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Report Date : |
28.05.2012 |
IDENTIFICATION DETAILS
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Name : |
GUJARAT URJA VIKAS NIGAM LIMITED |
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Registered
Office : |
Sardar Patel Vidyut Bhavan, Race Course, Vadodara 390 007, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.12.2004 |
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Com. Reg. No.: |
04-045195 |
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Capital
Investment / Paid-up Capital : |
Rs.39436.029 Millions |
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CIN No.: [Company Identification
No.] |
U40109GJ2004SGC045195 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00972G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of bulk purchase and sale of
Electricity, Supervision, Co-ordination and facilitation of the activities. |
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No. of Employees
: |
Information declined by manager |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 150000000 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company owned by the Gujarat State
Government Lenders and Creditors can feel confident about its exposure to the
company. Trade relations are fair. Payments are reported as slow but correct.
The company can be considered good for normal 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.
INFORMATION DECLINED BY
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Name : |
Mr. K. M. Shringarpure |
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Designation : |
General Manager (Fiancés and Accounted) |
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Date : |
25.05.2012 |
LOCATIONS
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Registered Office : |
Sardar Patel Vidyut Bhavan, Race Course, Vadodara 390 007, |
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Tel. No.: |
91-265-2310582 / 83 /84 / 85/ 86 |
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Fax No.: |
91-265-2337918 / 2338164 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. D.J. Pandian, IAS |
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Designation : |
Chairman |
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Address : |
Block No- 5, 5th Floor, New Sachivalay, Gandhinagar –
382010, |
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Name : |
Mr. L .Chuaungo, IAS |
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Designation : |
Managing Director |
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Address : |
Block No- 5, 5th Floor, New Sachivalay, Gandhinagar –
382010, |
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Name : |
Mr. R. N. Shigh |
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Designation : |
Director |
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Address : |
28/G, |
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Name : |
Mr. Atanu Chakraborty, IAS |
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Designation : |
Director |
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Name : |
Mr. P. H. Rana |
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Designation : |
Director (Technical) |
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Name : |
Mr. Bimal N. Patel |
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Designation : |
Director |
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Address : |
E-4, Electronic Estate, GIDC, Sector -26,
Gandhinagar -382 028, Gujarat, |
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Name : |
Mrs. Shameena Husain, Ias |
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Designation : |
Director |
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Address : |
Sardar Patel Vidyut Bhavan, Race Course,
Vadodara :390 007, |
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Name : |
Mr. Mukesh Puri, Ias |
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Designation : |
Managing Director |
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Address : |
Sardar Patel Vidyut Bhavan, Race Course, Vadodara
- 390 007, |
KEY EXECUTIVES
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Name : |
Mr. V.J. Gautam. Ias |
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Designation : |
Dig of Police (Security) |
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Name : |
Mr. S.B. Khyalia |
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Designation : |
Excutive Director (Finance) |
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Name : |
Mr. Parthiv Bhatt |
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Designation : |
Company Secretary |
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Name : |
Mr. K. M. Shringarpure |
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Designation : |
General Manager (F and A) |
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Name : |
Mr. D.R. Shah |
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Designation : |
CE (Technical ) |
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Name : |
Mr. K.P. Jangid |
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Designation : |
General Manager (Comm.) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Shareholder Details are Not Available
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of bulk purchase and sale of
Electricity, Supervision, Co-ordination and facilitation of the activities. |
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Products : |
Purchase and |
GENERAL INFORMATION
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No. of Employees : |
Information declined by manager |
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Bankers : |
v Canara Bank v
State Bank of v Allahabad Bank v
Bank of v Syndicate Bank v
Central Bank of v
Bank of v
Union Bank of v Indian Overseas Bank v Dena Bank v The Karur Vysya Bank Limited. v Indian Bank v
Vijaya Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah Mehta and Bakshi Chartered Accountants |
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Address : |
Vadodara, |
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Cost Auditors : |
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Name : |
R.K. Patel and Company Chartered Accountants |
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Address : |
Vadodara, |
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Subsidiaries Company : |
v
Gujarat State Electricity Corporation Limited v
Gujarat Energy Transmission Corporation Limited v
Uttar Gujarat Vij Company Limited v
Dakshin Gujarat Vij Company Limited v
Madhya Gujarat Vij Company Limited v
Paschim Gujarat Vij Company Limited |
CAPITAL STRUCTURE
As on 30.12.2011
Authorised Capital : Rs.50000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.45518.029 Millions
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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* 3943602895 |
Equity Shares |
Rs.10/- each |
Rs.39436.029
Millions |
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*Out of the above, 1628712,000 Equity Shares are issued to Government of Gujarat as fully paid-up pursuant to the Notification No. GHU-2006-91-GUV-1106-590-K dated 3* October, 2006 without payment being received in cash and 62,30,60,695 Equity Shares are allotted to Government of Gujarat on coversion of loans vide GRNo.GUV-1106-Kdtd. 22nd March, 2007.
