MIRA INFORM REPORT

 

 

Report No. :

315858

Report Date :

04.04.2015

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT STATE ELECTRICITY CORPORATION LIMITED

 

 

Registered Office :

Vidyut Bhavan, Race Course, Vadodara – 390007, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

12.08.1993

 

 

Com. Reg. No.:

04-019988

 

 

Capital Investment / Paid-up Capital :

Rs. 16482.849 Million

 

 

CIN No.:

[Company Identification No.]

U40100GJ1993SGC019988

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Generation of Electricity.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a wholly owned subsidiary of Gujarat Urja Vikas Nigam Limited, which is in turn 100% owned by Government of Gujarat. It is an established company having fine track record.

 

The company has reported sharp decline in its turnover during year under review. However, the subject gets good backing from its parent company.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term rating = A+

Rating Explanation

Adequate degree of safety and low credit risk.

Date

March 26, 2015

 

 

Rating Agency Name

CARE

Rating

Short term rating = A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

March 26, 2015

 

 

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 31-03-2014.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(CONTACT NO.: 91-265-6612131)

 

 

LOCATIONS

 

Registered Office :

Vidyut Bhavan, Race Course, Vadodara – 390007, Gujarat, India

Tel. No.:

91-265-6612011/ 6612131

Fax No.:

91-265-2314019

E-Mail :

cs.gsecl@gebmail.com

gsecl@gebmail.com

Website :

http://www.gsecl.in

 

 

DIRECTORS

 

AS ON 24.12.2014

 

Name :

Gurdeep Singh

Designation :

Managing director

Address :

A/3, Vidyutnagar Colony, Old Padra Road, Vadodara - 390015, Gujarat, India

Date of Birth/Age :

07.07.1965

Date of Appointment :

24.02.2011

DIN No.:

00307037

 

 

Name :

Mr. Prafulbhai Hardevrai Rana

Designation :

Director

Address :

One Bhavna Apartment, Ellora Park, Race Course, Gorwa, Vadodara - 390007, Gujarat, India

Date of Birth/Age :

15.05.1943

Date of Appointment :

17.03.2001

DIN No.:

00020411

 

 

Name :

Mr. Indrajeet Prasad Gautam

Designation :

Director

Address :

K-201, Sector - 19, Gandhinagar - 382019, Gujarat, India

Date of Birth/Age :

02.04.1953

Date of Appointment :

27.09.2002

DIN No.:

00260908

 

 

Name :

Mrs. Aparna Subramani

Designation :

Director

Address :

Bunglow No. K-134, Sector 19,, Gandhinagar - 382019, Gujarat, India

Date of Birth/Age :

14.10.1963

Date of Appointment :

12.09.2011

DIN No.:

03631971

 

 

Name :

Mr. Harikant Pranlal Desai

Designation :

Director

Address :

8/404/A Srinagar Society, Akota, Vadodara - 390020, Gujarat, India

Date of Birth/Age :

28.01.1945

Date of Appointment :

12.12.2003

DIN No.:

00034128

 

 

Name :

Shahmeena Syedafzal Husain

Designation :

Nominee director

Address :

Bunglow No.2, Behind Guvnl VIP Guest House, Old Padra Road, Vadodara - 390015, Gujarat, India

Date of Birth/Age :

06.03.1972

Date of Appointment :

30.10.2014

DIN No.:

03584560

 

 

KEY EXECUTIVES

 

Name :

Mr. Vijay Prahladrai Jani

Designation :

Secretary

Address :

D/303, Maruti Flats, Vasna Road,, Vadodara - 390015, Gujarat, India

Date of Birth/Age :

28.12.1963

Date of Appointment :

07.06.2003

PAN No.:

ABTPJ5792N

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 24.12.2014

 

Names of Shareholders

 

No. of Shares

 

Gujarat Urja Vikas Nigam Limited, India

 

1692284854

Shahmeena Syedafzal Husain [Nominee of Gujarat Urja Vikas Nigam Limited, India]

 

10

Shailaja Vachharajani [Nominee of Gujarat Urja Vikas Nigam Limited, India]

 

10

Parthiv Bhatt [Nominee of Gujarat Urja Vikas Nigam Limited, India]

 

10

Kamlesh P. Jangid [Nominee of Gujarat Urja Vikas Nigam Limited, India]

 

10

Shubhdeep Sen [Nominee of Gujarat Urja Vikas Nigam Limited, India]

 

10

K.M. Shringarpure [Nominee of Gujarat Urja Vikas Nigam Limited, India]

 

10

Jaimin Pancholi [Nominee of Gujarat Urja Vikas Nigam Limited, India]

 

10

 

 

 

Total

 

 

1692284924

 

 

AS ON 24.12.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Government Companies

100.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Generation of Electricity.

