MIRA
INFORM REPORT
|
Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KARNATAKA POWER TRANSMISSION CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Cauvery Bhavan K. G. Road, Bangalore-560009, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.07.1999 |
|
|
|
|
Com. Reg. No.: |
08-025521 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11232.625
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40109KA1999SGC025521 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK05714C/BLRK05853B/BLRK05565A/BLRK05387E/BLRK05229A/BLRK04895C BLRK04906G/BLRK04733B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK7281M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of power transmission within the
state of Karnataka. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 86900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a 100% “Government of Karnataka” entity (transmission
utility) unbundled from erstwhile Karnataka Electricity Board (KEB), as a
part of power sector reform in the state of Karnataka. It is a well-established company having a good track record. The
profitability of the company appears to be low. The borrowings are huge. However, it received better support from the government. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitments. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A – [Long term bank facilities] |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
26.04.2012 |
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 : |
Cauvery Bhavan, |
|
Tel. No.: |
91-80-22277396 |
|
Fax No.: |
91-80-22277396 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Ms. Shobha Mannappa Gowder Karandlaje |
|
Designation : |
Chairman |
|
Address : |
No. 18, Crescent Road, Srikanthaiah Layout, High Grounds,
Bangalore-560001, Karnataka, India |
|
Date of Birth/Age : |
23.10.1966 |
|
Date of Appointment : |
23.09.2010 |
|
Din No.: |
01368238 |
|
|
|
|
Name : |
Selvakumar Seerangarayan |
|
Designation : |
Managing Director |
|
Address : |
Deputy Commissioner Official Residence, Jala Kannika, Vinoba Road,
Mysore-570005, Karnataka, India |
|
Date of Birth/Age : |
01.07.1968 |
|
Date of Appointment : |
29.08.2012 |
|
Din No.: |
00962240 |
|
|
|
|
Name : |
Narasimha Raju Narasappa Doddahosahalli |
|
Designation : |
Director |
|
Address : |
222/A, Second Main Mahalakshmi Layout, Bangalore-560086, Karnataka,
India |
|
Date of Birth/Age : |
28.04.1956 |
|
Date of Appointment : |
03.02.2012 |
|
Din No.: |
01070476 |
|
|
|
|
Name : |
Mr. Pradeep Singh Kharola |
|
Designation : |
Director |
|
Address : |
No. 12-C, 1-B, Main 14-C Cross, Sector 6, HSR Layout,
Bangalore-560034, Karnataka, India |
|
Date of Birth/Age : |
15.09.1961 |
|
Date of Appointment : |
25.07.2012 |
|
Din No.: |
05347746 |
|
|
|
|
Name : |
Ms. Aditi Raja |
|
Designation : |
Director |
|
Address : |
184/10, |
|
Date of Birth/Age : |
18.09.1959 |
|
Date of Appointment : |
22.08.2003 |
|
Din No.: |
00164313 |
|
|
|
|
Name : |
Mysore Narayanarao Vidyashankar |
|
Designation : |
Director |
|
Address : |
No. 173, Phase I, 3rd Cross, Girinagar, Bangalore-560085,
Karnataka, India |
|
Date of Birth/Age : |
29.01.1954 |
|
Date of Appointment : |
25.07.2012 |
|
Din No.: |
01023267 |
|
|
|
|
Name : |
Munivenkatappa Nagaraja |
|
Designation : |
Director |
|
Address : |
29/1, 2nd Cross, Kanakanapalya, 4th Block,
Jayanagar, Bangalore-560011, Karnataka, India |
|
Date of Birth/Age : |
08.10.1956 |
|
Date of Appointment : |
17.12.2008 |
|
Din No.: |
02893520 |
|
|
|
|
Name : |
Mr. Sumanth Shankar Rao |
|
Designation : |
Whole Time Director |
|
Address : |
No. 234, 6th Main Jayanagar, 4th Block, Bangalore-560011,
Karnataka, India |
|
Date of Birth/Age : |
01.12.1956 |
|
Date of Appointment : |
18.01.2012 |
|
Din No.: |
00349212 |
|
|
|
|
Name : |
Muddu Mohan |
|
Designation : |
Whole Time Director |
|
Address : |
No. 1233, 2nd Stage, Chandra Layout, Vijayanagar,
Bangalore-560040, Karnataka, India |
|
Date of Birth/Age : |
01.08.1955 |
|
Date of Appointment : |
03.02.2012 |
|
Din No.: |
02349233 |
|
|
|
|
Name : |
Shivaraam Kempaiah |
|
Designation : |
Director |
|
Address : |
681, 9th Cross, Mahalaxmi Puram, West of Chord Road,
Bangalore-560086, Karnataka, India |
|
Date of Birth/Age : |
06.04.1953 |
|
Date of Appointment : |
03.02.2012 |
|
Din No.: |
00850683 |
|
|
|
|
Name : |
Mr. Mahadev Rudrappa Kamble |
|
Designation : |
Director |
|
Address : |
No. 394, 2nd Cross, 2nd Main, 2nd
Block, 2nd Stage, RMV Extension, Bangalore-560094, Karnataka,