During the year the Company has issued 52825900 (PY. 153033600) Equity Shares at par to Government of Gujarat as fully paid-up against consideration received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
39436.029 |
34153.432 |
32623.096 |
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2] Share Application Money |
1000.000 |
0.000 |
550.590 |
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3] Reserves & Surplus |
2535.878 |
2500.000 |
2500.000 |
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4] (Accumulated Losses) |
(5236.722) |
(5993.696) |
(6192.330) |
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NETWORTH |
37735.185 |
30659.736 |
29481.356 |
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LOAN FUNDS |
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1] Secured Loans |
7071.302 |
10876.375 |
13972.175 |
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2] Unsecured Loans |
16971.904 |
20505.297 |
18903.289 |
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TOTAL BORROWING |
24043.206 |
31381.672 |
32875.464 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
61778.391 |
62041.408 |
62356.820 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
975.745 |
1225.975 |
1501.394 |
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Capital work-in-progress |
0.648 |
1.711 |
2.103 |
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|
0.000 |
0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
73199.319 |
68697.193 |
66485.604 |
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|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
434.470
|
2615.944 |
1248.936
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Cash & Bank Balances |
903.098
|
1256.180 |
4382.633
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
21465.008
|
19220.222 |
16469.158
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Total
Current Assets |
22802.576
|
23092.346 |
22100.727 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
21421.577
|
17986.670 |
9548.098 |
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Other Current Liabilities |
8102.686
|
7232.822 |
11173.998 |
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Provisions |
5675.634
|
5756.325 |
7010.912
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Total
Current Liabilities |
35199.897
|
30975.817 |
27733.008 |
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Net Current Assets |
(12397.321)
|
(7883.471) |
(5632.281)
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
61778.391 |
62041.408 |
62356.820 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
201103.271 |
172868.996 |
173673.528 |
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Other Income |
2047.298 |
1479.765 |
3109.381 |
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TOTAL (A) |
203150.569 |
174348.761 |
176782.909 |
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Less |
EXPENSES |
|
|
|
|
|
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Purchase of Power |
200411.540 |
171677.779 |
173864.055 |
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|
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Repairs & Maintenance |
29.057 |
13.649 |
11.510 |
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|
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Payment to & provisions for Employees |
190.780 |
202.278 |
146.855 |
|
|
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Administration and Other Expenses |
80.300 |
72.943 |
67.803 |
|
|
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Prior Period Income |
(186.549) |
65.369 |
(17.705) |
|
|
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TOTAL (B) |
200525.128 |
172032.018 |
174072.518 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2625.441 |
2316.743 |
2710.391 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
1078.884 |
1452.794 |
2365.625 |
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|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1546.557 |
863.949 |
344.766 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
289.583 |
296.306 |
293.351 |
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|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1256.974 |
567.643 |
51.415 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
500.000 |
369.009 |
1.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
756.974 |
198.634 |
50.115 |
|
|
|
|
|
|
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|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(5993.695) |
(6192.329) |
(6242.444) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5236.721) |
(5993.695) |
(6192.329) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.1956 |
0.0594 |
0.0162 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.37
|
0.11 |
0.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.63
|
0.34 |
0.03 |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.29
|
2.33 |
0.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57
|
2.03 |
2.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.75 |
0.80 |
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 |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
Details of Sundry Creditors
Rs.
In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
21421.577
|
17986.670 |
9548.098 |
|
Total |
21421.577
|
17986.670 |
9548.098 |
FINANCIAL RESULTS:
During the year, considering the total income of Rs.203150.600 Millions and total expenditure of Rs.201893.600 Millions, the Company has earned Profit Before Tax (PBT) of Rs.1257.000 Millions as against Rs.567.600 Millions in the previous year. Since the Income Tax Act provides for payment of Minimum Alternate Tax (MAT) on book profit, a provision of Rs.260.000 Millions is made towards MAT liability. In addition, on account of additional demand from the Income Tax Department of Rs.240.000 Millions in respect of Assessment Year 2008-09 due to disallowance of interest expenditure as dividend income was claimed as tax exempt, a provision is made to take care of this liability though the Company has contested this demand. This leaves a Profit After Tax (PAT) of Rs. 757.000 Millions as against Rs.198.600 Millions in the previous year. Since the Company inherited a loss of Rs. 7372.400 Millions from erstwhile GEB, despite net profit for the 6 consecutive years, the Company has to carry forward a loss of Rs.5236.700 Millions.