 

 

Brand Names :

 

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

Customers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name:

--

Branch:

--

Person Name (with Designation):

--

Contact Number:

--

Name of Account Holder:

--

Account Number:

--

Account Since (Date/ Year of A/c Opening):

--

Average Balance Maintained (Optional):

--

Credit Facilities Enjoyed (CC/OD/Term Loan):

--

Account Operation:

--

Remarks:

--

 

·         Union Bank of India

Industrial Finance Branch, Union Bank Bhavan, 1st Floor, Station Road, Sayajiganj,, Vadodara - 390005, Gujarat, India

 

·         Canara Bank (Lead Bank)

"Mahi Reva", Lohana Boarding Building, Raopura, Vadodara - 390001, Gujarat, India

 

·         Industrial Investment Bank of India Limited

Ahemdabad Brnch Office, Nature View(5th Floor); Ashram Road, Ahemdabad - 380009, Gujarat, India

 

·         State Bank of India

Industrial Finance Branch, Marble Arch, Race Course, Vadodara - 390007, Gujarat, India

 

·         UCO Bank

Mid Corporate Branch, Earth Complex, 14 - 17 Akshar Chowk, O. P. Road, Vadodara - 390007, Gujarat, India

 

·         Oriental Bank of Commerce

·         Indian Bank

·         Dena Bank

·         Corporation Bank

·         Syndicate Bank

·         Allahabad Bank

·         Kalupur Commercial Cooperative Bank Limited

·         Bank of Baroda

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loan from Financial Institution

 

 

Power Finance Corporation Limited

3012.394

21039.379

Rural Electrification Corporation Limited

42.575

56.767

Term Loans from Bank

State Bank of India

18310.000

0.000

Oriental Bank of Commerce

4269.509

3855.425

Indian Bank

1347.902

1190.066

Dena Bank

3347.820

3455.681

Corporation Bank

2355.075

2142.844

Syndicate Bank

1577.753

1354.792

Canara Bank

4637.791

4346.535

Allahabad Bank

2529.740

2346.331

Kalupur Commercial Cooperative Bank Limited

16.153

80.153

Bank of Baroda

3926.799

4104.119

Vijaya Bank

2782.674

3026.855

Union Bank

4906.420

5311.308

National Bank for Agriculture and Rural Development 

119.808

137.408

Deferred payment guarantee

5.734

9.557

SHORT TERM BORROWINGS

 

 

Working Capital loan from Bank

Cash Credit

294.660

488.221

 

 

 

Total

 

53482.807

52945.441

 

 

 

Banking Relations :

--

 

 

Financial Institutions :

·         Power Finance Corporation Limited

'Urjanidhi', 1, Barakhamba Lane, Connaught Place, New Delhi - 110001, Delhi, India

 

·         Rural Electrification Corporation Limited

Core 4scope Complex, 7 Lodi Road, New Delhi - 110003, Delhi, India

 

 

Auditors :

 

Name :

S. C. Bapna and Associates

Chartered Accountants

Address :

74-76, Gayatri Chambers, RC Dutt Road, Near Railway Station, Alkapuri, Vadodara – 390005, Gujarat, India

Tel. No.:

91-265-2331056/ 2334365

E-Mail :

bapnasc@gmail.com

Income-tax PAN of auditor or auditor's firm :

AADFS4500J

 

 

Holding Company :

Gujarat Urja Vikas Nigam Limited [U40109GJ2004SGC045195]

 

 

CAPITAL STRUCTURE

 

AS ON 24.12.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,500,000,000

Equity Shares

Rs. 10/- each

Rs. 35000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,692,284,924

Equity Shares

Rs. 10/- each

Rs. 16922.849 Million

 

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,500,000,000

Equity Shares

Rs. 10/- each

Rs. 35000.000 Million

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,674,148,088

Equity Shares

Rs. 10/- each

Rs. 16741.481 Million

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,648,284,924

Equity Shares

Rs. 10/- each

Rs. 16482.849 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

16482.849

15137.724

14580.224

(b) Reserves & Surplus

31282.979

25709.374

22266.543

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

3780.500

2230.000

Total Shareholders’ Funds (1) + (2)

47765.828

44627.598

39076.767

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

57182.756

62923.158

56649.447

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

10988.787

7972.975

5656.216

(d) long-term provisions

1621.613

1575.563

1348.293

Total Non-current Liabilities (3)

69793.156

72471.696

63653.956

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

12717.838

9879.265

9351.667

(b) Trade payables

2606.998

2688.654

4555.114

(c) Other current liabilities

14417.413

11828.663

9653.375

(d) Short-term provisions

1381.047

1263.120

2432.516

Total Current Liabilities (4)

31123.296

25659.702

25992.672

 

 

 

 

TOTAL

148682.280

142758.996

128723.395

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

86760.803

62382.608

67123.481

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

43733.156

62482.934

41119.207

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

205.205

205.205

205.205

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1228.931

1532.967

2946.498

(e) Other Non-current assets

964.893

1086.992

1832.940

Total Non-Current Assets

132892.988

127690.706

113227.331

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6750.950

7105.450

5416.333

(c) Trade receivables

6909.733

5795.259

7085.318

(d) Cash and cash equivalents

0.832

1.297

1.764

(e) Short-term loans and advances

1523.174

1510.571

2329.904

(f) Other current assets

604.603

655.713

662.745

Total Current Assets

15789.292

15068.290

15496.064

 