India |
|
Date of Birth/Age : |
01.06.1956 |
|
Date of Appointment : |
09.02.2012 |
|
Din No.: |
01501183 |
|
|
|
|
Name : |
Venkata Siva Reddy |
|
Designation : |
Director |
|
Address : |
# 75/ 3, 3rd Cross, 5th Phase, 5th
Block, BSK 3rd Stage, Bangalore-560085, Karnataka, India |
|
Date of Birth/Age : |
02.10.1954 |
|
Date of Appointment : |
21.10.2011 |
|
Din No.: |
05124568 |
|
|
|
|
Name : |
Nagarajan Lalgudi Venkataraman |
|
Designation : |
Director |
|
Address : |
No. 52, 5-A Cross, 16th Main II Stage, BTM Layout,
Bangalore-560076, Karnataka, India |
|
Date of Birth/Age : |
13.07.1955 |
|
Date of Appointment : |
24.03.2010 |
|
Din No.: |
00151624 |
|
|
|
|
Name : |
Sivanaiah Sivamallu |
|
Designation : |
Director |
|
Address : |
No. 15, 1st Cross, 3rd Main Srinidhi Layout,
Srinivasa Garden, Konankunte, Bangalore-560062, Karnataka, India |
|
Date of Birth/Age : |
24.06.1947 |
|
Date of Appointment : |
15.12.2009 |
|
Din No.: |
02926029 |
|
|
|
|
Name : |
Ponnaiah Manivannan |
|
Designation : |
Director |
|
Address : |
C-17, I Cross, Vasanth Nagar, Bangalore-560001, Karnataka, India |
|
Date of Birth/Age : |
27.11.1972 |
|
Date of Appointment : |
30.10.2010 |
|
Din No.: |
03348567 |
KEY EXECUTIVES
|
Name : |
Mr. R. Sridhara |
|
Designation : |
Secretary |
|
Address : |
# 22, 2nd Main, Basaveswara HBCS Layout, Near BTS Depot,
Vijayanagar, Bangalore-560040, Karnataka, India |
|
Date of Birth/Age : |
15.03.1958 |
|
Date of Appointment : |
28.08.2000 |
|
Pan No.: |
AESPS6046L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Honourable Governor State of Karnataka, India |
|
11232618 |
|
Narasimha Raju Narasappa Doddahosahalli |
|
1 |
|
Aditi Raja |
|
1 |
|
Mahadev Rudrappa Kamble |
|
1 |
|
Ponnaiah Manivannan |
|
1 |
|
Sumanth Shankar Rao |
|
1 |
|
Selvakumar Seerangarayan |
|
1 |
|
Nagarajan Lalgudi Venkataraman |
|
1 |
|
|
|
|
|
TOTAL
|
|
11232625 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Government
[Central and States] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of power transmission within the
state of Karnataka. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rao and Swami Chartered Accountants |
|
Address : |
2/1, Connaught Road, Bangalore-560052, Karnataka, India |
|
PAN No: |
AABFR4904P |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.1000/- each |
Rs.20000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11232625 |
Equity Shares |
Rs.1000/- each |
Rs.11232.625
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11232.625 |
6903.225 |
6903.225 |
|
|
2] Share Application Money |
5520.600 |
8850.000 |
4850.000 |
|
|
3] Reserves & Surplus |
4995.205 |
4221.382 |
3459.318 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21748.430 |
19974.607 |
15212.543 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
45222.051 |
45103.879 |
51820.599 |
|
|
2] Unsecured Loans |
7172.404 |
5489.165 |
167.032 |
|
|
TOTAL BORROWING |
52394.455 |
50593.044 |
51987.631 |
|
|
DEFERRED TAX LIABILITIES |
2742.898 |
2742.898 |
2742.899 |
|
|
SERVICE LINE AND SECURITY DEPOSITS |
0.000 |
0.000 |
669.383 |
|
|
|
|
|
|
|
|
TOTAL |
76885.783 |
73310.549 |
70612.456 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
68282.701 |
63294.965 |
55026.785 |
|
|
Capital work-in-progress |
17895.307 |
17717.287 |
29222.293 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1082.071
|
1060.875 |
1011.404 |
|
|
Sundry Debtors |
2029.905
|
2448.422 |
2640.864 |
|
|
Cash & Bank Balances |
1738.118
|
3930.425 |
1637.723 |
|
|
Other Current Assets |
28181.671
|
30905.474 |
22499.293 |
|
|
Loans & Advances |
1259.767
|
1993.562 |
590.857 |
|
Total
Current Assets |
34291.532
|
40338.758 |
28380.141 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16880.570
|
15889.167 |
14815.030 |
|
|
Other Current Liabilities |
25528.977
|
30723.626 |
26273.990 |
|
|
Provisions |
1174.210
|
1427.668 |
1099.588 |
|
Total
Current Liabilities |
43583.757
|
48040.461 |
42188.608 |
|
|
Net Current Assets |
(9292.225)
|
(7701.703) |
(13808.467) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
171.845 |
|
|
|
|
|
|
|
|
TOTAL |
76885.783 |
73310.549 |
70612.456 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16630.083 |
14268.141 |
9255.526 |
|
|
|
Other Income |
229.810 |
280.274 |
3063.337 |
|
|
|
TOTAL (A) |
16859.893 |
14548.415 |
12318.863 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Power Purchase and Wheeling Charges |
5.371 |
11.537 |
|
|
|
|
Employee Cost |
4892.712 |
3867.926 |
|
|