The increase in revenue from sale of power is attributable to increase in volume of sale to DISCOMs and Trading which has gone up by 5044 MUs over the previous year. However, this increase includes 4173 MUs purchased from DISCOMs for onward sale to outside State for and on behalf of DISCOMs. The main reason for increase in the cost of power purchase is the increase in cost of fuel. The Company has been able to achieve a Profit After Tax (PAT) of Rs.757.000 Millions as against Rs.198.600 Millions in the previous year.
SECTORAL PERFORMANCE:
This is the 6th year post operationalization of the Companies. The performance of GUVNL and its subsidiary companies (sector) as a whole has gained momentum. The Sector continued various measures to improve the financial health as well as the internal efficiencies. Resultantly the Sector has recorded a profit after tax of Rs.5328.900 Millions for the year 2010-11 as against profit of Rs.2655.200 Millions for the year 2009-10, a rise of 100%.
INDUSTRY OVERVIEW:
The economic growth of the country is very closely linked with
that of Power Sector. Availability of quality power at reasonable rates is
essential for sustained socio economic development. However, being highly
capital intensive in nature, mobilizing adequate financial resources at
competitive cost for developing generation, transmission and distribution
infrastructure has always been a challenge for the Power Sector; and this has
been a majorfactor that contributed to less than required generation and
transmission capacity addition in the Country. Although electricity generation
has increased substantially in recent years, the demand for electricity in
PROGRESS OF VARIOUS
GOVERNMENT SCHEMES:
I. ELECTRIFICATION UNDERTRIBALAREASUB-PLAN:
Electricity is a basic requirement for establishing the infrastructure in the developing economy leading to socio-economic transformation in the Rural Area. The Distribution Companies of Gujarat Urja Vikas Nigam Ltd. undertake the work of Rural Electrification in the Tribal Areas under Tribal Area Sub-Plan (TASP). The TASP scheme is financed by State Government for electrification of villages and also extensive electrification of petaparas of the villages electrified earlier. From the year 1998-99 Government, is providing grant under this scheme for electrification of petaparas and Agricultural wells. All inhabited tribal villages feasible for electrification have also been electrified along with 100% village electrification in the State.
Grant of Rs.1694.000 Millions was given to GUVNL for the year 2010-11 to electrify 10690 Nos. of wells and 105 Nos. of petaparas. Against this at the end of March-11, 11856 wells and 107 Nos of petaparas were electrified at a cost of Rs.1694.017 Millions. Thus GUVNL has achieved 100% financial as well as physical target under this scheme.
TRIBALAREASUB-PLAN
(TASP) TRANSMISSION AND SUB STATIONS:
Electricity is basic requirement for establishing infrastructure in developing economy leading to socio-economic transformation in Tribal rural area. In the tribal area such works are carried by the Company through its transmission subsidiary company (GETCO) along with Normal Static Plan work underTASP Scheme. For execution of the scheme grant is given by the State Government.
The Transmission Company (GETCO), the subsidiary company of GUVNL, executes the infrastructure work for development of the Tribal Area by creation of new sub-stations with associated lines, link lines for system improvement and addition of installed capacity of existing substations.
During the Financial Year 2010-11 an amount of Rs.1800.0000
Millions was given as grant by the State Government, for creation of new
sub-stations and associated lines, link lines for system improvement and
addition of installed capacity of existing substations under the Tribal Area
Sub Plan (TASP). An expenditure of Rs.1900.446 Millions is incurred in creation
of 66 KV Sub-stations and transmission lines in tribal areas of
(A) SUB-STATIONS COMMISSIONED
1 66KV Kelani (Kukarmunda)
Commissioned on 27.10.10 Dist - Tapi (Vyara)
2 66KV Golwada (Lambadia)
Commissioned on 29.10.10 Dist - S.K.
3 66KV Garudeshwar (Devaliya)
Commissioned on
30.10.10 Dist
-
4 66KV Rajpur (Ramghadi)
Commissioned on 31.10.10 Dist - S.K.
5 66KV Vadoth
Commissioned on 30.11.10 Dist - Vadodara
6 66KV Mota Ambaliyara (Randhikpur)
Commissioned on 30.11.10 Dist - Dahod
7 66KV Poshina
Commissioned on 21.12.10 Dist - S.K.
8 66KV Bhalod (Govali)
Commissioned on 22.12.10 Dist - Bharuch
9 66KV Paria
Commissioned on 30.12.10 Dist - Valsad
10 66KV Umarkhadi (Maldha)
Commissioned on
31.12.10 Dist
-
11 66KV Jamkhadi (Hindala)
Commissioned on 23.01.11 Dist - Tapi (Vyara)
12 66KVAnkalachh
Commissioned on 24.01.11 Dist – Navsari
13 66KV Mangaliya (Chimer)
Commissioned on 27.01.11 Dist - Tapi
14 66KVVirpor(Pathakwadi)
Commissioned on 27.02.11 Dist - Tapi
15 66KVDitvas
Commissioned on 28.02.11 Dist - Panchmahal
16 66KV Rajayata
Commissioned on 17.03.11 Dist - Panchmahal
17 66KV Amadla(Nandod)
Commissioned on 23.03.11 Dist
-
18 66KV Singavali(Pipero)
Commissioned on 26.03.11 Dist - Dahod
19 400KV Dinod (Kosamba)
Commissioned on 31.03.11 Dist
-
Total 19 Nos. of
Sub-stations is commissioned.
