1. Summary Information
|
|
|
Country |
INDIA |
|
Company Name |
GVK POWER AND INFRASTRUCTURE LIMITED |
Principal Name 1 |
DR. G V K REDDY |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. G INDIRA KRISHNA REDDY |
|
|
|
Registration # |
01-059013 |
|
Street Address |
“PAIGAH HOUSE”, 156-159, SARDAR PATEL ROAD, SECUNDERABAD – 500 003,
ANDHRA PRADESH |
||
|
Established Date |
20.04.2005 |
SIC Code |
-- |
|
Telephone# |
91-40-27902663/ 64 |
Business Style 1 |
SERVICE PROVIDER |
|
Fax # |
91-40-27902665 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
2700 (APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
RS.15,792,104,000/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-54.25% PUBLIC SHAREHOLDING-45.75% |
Banking |
AXIS BANK LIMITED |
|
Public Limited Corp. |
YES |
Business Period |
8 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
Ba (47) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SUBSIDIARIES |
-- |
GVK INDUSTRIES
LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
15,310,600,000 |
Current Liabilities |
68,600,000 |
|
Inventories |
0,000 |
Long-term Liabilities |
4,235,000,000 |
|
Fixed Assets |
12,600,000 |
Other Liabilities |
12,800,000 |
|
Deferred Assets |
1,400,000 |
Total Liabilities |
4,316,400,000 |
|
Invest& other Assets |
14,010,600,000 |
Retained Earnings |
23,439,600,000 |
|
|
|
Net Worth |
25,018,800,000 |
|
Total Assets |
29,335,200,000 |
Total Liab. & Equity |
29,335,200,000 |
|
Total Assets (Previous Year) |
29,468,200,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
302,100,000 |
Net Profit |
(240,400,000) |
|
Sales (Previous yr) |
276,000,000 |
Net Profit(Prev.yr) |
(82,700,000) |
MIRA INFORM
REPORT
|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
GVK POWER AND INFRASTRUCTURE LIMITED |
|
|
|
|
Registered
Office : |
“Paigah House”, 156-159, Sardar Patel Road, Secunderabad – 500 003,
Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.04.2005 |
|
|
|
|
Com. Reg. No.: |
01-059013 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999AP2005PLC059013 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNJ00205C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ5599A |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in providing operation and maintenance services, manpower
and consultancy services and incidental services to owners of power plants,
airports etc. |
|
|
|
|
No. of Employees
: |
2700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100075000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of GVK Group. It is an established company having satisfactory track record. The company has recorded losses from its operational activities during
the financial year 2013. However, the ratings continue to take into account the experience of
the promoters and management team, the track record of successful execution
of projects, well-diversified portfolio of assets under operation and
development and growth prospects for the infrastructure sector. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. The company can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A- |
|
Rating Explanation |
Adequate degree of safety and moderate credit risk. |
|
Date |
November 15, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
November 15, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Corporate Office : |
“Paigah House”, 156-159, Sardar Patel Road, Secunderabad – 500 003,
Andhra Pradesh, India |
|
Tel. No.: |
91-40-27902663/ 64 |
|
Fax No.: |
91-40-27902665 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Power Project Sites : |
Located at: ·
Goindwal Sahib ·
Jegurupadu ·
Gautami |
|
|
|
|
Coal Mine Project Sites : |
Located at: ·
Tokisud |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. G V K Reddy |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/
Age : |
76 Years |
|
Qualification : |
BA and Owner / President
Management program from Harvard University, Doctorate in Philosophy, JNTU,
Hyderabad |
|
Experience : |
49 Years |
|
Date of
Appointment |
14.10.2005 |
|
|
|
|
Name : |
Mr. G Indira Krishna Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G V Sanjay Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Krishna Ram Bhupal |
|
Designation : |
Director |
|
Date of Birth/
Age : |
16.03.1983 |
|
Qualification : |
MBA, Villanova University, USA |
|
Expertise in specific functional areas : |
He holds a
Bachelors Degree in Finance and Accounting from Villanova University, USA. He
has interned with various financial institutions, banks and private equity
firms within and outside India. He is currently the Managing Director of GVK
Power (Goindwal Sahib) Limited and GVK Jaipur Expressway Private Limited and
also a Director in various companies forming part of GVK Group. |
|
Date of
Appointment |
14.10.2009 |
|
List of Companies in which Directorship is held
as on 31.03.2013 : |
·
GVK Energy Limited ·
GVK Industries Limited ·
GVK Gautami Power Limited ·
Alaknanda Hydro Power Company Limited ·
GVK Power (Goindwal Sahib) Limited ·
GVK Oil and Gas Limited ·
Seregarha Mines Limited ·
Pinakini Share and Stock Brokers Limited ·
Vertex Projects Limited ·
GVK Projects and Technical Services Limited ·
Bangalore International Airport Limited ·
Taj GVK Hotels and Resorts Limited ·
GVK Jaipur Expressway Private Limited ·
GVK Permabalur SEZ Private Limited ·
GVK Developmental Projects Private Limited ·
Mumbai International Airport Private Limited ·
GVK Transportation Private Limited ·
GVK Coal (Tokisud) Company Private Limited |
|
|
|
|
Name : |
Dr. A Ramakrishna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K N Shenoy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P Abraham |
|
Designation : |
Director |
|
|
|
|
Name : |
Ranjana Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Ch G Krishna Murthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Balasubramanian |
|
Designation : |
Director |
|
Date of Birth/
Age : |
03.11.1942 |
|
Qualification : |
ACA, ACS, AICWA and LLB |
|
Expertise in specific functional areas : |
Mr. S
Balasubramanian, is a Former Chairman of the Company Law Board, a quasi
