the first full-fledged campus of a major,
top-ranked international business school in |
|
Jul
1, 2011 |
SCHULICH'S Sign In Ceremony - GMR and
Schulich School of Business of York University, Toronto, Sign in Agreement
For Schulich's campus in Hyderabad. On 9th June 2011, GMR and the Schulich
school of business entered into an agreement to develop the Schulich campus
in |
|
Jun
24, 2011 |
The Prime Ministers Report to People - The
honourable prime minister's office presented an annual report to the people
of the country, highlighting achievements and challenges faced by the
Government. |
|
May
24, 2011 |
ISGIA : |
|
Apr
19 , 2011 |
Subject. won the award at the
Infrastructure Excellence Award 2011 in the Main Awards Category - ‘Airports’
for ‘Operation, Management and Development of the new integrated passenger
terminal building T3 at |
|
Apr
07, 2011 |
|
|
Apr
07, 2011 |
|
|
Apr
2, 2011 |
Inauguration of |
|
Mar
25, 2011 |
EMCO (GEL Subsidiary) 600 MW Coal Based Power
Plant – Financial Closure. |
|
Mar
22, 2011 |
“Family Constitution” formalized into a
legal document. The GMR Group Chairman, GM Rao pledged his irrevocable
commitment to create an endowment worth USD 340 million [INR 15400.000
millions], in favour of the GMR Varalakshmi Foundation, for charitable
activities to serve the needs of the under-served sections of society. |
|
Mar
18, 2011 |
Terminal 3 has been awarded green building
“LEED INDIA GOLD” rating from IGBC thereby making it one of the largest Green
Buildings in the world. CEO-DIAL felicitated the task force involved in
achieving the LEED rating. |
|
Mar
18, 2011 |
|
|
2011 |
Istanbul Sabiha Gokcen International Airport
Has Been Awarded Turkey’s First Barrier-Free Airport Title Extending Support
To Disabled Passengers/Visitors. |
|
Feb
16, 2011 |
The |
|
Jan
28, 2011 |
GMR Vemagiri Power Generation Limited has
won the “Innovative Environmental Project” award at the CII Environmental Best
Practices Award 2011 organised by CII – Godrej Green Business Centre on 28
and 29 January 2011 at CII – Sohrabji Godrej Green Business Centre, |
|
Jan
8, 2011 |
Exim |
2010
|
Year |
Key Events, Milestones and
Achievements |
|
December
27, 2010 |
Subject - "MAS GMR Aerospace
Engineering Company Limited (MGAE) achieves financial closure |
|
December
24, 2010 |
Subject - GMR SEZ and Port Holdings
Private Limited, a subsidiary of Subject, has entered into a Share
Subscription and Shareholders Agreement on December 24, 2010 to subscribe to
51% of the equity share capital of Kakinada SEZ Private Limited (KSPL). KSPL
is in the business of developing port based multi-product Special Economic
Zone at |
|
December
15, 2010 |
GMR Group was awarded with ‘The Best
Infrastructure Project’ from all over |
|
December
14, 2010 |
GMR Vemagiri Power Generation Limited won
the prestigious National Energy Conservation Award at |
|
December
11, 2010 |
GMR Group bagged the ‘Corporate Social
Responsibility Award’ at the 6th edition of the CNBC-TV18 India Business
Leader Awards at the Grand Hyatt, Mumbai. |
|
December
10, 2010 |
GMR Chhattisgarh Energy Limited, a wholly owned
subsidiary of GMR Energy Limited, has executed the Financial closure |
|
December
01, 2010 |
GMR Group bagged two awards ‘Most Admired
Developer in Transport Sector’ – GIL and ‘PPP Project of the Year’ – Terminal
3, DIAL at the 3rd KPMG-Infrastructure Today Awards 2010 ceremony held at the
TajMansingh, Delhi. |
|
November
28, 2010 |
GMR Divests its 50% Shareholding in