(B) TRANSMISSION
LINES COMMISSIONED
1. 400 KV Asoj-Ukai LILO to Kosamba (2x32) 35.402 CKM
2. 220KV Utran - Kosamba line 20.66 CKM
3. 66 KV LILO at Garudeshwar
Commissioned on 05.08.10 1.34 CKM
4. 66KV Malpur- Ramgadhi
Commissioned on 31.10.10 14.43 CKM
5. 66KV Mankadchampa- Golwada
Commissioned on 28.10.10 10 CKM
6. 66 KV LILO Uchchal-Niza at Kukarmunda S/S
Commissioned on 05.12.10 9.06 CKM
7. 66 KV LILO at Maldha over head line using single core
Commissioned on 31.12.10 3.184 CKM
8 66 KV LILO at Bhalod over head line using single core
Commissioned on 19.01.11 18.328 CKM
9 66 KV LILO at Amadla over head line using single core
Commissioned on 23.03.11 16.1 CKM
10 66 KV Golwada Poshina
Commissioned on 02.01.11 10.136 CKM
11 66KV S/C Dolvan - Mangalia H-frame line at Mangaliya S/S
Commissioned on 03.03.2011 14.821 CKM
12 LILO 66KV Valod - Dolvan at Virpore S/S
Commissioned on 27.02.11 8.4 CKM
Total 161.86 CKM
transmission line is commissioned
III. KUTIRJYOTI
SCHEME
Gujarat Government is providing grant to give single point residential lighting connection in Tribal area free of cost. The BPL family or family whose annual income is less than Rs.0.011 Millions is eligible to avail single phase lighting connection. The list of beneficiaries is to be prepared by Project Officer for Tribal area and to be submitted to concerned Distribution Company of GUVNL. Kutir Jyoti connection is given to the beneficiary house hold situated up to 100 meters from the existing low tension line. Beneficiary has to pay the energy bill. This scheme is in operation from the year 1990-91.
Grant of Rs.90.000 Millions was given to GUVNL to electrify 26000 Nos. of Kutir Jyoti connection for the year 2010-11. But due to non availability of sufficient beneficiaries and the on going RGGVY scheme, the budgetary provision was revised to Rs.67.500 Millions to electrify 19500 House Hold connections. Against this, at the end of March '1123162 Nos of Kutir Jyoti connections were given at a cost of Rs.67.509 Millions. Thus, GUVNL has achieved 100% financial as well as physical target underthis scheme.
IV. ZU PAD A VIJ LI
KARAN SCHEME
To meet the basic requirement of poor families in
Grant of Rs.240.000 Millions was given to GUVNL to electrify 37000 Nos. of house hold connections for the year 2010-11. Against this, at the end of March '1138553 Nos. of house hold connections were given at a cost of Rs.240.026 Millions. Thus, GUVNL has achieved 100% financial as well as physical target underthis scheme.
V. SCHEDULED CASTE
SUB PLAN SCHEME
For electrification of Scheduled Caste Localities, State Govt, is allocating the funds as grant to GUVNL every year for implementing the program under scheduled caste sub plan scheme. From the year 1998-99, this fund is being made available to GUVNL. The electrification (including intensive electrification) is being carried out every year in the localities from where demands are coming. From the year 2009-10 State Govt, is also releasing funds for Agriculture connection of Scheduled Caste Beneficiaries underthis scheme.
Grant of Rs.25.000 Millions was given to GUVN L for the year 2010-11 for electrification of 7300 Nos. of house hold connections. Against this, at the end of March '117321 Nos. of house hold connections were electrified at a cost of Rs.21.430 Millions, Thus, GUVNL has achieved 100% physical / financial target underthis scheme.
VI. SAGARKHEDU
SARVANGIVIKAS YOJANA
Humidity and the saline atmosphere of the Coastal area cause
corrosion of Conductors, corrosion of Poles,, failure of Disk and pin
insulators, corrosion of Distribution Boxes and service lines etc. which affect
the quality of power supply. Therefore, to improve the infrastructure and
uplift the life of the people living in the coastal belt, State government has
declared " Sagarkhedu Sarvangi
Vikas Yojana". This Scheme is a 12 points Programme and Energy
Development is one of them. This Scheme covers 12 Coastal Districts of Valsad, Navsari,
Surat.Bharuch, Anand, Ahmedabad,
During the year 2010-11, Rs.1428.809 Millions have been spent for strengthening of distribution line with replacing Conductors, poles, insulators, distribution boxes, service lines, etc, strengthening of Transmission lines and creation of new 66 KV sub-stations.