judicial body. He served the Company Law Board for about 19 years in various
capacities and has dealt with over 3000 cases. He is an Associate Member of
all the three premier Professional Bodies in India viz., The Institute of Chartered
Accountants of India (ICAI), The Institute of Company Secretaries of India
(ICSI) and The Institute of Cost and Works Accountants of India (ICWAI). He
holds a Bachelor’s Degree in Law from the Delhi University and is a Member of
The Delhi High Court, Bar Council. He also holds a PG Diploma in Project
Management from the University of Bradford, UK. Before acting as the Chairman
of the Company Law Board, he has been a Director in the Ministry of Programme
Implementation. |
|
Date of
Appointment |
30.04.2010 |
|
List of Companies in which Directorship is held
as on 31.03.2013 : |
·
Jaypee Infratech Limited ·
Emani Paper Mills Limited ·
Crest Animation Studios Limited ·
Machino Plastics Limited |
|
|
|
|
Name : |
Mr. A Issac George |
|
Designation : |
Director and
Chief Financial Officer |
|
Date of Birth/
Age : |
59 Years |
|
Qualification : |
B.Com, ACA |
|
Experience : |
34 Years |
|
Date of
Appointment |
01.10.2005 |
|
|
|
|
COMMITTEES OF THE BOARD |
|
|
Audit Committee : |
Ch G Krishna
Murthy (Chairman) A Ramakrishna P Abraham S Balasubramanian |
|
|
|
|
Remuneration Committee : |
A Ramakrishna
(Chairman) K N Shenoy P Abraham |
|
|
|
|
Investors’ Grievance Committee : |
A Ramakrishna
(Chairman) Ch G Krishna
Murthy A Issac George |
KEY EXECUTIVES
|
Name : |
P V Rama Seshu |
|
Designation : |
General Manager and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
708822410 |
44.88 |
|
|
147906930 |
9.37 |
|
|
856729340 |
54.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
856729340 |
54.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
31271864 |
1.98 |
|
|
6653128 |
0.42 |
|
|
6330000 |
0.40 |
|
|
8182011 |
0.52 |
|
|
218080345 |
13.81 |
|
|
270517348 |
17.13 |
|
|
|
|
|
|
80960956 |
5.13 |
|
|
|
|
|
|
286331872 |
18.13 |
|
|
45579015 |
2.89 |
|
|
39091869 |
2.48 |
|
|
18170941 |
1.15 |
|
|
18159451 |
1.15 |
|
|
2386477 |
0.15 |
|
|
375000 |
0.02 |
|
|
451963712 |
28.62 |
|
Total Public shareholding (B) |
722481060 |
45.75 |
|
Total (A)+(B) |
1579210400 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1579210400 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing operation and maintenance services,
manpower and consultancy services and incidental services to owners of power
plants, airports etc. |
GENERAL INFORMATION
|
No. of Employees : |
2700 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Axis
Bank Limited, First Floor, G. Pulla Reddy Building, Somaji Guda, Greenlands,
Hyderabad – 500 016, Andhra Pradesh, India ·
Yes
Bank Limited, Nehru Centre, 9th Floor, Discover of India, Dr. A.B.
Road, Worli, Mumbai – 400 018, Maharashtra, India ·
Axis
Bank Limited, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Mumbai – 400 025, Maharashtra, India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
Notes: LONG-TERM BORROWINGS a. Term loan
aggregating to Rs.2000.000 millions is secured by first pari-passu charge on
the current assets, present and future of the Company, second pari-passu charge
on the current assets and fixed assets of GVK Industries Limited and pledge
of 10% shares of GVK Industries Limited and presently carries interest of 13%
per annum. The loan is repayable in six equal quarterly installments after a
moratorium of eighteen months from the date of first drawdown viz. March 8,
2013. b. Term loan
aggregating to Rs.1500.000 millions is secured by mortgage of property,
admeasuring 2683.90 acres of land adjoining the NH 46 connecting to Chennai
to Perambalur belonging to GVK Perambalur SEZ Private Limited and presently
carries interest of 13.25% per annum. The loan is repayable after a period of
35 months from the date of first drawdown viz. September 27, 2012. c. Term loan
aggregating to Rs.30 carries interest at 8.5% p.a. The loan is repayable in
36 monthly installments of Rs.3.15 from the date of loan, viz., January 29,
2011. The loan is secured by charge over vehicle for which finance is
provided by the lender. SHORT-TERM BORROWINGS a. Term loan
aggregating to Rs.735.000 millions [March 31, 2012: Rs.187.000 millions]
currently carries interest of 13.75% per annum and secured by (i) charge on
loans and advances of the Company to GVK Airport Developers Private Limited
(“GVKADPL”) and also loans and advances provided by GVKADPL to GVK Airport
Holdings Private Limited (“GVKAHPL”) and Bangalore Airport and Infrastructure
Developer Private Limited (“BAIDPL”), (ii) exclusive charge on shares of
GVKADPL to the extent of two times of facility amount and (iii) exclusive
charge on shares of GVKAHPL and BAIDPL not exceeding 30% of the shares of the
Companies and the no. of shares to be pledged would be in proportion to the
lenders at GVKADPL. b. Term loan
aggregating to Rs. Nil (March 31, 2012: Rs.2000.000 millions) was secured by
first charge on the current assets, present and future of the Company and
carried interest at base + 150 bps i.e. 11.50% per annum. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
The Oval Office, 18, ILabs Centre, Hitech City, Madhapur, Hyderabad –
500 081, Andhra Pradesh, India |
|
|
|
|
Subsidiaries : |
·
GVK Industries Limited ·
GVK Jaipur Expressway Private Limited ·
Alaknanda Hydro Power Company Limited ·
GVK Airport Developers Private Limited ·
GVK Coal (Tokisud) Company Private Limited ·
Goriganga Hydro Power Private Limited ·
GVK Power (Goindwal Sahib) Limited ·
GVK Perambalur SEZ Private Limited ·
GVK Oil and Gas Limited ·
GVK Developmental Projects Private Limited ·
GVK Energy Limited ·
GVK Gautami Power Limited ·
GVK Airport Holdings Private Limited ·
PT.GVK Services, Indonesia ·
GVK Transportation Private Limited ·
GVK Ratle Hydro Electrical Projects Private
Limited ·
GVK Energy Venture Private Limited ·
GVK Bagodara Vasad Expressway Private Limited ·
GVK Deoli Kota Expressway Private Limited ·
Bangalore Airport and Infrastructure Developers
Private Limited ·
Mumbai International Airport Private Limited (was