|
|
Repairs and Maintenance |
856.477 |
709.090 |
3836.490 |
|
|
|
Administrative and Other Expenses |
369.598 |
310.744 |
|
|
|
|
Other Expenses |
1185.117 |
1101.562 |
|
|
|
|
Prior Period Credits/ Charges |
50.638 |
172.304 |
|
|
|
|
Exceptional Items |
(50.623) |
0.000 |
|
|
|
|
TOTAL (B) |
7309.290 |
6173.163 |
3836.490 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9550.603 |
8375.252 |
8482.373 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4968.217 |
4289.015 |
4837.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4582.386 |
4086.237 |
3645.342 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4495.327 |
4069.889 |
3585.707 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
87.059 |
16.348 |
59.635 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.400 |
7.656 |
(25.158) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
76.659 |
8.692 |
84.793 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1786.798 |
1702.005 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1795.490 |
1786.798 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Spare Parts and Capital Goods |
0.000 |
0.000 |
NA |
|
|
|
Capital Goods |
0.000 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
9.84 |
1.26 |
-- |
|
|
|
Diluted |
4.82 |
0.58 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.45
|
0.05 |
0.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.52
|
0.11 |
0.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.08
|
0.02 |
0.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.01 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.41
|
2.53 |
3.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
0.84 |
0.67 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
HIGH COURT OF KARNATAKA
QUERY ON CASE NUMBER
|
ITA (INCOME TAX APPEAL) CASE NO.:
108
CASE YEAR: 2012 HIGH COURT OF
KARNATAKA – PRINCIPAL BENCH AT BANGALORE ITA 108/2012 CASE PENDING
STAGE:
HEARING
LAST POSTED FOR ADMISSION LAST ACTION
TAKEN: ADMIT/RULE LAST DATE OF ACTION: 31.05.2012 NEXT HEARING DATE BEFORE HON’BLE
JUDGE/S: D.V. SHYLENDRA KUMAR
B. SREENIVASE GOWDA COURT DETAILS [APPEAL
FROM BELOW CASE]
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U40109KA1999SGC025521 |
|
Name of the
company |
KARNATAKA POWER
TRANSMISSION CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
Cauvery Bhavan, |
|
Type of charge |
Movable Property
[not being pledge] |
|
Particular of
charge holder |
Vijaya Bank, K.G. Road Branch, Bangalore-560009, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement |
|
Date of
instrument Creating the charge |
10.09.2012 |
|
Amount secured by
the charge |
Rs.1500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate +0.25%
+(0.25)TP i.e., presently 10.95% floating Terms of Repayment Period:13 year
including a moratorium of 3 years Repayment: To be
repaid in 40 equal quarterly installments after moratorium of 3 years from
the date of first disbursement. Interest to be
serviced monthly as and when debited Margin 20% Extent and Operation of the charge First Charge |
|
Short particulars
of the property charged |
Assets listed to
the hypothecation Agreement |
CONTINGENT LIABILITY AND COMMITMENTS [TO THE EXTENT NOT PROVIDED FOR]:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Claims against the company not
acknowledged as debts: |
|
|
|
Claims in respect
of land acquisition cases |
51.300 |
90.500 |
|
TDS in respect of
the assessment year 2005-06 to 2007-08, disputed by the company and the
matter before the Hon’ble High Court of Karnataka |
45.400 |
45.400 |
|
Price variation
claims from contractors/ suppliers |
41.200 |
0.000 |
|
Others |
183.800 |
184.600 |
|
Commitments Estimated amount
of contracts remaining to be executed on capital account and not provided for
|
47480.000 |
36313.900 |
|
TOTAL |
47801.700 |
36634.400 |
FIXED ASSETS:
- Land and Rights
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Buildings
- Hydraulic Works
WEBSITE DETAILS:
HISTORY:
The erstwhile
The generating capacity of the Shivasamudram Power House
gradually increased to 42 MW in stages. To meet the increasing demand for
power, the Shimsha Generating Station, with an installed capacity of 17.2 M.W,
was commissioned in the year 1938. The power demand was ever on the increase,
for industries and rural electrification, and additions to generating became
imperative. The 1st stage of 48 MW and 2nd stage of 72 MW
of the Mahatma Gandhi Hydro-Electric Station were commissioned during 1948 and
1952, respectively.