VII. REPLACEMENT OF
EXISTING PUMP SETS BY ENERGY EFFICIENT PUMPS
As part of energy conservation and demand side management, project for replacement of existing pump sets of farmers with Energy efficient pump sets to reduce the power demand in Ag. Sector is taken up. With this measure it is possible to achieve 10 to 15 % energy savings. The project is being implemented on tripartite basis and the project cost is shared equally by the State Govt., DISCOM and Ag. Consumer, who is willing to take benefit under this scheme. This project is undertaken in Vijapur, Mehsana and VisnagarTaluka of Mehasana District, Mansa and Gandhinagar Taluka of Gandhinagar District, Himatnagar and Prantij Taluka of Sabarkantha District, Halvad Taluka of Surendranagar District, Deesa, Dhanera and Kankrej Taluka of Banaskantha District and Amreli taluka of Amreli District.
During the year 2010-11, 991 existing pump sets were replaced by Energy efficient pump sets at cost of Rs.116.360 Millions.
VIII. JYOTI GRAM
YOJANA
The Jyoti Gram Yojana (JGY) is a scheme by Government of Gujarat
to make available three phase quality power supply for 24 hours to all the
villages and their Hamlets for non-agricultural activities while ensuring
improved quality power supply to agriculture implemented in a record time of
just 30 months. The scheme was started in September, 2003 and completed by
March, 2006. The scheme involved laying of a parallel rural distribution
network across the State to separate agricultural consumers to facilitate load
management and regulate agricultural consumption without affecting power supply
to other consumers by laying 78454 Kilometers of new lines, 2012 Nos. of JGY
Feeders, 18724 Nos. of new transformer centres and 3924 Nos of Special Designed
Transformers have been installed. All 18000 villages are covered under the
scheme with a total expenditure of Rs.12902.972 Millions out of which Rs.
11103.743 Millions is the contribution from The Govt, of
IX. RAJIV GANDHI
GRAMEEN VIDYUTIKARAN YOJANA (RGGVY)
Under this Central Government Scheme, Rural Electrification Corporation provides 90% of the expenditure as subsidy and 10% as soft loan to State Government. State Government has to provide analogous electricity to urban and rural areas. The financial assistance is provided for electrification of villages, petaparas. All Below Poverty Line families are considered under the scheme and they are provided electric connection free of cost. Electrification of all beneficiaries includes one point wiring in the house with one CFL bulb. The beneficiaries have to pay the bills for energy utilized regularly as per the company's norms.
During the year 2010-11239772 BPL house holds have been electrified.
X. RE-STRUCTURED ACCELERATED
POWER DEVELOPMENT AND REFORMS PROGRAMME (R-APDRP) UNDERXITH PLAN
The R-APDRP schemes are to be implemented in towns during XI
Five year plan as per Gol order dated: 19.09.2008. The RAPDRP scheme is divided
in to three parts i.e. Part-A, Part-B and Part C. The provision under RAPDRP
for nation as whole, towards Part A is Rs.100000.000 Millions, Part B
Rs.400000.000 Millions and Part C Rs.11770.000 Millions. during the 11th Five
Year Plan. The nodal agency for implementing R-APDRP is Power Finance
Corporation Limited (PFC),
The subsidiary companies of Gujarat Urja Vikas Nigam Limited i.e. Dakshin Gujarat Vij Company Limited (DGVCL), Madhya Gujarat Vij Company Limited (MGVCL), Paschim Gujarat Vij Company Limited (PGVCL), and Uttar Gujarat Vij Company Limited (UGVCL) are entitled for Part A and Part B
❖ The part-A consists of establishing base line data for converting existing system in to IT based, including consumer indexing, DTR metering etc. This part is to be implemented within 3 years to avail the benefit of loan as grant; otherwise it will be treated as loan only.
❖ Total scheme include Data center, Disaster Recovery center, Customer care center, GPS survey, Consumer Indexing, AMR for DTR and HT consumers, GPRS Modem, Hand Held equipments, Computers , Printers, Servers for Data Center and Disaster Recovery center, Server at sub division for AMR, Upgradation of existing Network, connectivity Softwares for new applications as mentioned above etc.