associate till October 17, 2011) ·
GVK Power (Khadur Sahib) Private Limited ·
GVK Airports International Pte Limited ·
GVK Shivpuri Dewas Expressway Private Limited |
|
|
·
|
|
Associates : |
·
Bangalore International Airport Limited ·
Seregraha Mines Limited |
|
|
·
|
|
Enterprises over which the key management personnel exercise
significant influence : |
·
TAJ GVK Hotels and Resorts Limited ·
Orbit Travels and Tours Private Limited ·
GVK Technical and Consultancy Services Private
Limited ·
Pinakini Share and Stock Broker Limited ·
GVK Foundation ·
GVK Projects and Technical Services Limited ·
GVK Employee Welfare Trust ·
GVK Coal Developers (Singapore) Pte Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000000 |
Equity Shares |
Rs.10/- each |
Rs.2500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1579210400 |
Equity Shares |
Rs.10/- each
|
Rs.1579.200
millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period:
|
Equity
shares |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At the beginning of the year |
1579210400 |
1579.200 |
|
Issued during the year |
-- |
-- |
|
|
1579210400 |
1579.200 |
Terms/rights attached to equity shares:
The Company has
only one class of equity share having par value of Re.1 per share. Each holder of
equity shares is entitled to one vote per share. The company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Details of shareholders holding more than 5% equity shares in the
company:
|
Name of the shareholder |
As at 31st March, 2013 |
|
|
No. of Shares |
% holding |
|
|
G. Indira Krishna Reddy |
235590230 |
14.92 |
|
G. V. Sanjay Reddy |
154334480 |
9.77 |
|
Krishnaram Bhupal |
118155990 |
7.48 |
|
HSBC Global Investment Funds |
115250000 |
7.30 |
|
Vertex Infratech Private Limited |
116896770 |
7.40 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1579.200 |
1579.200 |
1579.200 |
|
(b) Reserves & Surplus |
23439.600 |
23680.000 |
23762.700 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
25018.800 |
25259.200 |
25341.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
3500.000 |
3.000 |
6.400 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
2.300 |
2.400 |
7.900 |
|
Total Non-current
Liabilities (3) |
3502.300 |
5.400 |
14.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
735.000 |
4159.500 |
1000.000 |
|
(b)
Trade payables |
20.800 |
14.300 |
19.900 |
|
(c)
Other current liabilities |
47.800 |
6.800 |
11.100 |
|
(d) Short-term
provisions |
10.500 |
23.000 |
8.300 |
|
Total Current
Liabilities (4) |
814.100 |
4203.600 |
1039.300 |
|
|
|
|
|
|
TOTAL |
29335.200 |
29468.200 |
26395.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12.600 |
14.400 |
15.900 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14010.600 |
13710.600 |
16073.300 |
|
(c) Deferred tax assets (net) |
1.400 |
2.700 |
3.900 |
|
(d) Long-term Loan and Advances |
4171.200 |
4032.300 |
3279.700 |
|
(e) Other
Non-current assets |
3243.600 |
3244.400 |
884.400 |
|
Total Non-Current
Assets |
21439.400 |
21004.400 |
20257.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
38.500 |
0.000 |
88.800 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c)
Trade receivables |
29.900 |
11.700 |
14.900 |
|
(d) Cash
and cash equivalents |
233.900 |
174.800 |
31.000 |
|
(e)
Short-term loans and advances |
7518.400 |
8196.100 |
5982.800 |
|
(f)
Other current assets |
75.100 |
81.200 |
20.800 |
|
Total
Current Assets |
7895.800 |
8463.800 |
6138.300 |
|
|
|
|
|
|
TOTAL |
29335.200 |
29468.200 |
26395.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
302.100 |
276.000 |
414.800 |
|
|
|
Other Income |
278.000 |
128.500 |
815.700 |
|
|
|
TOTAL (A) |
580.100 |
404.500 |
1230.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee benefits expense |
60.800 |
65.500 |
127.800 |
|
|
|
Operating and other expenses |
99.500 |
93.300 |
232.100 |
|
|
|
TOTAL (B) |
160.300 |
158.800 |
359.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
419.800 |
245.700 |
870.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
521.200 |
249.300 |
149.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(101.400) |
(3.600) |
721.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.800 |
1.800 |
0.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(103.200) |
(5.400) |
720.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
137.200 |
77.300 |
37.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(240.400) |
(82.700) |
682.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Guarantee Commission |
252.600 |
98.900 |
0.000 |
|
|
TOTAL EARNINGS |
252.600 |
98.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.15) |
(0.05) |
0.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(41.44)
|
(20.44)
|
55.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(34.16)
|
(1.96)
|
173.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.67)
|
(0.03)
|
6.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17
|
0.16 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.70
|
2.01 |
5.91 |
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 |
Yes |
|
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 |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10413592 |
07/03/2013 |
2,000,000,000.00 |
AXIS BANK
LIMITED |
FIRST FLOOR, G
PULLA REDDY BUILDING, SOMAJI GUDA, |
B71386882 |
|
2 |
10340676 |
14/02/2012 |
3,500,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVER OF INDIA, DR. A B ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018,
INDIA |
B34366385 |
|
3 |
10315789 |
28/09/2011 |
50,839,200,000.00 |
AXIS BANK
LIMITED |
AXIS HOUSE,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, MUMBAI, MAHARASHTRA -
400025, INDIA |
B24605784 |
|
4 |
10137946 |
29/10/2009 * |
4,283,000,000.00 |
AXIS BANK
LIMITED |
6-3-879/B,
GROUND FLOOR, G PULLA REDDY BUILDING, |
A73028763 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Overdraft facility from bank |
0.000 |
472.500 |
|
Other loans and advances- term loans from banks |
0.000 |
1500.000 |
|
Total
|
0.000 |
1972.500 |
Notes:
SHORT-TERM BORROWINGS
a. Overdraft facility was unsecured and carried interest rate of 10.85%.