InterGen N.V. |
|
November
25, 2010 |
GMR Group achieves financial closure of
GMR Malé International Airport Private Limited, |
|
November
25, 2010 |
Group Chairman was nominated in the final
list of CNBC 9th Asia Business Leader’s Awards held in |
|
November
10, 2010 |
Subject, Announced Q2-FY 10-11 results |
|
October
27, 2010 |
Mr. Subba Rao Amarthaluru was awarded the
‘Best Performing CFO’ in the Infrastructure Sector by CNBC TV 18 at the 5th
edition of |
|
October
17, 2010 |
GMR Infrastructure forays Into Solar Power
- Permission awarded to set up 25 MW solar power plant in |
|
October
14, 2010 |
|
|
October
04, 2010 |
GMR Energy Limited (GEL) achieves a new milestone
- Wins the bid for Rajasthan RajyaVidutPrasaran Nigam Limited. (RRVPNL) Power
Transmission Project |
|
September
29, 2010 |
|
|
September
29, 2010 |
GMR Group’s IT initiative “Deployment of
seamless collaborative platform for UC, Intranet” has been recognized for
Silver EDGE award by UBM (United Business Media-Information week). |
|
September
18, 2010 |
|
|
September
15, 2010 |
GMR OSE Hungund- Hospet Highways- Project
4/6 laning- 99km - Financial closure |
|
September
14, 2010 |
GMR Rajahmundry Energy Limited Subsidiary
of GMR Energy Limited achieved Financial Closure |
|
September
14, 2010 |
GMR Rajahmundry Energy Limited- financial
closure for doubling the capacity from 384 MW |
|
September
04, 2010 |
GMR wins the Prestigious CIO100 Award 2010
at the 5th annual CIO100 awards in |
|
August
27, 2010 |
Annual General Meeting of subject |
|
August
08, 2010 |
Subject, announced Q1-results |
|
August
03, 2010 |
GMR Group successfully closes the InterGen
Refinance Transaction |
|
July
28, 2010 |
Successful with proving flights on the
14th and 15th July 2010 |
|
July
27, 2010 |
GMR won the bid to modernize and expand
the |
|
July
25, 2010 |
Barge mounted power plant moved from
TannirBhavi, successfully commenced operations |
|
July
03, 2010 |
Terminal 3 (T3) – The state-of-the-art
integrated terminal was inaugurated |
|
June
24, 2010 |
GMR won the bid to build, operate,
modernize and expand the |
|
May
14, 2010 |
The Istanbul Sabiha Gocken International
Airport (ISGIA) won the Anna. Aero Airport Traffic Growth Award for highest
traffic growth in the 5-10 million passenger category. |
|
April
28, 2010 |
|
|
April
25, 2010 |
GMR Holdings Private Limited enters into
Definitive Agreement with E.I.D.-Parry ( |
|
April
20, 2010 |
GMR OSE Hungund Hospet Highways Private
Limited. (2) GMR Chennai Outer Ring Road Private Limited become subsidiaries
of Subject. |
|
April
09, 2010 |
Board of Directors of the subject in their
meeting held on April 09, 2010, accord approval to raise funds of up to
Rs.5000.000 millions through issue of Unsecured Non-Convertible Debentures on
private placement basis. |
|
April
09, 2010 |
GMR Energy signs agreement with Temasek
Holdings for USD 200 million to fund its energy expansion plans |
|
April
09, 2010 |
GMR Energy Limited. announces that
Claymore Investments, a wholly owned subsidiary of Temasek Holdings (the
"Investor") has committed to make an investment of up to USD
200,000,000 in the Company |
|
April
06, 2010 |
Mangalore-based Barge Mounted Power Plant
arrived in |
|
April
06, 2010 |
Subject opts to submit its audited
financial results for the financial year ended March 31, 2010. |
|
March
25, 2010 |
EMCO Energy Limited, |
|
March
03, 2010 |
Debenture Allotment Committee of the Board