All the four DISCOMs viz. DGVCL, MGVCL, PGVCL and UGVCL have submitted their proposals for part A of RAPDRP to Nodal Agency for implementing RAPDRP - Power Finance Corporation Limited., Ministry of Power New Delhi on 10.02.2009 amounting to Rs.233.800 Millions, Rs.937.500 Millions (Including Rs. 282.300 Millions for Data Center and Rs.181.500 Millions for Disaster Recovery center), Rs.752.600 Millions and Rs.329.700 Millions and sanctioned by M/S PFC respectively with Data Center cost of Rs.282.300 Millions and Disaster Recovery cost of Rs.181.500 Millions. Amount of Rs.680.000 Millions is released by PFC against total amount of Rs.2253.600 Millions under Part-A. During the year total expenditure of Rs.233.000 Millions was made
❖ The Part-B consists of renovation, modernization and strengthening of 11 KV system including Reconductoring, load bifurcation, feeder separation, HVDS, Replacement of Electro Magnetic energy meters with tamper proof electronic meters along with strengthening of weak sub transmission system if required. The loan shall be converted in to grant up to 50% if target of ATandC loss is achieved in the project areas and the project is completed within stipulated time; otherwise it will be treated as a part of central assistance to State.
❖ The DPR of the Part B projects were submitted by all DISCOMs viz. DGVCL, MGVCL, PGVCL and UGVCL amounting to Rs.1832.200 Millions, Rs.1030.300 Millions, Rs.6655.700 Millions and Rs.246.200 Millions sanctioned by M/s PFC Limited respectively. Against this PFC had released Rs.1309.400 Millions. Expenditure made during the year of Rs.14.600 Millions.
❖ The Part C is to be implemented by MOP / PFC.
XI. KISAN
HEETURJASHAKTI YOJANA ( KHUSHY-HVDS)
KHUSHY is a High Voltage Distribution System of installing smaller size of Distribution Transformers and thereby reduction of LT Lines up to negligible level by converting it into HV Line. In rural area the existing distribution systems consist of 11 KV Lines with lengthy 3 Ph 4 wire LT lines. In this system, the Line Losses are very high; Voltage profile and reliability are also unsatisfactory.
To improve Voltage profile in rural area the small capacity of Distribution Transformers are to be installed by extending 11 KV Line as nearer to the load as possible and Distribution Transformer of the capacity of 1016 KVAare erected and supply is released to consumer through a short length of LT Lines preferably through insulated overhead cables known as Aerial Bunched Cable (ABC)/PVC Cable. In Order to ensure pilferage free system, one of several remedial measures is reducing LT line (System) being exposed to theft. The whole idea is to have Less LT system and gradually move on to LT Less system. Even the short LT Lines are to be laid using ABC /PVC Cables.
During the year 2010-11, 28241 Nos. of small capacity transformers installed under KHUSHY at the expenditure of Rs.4241.100 Millions (635 Nos. of small capacity transformers installed under KHUSHY-Energy Conservation at the expenditure of Rs.90.000 Millions.).
AWARDS/PRIZES:
The State of
• Govt, of
• Govt, of
• Govt, of
• Govt, of
• Govt, of Gujarat has won India Tech Excellence Award 2010 for Application of IT in Power, e-Urja, ERP based End to-End Solution given by India Tech Foundation, Mumbai on 27-10-2010.
• State of
• Subsidiary Company MGVCL has won Indi Power Awards-2010
for Overall Utility Performance (Distribution)- Non Urban area and Innovation
in Design and execution of projects for DRUM project at Umreth given by The
Council for Power Utility,
• Subsidiary Company UGVCL has won Indi Power Awards-2010 for Energy Efficiency, Conservation and DSM- the initiatives taken in Demand Side Management for Agricultural consumers and also for replacement of existing Pump sets by Energy Efficient Pump Sets given by The Council for Power Utility, New Delhi on 11-11-2010
• GUVNL bagged Prestigious 3rd KPMG Infrastructure Today
Award 2010 for being most admired State entity in Power Sector. TheAward was
received by
• Subsidiary Company PGVCL has won National Award for Excellence in Cost Management 2010 given by The Institute of Cost and Works Accountants of India on 18-07-2011
• Govt, of Gujarat has won 5th Enertia Award 2011 under
Category VIII:
E-URJA PROJECT:
END-TO-END IT
SOLUTION FOR GUVNL AND ITS SUBSIDIARIES
The e-Urja system implemented in GUVNL and all its subsidiary companies is under implementation cum maintenance support phase.
Major activities related to e-Urja Project carried out during the year.
1. LT Billing is 100% through e-Urja system and monthly bills are generated from e-Urja. Collection is done and posted in e-Urja books of account.
2. All new connections related activities are carried out from e-Urja Customer Relation Management (CRM) Module of e-Urja system only.
3. All Inventory transactions are being done from e-Urja only. Intercompany material transfer on Loan basis is successfully rolled out across companies.
4. All procurement is done through e-Urja only for long term as well as for short-term material/service supply. IPV (Invoice Price Variation) successfully implemented across all the companies.
