1. Summary Information

 

 

Country

India

Company Name

GMR ENERGY LIMITED

Principal Name 1

Mr. Boda Venkata Nageshwara Rao

Status

Satisfactory

Principal Name 2

Mr. Jammi Srinivasa Rao

 

 

Registration #

021262

Street Address

25/1, Ground Floor, Skip House, Museum Road, Bangalore- 560025, Karnataka, India

Established Date

10.10.1996

SIC Code

--

Telephone#

91-80-40534000

Business Style 1

Generation

Fax #

91-80-40432180

Business Style 2

Sale

Homepage

http://www.gmrgroup.co.in

Product Name 1

Electric Power

# of employees

Not Available

Product Name 2

-

Paid up capital

Rs.26900,505,000/-

Product Name 3

-

Shareholders

Other top fifty shareholders 2.09%

Bodies corporate 97.91

Banking

Axis Bank

Public Limited Corp.

No

Business Period

16 Years

IPO

No

International Ins.

-

Public Enterprise

No

Rating

Ba (53)

Related Company

Relation

Country

Company Name

CEO

Holding Company

India

GMR Infrastructure limited

 

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.03.2011

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

22831,850,000

Current Liabilities

3635,069,000

Inventories

190,880,000

Long-term Liabilities

15713,805,000

Fixed Assets

6834,724,000

Other Liabilities

205,286,000

Deferred Assets

0,000

Total Liabilities

19557,160,000

Invest& other Assets

25621,363,000

Retained Earnings

8874,152,000

 

 

Net Worth

35924,657,000

Total Assets

55,478,817,000

Total Liab. & Equity

55,478,817,000

 Total Assets

(Previous Year)

41,686,553,000

 

 

P/L Statement as of

31.03.2011

(Unit: Indian Rs.)

Sales

3517,576,000

Net Profit

657,031,000

Sales(Previous yr)

2363,905,000

Net Profit(Prev.yr)

138,347,000

MIRA INFORM REPORT

 

 

Report Date :

12.06.2012

 

IDENTIFICATION DETAILS

 

Name :

GMR ENERGY LIMITED

 

 

Registered Office :

25/1, Ground Floor, Skip House, Museum Road, Bangalore- 560025, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

10.10.1996

 

 

Com. Reg. No.:

08-021262

 

 

Capital Investment/ Paid-up Capital:

Rs.26900.505 Millions

 

 

CIN No.:

[Company Identification No.]

U85110KA1996PLC021262

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRG03533F

 

 

PAN No.:

[Permanent Account No.]

AAACT8420A

 

 

Legal Form :

 A Closely Held Public Limited Liability Company

 

 

Line of Business :

Generation and Sale of Energy

 

 

No. of Employees:

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD - 107600000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of GMR infrastructure. It is a well established and a reputed company having fine track. Trade relations are reported as fair. 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)

India

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, Ground Floor, Skip House, Museum Road, Bangalore- 560025, Karnataka, India.

Tel. No.:

91-80-40534000

Fax No.:

91-80-40432180/22279353

E-Mail :

gmrenergy@gmgroup.in

energy-secretarial@gmrgroup.in

Website :

http://www.gmrgroup.co.in

 

 

Corporate Office :

IBC Knowledge Park, Phase 2 “D” Block, 9TH Floor, 4/1, Bammerghatta Road Banglore -560029, Karnataka, India

Tel. No.:

91-80-40432000

Fax No.:

91-80-40432180

E-Mail :

info@gmgorup.in

 

 

Regional Offices:

Located At

·         New Delhi

·         Himachal Pradesh

·         Bhubaneswar

·         Orissa

·         Uttarkhand

·         Chandigarh

·         Mumbai-Maharashtra

·         Belgaum

·         Mangalore

·         Uttar Kannada

·         Karnataka

·         Tamilnadu

·         Vilupuram

·         Chengalpattu

·         Srikakulam

·         Rajam

·         Visakhapatnam

·         Andhra Pradesh

·         Hyderabad

International Office:

Located At

·         Nepal

·         Turkey

·         London

·         Singapore

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Boda Venkata Nageshwara Rao

Designation :

Chairman

Address :

98, Next to Nallayout, Behind FCI Building, East End, Main Road, 4th Block, Jayanagar, Bangalore- 560041, Karnataka, India.