of Directors of subject has allotted 5000 Unsecured Non-Convertible
Debentures of Face value of Rs.1.000 million each, aggregating to Rs.5000.000
millions to ICICI Bank Limited on March 02, 2010 |
|
February
26, 2010 |
Dhruvi Securities Private Limited becomes
subsidiary of Subject in accordance with the provisions of Section 4(1)(b) of
the Companies Act, 1956. |
|
February
16, 2010 |
|
|
February
09, 2010 |
GMR Group - OSE Consortium wins 99 kms
long Hungund - Hospet stretch, it's |
|
January
29, 2010 |
Subject announces 3rd Quarter 2009
Performance Highlights |
|
January
29, 2010 |
Subject announces consolidated and
standalone results for the quarter ended on 31-DEC-2009 |
|
January
19, 2010 |
Subject fully redeems the Non Convertible
Debentures issued to Axis Bank |
|
January
19, 2010 |
SJK powergen Limited. ('SJK Powergen')
becomes subsidiary of GMR Energy Limited |
2009
|
Year |
Key
Events, Milestones and Achievements |
|
December
07, 2009 |
The Board of Directors of subject in their
meeting held on December 05, 2009, accord approval to raise funds upto
Rs.5000.000 millions through issue of unsecured non-convertible debentures on
private placement basis. |
|
December
05, 2009 |
G.M. Rao receives honorary doctorate
(Doctor of Letters) from |
|
December
04, 2009 |
Two new routes inaugurated from |
|
December
03, 2009 |
Group Chairman receives the ‘First
Generation Entrepreneur Of The Year’ award at the CNBC TV18 India Business
Leader Awards 2009 from the Union Minister of Human Resources Department
(HRD) Mr. Kapil Sibal |
|
October
31, 2009 |
GMR-Limak-MAHB Consortium Inaugurates
Istanbul Sabiha Gokcen International Airport (ISGIA) in |
|
October
30, 2009 |
CFM International to set up |
|
October
27, 2009 |
Subject announces 2nd Quarter 2009
Performance Highlights |
|
October
27, 2009 |
Subject announces standalone results for the
quarter and standalone results for the half year ended on 30-SEP-2009 |
|
October
26, 2009 |
GMR Group achieves Financial closure of
Emco Energy Limited. |
|
October
22, 2009 |
Wipro and DIAL sign a long term strategic
partnership |
|
October
01, 2009 |
GMRVF receives the Silver Plate Award for
supporting cause of Elders from Helpage |
|
October
01, 2009 |
GMR Kamalanga Energy Limited, GMR Energy
Limited, India Infrastructure Fund (Fund) and Infrastructure Development Finance
Company Limited (IDFC) enter into Share Subscription and Shareholders
Agreement (SHA)on September 29, 2009. As per the SHA, IDFC and India
Infrastructure Fund agree to subscribe to 20% of the equity share capital of
GMR Kamalanga Energy Limited |
|
September
01, 2009 |
DIAL awards In-building Communication
Solution to Quippo Telecom for |
|
September
01, 2009 |
Board of Directors of the subject approve and
fixe October 05, 2009 as the record date for giving effect to the
sub-division of each equity share of Rs.2/- each in to 2 equity shares of
Re.1/- each in the Annual General Meeting on August 31, 2010 |
|
August
31, 2009 |
Subject Annual General Meeting held on
August 31, 2009 |
|
August
25, 2009 |
DIAL awards concession for new in-flight
catering facility to East India Hotels Limited Existing Cargo Terminal
concession awarded to Celebi Hava Servisi AS of |
|
August
14, 2009 |
Delhi International Airport Private
Limited (DIAL) incorporates a Company named as 'Delhi Aviation Fuel Facility
Private Limited' (DAFFPL). DIAL holds 100% shareholding in DAFFPL. |
|
August
03, 2009 |
Subject announces 1st Quarter 2009