b. Term loan aggregating to Rs. Nil (March 31, 2012: Rs.1500.000
millions) was unsecured and carried interest rate of 11.75%.
CORPORATE
INFORMATION:
The Company
provides operation and maintenance services, manpower and consultancy services
and incidental services to owners of power plants, airports etc. The Company
has also acquired substantial ownership interest into power companies,
airports, roads and companies providing infrastructure facilities.
AWARDS AND
RECOGNITIONS
Following are some
of the awards and recognitions that the Company / its Subsidiaries / Associates
received during the current year.
Certifications,
Recognitions and Awards for the Company (GVKPIL)
·
CDP India 200 Climate Change Report 2012 was
released at Bombay Stock Exchange in the presence of dignitaries including Ms.
Susan Howells, COO – CDP UK, wherein, subject has been ranked 2nd in
the Country across all sectors (compared to 8th position in 2011)
for its Carbon Disclosure Leadership Index (CDLI).
·
GVK was honoured with the EPC World Award for
‘Outstanding Contribution in Power Generation – Infrastructure Category at the
third EPC World Awards held in New Delhi
Certifications,
Recognitions and Awards for Bangalore International Airport Limited (BIAL):
·
Distinction of being the first company in India to
be certified as a Green Company as per the CII Green Co rating system.
·
Airport carbon accreditation Level 2 by Airport
Council International (ACI) and is the first Airport in Asia Pacific to cross
this milestone.
·
Recognized by the State of Karnataka on the
International World Environment Day (5th June) for adopting environmental
friendly best practices and setting benchmarks across all functions.
·
Golden Peacock Award - Environmental Management
2012 for excellent environmental management initiatives taken in and around the
airport.
·
Excellent Energy Efficient Unit Award by CII.
·
ISO 50001 : 2011 Energy Management System
Certificate
·
INDIA 3.0 - IT Innovation Awards -2013 - NASSCOM -
Jury Commendation Certificate - Best IT driven Innovation.
Certifications,
Recognitions and Awards for Mumbai International Airport Private Limited
(MIAL):
·
GVK CSIA has been awarded ISO 14064-1- 2006
certification for its Green House Gas emission accounting for the 2nd
consecutive year. With this achievement, GVK CSIA is, now in the process of
upgrading CSIA’s ACI Airport Carbon Accreditation Rating from Mapping (Level 1)
to Reduction (Level 2).
·
GVK CSIA has been rated 3rd best Airport worldwide
in the 25-40 mppa category by Airports Council International (ACI). The survey
was conducted at 275 airports across the Globe.
Following are some
of the achievements, awards and recognitions that the Promoter Directors received
during the year;
·
Dr. G V K Reddy, Chairman and Managing Director of
the company has been recognized as ‘Power Brands Hall of Fame Corporate
Luminary of the year’ for his exemplary contribution to the industry and
society.
MANAGEMENT DISCUSSION AND ANALYSIS
ABOUT THE COMPANY
The Company is a
listed entity and an ultimate holding company of “GVK” which operates in
diversified assets through different vertical businesses. The Company operates predominantly
present in Energy, Airports, Transportation has presence in others like Oil and
Gas, Industrial Park, Urban infrastructures etc. It conducts and operates its
business through 7 subsidiaries, 16 step down subsidiaries and 2 associate
companies (as on March 31, 2013). Revenues of the company are derived primarily
from the O&M fee, incentives for operating the business of subsidiaries
/associate and secondarily from the interest income earned out of managing the
surplus funds through a better financial planning.
THE ECONOMY AND
THE SECTORAL GROWTH
The Indian
economy, Asia’s third-largest, has slowed sharply from the scorching growth
notched a few years ago due to a string of factors, including high inflation,
high interest rates, slowing global economy, delay in implementation of
projects, policy logjam, slowing industrial growth and declining business
sentiment. As a result of these factors the Indian economy grew by only 5% in
2012-13 fiscal (lowest in last 10 years) as compared to 6.2% growth in previous
year.
The most
disappointing factor is the industrial output growth in 2012-13 which is a mere
1%, which could result significant threat to job creation and overall growth of
the economy. There has been a considerable decline in India’s GDP growth from
9.2% in year 2010-11 to 5% in 2012-13.
During the year
2012-13, slowdown persisted as mining and manufacturing activity stalled,
agriculture output was affected by temporal and spatial deficiency in rains and
services sector witnessed moderation. Economic growth is hobbled by structural
bottlenecks. Shortages of power, coal, natural gas and stoppage of mining
activity in some states following legal enforcements on indiscriminate mining
have emerged as a major constraining factor for industrial growth. Core
industries have underperformed in this backdrop.
The Indian economy
on the eve of the Twelfth five year Plan (2012-17) is characterised by strong
macro fundamentals and good performance over the Eleventh Plan period, though
clouded by some slowdown in growth in the current year with continuing concern
about inflation and a sudden increase in uncertainty about the global economy.