Date of Birth/Age :

16.01.1954

Date of Appointment :

17.10.2007

Din No.:

00051167

 

 

Name :

Mr. Jammi Srinivasa Rao

Designation :

Director

Address :

1039, 2nd Cross Road, Bel Layout Block, Vidyaranyapura, Bangalore- 560097, Karnataka, India.

Date of Birth/Age :

01.07.1939

Date of Appointment :

31.10.2000

Din No.:

00237570

 

 

Name :

Mr. Arun Kannan Thiagararajan

Designation :

Director

Address :

Grace Home, 37, Kanakapura, Basavanagudi, Bangalore- 560004, Karnataka, India.

Date of Birth/Age :

07.09.1944

Date of Appointment :

08.03.2004

Din No.:

00292757

 

 

Name :

Mr. Nangavaram Chandramouli Sarabeswaran

Designation :

Director

Address :

No. 27, Papanasam Uesivan Salai, Palace Road, Chennai- 600004, Tamilnadu, India.

Date of Birth/Age :

07.05.1944

Date of Appointment :

08.03.2004

Din No.:

00167868

 

 

Name :

Mr. Kotih Venkata Varaha Rao

Designation :

Whole Time director

Address :

2 C, Santhrupathi,  MCHS Colony, 3rd Block, 14 C, Cross,  HSR Layout, Sector 6, Bangalore- 560034, Karnataka, India.

Date of Birth/Age :

20.06.1950

Date of Appointment :

11.01.2007

Din No.:

01165942

 

 

Name :

Mr. Srinivasachari Rajgopal

Designation :

Director

Address :

Varenya, 1043, 10th Main Road, Judicial Officers Layout, GKVK Post, Bangalore- 560065, Karnataka, India.

Date of Birth/Age :

10.03.1940

Date of Appointment :

17.10.2007

Din No.:

00022609

 

 

Name :

Mr. Raaj Kumar

Designation :

Director

Address :

A Block, Flat No. 502, Sobha Opal, 39th Cross, 18th Main Road, 4th Block, Jayanagar, Bangalore- 560041, Karnataka, India.

Date of Birth/Age :

20.12.1952

Date of Appointment :

17.10.2007

Din No.:

00011502

 

 

Name :

Mr. Grandhi Butchi Sanyasi Raju

Designation :

Director

Address :

Varalaxshmi Nilayam, 486/76 38th Cross 1st Main Road, 8th Block, Jayanagar, Bangalore- 560082, Karnataka, India.

Date of Birth/Age :

26.01.1974

Date of Appointment :

15.02.2008

Din No.:

00061686

 

 

Name :

Mr. Anuj Maheshwari

Designation :

Director

Address :

D -68 Sahnthi path Patrakar Colony Jaipur – 201005, Rajasthan, India

Date of Birth/Age :

16..11.1979

Date of Appointment :

04.06.2010

Din No.:

02158837

 

 

Name :

Mr. Satish Kumar Mandhana

Designation :

Director

Address :

901, Virgo Heights Plot No.38 E 9th Floor, 16th Road, Bandra (West), Mumbai – 400050, Maharashtra, india

Date of Birth/Age :

01.01.1961

Date of Appointment :

07.07.2010

Din No.:

00448619

 

 

 

 

KEY EXECUTIVES

 

Name :

V Mohana

Designation :

Secretary

Address :

G – 1, Eastern Enclave Bannerghatta Road, Arekare, Bangalore – 560076, Karnataka, India 

Date of Birth/Age :

01.06.1969

Date of Appointment :

21.11.2009

Pan No.:

AGTPM7838D

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

 

Names of  Equity Shareholders

 

No. of Shares

Grandhi Kiran Kumar

 

180

Grandhi Butchi Sanyasi Raju

 

180

Srinivas Bommidala

 

180

GMR Renewable Energy Limited, India

 

703178306

Grandhi Mallikarjunrao

 

9000

Grandhi Varalaxshmi

 

9000

B Rama Devi

 

180

IDFC Trustee Company limited, India

 

1000

Welfare Trust For GMR Group Employees 

 

15000000

 

 

718198026

 

 

 

Names of  Preference  Shareholders

 

 

GMR Infrastructure Limited, India

 

386852522

ICICI Bank Limited ,India

 

190000000

Claymore investments limited, India  

 

9300000

Infrastructure Development limited, India  

 

500000

IDFC Investment limited

 

500000

Unit Trust Of India

 

500000

Argonaut Ventures, Mauritius

 

650000

IDFC Trustee Company Limited 

 

2500000

 

 

590802522

 

As on 30.09.2011

Equity Shares Break –up

Category

 

Percentage

 

 

 

Bodies corporate

 

97.91

Other top fifty shareholders

 

2.09

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Generation and Sale of Energy

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         Axis Bank Limited-Central Office, Makers, 11th Floor, F Wing, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India .

