MIRA INFORM REPORT

Report Date :

08.04.2014

IDENTIFICATION DETAILS

Name :	GUJARAT WATER INFRASTRUCTURE LIMITED (w.e.f. 15.03.2001)
Formerly Known As :	GUJARAT STATE DRINKING WATER INFRASTRUCTURE COMPANY LIMITED
Registered Office :	Dr Jivraj Mehta Bhavan, Block No. 1, First Floor, Sector 10, Gandhinagar – 382010, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.10.1999
Com. Reg. No.:	04-036777
Capital Investment / Paid-up Capital :	Rs. 1299.701 Millions
CIN No.: [Company Identification No.]	U41000GJ1999SGC036777
TAN No.: [Tax Deduction & Collection Account No.]	AHMG02183G
PAN No.: [Permanent Account No.]	AABCG2341N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of bulk water transmission through pipeline network in the geographical area of Gujarat.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 86670000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a Gujarat State Government Company having satisfactory track record. The company possesses a favourable financial profile marked by healthy net worth base and a sound liquidity position. Management has reported a huge loss incurred from its operations, however is mitigated due to the strong support it receives from Gujarat Government. Trade relations are fair. Business is active. Payment terms are reported as slow but 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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.

INFORMATION DECLINED

ANAGEMENT NON-COOPERATIVE (Tel. No.: 91-79-23239537)

LOCATIONS

Registered Office :	Dr Jivraj Mehta Bhavan, Block No. 1, First Floor, Sector 10, Gandhinagar – 382010, Gujarat, India
Tel. No. :	91-79-23239537
Fax No. :	91-79-23222396
E-Mail :	gwilcompany@rediffmail.com

DIRECTORS

As on 31.12.2013

Name :

Dr. Vinodkumar Maneklal Yagnik

Designation :

Director

Address :

"Ohm", Bunglow, Harinagar Gotri Road, Baroda – 390021, Gujarat, India

Date of Birth/Age :

07.03.1957

Date of Appointment :

10.09.2013

DIN No. :

00019438

Name :

Mr. Lalnunmawia Chuaungo

Designation :

Director

Address :

GIPCL House, Near Amar Complex, Sama Road, Vadodara – 390008, Gujarat, India

Qualification :

IAS

Date of Appointment :

25.08.2011

DIN No. :