The objective of the Eleventh Plan was faster and inclusive growth and the
initiatives taken in the Eleventh Plan period have resulted in substantial
progress towards both objectives. Inevitably, there are some weaknesses that
need to be addressed and new challenges that need to be faced.
Some of the
challenges themselves emanate from the economy’s transition to a higher and
more inclusive growth path, the structural changes that come with it and the
expectations it generates.
There are external
challenges also arising from the fact that the global economic environment is
much less favorable than it was at the start of the Eleventh Plan. These
challenges call for renewed efforts on multiple fronts, learning from the
experience gained, and keeping in mind global developments.
Vigorous efforts
and plans have been worked upon for setting up additional power generating
capacity of 1,00,000 MW for the current 12th five-year plan
(2012-2017), which along with development of Transmission and Distribution
infrastructure will require an investment of over Rs.6 lakh crores.
They need to wait and watch how the Government takes effective steps to
make this possible.
POWER
The capacity
addition on an all India basis during FY 2012-13 stood at 20,620 MW (excluding
renewable energy based), of which 91% was coal based. About 55% of the
aforesaid capacity addition was contributed by the private sector, as against
its share of 42% of the gross capacity addition during XI Plan Period
(2007-2012). However, the overall power deficits remained significant across
the country as evident from peak deficit of 9% in FY 2012-13 with some states especially
in North and South having significantly higher level of peak deficits at
between 10% to 25%.
A significant
amount of capacity is stranded owing to fuel concerns. Rising demand and
falling domestic production has pushed the share of imported gas to 40 per cent
of the current consumption in India. Within thermal segment, overall gas based
capacity (20,100 MW as on March 31, 2013) remains adversely affected due to
sharp drop in domestic gas availability, also as evident from decline in gas
based PLF from 66% in FY 2011-12 to 40% in FY 2012-13. The PLF of Coal based
power plants has also declined from 73% in FY 2011-12 to 60% in FY 2012-13.
During the 12th
Five Year Plan period, the demand for coal is projected to reach 980 Million Tonnes
(MT), whereas domestic production is expected to reach 795 Million Tonnes (MT)
in the terminal year (2016-17). Even as public sector companies, particularly
Coal India Limited (CIL), will continue to play a major role in achieving the
domestic coal production targets, investment by the private sector including
investment in new coal blocks for captive end users will be necessary. Problems
like delays in obtaining Environmental and Forest clearances, land acquisitions
and rehabilitation need to be suitably addressed in fast track mode to achieve
the 12th Five Year Plan targets for coal production while maintaining the
balance between growth needs and environmental concerns.
The demand for
power is expected to grow at a CAGR of approximately 7.5 per cent during the
12th Five Year plan from 9,68,658 Gwh in FY12 to 13,95,065 Gwh in FY17, whereas
peak load requirement is expected to grow at a CAGR of 7.4 percent. In view of
projected increase in demand, the government has already initiated various
power projects and the sector is expected to offer opportunities to players as
the demand for power is expected to increase exponentially to 9,50,000 MW by
2030. It is projected that 76 per cent of the total expected investments of US$
1,250 billion in the energy sector will go to power generation, distribution
and transmission by the end of this period.
About $ 250
Billion investments would be needed in the power sector over the next 8-9
years, according to a CII A.T. Kearney Study on ‘Sustaining Growth: Future of
Indian Power Sector’. The study highlights the emerging opportunities and
challenges in the future power markets.
The Indian power
market is evolving rapidly from a “nascent/ opening” market phase to a
“developing” phase. The power demand in the base case is expected to grow at a
steady 7.5%-8% CAGR till 2017. Further, the low “power penetration” levels
indicate large latent/unmet demand. The power markets will have to achieve
consistent high growth rates to bring their per capita consumption to comparable
levels of some of the other developing countries like China and Brazil.
The country need
to address the following issues on basis for sustaining growth in Power sector
– (i) Changes in Standard bidding documents for Case-I/Case-II to incorporate
fuel pass through arrangements, (ii) Faster clearances through single window,
(iii) Concrete measures to increase coal production like Timely clearances
(Forest/Environment) and Clear policy on R&R (Rehabilitation and
re-settlement) and (iv) Incentivizing of DISCOMS to reduce Aggregate Technical
and Commercial (AT&C losses and privatization of distribution.
AIRPORTS
The Eleventh Plan
saw extensive modernisation of the airport infrastructure through a combination
of public and private investment. Chennai and Kolkata airports are being
modernised by the public sector along with 35 non-metro airports. The two major
metro airports – Delhi and Mumbai – have been successfully modernized in the
PPP mode. In addition, Hyderabad, Bangalore and Cochin airports offer good examples
of the success of the PPP model. There is a scope for utilizing this model to
further upgrade the other airports.
The expansion of
the airport network has increased the basis for air connectivity enormously.
Air connectivity is vitally important for bringing mid-sized towns into the
business network, thereby enabling wider distribution of manufacturing and
commercial service provisioning across the country. There are large
requirements of this connectivity in North-East and Left Wing Extremism affected
Districts. In addition to the mid-sized airports modernized by AAI, further
expansion of the airport network should be pursued in the Twelfth Plan to meet
these needs.
The Twelfth Five
Year Plan (2012-17) envisages an investment of INR 0.65 trillion at Indian
airports, of which a contribution of about INR 0.50 trillion is expected from
the private sector. There is need to rationalize the tax regime particularly
value added tax on Aviation Turbine Fuel (ATF) which is in the range of 20-30
percent in most of the states. A high tax regime for aviation in general and
ATF in particular will reduce the wider economic benefits available from
aviation, resulting in a negative impact on economic growth and overall
government revenue bases.