Subsequently, the Bhadra Project, with an installed capacity
of 33.2 MW, and the Thungabhadra Left Bank Power House, with an installed
capacity of 27 MW at Munirabad were commissioned during 1964 and 1965,
respectively.
The State of
The demand for power saw a phenomenal increase in the mid
sixties and onwards with the setting up of many public sector and private
industries in the State. As power generation in the State was entirely
dependent on monsoon and was subject to its vagaries, the State Government set
up a coal based power plant at Raichur. The present installed capacity of the
power plant at Raichur is 1260 MWs.
To augment the energy resources of the State, the Kalinadi
Project with an installed capacity of 810MW at Nagjhari Power House and 100 MW
at Supa Dam Power House, with an energy potential of 4,112 Mkwh, were set up.
The transmission and distribution system in the State was
under the control of the Government of Karnataka (then
Till the year 1986, KEB was a profit making organisation.
However, in the subsequent years, like other State Electricity Boards in the
country, KEB also started incurring losses, mainly due to the increase in
agricultural consumption and due to the implementation of the socio economic
policies of the Government, the performance of the power sector was affected.
To improve the performance of the power sector and in tune
with the reforms initiated by Government of India, the Government of Karnataka
came out with a general policy proposing fundamental and radical reforms in the
power sector. Accordingly a bill, namely Karnataka Electricity Reforms Act was
passed by the Karnataka Legislature. The Reform bill has mandated major
restructuring of the Karnataka Electricity Board and its Corporatisation. As
part of Corporatisation, the Karnataka Electricity Board ceased to exist and
the Karnataka Power Transmission Corporation Limited to look after Transmission
and Distribution in the State and VVNL (Visweshwaraiah Vidyuth Nigama Limited)
to look after the generating stations under the control of erstwhile Karnataka
Electricity Board were constituted from 01.08.99.
PROFILE:
Subject is a registered company under the Companies Act, 1956 was incorporated on 28-7-1999 and is a company wholly owned by the Government of Karnataka with an authorised share capital of Rs. 10000.000 Millions. KPTCL was formed on 1-8-1999 by carving out the Transmission and Distribution functions of the erstwhile Karnataka Electricity Board.
Subject is headed by a Chairman and Managing Director at the corporate office. He is assisted by four functional Directors. The Board of KPTCL consists of a maximum of twelve directors.
Subject is mainly vested with the functions of Transmission
and Distribution of power in the entire State of
Subject also purchases power from Central Government owned generating stations like National Thermal Power Corporation, Neyvelli Lignite Corporation and the Atomic Power Stations at Kalpakkam and Kaiga. The approximate share of power from these generating stations is around 16%.
Subject serves nearly 14.600 Millions consumers of different
categories spread all over the State covering an area of 0.192 Millions square
kilometres. To transmit and distribute power in the State, it operates nearly
684 sub-stations, 28,000 Kms of transmission lines with voltages of 33 KV and
above, nearly 1,30,000 Kms of 11 KV lines, 1,50,000 distribution transformers
and 3,57,000 Kms of LT lines. One Rural Electric Co-operative Society is
functioning in Hukkeri taluk,
The annual turnover of the Organisation was nearly Rs. 40000.000 Millions during the year 2000-01.
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 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.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.