Performance Highlights |
|
July
28, 2009 |
GMR Group's Sixth Highway Project from
Tindivanam to Ulundurpet measuring 73 kms begins Commercial Operations |
|
July
25, 2009 |
GMR Energy Limited (GEL) acquires 100% ownership
interest of EMCO Energy Limited, (subsidiary of EMCO Limited.), a Public
Limited Company. |
|
June
22, 2009 |
Management Committee of the Board of
Directors of the subject at its meeting held on June 19, 2009 allots 1,30,19,108
fully paid-up Equity shares of Rs.2/- each to IDFC Infrastructure Fund -
India Development Fund ('IDF') on preferential basis, consideration being (a)
4,68,00,000 equity shares of Rs.10 each fully paid up of the Delhi
International Airport Private Limited ('DIAL') held by IDF; and (b) the
amount of Rs.487.500 millions paid by IDF to DIAL as advance towards
subscription of further equity shares of DIAL, at an Issue Price of Rs.115/-
per Equity Share (including Rs.113 towards share premium). Consequent upon
the above said allotment, the issued capital of the Company increased to
1,83,36,77,196 equity shares of Rs.2/- each. |
|
June
19, 2009 |
GMR Group emerges as lowest bidder for
Chennai Outer Ring Road Project |
|
June
11, 2009 |
GMR Energy Limited (GEL), 100% subsidiary
of Subject along with other Group Company own 33.34% of the issued and
outstanding capital of Homeland Energy Group Limited (HEG), |
|
June
10, 2009 |
Subject announces that Shareholders of the
Company in their Extra-ordinary General Meeting held on June 09, 2009 have
approved the following: 1) Issue of Securities for an aggregate amount not
exceeding Rs.50000.000 millions or equivalent thereof. 2) Issue of Securities
to IDFC Infrastructure Fund - India Development Fund on preferential basis
for consideration other than cash. |
|
June
08, 2009 |
DIAL awards Four Food and Beverage
Concession Packages for IGI Airport's upcoming Terminal 3; Concessionaries to
bring in the best of Indian and International F and B brands to IGIA |
|
June
05, 2009 |
Subject announces standalone Results for
the year ended on 31-MAR-2009 |
|
June
05, 2009 |
Subject announces consolidated Results for
the quarter ended on 31-MAR-2009 |
|
June
03, 2009 |
DIAL awards Duty Free Concession for |
|
May
29, 2009 |
GMR Group acquires 100% ownership of
Island Power Project, |
|
May
28, 2009 |
GMR Group wins 181 kms long |
|
May
27, 2009 |
GMR Group Achieves Financial Closure of GMR
Kamalanga Energy Limited.: A 1050 MW Coal Based Power Project |
|
May
11, 2009 |
Board of Directors of the Subject in the
meeting held May 09, 2009 accord approval for (i) raising the funds through issue
of equity shares/ GDRs / ADRs / FCCBs and / or such other securities for an
amount not exceeding Rs.50000.000 millions either through preferential issue
and / or qualified institutional placement and / or private placement etc;
(ii) issue of equity shares on preferential basis for consideration other
than cash to IDFC Infrastructure Fund-India Development Fund; and (iii)
convening Extra Ordinary General Meeting of the members of the Company on
June 09, 2009. |
|
April
20, 2009 |
Commercial operations commence at new
Domestic Terminal. |
|
April
17, 2009 |
Indigo, Kingfisher and Kingfisher Red
first airlines to shift to new Domestic Terminal at IGI - Commercial
operations commence at Terminal 1D on April 19, 2009 |
|
April
15, 2009 |
|
|
April
04, 2009 |
GMR Group receives the TERI Corporate
Award 2009 for its CSR initiatives in from the President of India - Smt.