TRANSPORTATION
India’s
transportation sector is large and diverse; it caters to the needs of 1.2
billion people. The Indian transportation and logistics sector is increasingly
attractive to foreign and domestic operators as well as strategic and financial
investors. There is an need for capital investment in India’s infrastructure
and improve the country’s roads, ports, airports, power plants, transportation
systems, warehousing, cold chains, etc. The sector has registered a growth of
5% during the year 2012-13.
The awarding for
National Highway projects dipped significantly in 2012-13. However execution
has remained steady owing to healthy awards in the past. Main reasons for the
dips are limited financial flexibility of the existing players, Bank financing
concerns and delay in clearances. Road transport has gained an importance over
the years despite significant barriers to inter-State freight and passenger
movement compared to inland waterways, railways and air which do not face
rigorous en route checks/barriers.
Taking a longer
term view, the scope for expanding the National Highway beyond the present 2.0
per cent of the total network needs to be carefully considered. The Twelfth
Plan should set a reasonable target for what the National Highway component of
the total network should be over the next twenty years and then workout a
phased programme of expanding the National Highways to achieve the objective.
The expansion should be on the basis of well-defined criteria giving due weight
to network capacity needs and also the need to reach underserved areas.
Although the overall investments in roads and highways is expected to grow at a
healthy pace over the next five years led by Govt. focus, but this will depend
largely on public funds.
ASSETS UNDER OPERATION
ENERGY
GVK Gautami Power
Limited
During the year
Gautami was operated at a Plant Availability Factor (PAF) and Plant Load Factor
(PLF) of 86.50% and 24.30% (PY 73.13% and 70.55%). The company reported a
profit/loss after tax of Rs.(1533.200 millions) for the financial year 2012-13
(PY Rs.78.900 millions).
GVK Industries
Limited
During the year
Jegurupadu Phase I was operated at a Plant Availability Factor (PAF) and Plant
Load Factor (PLF) of 99.45 % and 59.63% (PY 98.53% and 78.40%). The unit
reported a profit after tax of Rs.142.300 millions for the financial year
2012-13 (PY Rs.116.400 millions).
During the year
Jegurupadu Phase II was operated at a Plant Availability Factor (PAF) and Plant
Load Factor (PLF) of 29.49% and 27.81 % (PY 71.53% and 70.59%). The unit
reported a loss after tax of Rs.(719.100 millions) for the financial year
2012-13 (PY loss of Rs.104.800 millions).The decline in PAF, PLF and profits
are mainly due to acute shortage in supply of natural gas.
AIRPORTS
Mumbai
International Airport Private Limited (MIAL)
During the year
MIAL handled 30.21 Mio (PY 30.75 mio) passenger traffic, handled 244,499 ATMs
(PY 251,512 ATMs) and 342,626 MT (PY 349,363 MT) of Cargo reflecting a decrease
of 2.79%, 1.76% and 1.93% respectively. The company reported a profit after tax
of Rs.1551.200 millions for the financial year 2012-13 (PY Rs.1837.600
millions).
Bangalore
International Airport Limited (BIAL)
During the year,
BIAL handled 11.99 Mio (PY 12.71 mio) passenger traffic, handled 105,188 ATMs
(PY 119,033 ATMs) and 226,667 MT (PY 224,994 MT) of Cargo. There was a decline
in the growth compared to PY in case of passenger traffic and ATM’s by 5.7% and
11.6% respectively. However, there was a marginal growth of 0.7% in case of
cargo. The company reported a profit after tax of Rs.1043.200 millions for the
financial year 2012-13 (PY Rs.1607.600 millions).
TRANSPORTATION
GVK Jaipur Expressway
Private Limited
During the year toll collections recorded were Rs.2493.300 millions (PY Rs.2238.400 millions) with an increase of 11.39%. The company reported a profit aſter tax of Rs.340.100 millions for the financial year 2011-12 (PY Rs.786.400 millions).
ASSETS UNDER
DEVELOPMENT
ENERGY
Alaknanda Hydro
Power Company Limited
The 330MW Alaknanda
Hydro Electric Power Project on the river of Alaknanda, Srinagar, Uttarakhand
is being implemented with an estimated project cost of Rs.42000.000 millions.
The concreting works at Dam is almost completed. All the 8 Radial Gates are
fabricated and erected. Earth work at Desilting basin is completed. Turbines
and generators are installed for all the four units.
All other major works are nearing completion and the project is likely
to be completed shortly and become operation thereafter.
GVK Power (Goindwal
Sahib) Limited
The 540MW thermal
(coal based) power project in Taran Taran District, Punjab is being implemented
at an estimated cost of Rs.32000.000 millions. The plant has achieved a
progress of 88% as per the Financial closure (FC) and also as per PPA and major
systems erection is in progress. The project is expected to be commissioned by
end of 2013.
GVK Ratle Hydro
Electric Project Private Limited
The SPV is formed
to implement 850MW Ratle Hydro Electric Project on the river Chenab, Kishtwar
District, in the State of Jammu and Kashmir is being implemented at an
estimated cost of Rs.63000.000 millions. The Company has received Environmental
clearance from MOEF, CEA and TEC. The company has uploaded the Project Design
Document (PDD) with UNFCCC website for registering the company under Clean
Development Mechanism for carbon credits and also awarded both civil, hydro
mechanical and electrical works and the project is expected to be operational
by 2017.
GVK Power (Khadur
Sahib) Private Limited
The 1320MW (2 X
660 MW) Thermal Power Project with super critical technology is being
implemented by GVK Power (Kadhur Sahib) Private Limited at an estimated cost of
Rs.74930.000 millions. The company has signed MOU with Punjab State Power
Corporation Limited (PSPCL). The DPR is prepared by Lahmeyer International and
submitted to Punjab State Power Corporation Limited (PSPCL).