·         IDBI Bank Limited- IDBI Towers WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India .

·         ICICI Bank Limited, ICICI Bank Towers, No. 1, Commissariat Road, Bangalore – 560025, Karnataka, India  

 

 

Facilities :

Rs. in millions

SECURED LAON

31.03.2011

31.03.2010

Debentures

Nil (March 31, 2010:4250) Non convertible Debentures of Rs.1000000 each.

(the Debenture were prepaid by the company during one year

(the Debenture were secured by subservient charge on all the movable assets of the company both present and future. Additionally were secured by a subservient charge by way of equitable mortgagee by constructive delivery of title deeds of the company’s Immovable properties

0.000

4250.000

Term loan  From Bank

360.453

405.364

Finance Lease obligation

(secured against the assets under the finance lease arrangement)

6.352

18.279

Other Loans

Bill Discounted within one year rs.13470.000 Millions(march 31 2010 Rs.1648.614 Millions

(Secured against letters of credit issued by IDBI Bank limited

1347.000

1648.614

Total

1713.805

6322.257

 

 

 

UNSECURED LOAN

31.03.2011

31.03.2010

Short term from Bank

6000.000

4500.000

Other than Short term

From Holding company

Repayable within one year Rs. Nil (March 31, 2010 Nil

(The loan taken form GIL Interest Rate 6%  till july 2010 and 11.75% thereafter and its a repayable in 10 equal annual installations commencing from December 2012 )

8000.000

8000.000

Total

14000.000

12500.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. R Batliboi and Associates

Address :

UB City, Canara Block, 12 th Floor, NO.24, Vittal Mallya Road, Bangalore, -560001, Maharashtra,india

Tel. No.:

91- 80 - 40275000

Fax No.:

91- 80 -22106000

Pan No.:

AABFS3421N

 

 

Holding Company:

GMR Infrastructure limited

CIN No.:L45203KA1996PLC034805

 

 

Subsidiaries :

·         GMR Power Corporation Private Limited

      CIN No.: U40105KA1995PLC016942

·         GMR Vemagiri Power Generation Limited

      CIN No.: U23201KA1997PLC032964

·         GMR Mining AND Energy Private Limited

       CIN No.: U13100KA2005PTC037308

·         GMR (Badrinath) Hydro Power Generation Private Limited

       CIN No.: U40101UR2006PTC031381

·         GMR Rajahmundry Energy Limited

      CIN No.: U40107KA2009PLC051643

·         GMR Kamalanga Energy Limited

      CIN No.: U40101KA2007PLC044809

·         GMR Coastal Energy Private Limited

       CIN No.: U40101KA2008PTC047277

·         GMR Londa Hydropower Private Limited

       CIN No. U40101KA2008PTC048190

·         GMR Bajoli Holi Hydropower Private Limited

       CIN No. U40101HP2008PTC030971

·         GMR Consulting Services Private Limited

       CIN No. U74200KA2008PTC045448

·         Badrinath Hydro Power Generation Private Limited

       CIN No. U40108UR2009PTC032780

·         GMR CHHATTISGARH ENERGY  LIMITED

       CIN No. U40108KA2008PLC047974

·         GMR Power Corporation Limited (GPCL)

·         GMR Vemagiri Power Generation Limited (VPGL)

·         GMR Miniilg and Energy Private Limited (GMEPL)

·         GMR (Badrinath) Hydro Power Generation Limited

·         (GBHPL)

·         GMR Consulting services Private Limited (,GCEPL)

·         Himtal Hydropower Company Private Limited (,HHCPL)

·         GblR Bajoli Holi Hydropower Private Limited (GBHHPL)

·         GMR Londa Hydropower Private Limited (GLHPL)

·         GMR. Coastal Energy Private Limited (GIMRCEPL)

·         GMR Kamalanga Energy Limited (GKEL)

·         GMR Kakinada Energy Private Limited (GbEKEPL)

·         Badrinath Hydro Power Generation Limited (BHPL)

·         GMR Energy (Mauritius) Limited (GElML)

·         GbfR Lion Energy Limited (GLEL)

·         GMR Upper Kamali Hydropower Public Limited

·         GIMR Energy (Cyprus) Limited (GECL)