5. Project module made running successfully with Budget allocation and approval. Project budgetary control implemented for tracing of project budget.
6. Transformer repairing cycle is implemented across DISCOMs for better tracking of transformer movement.
7. In finance module Payment is made 100% through e-Urja. Cheque Printing is implemented for all the banks for each company and Cheque is issued from e- Urja only.
8. Treasury-Loan and Fixed Deposit related functionality mapped and implemented successfully across companies
9. Trading solution made 100% live in e-Urja
10. Fuel Management related process successfully implemented in e-Urja system.
11. Legal module is made live and all current and old cases details uploaded in the e-Urja.
12. The Annual Technical Support (ATS) for 50000 Oracle comprehensive ERP and HR/ESS Universal licenses extended for a further period of one year up to 24.02.2012.
13. Following facility added for payment through NET by HT Consumers:
• Instapay services.
• Register and pay the bill thru bank-EBPP services.
14. Following activities performed under GUVNL controlled Data Centers.
(a) Operations of GUVNL, R-APDRP Data
Centre commenced which includes Shifting of WAN room from 7th
(b) As a Business Continuity Plan agency fixed for setting up of Disaster Recovery Data Centre (DR-DC) at Ahmedabad for replication of e-Urja and RAPDRP project. Interior and Civil work started at DR-DC. It is expected to complete during the year 2011 -12.
15. Established Ethernet WAN connectivity between GUVNL HO and TCS Gandhinagar office and WAN Connectivity of PGVCL Corp. converted from E1 to Ethernet interface successfully.
16. For improvement of performance, it is planned to enhance bandwidth such as Internet Bandwidth from 20 Mbps to 40 Mbps of GUVNL LAN/WAN, and Up-gradation of PGVCL and UGVCL Bandwidth from 12 mbps to 34 Mbps and from 8 mbps to 12 mbps respectively.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
a. Letter of Credit opened by Banks Rs.3244.700 Millions (Previous Year Rs.3214.625 Millions)
b. Guarantee issued by the Banks on behalf of the Company Rs. NIL (Previous Year Rs.1116.342 Millions)
c. Bills discounted with various Banks Rs. NIL (Previous Year Rs.811.433 Millions)
d. Claims against the erstwhile GEB and the Company not acknowledged as Debts: Rs.5344.372 Millions (Previous Year Rs.5345.672 Millions) and disputed by the Company pertaining to Materials, Power Purchase and Leasing.
e. Corporate Guarantee given by the Company for and on behalf of the subsidiary companies as under:
Rs. In Millions
|
Company |
2010-11 |
Beneficiary |
2009-10 |
Beneficiary |
|
All Subsidiaries except UGVCL |
34545.000 |
UCO Bank Consortium for working capital limits |
32530.0000 |
UCO Bank Consortium for working capital limits |
|
UGVCL |
3685.000 |
State Bank Of India Consortium for working capital limits |
3685.000 |
State Bank Of India Consortium for working capital limits |
|
GETCO |
568.600 |
State Bank of Saurashtra for term loan |
669.400 |
State Bank of Saurashtra for term loan |
|
MGVCL |
0.000 |
Indian Overseas Bank for term loan |
150.000 |
Indian Overseas Bank for term loan |
|
GSECL |
8333.300 |
GSFS (Comfort letter) |
166.700 |
GSFS (Comfort letter) |
|
GETCO |
5400.000 |
GSFS (Comfort letter) |
3000.0000 |
GSFS (Comfort letter) |
f. Stamp duty payable on mortgage deed for loans from LIC availed by erstwhile GEB: Rs.110.8000 Millions (Previous Year Rs.110.800 Millions) and disputed by the Company.
g. Various claims by the employees against the erstwhile GEB: Amount is not ascertainable (Previous Year amount is not ascertainable).
h. Disputed demand of Income Tax against erstwhile GEB: Amount is not ascertainable (Previous Year amount is not ascertainable).
i. Disputed demand of Income Tax against the Company: Rs. NIL (Previous Year Rs.31.500 Millions).
j Estimated amount of Contracts remaining to be executed on Capital Account and not provided for (net of advances) Rs. NIL (Previous Year Rs.49.500 Millions).
Fixed Assets
v
Building
v
Plant and Machinery
v
Lines and Cable Networks
v
Furniture and Fittings
v
Computers
v
Vehicles
WEBSITE DETAILS
Press Release
The 25 MW grid interactive Solar Power Project was executed
through GMR Gujarat Solar Power Private Limited, a subsidiary of GMR Energy.
The project was awarded in Oct 2010 under the Gujarat Solar Policy. This plant
adopts the crystalline PV technology and is situated in the
Power from this plant will be supplied to Gujarat Urja Vikas Nigam Ltd on a 25 year Power Purchase Agreement under the Gujarat State Solar Policy.