GVK Coal (Tokisud)
Company Private Limited
This company will
meet the coal requirement of Goindwal Sahib project @ 2.32 Mtpa. During the
year, the company has obtained Environmental Clearance for the revised capacity
of 2.32 Mtpa. The company has already obtained Stage-II Forest Clearance and in
pursuance of the compliance of the same has so far transferred 763 acres of
Compensatory Afforestation land in favour of Forest Department, Jharkhand, out
of 926 acres. The company has concluded Lease for 40 acres of Government land
with the Government of Jharkhand on 23.05.2013. The construction of railway
siding to enable the company to dispatch coal to Goindwal Sahib TPP is
progressing briskly with most of the approvals in place from East Central
Railway. The company has obtained required permissions under Coal Mines
Regulations, 1957 from Director General of Mines Safety for operating the mine,
construction of embankment etc. The Phase-I construction of R & R colony is
nearing completion. The coal mine is expected to be operational in the later
part of 2013-14.
Seregarha Mines
Limited
The company has
obtained Terms of Reference (ToR) from MoEF on May 24, 2013 for preparation of
Environmental Impact Assessment report. The consultant M/s EMTRC is working on
the preparation of Environment Impact Assessment (EIA) and Environment
Management Plan (EMP). The Feasibility report on the location of railway siding
submitted by M/s RITES has been approved by East Central Railway.
AIRPORTS
The company has
entered into an Operations and Management contract with the Airports Authority
of Indonesia, (Angkasa Pura Airports AP1). The Indonesian Government Airport
operator to manage the non-aeronautical commercial operations at Indonesia’s
second busiest Bali (Denpasar) International Airport.
TRANSPORTATION
GVK Deoli Kota
Expressway Private Limited
The company is a Special
Purpose Vehicle (SPV) for the augmentation of the existing 2 (two) lanes to
4(four) lanes, starting from Km 165.00 to Junction of National Highway No.76
(NH-76) on Kota Bypass (approximate length of 83.04 Km) on the Deoli – Kota
Section of National Highway No. 12 (NH-12) in the State of Rajasthan, India on
design, build, finance, operate and transfer (DBFOT) pattern under the National
Highways Development Program (Phase III).
Total cost of the
project is estimated to be at Rs.8234.500 millions with a debt / equity ratio
of 80:20. The company has entered into financing agreement for availing term
loan amounting to Rs.6587.600 millions with consortium of banks with Yes Bank
Limited as Lead Bank .Currently, the construction works for the project are in
progress.
GVK Bagodara Vasad
Expressway Private Limited
The company is a
Special Purpose Vehicle (SPV) to undertake Six laning of existing three lanes
for Bagodara – Wataman – Tarapur – Vasad Road SH-8, Km. 0/0 to Km 101/9 in the
State of Gujarat on Build, Operate and Transfer (BOT - Toll) Basis.
The total cost of
the project is estimated at Rs.11890.300 millions. The company has tied up
funds for the project in a Debt/ Equity ratio of 75:25. The estimated equity
contribution is Rs.2972.600 millions and the loan component is Rs.8917.700
millions. The company has entered into financing agreements for availing the
term loan with a consortium of banks and financial institutions; Axis Bank
Limited is the Lead Bank of the consortium. Construction works are in progress.
GVK Shivpuri Dewas
Expressway Private Limited
The Company has
signed a Concession Agreement on 12-01-2012 with National Highways Authority of
India (NHAI) for Four Laning of Shivpuri Dewas section of National Highway No 3
(from Km 236.000 to Km 566.450) for a length of 332.46 kms. In the State of
Madhya Pradesh to be executed as BOT (Toll) project on DBFOT Pattern under
National Highways Development Programme (NHDP) phase IV. The Concession Period
for the Project is for 30 years including construction period of 30 months. The
main Project Office at Guna established.
OTHERS:
GVK Oil and Gas
Limited:
You are aware that
the company in consortium with BHP Billiton, the largest diversified resources
company, has been awarded 7 deep water blocks under NELP VII. While 2D over /
under sysmic data acquisition and processing are completed the further
exploration has hit a road block has some of these are falling within the
Jurisdiction of Ministry of Defense informed by DGH that the Ministry of
Defense is in the process of granting additional clearances for some of the
blocks for proceeding further for exploration. The management of the company
after careful consideration of the ongoing process and time being taken by the
authorities for clearances as of the firm view to wait and watch before
infusing any further funds into this project.
GVK Oil and Gas
Limited
The company in
consortium with BHP Billiton, the largest diversified resource company, has
been awarded 7 deepwater blocks under NELP VII. The 2D Over/under seismic data
acquisition and processing in NELP VII blocks was completed in Calgary by
WesternGeco and Edcon. Complete set of final processed PSDM seismic data of MB
and KK blocks was received by the Company.
Future of Public
Private Partnership
The development of
infrastructure facilities is largely dependent on the ability of the government
to attract private capital under the public private partnership (PPP) model.
PPPs are the cornerstone for infrastructure development. This model has enabled
greater private participation in the creation and maintenance of
infrastructure. The pace of PPP projects is slowly picking up and many projects
are to be awarded this year. One immediate step taken by the Government is
setting up of the India Infrastructure Finance Company Limited to provide long
term debts to infrastructure projects. The Government is also giving a fillip
to infrastructure by delineating infrastructure as one of the key areas for
focus and development in the coming years.
FINANCIAL PERFORMANCE
REVIEW
Standalone
Financials
Revenue
The Company’s
total income, which comprises of income in the form of operating fees,
incentives, fees for technical services to Rs.5,801 lakhs as compared to
Rs.4,045 lakhs of the previous year.