00032867

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999GJ1985PLC007868	GUJARAT INDUSTRIES POWER COMPANY LIMITED	Managing director	01/05/2010	01/05/2003	-	Active	NO
2	U23100GJ1999SGC035573	GSPC GAS COMPANY LIMITED	Nominee director	20/05/2013	23/06/2003	-	Active	NO
3	U40100GJ1999SGC036018	GUJARAT ENERGY TRANSMISSION CORPORATION LIMITED	Director	05/03/2004	05/03/2004	13/07/2011	Active	NO
4	U40102GJ2003SGC042907	MADHYA GUJARAT VIJ COMPANY LIMITED	Director	15/10/2004	15/10/2004	13/07/2011	Active	NO
5	U40102GJ2003SGC042909	DAKSHIN GUJARAT VIJ COMPANY LIMITED	Director	01/11/2004	01/11/2004	13/07/2011	Active	NO
6	U40100GJ1993SGC019988	GUJARAT STATE ELECTRICITY CORPORATION LIMITED	Director	30/11/2004	30/11/2004	01/08/2011	Active	NO
7	U40109GJ2004SGC045195	GUJARAT URJA VIKAS NIGAM LIMITED	Nominee director	09/09/2011	22/12/2004	-	Active	NO
8	U63020GJ1998PLC035039	GUJARAT GREEN REVOLUTION COMPANY LIMITED	Director	07/05/2005	07/05/2005	26/07/2011	Active	NO
9	U40100GJ1990SGC013961	GUJARAT POWER CORPORATION LIMTED	Nominee director	12/09/2011	19/02/2007	-	Active	NO
10	U40102GJ2003SGC042906	UTTAR GUJARAT VIJ COMPANY LIMITED	Director	26/12/2007	02/05/2007	03/08/2011	Active	NO
11	U40102GJ2007SGC051396	BHAVNAGAR ENERGY COMPANY LIMITED	Director	07/12/2011	26/07/2007	-	Active	NO
12	U40100GJ1998SGC035212	GUJARAT STATE ENERGY GENERATION LIMITED	Director	26/09/2007	25/09/2007	18/07/2011	Active	NO
13	U40100GJ2006SGC047783	GSPC PIPAVAV POWER COMPANY LIMITED	Nominee director	29/12/2012	26/09/2007	-	Active	NO
14	U40102OR2008SGC009955	BAITARNI WEST COAL COMPANY LIMITED	Director	28/04/2008	28/04/2008	08/06/2011	Active	NO
15	U60200GJ2010SGC059407	METRO-LINK EXPRESS FOR GANDHINAGAR AND AHMEDABAD (MEGA) COMPANY LIMITED	Director	26/07/2011	26/07/2011	04/03/2014	Active	NO
16	U74900GJ2010SGC060349	GUJARAT LIVELIHOOD PROMOTION COMPANY LIMITED	Nominee director	08/08/2011	08/08/2011	13/07/2013	Active	NO
17	U65910GJ1980SGC003957	THE GUJARAT STATE CIVIL SUPPLIES CORPORATION LIMITED	Director	23/08/2011	23/08/2011	06/09/2011	Active	NO
18	U41000GJ1999SGC036777	GUJARAT WATER INFRASTRUCTURE LIMITED	Director	25/08/2011	25/08/2011	-	Active	NO
19	U91110GJ1969SGC001582	GUJARAT AGRO-INDUSTRIES CORPORATION LIMITED	Director	08/09/2011	08/09/2011	28/09/2011	Active	NO
20	U64990GJ1988SGC010307	GUJARAT STATE INVESTMENT LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
21	U67120GJ1998SGC033768	GSFS CAPITAL AND SECURITIES LIMITED	Director	25/03/2013	27/09/2011	-	Active	NO
22	U65910GJ1992SGC018602	GUJARAT STATE FINANCIAL SERVICES LTD	Director	27/09/2011	27/09/2011	-	Active	NO
23	U23203GJ2007SGC050115	GSPC LNG LIMITED	Director	29/12/2012	08/12/2011	-	Active	NO
24	U45201GJ2000PLC038035	CREATIVE INFOCITY LIMITED	Nominee director	16/12/2011	16/12/2011	-	Active	NO
25	U74999GJ2012PLC071761	GIPCL PROJECTS AND CONSULTANCY COMPANY LIMITED	Director	30/08/2012	30/08/2012	-	Active	NO
26	U85110GJ2012SGC071667	GUJARAT MEDICAL SERVICES CORPORATION LIMITED	Director	26/12/2012	26/12/2012	04/03/2014	Active	NO

Name :

Mr. Satyanarayan Shivsinhji Rathore

Designation :

Director

Address :

Sector - 2A, Plot No. 54.2, Gandhinagar - 382007, Gujarat, India

Date of Birth/Age :

15.03.1956

Qualification :

BE, Civil

Date of Appointment :

27.06.2012

DIN No. :