GMR Energy Limited, a flagship company of the GMR Group, has plans to enhance its Renewable energy portfolio by over 100 MW in the next two years.
Mr. Raaj Kumar, CEO GMR Energy Limited said, “The
commissioning of one of
GMR Energy Limited is currently operating 808 MW. The Company is presently executing power
projects of about 7500 MW capacity which includes 2200 MW of Hydro
capacity. Out of this, 2500 MW capacity
will become operational in 2012 through
commissioning of Projects at Vemagiri in AP, Kamalanga in Orissa and Warora in
Times of
10 May 2012
VADODARA: The
The state government took this decision following a representation made by the Federation of Gujarat Industries (FGI).
FGI had represented to the state government and GUVNL that the MSEs, while submitting their offers against tenders floated by the discoms of GUVNL have to bear heavy financial burden of security deposit and performance bank guarantee. The industries body had submitted a proposal to reduce both the security deposit and performance bank guarantee rates during the process of obtaining quotes.
"After our persistent follow up, the state government
has agreed to reduce both the rates for the small, cottage and tiny industries
in
Apart from the reductions in the two rates, FGI had last year got another major concession from the state government. Earlier, both the security deposit and the performance bank guarantee were collected simultaneously before even the commencement of supplies to the discoms. After FGI's representation, the rules were modified and as per the new norms only security deposit was to be collected before the commencement of supplies to GUVNL discoms. The performance bank guarantee had to be obtained before completion of the last stage of supply.
Times of
29 March 2012
AHMEDABAD: It is good news for the 3.56 lakh power consumers who have been blacklisted by Gujarat Urja Vikas Nigam Limited (GUVNL). The state energy department on Wednesday announced an amnesty scheme for defaulters blacklisted by the GUVNL.
Minister of state for energy Saurabh Patel said that about 3.56 lakh customers who were involved in power theft or have defaulted in paying power bills will get the benefit of the amnesty scheme. He said that many consumers were not given power connections as they had failed to pay their power bills, following which their electricity connection was permanently cut off.
He said a large number of employees were also engaged in handling these cases which were to the tune of Rs 965 crore. Patel said that the scheme will be applicable for the dues till March 31, 2011. "In those cases, where the court has given its verdict, the amnesty scheme will not be applicable. Only those cases which are pending in the court or at the admission stage will get the benefit of the amnesty scheme," Patel said, adding that once the case was settled, the person would be eligible for new power connections.
Giving out details of the scheme, Patel said that those families which are living below the poverty line and have defaulted or those residential and farmer consumers who have an outstanding bill of Rs 5,000 with their electricity connections cut off, the entire due along with the interest and penalty will be waived off.
For the industries which have outstanding bill of Rs.0.100 Millions or less will get waiver only in interest and penalty. There will be no relaxation in the bill amount. Reacting to the statement that the amnesty scheme will give major relief to the farmers in the state, the Gujarat Pradesh Congress committee president Arjun Modhwadia said that it was the BJP government who had sent the farmers to Jail after filing wrong cases against them for power thefts. The statement led to a major hue and cry. Senior leaders like Vajubhai Vala, dilip Sanghani among others were also among those who were on their feets protesting against the statement of Modhwadia.Saurabh Patel then said that it was the Congress which was deep in corruption, the recent CAG report has exposed that the centre government has indulged in corruption in coal deal to the tune of over Rs.0.100 Millions.
Bureaucracy Today (
22 March 2012
For the current fiscal, the region had set the target of Rs.42330.000 Millions- 31 per cent more than the last year's collection of Rs.35000.000 Millions. And as on March 20, the department had collected Rs.38000.000 Millions - falling short by nearly 10 per cent of its target with 11 days remaining in the current financial year.
"The shortfall is due to lower tax collection from chemical and power sectors. PSUs (Public Sector Undertakings) are our major payers but receipts from them have been lower than expected," Rajiv Lal, Chief Commissioner of Income Tax, Vadodara.
The Vadodara region has around five lakh assessees or tax payers. Vadodara is the base of a number of big central PSUs like oil majors Indian Oil Corporation Limited, Oil and Natural Gas Corporation, and state PSUs like Gujarat State Fertilisers and Chemical Limited and Gujarat Alkalies and Chemicals Limited.
"The sale of chemicals has been lesser this this year. The import of chemicals might have increased following high prices in domestic market," Lal said.
Though power is a growing sector, its share in income tax has gone down. The state's power utility, Gujarat Urja Vikas Nigam Limited and its distribution subsidiary Madhya Gujarat Urja Vikas Nigam Limited have their headquarters in the city. Published by HT Syndication with permission from Bureaucracy Today. For any query with respect to this article or any other content requirement
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.73 |
|
|
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.