Pratibha Devisingh Patil for its CSR efforts. |
|
April
03, 2009 |
Subject announces new subsidiaries of the
Company. |
|
April
03, 2009 |
Subject submits its audited results for the
entire Financial Year ended March 31, 2009, within the stipulated period of
three months from the financial ended March 31, 2009. |
|
April
03, 2009 |
GHIAL wins 'Essar Steel Infrastructure
Excellence Award 2009' organized by CNBC TV 18 |
|
April
01, 2009 |
GMR Group’s Adloor Yellareddy - Gundla
Pochanpalli highway project commences commercial operations |
|
March
30, 2009 |
|
|
March
25, 2009 |
Subject hives off construction business as
a separate operating division of the Company. |
|
March
16, 2009 |
GMR Group receives the Best Infrastructure
Acquisition of the Year Award in |
|
March
12, 2009 |
GHIAL becomes one of the first airports in
South and |
|
March
02, 2009 |
Cheif Minister Sheila Dikshit launches
Delhi Daredevils Members Club |
|
February
27, 2009 |
GMR-HIAL and MAS Aerospace Engineering
seal agreement for MRO JV company in |
|
February
25, 2009 |
New Domestic Departure Terminal 1D
inaugurated at |
|
February
12, 2009 |
GMR Group’s Farukhnagar-Jadcherla Highway
Project commences commercial operations |
|
February
11, 2009 |
GMR Hyderabad International Airport
Limited.'s |
|
February
04, 2009 |
DIAL sets up Contact Zones to facilitate
passengers with Special Needs at |
|
January
30, 2009 |
Subject announces Unaudited Results for
the Quarter ended December 31, 2008 |
2008
|
Year |
Key
Events, Milestones and Achievements |
|
December
12, 2008 |
Plaza Premium Lounge Hyderabad- Special
lounge with Nap and Shower facility inaugurated at the |
|
December
11, 2008 |
British Airways starts services from |
|
December
10, 2008 |
Vemagiri Power Generation Limited (VPGL),
commences power generation on diverted gas |
|
December
10, 2008 |
GMR Group's Ambala Chandigarh highway
project inaugurated |
|
December
01, 2008 |
GMR's GMR Energy and GMR Power Corporation
fully operational |
|
November
21, 2008 |
|
|
November
19, 2008 |
GMR Ambala - Chandigarh Highway Project
achieves provisional completion |
|
November
14, 2008 |
Pre-paid Taxi Counters inaugurated at |
|
November
12, 2008 |
GMR Energy Limited (GEL) has deferred its plan
of relocating the barge mounted power plant to |
|
November
06, 2008 |
Spa inaugurated at |
|
October
28, 2008 |
Subject releases standalone results for
the half year ended on 30-SEP-2008 |
|
October
28, 2008 |
Subject releases consolidated results for
the quarter ended on 30 September, 2008. |
|
October
28, 2008 |
Subject releases consolidated results for
the half year ended on 30-SEP-2008. |
|
October
28, 2008 |
Air |
|
October
28, 2008 |
Subject releases standalone results for
the quarter ended on 30 September, 2008. |
|
October
20, 2008 |
GMR Varalakshmi Foundation wins ORBIS
Award for Corporate Social Responibility. |
|
October
17, 2008 |
GMR Energy Limited (GEL) subscribes
towards the Share Capital of GMR Bajoli Holi Hydropower Private Limited
(GBHHPL) |
|
October
14, 2008 |
GMR Infrastructure completes acquisition
of 50% stake in Intergen N.V. |
|
October
13, 2008 |
|
|
October
07, 2008 |
GMR Hyderabad International Airport
Limited offers premium parking facility at economy rates at RGIA. |
|
October
07, 2008 |
McDonalds opens second outlet at |
|
October
06, 2008 |
|
|
September
25, 2008 |
|
|
September
15, 2008 |
|
|
September
10, 2008 |
|
|
September
09, 2008 |
GMR Hyderabad International Airport
Limited (GHIAL) subscribes towards the Share Capital of GMR Airport Handling Services
Limited (GAHSL). |
|
September
08, 2008 |
GMR makes debut among top 50 Indian
brands. |
|
September
05, 2008 |
|
|
September
02, 2008 |
|
|
August
21, 2008 |
New Milestone in Aviation History of |
|
August
20, 2008 |
GMR Hyderabad International Airport
Limited embarks on "Spirit of India" initiative to bring retailers
from across |
|
August
20, 2008 |
GMR Hyderabad International Airport
Limited partners with Malaysia Airlines to set up world class Maintenance,
Repair and Overhaul facility (MRO) in |
|
August
20, 2008 |
Subject proceedings of the Annual General
Meeting of the Company held on August 19, 2008. |
|
August
20, 2008 |
GMR Hyderabad International Airport
Limited receives approval from the Union Ministry of Civil Aviation (MoCA), to
levy User Development Fee (UDF) from all domestic outbound passengers. |
|
August
14, 2008 |
GMR Hyderabad International Airport
Limited and Delhi International Airport Limited, sign MOU with Deccan Cargo
and Express Logistics Private Limited (Deccan Express) for developing modern
express cargo hubs in |
|
July
31, 2008 |
|
|
July
30, 2008 |
Subject releases audited results for the
First Quarter ended 30th June, 2008 |
|
July
18, 2008 |
Subject to hold the Annual General Meeting
on August 19, 2008. |
|
July
09, 2008 |
|
|
July
01, 2008 |
Modernisation works of the International
Terminal of IGI Airport completed |
|
June
25, 2008 |
Subject. achieves financial closure of Istanbul
Sabiha Gokcen International Airport Investment Development and Operation Inc.