·         GMR Energy (Netherlands) B. V. (GENBV)

·         EMCO Energy Limited (EEL)

·         GMR Rajmundry Energy Limited (GREL)

·         SJI< Powergen Limited (SKPL)

·         GMR Cllhattisgarh Energy Limited (GCHEL)

·         Lion Energy Tuas PTE Limited (LETPL)

·         PT Dwikarya Sejati Utanla (PTDSU)

·         PT Duta Sarana Intenlusa PTDSI)

·         PT Barasentosa Lestari (PTBSL)

·         PT Unsoco (PTU)

·         GMR Maharashtra Energy Limited (GMEL)

·         GMR Bundellihand Energy Limited (GBEL)

·         GMR Uttarpradesh Enersy Limited (GUPEL)

·         Karnali Transmission Company Private Limited (KTCPL)

·         Marsyangdi Rarnali Transmission Company Private Limited

·         (MKTCPL)

·         Maru Transmission Service Company Limited (MTSCL)

·         Aravali fransnlission Service Company Limited (ATSCL)

·         GMR Indo Nepal Energy Links Limited (GINEL)

·         GMR Gujarat Solar Power Private Limited (GGSPPL)

·         GMR Indo Nepal Power Corridors Limited (GINPCL)

·         GMR Hosur Energy Limited (GHEL)

·         Holnelsnd Energy Corp.(HEC) * *

·         Homeland Mining & Energy SA (Pty) Limited(HMESP)**

·         Holneland Energy (Swaziland) Pty Limited(HESPL)**

·         Homeland Mining & Energy (Botswana) (Pty)

·         Limited(HMEBP)**

·         Honleland Coal Mining (Pty) Limited(HCMP)**

·         Colpclo 33 1 (Pty) Limited(CPL)**

·         Ferret Coal Holdings (Pty) Limited(FCHP)**

·         Wizard Investments (Pty) Limited(WIPL)**

·         Ferret Coal (Kendal) (Pty) Limited<FCKP)**

·         Manoka Mining (Pty) Limited(MMPL)**

·         Tshedza Mining Resource (Pty) Ltd**

·         U'izard Investments (Pty) Limited(WIPL)**

 

 

Fellow Subsidiaries

·         GMR Tuni Anakapali Expressways Private Limited  (GTAEPL)

·         GMR Tambaram Tindivananl Expressways Private Limited (GTTEPL)

·         GlMR Anlbala Chandigarh Expressways Private Limited

·         (GACEPL)

·         GMR Aviation Private Limited (GAPL)

·         GMR Corporate Centre Limited (GCCL)

·         GMR Energy Trading Limited (GETL)

·         GMR Krishnagiri SEZ Limited (GKSL)

·         GMR Highways Limited (GHWL)

·         East Delhi Waste Processing Company Private Limited

·         (EDWPCP)** *

·         GMR Corporate Affairs Private Limited(GCAPL)

·         GIMR Bannerghatta Properties Private Limited (GBPPL

·         GMR Projects Private Limited (GPPL)

·         Kakinada SEZ Private Limited (KSPL)

·         GMR Chennai Outer Ring Road Private Limited(GC0RR)

·         GMR Jadcherla Expressways Private Limited (GJEPL)

·         GMR Pochanpalli Expressways Private Limited (GPEPL)

·         GMR Ulunderpet Expressways Private Limited (GUEPL)

 

 

Joint Venture:

·         Rampia Coal Mine and Energy Private Limited (RCMEPL) ** **

 

**Became subsidiary during the year consequent to further investment in HEGL.

*** Investment sold off during the year

**** Became Joint venture 011 June 23,2010

 

 

 

CAPITAL STRUCTURE

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

900000000

Equity Share

Rs.10/- each

Rs.9000.000 Millions

600000000

Preference Shares

Rs.10/- each

Rs.6000.000 Millions

14000000

Preference Shares

Rs.1000/- each

Rs.14000.0000 Million

 

Total

 