00128987

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status
1	U65990GJ1999PLC036086	GUJARAT ROAD AND INFRASTRUCTURE COMPANY LIMITED	Director	22/03/2001	22/03/2001	-	Active
2	U45201GJ1992GOI018678	GUJARAT GROWTH CENTRES DEVELOPMENT CORPORATION LTD	Director	28/12/2001	28/12/2001	03/11/2007	Active
3	U99999GJ1997SGC032623	GUJARAT NATIONAL HIGHWAYS LIMITED	Director	28/01/2002	28/01/2002	24/08/2007	Strike off
4	U45300GJ1971SGC001892	GUJARAT WATER RESOURCES DEVELOPMENT CORPORATION LIMITED	Nominee director	21/05/2007	21/05/2007	03/09/2007	Active
5	U45200GJ1999SGC035995	GUJARAT STATE ROAD DEVELOPMENT CORPORATION LIMITED	Director	18/02/2009	18/02/2009	-	Active
6	U45201GJ1988SGC011453	GUJARAT STATE POLICE HOUSING CORPORATION LIMITED	Nominee director	18/05/2009	18/05/2009	-	Active
7	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	29/06/2009	29/06/2009	-	Active
8	U75140GJ1999SGC036051	GUJARAT URBAN DEVELOPMENT COMPANY LIMITED	Nominee director	24/05/2010	24/05/2010	-	Active
9	U62100GJ2012SGC068709	DHOLERA INTERNATIONAL AIRPORT COMPANY LIMITED	Director	20/01/2012	20/01/2012	-	Active
10	U41000GJ1999SGC036777	GUJARAT WATER INFRASTRUCTURE LIMITED	Director	27/06/2012	27/06/2012	-	Active

Name :

Mr. Shailesh Janardan Desai

Designation :

Nominee Director

Address :

B/01/001, Anupam Apartment, Near Shabari Apartment, Vastrapur, Ahmedabad – 380015, Gujarat, India

Qualification :

IAS

Date of Appointment :

10.06.2005

DIN No. :

00173456

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Whole-time director	16/04/2003	16/04/2003	13/02/2009	Active	NO
2	U63020GJ1998PLC035039	GUJARAT GREEN REVOLUTION COMPANY LIMITED	Director	25/08/2010	07/05/2005	-	Active	NO
3	U41000GJ1999SGC036777	GUJARAT WATER INFRASTRUCTURE LIMITED	Nominee director	10/06/2005	10/06/2005	-	Active	NO
4	U45300GJ1971SGC001892	GUJARAT WATER RESOURCES DEVELOPMENT CORPORATION LIMITED	Director	06/08/2012	06/08/2012	-	Active	NO

Name :

Mr. Rashmikant Bhupendra Sheth

Designation :

Director

Address :

C-105, Nisarg Complex, Diwalipura, Behind Vaccine Institute, Baroda – 390015,

Gujarat, India

Date of Birth/Age :

02.06.1949

Qualification :

ME

Date of Appointment :

27.06.2012

DIN No. :

00203771

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U41000GJ1999SGC036777	GUJARAT WATER INFRASTRUCTURE LIMITED	Director	27/06/2012	23/08/2002	Active	NO

Name :

Mr. Ashim Khurana

Designation :

Director

Address :

Flat No. 33, SFS Munirka Enclave, New Delhi – 110067, India

Qualification :

IAS

Date of Appointment :

25.08.2011

DIN No. :

03497444

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200GJ1988SGC010493	SARDAR SAROVAR NARMADA NIGAM LIMITED	Nominee director	03/01/2011	03/01/2011	Active	NO
2	U63020GJ1998PLC035039	GUJARAT GREEN REVOLUTION COMPANY LIMITED	Director	02/09/2013	04/07/2011	Active	NO
3	U41000GJ1999SGC036777	GUJARAT WATER INFRASTRUCTURE LIMITED	Director	25/08/2011	25/08/2011	Active	NO

Name :

Mr. Rajivkumar Sheorajsingh Gupta

Designation :

Managing Director

Address :

GB-18, Sector-9, Gandhinagar – 380009, Gujarat, India

Qualification :

IAS

Date of Appointment :

14.08.2012

DIN No. :

03575316

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U93090GJ1988SGC011118	GUJARAT WOMAN ECONOMIC DEVELOPMENT CORPORATION LIMITED	Director	06/04/2008	06/04/2008	02/03/2009	Dormant	NO
2	U65910GJ1980SGC003957	THE GUJARAT STATE CIVIL SUPPLIES CORPORATION LIMITED	Managing director	12/07/2011	12/07/2011	20/08/2012	Active	NO
3	U41000GJ1999SGC036777	GUJARAT WATER INFRASTRUCTURE LIMITED	Managing director	14/08/2012	14/08/2012	-	Active	NO
4	U75140GJ1999SGC036051	GUJARAT URBAN DEVELOPMENT COMPANY LIMITED	Nominee director	27/09/2012	27/09/2012	-	Active	NO
5	L24110GJ1976PLC002903	GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED	Managing director	02/05/2013	02/05/2013	-	Active	NO
6	U99999GJ1992PLC017798	GUJARAT CHEMICAL PORT TERMINAL COMPANY LIMITED	Additional director	24/05/2013	24/05/2013	-	Active	NO
7	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director appointed in casual vacancy	25/07/2013	25/07/2013	-	Active	NO