(ISG). |
|
June
25, 2008 |
Subject. Acquires 50% stake in InterGen
N.V." |
|
June
18, 2008 |
Delhi International Airport (Private)
Limited, subsidiary of Subject has commissioned the in-line baggage handling
system for two of eight rows at the International Terminal (T2) of |
|
June
06, 2008 |
The Board of GMR Energy Limited (GEL), a 100%
Subsidiary of Subject has approved the relocation of the 220 MW barge mounted
power plant to |
|
May
21, 2008 |
GMR Infrastructure announces Q4 and FY 08
results. |
|
May
20, 2008 |
Board of Directors of Subject has approved
the proposal of Amalgamation of GMR Aviation Private Limited with the
Company. |
|
May
05, 2008 |
Subject has informed BSE that Istanbul
Sabiha Gokcen International Airport Investment Development and Operations
Inc., has started its operations and investments for the construction and
management of a 10 million capacity terminal. |
|
May
03, 2008 |
DIAL - complete two years of operations. |
|
April
17, 2008 |
GMR Energy Limited (GEL), the 100%
Subsidiary of the company has acquired 5% stake in Homeland Mining and Energy
SA (Pty) Limited, |
|
March
31, 2008 |
DIAL ties up with |
|
March
23, 2008 |
GHIAL gets MoCA clearance to commence
commercial operations at |
|
March
23, 2008 |
GMR-Limak-MAHB Consortium signs
Implementation Agreement for Istanbul Sabiha Gokcen International Airport
(SGIA) in |
|
March
11, 2008 |
Subject has informed BSE that the following
Companies have become the subsidiaries of the Company in accordance with
provision of Section 4(1) (c) of Companies Act, 1956:- 1. Name of the Company: GMR Infrastructure
Overseas, S.L., 2. Name of the Company: GMR Energy ( |
|
February
29, 2008 |
GMR Energy Limited (GEL), the 100%
Subsidiary Company of Subject have subscribed towards the Share Capital of
GMR Consulting Engineers Private Limited (GCEPL). |
|
February
19, 2008 |
Subject has informed BSE that two 100%
Subsidiary Companies namely GMR Energy Limited (GEL) and GVL Investments
Private Limited (GVL) of the Company have subscribed towards the Share
Capital of GMR Energy Trading Limited (GETL). |
2007-1996
|
Year |
Key
Events, Milestones and Achievements |
|
December
27, 2007 |
GMR-HIAL awards Fixed Line (V and D)
Services concession to Tata Teleservices. |
|
December
13, 2007 |
Delhi International Airport Private
Limited (DIAL) launches Phase II of Delhi Airport's Website with added new
features to provide additional information to passengers. |
|
December
13, 2007 |
GMR Hyderabad International Airport
Limited (GHIAL) has awarded the Airport shuttles to Shree Raj Travels and
Tours Limited. |
|
December
12, 2007 |
The Board of Directors of the Company at
its meeting held on December 12, 2007 has allotted 165238088 Equity Shares of
Rs.2/- each at a premium of Rs.238/- per Equity Share to the Qualified
Institutional Buyers under Chapter XIII-A of the Securities and Exchange
Board of India (Disclosure and Investor Protection) Guidelines, 2000. |
|
December
10, 2007 |
Issue of equity shares. |
|
December
07, 2007 |
DIAL Signs Financial Documents with its
Project Leaders. |
|
November
29, 2007 |
GMR's Vemagiri Power Plant gears up for
January 08 operations. |
|
November
28, 2007 |
DIAL to provide additional facilities to
passengers this winter. |
|
October
16, 2007 |
GMR HIAL ties up with HMSHost for retail
chain at the new |
|
October
11, 2007 |
Q2 results on Oct 18, 2007. |
|
September
24, 2007 |
DIAL Cargo gets international "e ASIA
2007 Award". |
|
September
14, 2007 |
|
|
August
31, 2007 |
GMR Infrastructure fixes Record Date for
stock split. |
|
August
30, 2007 |
11th Annual General Meeting (AGM) of the
Company held on August 30, 2007. |
|
August
30, 2007 |
GMR Group undertakes a significant
restructuring programme to sustain an empowered institution. |