FUTURE OUTLOOK
They endeavour to
contribute meaningfully to infrastructure development in India and seek to
aggressively place bids for the upcoming infrastructure projects to be
developed under Public Private Partnership mode. The Planning Commission, in
its approach paper has projected an investment of over Rs.45 lakh crores during
the Twelfth Plan (2012-17). It is projected that atleast 50% of this investment
will come from the private sector as against the 36% anticipated in the
Eleventh Plan. Financing infrastructure project will therefore, be a big
challenge in the coming years and will require some innovative ideas and
continued support from the Government.
The ever changing
equations in the economic and the free fall of rupee and the rate of inflation
are posing a big challenge across the business and to the Government. Managing
these appropriately, with more stringent and firm actions will help the country
to make further progress in the infrastructure development. The company aims to
contribute whatever it could do from its side for the better development of
infrastructure facilities. Raising finances in this tough time is posing a
tough challenge to everyone and the company is positive to meet all its
financial obligations in time by following best options available before it.
Keeping this in mind, the company carefully examines every opportunity that
comes before it while leaving the others which are not viable.
FIXED ASSETS:
·
Furniture and Fittings
·
Office Equipment
·
Vehicles
·
Data Processing Equipment
WEBSITE DETAILS:
PRESS RELEASES:
GVK’S KEVIN’S CORNER PROJECT GAINS FEDERAL GOVERNMENT APPROVAL UNDER THE
ENVIRONMENT PROTECTION AND BIODIVERSITY CONSERVATION ACT 1999 (EPBC)
With state and federal approvals, GVK Coal projects in most advanced
stage
Mumbai, November 1 2013: GVK welcomes the Federal
Government’s decision to grant environmental approval for its Kevin’s Corner
Project in Queensland.
In late 2011, GVK had acquired a 100% stake in
the Kevin’s Corner project in Queensland from Hancock Prospecting Pty. Limited
and a 79% stake in the Alpha Coal and Alpha West Coal projects.
When combined, the Galilee Basin projects will
create one of the largest coal mining operations in the world holding total
resources of 8 billion tonne and a peak capacity of around 80 million tonne per
annum.
Following a rigorous and thorough assessment
process by two levels of government spanning five years, Federal Environment
Minister Greg Hunt gave an approval decision to construct and operate the
Kevin’s Corner Coal Mine 50 kilometre north of the town of Alpha in Queensland.
In a timely and considered decision, the
Minister finely balanced the protection of environment with the need for
economic investment and job creation.
The Kevin’s Corner Project is an advanced coal
project and has a mine life in excess of 30 years with a capacity to produce up
to 30 million tonne per annum of export quality thermal coal.
Earlier, the Queensland Government had
provided environmental clearance for this project in May 2013 and the Alpha
Mine and Rail projects in 2012.
In August 2012, GVK’s Alpha Coal Project
gained Federal Government Approval under the Environment Protection and
Biodiversity Conservation Act 1999 (EPBC).
Following a rigorous and thorough assessment
process by two levels of government spanning four years, Federal Environment
Ministry gave an approval decision to construct and operate the Alpha Coal Mine
and a railway line between the mine and the port at Abbot Point, near Bowen.
In October 2012, GVK received Federal
Government’s Approval of its Terminal 3 (T3) Development at the Port of Abbot
Point, near Bowen, under the Environment Protection and Biodiversity
Conservation Act 1999 (EBPC Act).
Construction is expected to start on the
Kevin’s Corner project in 2015 with first coal being produced in 2018.
These projects will offer superior quality low
ash, low sulphur and low gas thermal coal, to be reliably exported mainly to
Asian destinations.
“We commend the Federal Government on its thorough
environmental assessment process and its decision to approve this significant
project that will create immense employment opportunities,” said Dr. GVK Reddy,
Founder Chairman and Managing Director, GVK Power and Infrastructure Limited.
“This approval comes as a major milestone
towards our goal of becoming the premier and most reliable coal supplier to the
world thus enabling better lives.
“It further strengthens our commitment to deliver
world-class infrastructure projects in a timely and responsible manner,” said
Dr. Reddy.
Speaking on the development, Mr. G V Sanjay
Reddy, Vice Chairman, GVK Power and Infrastructure Limited said, “We welcome
the Federal Government’s approval.”
“Ultimately, we believe the overall assessment
process has resulted in best practice environmental protection outcomes, a
positive signal for future investments and job creation, which we support
completely.
“As coal developers, we are uniquely placed,
as we possess the Federal and State Government approvals that integrate our
mine, rail and port projects that will definitely help in the opening up of the
Galilee Basin.
“Our projects represent one of the most
significant pieces of regional and economic development this state has seen for
decades,” said Mr. Sanjay Reddy.
GVK’s Galilee Basin projects will provide
direct and indirect employment to around 7,000 people during construction and
direct and indirect employment to around 20,000 people once operational
throughout the region, state and the nation.
The project also represents a total investment
of around $42 billion in tax and royalties to the Queensland and Federal
governments over the life of the projects.
About GVK
GVK is a leading Indian conglomerate with a
presence across energy, resources, airports, transportation, hospitality and
life sciences sectors. GVK set up India’s first independent power plant and has
around 6,000 MW of projects under generation and development. It is the first
company in India to develop a six-lane road project under PPP model and has
around 3,000 lane km expressway projects under operations and development. As
one of India’s largest private sector airport operators, GVK handles around 44
mppa through India’s first brownfield airport under a PPP model - Chhatrapati
Shivaji International Airport in Mumbai and Bengaluru International Airport, Bangalore, and will
develop two airports in Indonesia. Having already invested over USD 4.3
billion, GVK has projects worth over another USD 6.6 billion in the pipeline in
India. It has acquired Australian Coal Mines in Queensland with 8 bt reserves
for USD 1.26 billion and envisages an investment of USD 10 billion for setting
up mines, 500 km rail link and a 60 mtpa port project which will form one of
the world’s largest integrated coal mining operations.
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.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.