Rs.29000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

718198026

Equity Share

Rs.10/- each

Rs.7181.980 Millions

121359147

Non Cumulative Redeemable Preference Shares

Rs.10/- each

Rs.1213.591 Millions

190000000

Non Cumulative Redeemable Preference Shares

Rs.10/- each

Rs.1900.000 Millions

265493375

Cumulative Redeemable Preference Shares

Rs.10/- each

Rs.2654.934 Millions

9300000

Compulsory Convertible Cumulative Preference Shares

Rs.1000/- each

Rs.9300.000 Millions

2500000

Compulsory Convertible Cumulative Preference Shares

Rs.1000/- each

Rs.2500.000 Millions

500000

Compulsory Convertible Cumulative Preference Shares

Rs.1000/- each

Rs.500.000 Millions

500000

Compulsory Convertible Cumulative Preference Shares

Rs.1000/- each

Rs.500.000 Millions

500000

Compulsory Convertible Cumulative Preference Shares

Rs.1000/- each

Rs.500.000 Millions

650000

Compulsory Convertible Cumulative Preference Shares

Rs.1000/- each

Rs.650.000 Millions

1309000548

Total

 

Rs.26900.505 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

26900.505

13050.495

14250.764

2] Share Application Money

150.000

0.000

510.000

3] Reserves & Surplus

8874.152

8529.979

3318.555

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

35924.657

21580.474

18079.319

LOAN FUNDS

 

 

 

1] Secured Loans

1713.805

6322.257

5527.165

2] Unsecured Loans

14000.000

12500.000

1487.083

TOTAL BORROWING

15713.805

18822.257

7014.248

DEFERRED TAX LIABILITIES

58.495

0.000

68.699

 

 

 

 

TOTAL

51696.957

40402.731

25162.266

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6834.724

1245.377

614.581

Capital work-in-progress

130.190

4167.703

1425.257

 

 

 

 

INVESTMENT

25491.173

24513.501

9824.209

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

Foreign Currency Monetary items translation services

0.000

5.259

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
190.880

600.714

760.133

 

Sundry Debtors
978.132

536.956

1084.185

 

Cash & Bank Balances
3375.146

948.900

286.550

 

Other Current Assets
614.118

118.878

0.765

 

Loans & Advances
17864.454

9549.265

11883.988

Total Current Assets
23022.730

11754.713

14015.621

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
396.228

97.250

328.391

 

Other Current Liabilities
3238.841

25.162

18.441

 

Provisions
146.791

1161.410

370.570

Total Current Liabilities
3781.86

1283.822

717.402

Net Current Assets
19240.870

10470.891

13298.219

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

51696.957

40402.731

25162.266

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

3517.576

2363.905

6698.677

 

 

Other Income

1635.775

1254.262

1015.866

 

 

TOTAL                                     (A)

5153.351

3618.167

7714.543

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Generation  Expenses

2180.798

2304.419

 

 

 

Administrative and other  Expenses

430.973

469.754

 

 

 

TOTAL                                     (B)

2611.771

2774.173

5519.670

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2541.580

843.994

Including interest and Deprecation

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1430.996

625.579

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1110.584

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

273.712

38.301

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

836.872

180.114

2194.873

 

 

 

 

 

Less

TAX                                                                  (H)

179.841

41.767

250.798

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

657.031

138.347

1944.075

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3138.847

3211.957

1410.583

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Dividend on Compulsorily convertible cumulative preference shares

6.957

0.000

0.000

 

 

Transfer to Debenture redemption reserve  

0.000

211.457

106.598

 

 

Interim Dividend on CGCPS

4.129

0.000

0.000

 

 

Tax on Dividend

1.814

0.000

0.000

 

BALANCE CARRIED TO THE B/S

3782.978

3138.847

3248.060

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
12.74

3.83

25.20

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
23.79

7.62

28.45

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.80

1.39

15.00

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.02

0.83

0.12

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.54

0.93

0.43

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
6.08

9.15

19.53

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

No

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

No

Name of Person Contacted

No

Designation of contact person

Yes

Turnover of firm for last three years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

No

Capital the business

Yes

Details of sister concerns

Yes

Major Suppliers

No

Major Customers

No

Payment Terms

No

Export / Import Details [If Applicable]

No

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

Yes

Banking Facility Details

Yes

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

Yes

Major Shareholders, if applicable

Yes

 

 

BACKGROUND:

 

GMR Energy Limited ('the Company' or 'GEL') is engaged in the business of generation and sale of energy. The

Company has entered into a Power Purchase Agreement ('PPA') with GMR Energy Trading Limited for supply of

power from its 220 MW plant situated at Icakinada, Andhra Pradesh, India.