|
August
28, 2007 |
New |
|
August
27, 2007 |
GMR Energy Limited, the 100% subsidiary of
the Company has been awarded the 180 MW Bajoli Holi project by the Himachal
Pradesh Government. |
|
August
06, 2007 |
GMR Infrastructure signs MOU with TIDCO
for a Multi Product Special Economic Zone in Krishnagiri District, Tamilnadu. |
|
August,
2006 |
The Completion of the IPO of the Company
and listing of the shares in the BSE and NSE |
|
April,
2006 |
Signing of Concession agreement executed
for Tindivanam Ulunderpet project |
|
April,
2006 |
Signing of OMDA and Shareholders Agreement
for |
|
March,
2006 |
Signing of Concession agreement for
Adloor- Yellareddy road project |
|
February,
2006 |
Signing of Concession agreement for
Faruknaga- Jadcherla road project |
|
January,
2006 |
LOA received from AAI for Delhi
International Airport Project. |
|
November,
2005 |
Signing of Concession Agreement for Ambala
Chandigarh Project |
|
October,
2005 |
Signing of Project Development Agreement
for Alaknanda Hydro Project |
|
August,
2005 |
Financial Closure of |
|
December,
2004 |
Achieved commercial operation of Tuni
Anakapalli Road Project |
|
December,
2004 |
Signing of Concession Agreement for |
|
October,
2004 |
Achieved commercial operation of Tambaram
Tindivanam Road Project |
|
March,
2004 |
India Development Fund subscribes to 15.10%
of GMR Energy and balance held by other companies in the GMR Group |
|
December,
2003 |
Financial closure of Vemagiri Power Plant |
|
September,
2003 |
Signing of State Support Agreement for |
|
July,
2003 |
GMR Consortium selected as developer of |
|
June,
2003 |
Signing of Power Purchase Agreement for
Vemagiri Power Plant |
|
May,
2003 |
Arbitration decision on interpretation of
PPA for Mangalore power plant |
|
November,
2001 |
Commenced combined cycle operations of
Mangalore Power Plant |
|
October,
2001 |
Signing of Concession Agreement for Tuni
Anakapalli and |
|
June,
2001 |
Commenced simple cycle operation of
Mangalore Power Plant |
|
April
24, 2000 |
They changed their name to Subject. |
|
May,
2000 |
GMR Group qualified as preferred bidder
for |
|
May
25, 1999 |
Changed their name to GMR Vasavi
Infrastructure Finance Limited. |
|
December,
1998 |
Commercial Operation of first generator of
Chennai Power Plant |
|
December,
1997 |
Signing of Power Purchase Agreement for
Mangalore Power Plant |
|
September,
1996 |
Signing of Power Purchase Agreement for
Chen |
|
May,
1996 |
Subject incorporated as Varalakshmi
Vasavi Power Projects Limited, a public limited company |
BOARD OF
DIRECTORS
The Board of
Directors of subject currently comprises the following persons:
Mr. G.M. Rao - Executive
Chairman
G M Rao is the founder and Chairman of the GMR Group. He is a graduate
in mechanical engineering from
Mr. Srinivas
Bommidala - Group Director
One of the first directors of the Group and has been a member of the
Board since 1996, Srinivas Bommidala entered his family tobacco export business
in 1982 and led the diversification into new businesses such as Aerated water
bottling plants, etc. He was also in charge of international marketing and
management of the organization.
Subsequently, he led the team as the Managing Director of GMR Power Corporation
Limited for setting up the first Independent Power Project. Situated at Chennai
in southern part of
When the Government of India decided to modernise and restructure
In 2007 he took over as the Chairman of Urban Infra and Highways Sector
consisting of Highways, Special Economic Zone at Kakinada - Andhra Pradesh and
Krishnagiri in Tamilnadu, Construction, Commercial Property Development at
Delhi and Hyderabad Airports/ Aerotropolis and other Group Properties
Businesses. Also he was the Chairman of GMR Sports which owns Delhi Dare Devils
as IPL Franchisee.