Name :

Mr. Ravindrakumar Shankarlal Solanki

Designation :

Director

Address :

174-1, Sector 1-B, Gandhinagar – 382001, Gujarat, India

Qualification :

BE, Mechanical

Date of Appointment :

25.08.2011

DIN No. :

03618829

Name :

Mr. Mahesh Avadhesh Singh

Designation :

Director

Address :

Flat-1, Megh Mayur Plaza, Parle Point, Surat – 395002, Gujarat, India

Date of Birth/Age :

01.01.1964

Qualification :

IFS

Date of Appointment :

22.11.2011

DIN No. :

05147001

Name :

Mr. Jayantibhai Bholidas Patel

Designation :

Director

Address :

84.2, Sector-2A, Gandhinagar – 382007, Gujarat, India

Date of Birth/Age :

01.06.1954

Date of Appointment :

10.09.2013

DIN No. :

06706506

KEY EXECUTIVES

Name :	Mr. Arvind Gaudana
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Names of Shareholders	No. of Shares
Governor of Gujarat Representative Anand Zinzala	129970000
Rajiv Kumar Gupta	10
Mahesh Singh	10
Ravi Solanki	20
J.M. Zala	10
A.R. Raval	10
R.S. Patani	10
Total	129970070

Allottees as on

As on 31.12.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government [Central and State]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of bulk water transmission through pipeline network in the geographical area of Gujarat.

Products :

Item Code No. (ITC Code)	Product Description
99532300	Water Infrastructure

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Punjab National Bank

Banking Relations :	--
Auditors :
Name :	Dinesh K Shah and Company Chartered Accountants
Address :	507 Hemkoot Building, B/H L I C Building, Ashram Road, Ahmedabad, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AMDPS6521P

CAPITAL STRUCTURE

After 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
137,520,070	Equity Shares	Rs.10/- each	Rs. 1375.201 Millions

As on 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
129,970,070	Equity Shares	Rs.10/- each	Rs. 1299.701 Millions

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	1249.201	1249.201	1161.701
(b) Reserves & Surplus	20367.353	11643.945	10004.584
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	50.750	50.000	37.500
Total Shareholders’ Funds (1) + (2)	21667.304	12943.146	11203.785
(3) Non-Current Liabilities
(a) long-term borrowings	14663.626	773.759	665.043
(b) Deferred tax liabilities (Net)	1.918	1.265	1.011
(c) Other long term liabilities	30.450	39.273	54.465
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14695.994	814.297	720.519
(4) Current Liabilities
(a) Short term borrowings	0.000	276.179	135.230
(b) Trade payables	481.030	217.174	115.677
(c) Other current liabilities	197.616	80.380	8.552
(d) Short-term provisions	142.435	9.305	0.000
Total Current Liabilities (4)	821.081	583.038	259.459
TOTAL	37184.379	14340.481	12183.763
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2199.454	2530.012	2908.797
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	28051.026	6941.633	3870.969
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	189.779	87.671	71.845
(e) Other Non-current assets	1016.005	701.489	716.143
Total Non-Current Assets	31456.264	10260.805	7567.754
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1092.457	958.596	566.517
(d) Cash and cash equivalents	4562.578	1386.682	2905.449
(e) Short-term loans and advances	73.080	1734.398	1144.043
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5728.115	4079.676	4616.009
TOTAL	37184.379	14340.481	12183.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2311.924	1935.763	1668.789
		Other Income	528.852	711.368	501.113
		TOTAL (A)	2840.776	2647.131	2169.902
Less	EXPENSES
		Cost of Materials Consumed	2646.285	2159.437	1597.309
		Employees benefits expense	46.947	32.396	18.419
		Other expenses	42.479	38.928	47.238
		Exceptional Items	7.058	(22.059)	(35.746)
		TOTAL (B)	2742.769	2208.702	1627.220
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		98.007	438.429	542.682
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		98.007	438.429	542.682
Less/ Add	DEPRECIATION/ AMORTISATION (F)		332.541	383.933	442.908
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(234.534)	54.496	99.774
Less	TAX (H)		0.653	12.820	26.716
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(235.187)	41.676	73.058
	Earnings / (Loss) Per Share (Rs.)		(1.88)	0.36	0.66