 

CONTINGENT LIABILITIES:

 

a. Disputed custom duty on import of spare pats - Rs.81.946 Millions

b. Arrears of cumulative dividends on preference share capital- Rs.63.45 Millions

c. Matters relating to income tax in dispute on account of disallowance of certain expenditure - Rs.12.247 Millions

d. Guarantees given on behalf of subsidiary companies as on March 31, 20 11 - Rs.51.300 Millions

 

POWER SECTOR OUTLOOK

 

The current installed capacity of India stands at 176 GW. The pace of overall capacity addition in the power sector has shown an improvement during Xlth Plan as reflected in the commissioning of 36,267 MW till June'l I with an increase in the share of private sector lPPs in the capacity addition to 32% for Xlth Plan. The energy deficit and peak deficit has been 6.6% and 9.2% respectively for FY 12 (till June'l I).

 

Although a positive demand outlook is in for Indian power sector, the risk profile related to fuel issues have increased considerably over the past few years. About 60% of the thermal capacity under execution by private lPPs is based on domestic coal which remains exposed to fuel supply risks because of domestic coal shortages, which are expected to increase significantly over the long term. Few lPPs have concluded acquisition of overseas coal assets to ensure reliability in coal supplies Execution risks related to mine blocks remain quite significant along wit11 sharp rise in coal prices, accompanied by growing political & regulatory risks. The fuel availability related to gas also continues to remain a critical issue. .

 

Government has shown interest in involving private players for the development of transmission network wherein it plans to set up nine high capacity power transniission corridors costing at about Rs.580.00 Millions. Although huge capacity addit~on plans are envisaged for transmission sector, distribution sector seems to be struggling with weak financial health of state utilities (Discoms). The reforms in the form of distribution franchisee models are being emphasized to make this sector commercially viable.

 

The recent regulatory changes in Indian power sector ensure a positive turn of the market to a more competitive nature. The mandatory competitive tariff based bidding would intensify the colnpetition in the sector while point-of-connection pricing rnechanism for transmission sector would change the way markets operate in India.

 

FINANCIAL RESULTS AND HIGHLIGHTS

 

The company recorded profit after tax of Rs657.031 Million for the year as compared to Rs138.347 Millions of the previous year i.e. a increase of 374.92% over the previous year and revenue from sale of power was Rs.3517.576 Millions for the year as compared to Rs2363.905 Millions of the previous year i.e increase of 48.80% over the previous year these is contributed by higher Plant Load Factor and High margin compared to previous year

 

Form : 8

 

Corporate identity number of the company

U85110KA1996PLC021262

Name of the company

GMR ENERGY LIMITED

Address of the registered office or of the principal place of  business in India of the company

25/1, Ground Floor, Skip House, Museum Road, Bangalore- 560025, Karnataka, India.

Email: ENERGY-SECRETARIAL@gmrgroup.in

This form is for

Modification  of charge

Charge identification (ID) number of the charge to be modified

10232338

Type of charge

Movable property (not being pledge) 

Particular of charge holder

ICICI Bank Limited, ICICI Bank Towers, No. 1, Commissariat Road, Bangalore – 560025, Karnataka, India  

Email: madan.kulkarni@icicibank.com

Nature of instrument creating charge

Note of amendment dated April 9, 2012

Date of instrument Creating the charge

09.04..2012

Amount secured by the charge

Rs.1500.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

0.45% p.a. plus service tax with a minimum of Rs 1500/- for bank guarantees

1.50% p.a. all inclusive plus service tax, as applicable with a min of Rs 1500/- for letters of credit.

 

Terms of repayment

As per the Credit Arrangement Letter dated December 10, 2009.

 

Margin

Guarantees covering disputed liabilities - 100%

Performance Guarantees - Nil

 

Extent and Operation of the charge:

The security created hereunder shall continue to remain unaffected by reason of the relevant account being brought to credit at any time or of its being drawn to the full extent and afterwards being brought to credit and shall continue and remain in full force and effect till such time the borrower repays in full the Secured facilities together with interest, costs etc.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Second charge on the current assets of company both present and future, ranking pari passu with other working capital lenders.

Date of last modification prior to the present modification

09.06.2010

Particulars of the present modification

Maximum Usance Period for Usance LCs used by the Borrower for the purchase of gas is extended to 360 days.

 

 

 

Fixed Assets

 

v      Goodwill on Consolidation

v      Carriage Ways

v      Land

v      Buildings

v      Plant and Machinery

v      Office Equipments

v      Electrical Equipments

v      Furniture and Fixtures

v      Vehicles

v      Capitalized Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.24

UK Pound

1

Rs.85.93

Euro

1

Rs.69.82

 

 

INFORMATION DETAILS

 

 

Report Prepared by :

BYI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

53

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.