Recently Srinivas Bommidala took over as the Chairman of Airports business,
which consists of
Mr. G.B.S. Raju -
Group Director
Group Director, is the elder son of Mr. G.M. Rao and has been on the
Company’s Board since 1999. He completed his bachelor’s degree in commerce from
Mr. G. Kiran Kumar
- Group Director
Group Director, a Graduate in Commerce, is the younger son of Mr. G.M.
Rao and has been on the Company’s Board since 1999. He has successfully
spearheaded the setting up of the
Mr. O.B. Raju -
Director
Director, has been a member of the Board since October 2007. He has over
25 years of diverse experience having held key positions in finance and
infrastructure businesses. He is a chartered accountant and has been associated
with GMR Group’s business activities since 1991. He has also held various
senior positions and has been actively involved in the road sector. Presently
he is the managing director of GTTEPL and GMR Highways Limited and is part of
the senior leadership team.
Mr. Arun K.
Thiagarajan - Independent Director
Independent Director, has been on the Company’s Board since September, 2005.
He is also a director on the Board of GEL. He completed his masters in
electrical engineering from the Royal Institute of Technology,
Mr. K.R.
Ramamoorthy - Independent Director
Independent Director, has been on the Company’s Board since September,
2005. He is a graduate in arts (economics) and also holds a bachelor’s degree
in law and is a fellow member of Institute of Company Secretaries of India. He
is also on the board of directors of some subsidiaries. He is a senior banker,
with over four decades of commercial and banking experience in
Dr. Prakash G.
Apte - Independent Director
Independent Director, has been on the Company’s Board since September,
2005. He holds a doctorate degree in economics from
Mr. R.S.S.L.N.
Bhaskarudu - Independent Director
Independent Director, has been on the Company’s Board since September,
2005. He is also on the board of directors of GHIAL and DIAL. He is a graduate
in electrical engineering from
Mr. Udaya Holla -
Independent Director
Independent Director, has been on the Company’s Board since September,
2005. He is also on the board of directors of some subsidiaries. He holds a
bachelor’s degree in science and master’s degree in law. He is a lawyer by
profession and was previously the Advocate General of the State of
Mr. Uday M.
Chitale - Independent Director
Independent Director, has been on the Company’s Board since September,
2005. He is also a director on the board of directors of VPGL. He is a
practicing chartered accountant and is the senior partner of M.P. Chitale and
Co, Mumbai. He is/has been director of various companies including ICICI Bank
Limited, ICICI Securities Limited and JSW Steel Limited. Mr. Chitale served on
several expert committees set up by the Government of India, Insurance
Regulatory and Development Authority, Reserve Bank of
PRESS RELEASES:
REVISION IN AERONAUTICAL CHARGES AT INDIRA GANDHI INTERNATIONAL AIRPORT
The current aero tariffs levied in
DIAL had sought a 24% return on equity and instead have been granted
only 16%. Similarly, for quasi equity based return on refundable security
deposits (RSD), DIAL has been granted nil return. These factors have contributed
to the approved revision in aeronautical tariff not being in line with the
expectation.
DIAL has delivered a world class 5.5 million sq. ft. integrated terminal
besides other significant up gradations at IGI Airport in a record breaking 37 months
and at a total cost of Rs.128570.000 millions. Apart from capital cost, the
cost of operation and maintenance at
DIAL would like to reiterate that had the revision come into effect from
the year 2009, as was originally envisaged, the percentage increase for
airlines and passengers would have been far lesser.
The revised tariffs will be charged in the form of an enhanced Landing
and Parking fee for aircraft and a User Development Fee (UDF) for passengers and
will be applicable from May 15, 2012.
[i] Ranked by Airports Council International
[ii] SKYTRAX
[iii] Economic Impact Study by NCAER dated 20 April 2012
About DIAL
About GMR Infrastructure Limited:
The Company is a
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.85.29 |
|
Euro |
1 |
Rs.68.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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.