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(8.28)	1.57	3.37
Net Profit Margin (PBT/Sales)	(%)	(10.14)	2.82	5.98
Return on Total Assets (PBT/Total Assets}	(%)	(2.57)	0.74	1.20
Return on Investment (ROI) (PBT/Networth)		0.01)	0.00	0.01
Debt Equity Ratio (Total Debt/Networth)		0.68	0.08	0.07
Current Ratio (Current Asset/Current Liability)		6.98	7.00	17.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1161.701	1249.201	1249.201
Reserves & Surplus	10004.584	11643.945	20367.353
Share Application money pending allotment	37.500	50.000	50.750
Net worth	11203.785	12943.146	21667.304
long-term borrowings	665.043	773.759	14663.626
Short term borrowings	135.230	276.179	0.000
Total borrowings	800.273	1049.938	14663.626
Debt/Equity ratio	0.071	0.081	0.677

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1668.789	1935.763	2311.924
		15.998	19.432

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1668.789	1935.763	2311.924
Profit	73.058	41.676	(235.187)
	4.38%	2.15%	(10.17%)

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	-----
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90111613	13/03/2002 *	750,000,000.00	ORIENTAL BANK OF COMMERCE	SUMAN TOWER, SECTOR 11, GANDHINAGAR - 382017, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deposits from others	14663.626	773.759
SHORT TERM BORROWINGS
Deposits from others	0.000	276.179
Total	14663.626	1049.938

MAJOR ACHIEVEMENTS

OPERATIONS

Gujarat Water Infrastructure Ltd (GWIL) is implementing and operating projects on bulk water transmission network in Gujarat and is supplying raw water to the community through Gujarat Water Supply and Sewerage Board (GWSSB), and urban local bodies like Municipal Corporation and Nagarpalikas and to Industries also in various districts like Kachchh, Rajkot, Jamnagar, Ahmedabad, Bhavnagar, Amreli, Junagadh, Gandhinagar, Mehsana, etc. through pumping stations. Water is being received from the main and branch Canal of Sardar Sarovar Narmada Nigam Limited (SSNNL)/ Irrigation Department.

Future Plans (2013-2014):

I. Budhel to Kadiyali Bulk Pipe line under B Network:-

As per Master Plan, pipeline is to be laid from Navda-Budhel-Kadiyali-Kesariya-Veraval.

Existing discharge capacity of Navda-Vallabhipur-Budhel- section is 170 MLD. From Budhel to Borda dia of existing pipe is 1400 mm and from Borda to Kadiyali 1350 mm dia pipe exists. From Budhel onward up to stand pipe discharge capacity of existing pipe is 126 MLD with 1310m3/hr, 83 mt head pumps, from standpipe to Borda 179 MLD and from Borda to Kadiyali 112 MLD . At present, out of 170 MLD, only 65 MLD water is available at Budhel. SPP-4, NC-3, NC-4 and NC-5 projects were carried out considering availability of water at Navda and immediate requirement as a part of Narmada Master Plan.

From Kadiyali to Kesariya (NC-24) and Kesariya to Sonaria (NC-25) pipeline projects are completed and commissioned for having carrying capacity 205 MLD and 124 MLD respectively as per master plan as per water requirement of year 2021.

Navda- Budhel (NC-28) IInd parallel pipeline project for 332 MLD is completed and water supply is started since June, 2013. After commissioning of NC-28 project, from existing and new line total 502 MLD can be pumped and at Budhel total availability of water may be around 400 MLD (65 MLD water availability at present and 332 MLD will be available from NC-28).

The discharge capacity of existing 1400 mm dia pipe is being enhanced by installing SCF pumps of capacity 175 MLD 92 meter head in newly constructed Budhel sump. The work is to be completed very soon.

In these circumstances, out of 400 MLD only 175 MLD can be pumped from Budhel through existing network. For remaining 225 MLD it is must to lay duplicate pipeline from Budhel to Kadiyali.

It is proposed to lay 2000/2100 mm dia of 119 km length between Budhel to Kdiyali for demand of year 2041. A.A. is accorded for the amount of Rs. 905.32 Crore. The project is technically sanctioned by GWIL technical Committee of Dated 30/10/2013. The preparation of draft tender paper is under process.

II. Vadod-Gadhada-Chamardi-Khirasara-Ranavav-Porbandar Bulk water Pipeline Under D Network:

As per Master plan, pipeline was laid from Navda to Porbandar to cater the rural and urban demand of Ahmedabad, Bhavnagar, Amreli, Rajkot, Junagadh and Porbandar districts.

In this year 1998-99, on emergency base, SPP3 project was implemented in which 1650 mm dia pipeline from Navda to Botad was laid with 99/103 mt head pumping machinery for immediate water requirement. Under SPP3A project, duplicate 1650mm dia pipe line with 126 mt head is implemented recently and commissioned. With existing infrastructure, from Navda to Botad total 370 MLD water can be pushed.

From Botad up to Chavand Dharai - Gondal Bhesan Junagadh single pipeline is laid. From Gondal Jetpur, Dhoraji and up to Porbandar pipeline is yet to be laid. Now, due to increased demand, it is required to lay additional pipeline from Botad to Gondal and Dharai Junagadh as well as new pipeline from Gondal to Porbandar.

It is decided to lay duplicate and additional pipeline of dia 2600 to 850 mm of 432 km length for the demand of year 2041.

Rural and urban population of B and D network is depended on Navda off take at Vallabhipur Branch Canal. At present, pumping capacity of 950 MLD for B and D network is installed at Navda off take. Due to source reliability and maintenance of canal, it is proposed to take remaining water from Vadod off take of Botad Branch Canal.

A.A. is awaited for amount of Rs. 3060.39 Crore. The project is approved in GWIL Technical Committee dated 18/06/2013. The preparation of Draft tender paper is under process.

(D) Operation and Maintenance of the projects:-

The company has transported up to Max. 1257 MLD water during the financial year under review. To safeguard the pipeline assets and optimum efficiency of the system, the company is giving utmost importance for efficient operation and preventive maintenance.

The Operation and Maintenance (OandM) of the bulk drinking water transmission pipeline projects including pumping stations for SPP 1 to SPP-4, NC-1 to NC-25 (except NC-13), NC-6 to NC-9 (except NC-13), NC-22, covers Ahmedabad, Bhavnagar, Amreli, Rajkot, Jamnagar, Junagadh, Kachchh, Surendranagar, Mehsana and Gandhinagar districts, have been entrusted to the O and M agencies(Third Party) under Supervision and Monitoring of GWIL. OandM shall be carried out departmentally as decided in Board Meeting Dated 10/10/2013.

(E) Water Distribution Scenario:

1) The company is supplying raw water in bulk to Gujarat Water Supply and Sewerage Board, three Corporations and Six Nagarpalikas.

2) During the 2011-12, three new Industrial water connections have been approved for various districts.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Arbitrators award for providing consultancy services by Mott McDonald Private Limited, Consulting engineering Services (India) Private Limited and MWH India Private Limited	71.840	68.814

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor vehicles

Office Equipment

Computer Equipment’s

Other Equipment’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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] 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.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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

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