 

 

 

TOTAL

148682.280

142758.996

128723.395

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

61504.931

81678.846

85601.523

 

 

Other Income

579.429

516.923

815.307

 

 

TOTAL                                    

62084.360

82195.769

86416.830

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Fuel consumed

37398.793

58237.891

64983.370

 

 

Employees benefits expense

4759.734

4742.391

4276.369

 

 

Other expenses

4506.588

5935.633

4522.713

 

 

TOTAL                                    

46665.115

68915.915

73782.452

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

15419.245

13279.854

12634.378

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

6334.935

4455.933

4710.863

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

9084.310

8823.921

7923.515

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

7990.626

6686.763

6168.963

 

 

 

 

 

 

PROFIT BEFORE EXCEPTIONAL, EXTRA ORDINARY ITEM, PRIOR PERIOD ITEMS AND TAX

1093.684

2137.158

1754.552

 

 

 

 

 

Add

EXCEPTIONAL INCOME

517.387

235.809

478.520

 

 

 

 

 

Less/ Add

NET PRIOR PERIOD ADJUSTMENT

336.159

(159.136)

(77.387)

 

 

 

 

 

 

PROFIT BEFORE TAX

1947.230

2213.831

2155.685

 

 

 

 

 

Less

TAX                                                                 

409.000

443.500

431.304

 

 

 

 

 

 

PROFIT AFTER TAX

1538.230

1770.331

1724.381

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.97

1.10

1.14

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

2.50

2.17

2.01

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

25.07

16.26

14.76

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.86

2.76

2.47

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.05

0.06

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.46

1.63

1.69

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.51

0.59

0.60

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

14580.224

15137.724

16482.849

Reserves & Surplus

22266.543

25709.374

31282.979

Share Application money pending allotment

 0.000

3780.500

2230.000

Net worth

36846.767

44627.598

49995.828

 

 

 

 

Long-term borrowings

56649.447

62923.158

57182.756

Short term borrowings

9351.667

9879.265

12717.838

Total borrowings

66001.114

72802.423

69900.594

Debt/Equity ratio

1.791

1.631

1.398

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

85601.523

81678.846

61504.931

 

 

(4.582)

(24.699)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

85601.523

81678.846

61504.931

Profit

1724.381

1770.331

1538.230

 

2.01%

2.17%

2.50%

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

CURRENT MATURITIES OF LONG TERM DEBT

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

Term Loan from Financial Institution

 

 

 

Power Finance Corporation Limited

860.164

2115.674

1580.599

Rural Electrification Corporation Limited

14.192

14.192

14.192

Gujarat State Financial Services Limited

5111.200

5736.111

2361.111

Term Loans from Bank

State Bank of India

2280.000

0.000

0.000

Oriental Bank of Commerce

225.000

0.000

0.000

Corporation Bank

150.000

0.000

0.000

Syndicate Bank

100.000

0.000

0.000

Indian Bank

82.400

0.000

0.000

Canara Bank

300.000

0.000

0.000

Dena Bank

381.400

256.400

256.400

Allahabad Bank

258.800

158.800

158.800

Kalupur Commercial Cooperative Bank Limited

64.000

64.200

64.200

Bank of Baroda

524.100

261.600

261.600

Vijaya Bank

420.100

307.600

307.600

National Bank for Agriculture and Rural Development 

17.600

17.730

4.433

Union Bank

519.080

294.000

294.000

Deferred payment guarantee

3.823

3.823

3.823

Loan transferred from GUVNL

Term Loans from Bank

Dena Bank

0.000

0.000

32.114

Union Bank

0.000

0.000

22.850

Allahabad Bank

0.000

0.000

68.550

Indian Overseas Bank

0.000

0.000

86.912

Canara Bank 

0.000

0.000

262.129

Bonds

1282.951

489.237

725.106

Term Loan from Financial Institution

Gujarat State Financial Services Limited

0.000

0.000

346.082

 

 

 

 

Total

 

12594.810

9719.367

6850.501

 

 

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

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

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]

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

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

CIVIL APPLICATION (FOR ORDERS) No. 11969 of 2011

In FIRST APPEAL / 2817 / 2010 ( PENDING )

Status: PENDING                       ( Converted from : CAST/11341/2011 )                CCIN No: 001003201111969

 

Last Listing Date: 30/03/2012

Coram

·         HONOURABLE MR.JUSTICE JAYANT PATEL

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

S.NO.

Name of the Petitioner

Advocate On Record

1

MULTIPLEX TRADING & INDUSTRIAL COMPANY LIMITED

MR BD KARIA for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

GUJARAT STATE ELECTRICITY CORPORATION LIMITED

MR PREMAL R JOSHI for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 18/11/2011

Registered On

: 18/11/2011

Bench Category

: SINGLE BENCH

District

: VADODARA

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

Stage Name

: ADMISSION - CA

                                            

Classification

DB - CIVIL MISC. APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - REVIEW / MODIFICATION / DIRECTION / EXTENSION OF TIME / CLARIFICATION

Act

CIVIL PROCEDURE CODE, 1908

                                               

Office Details

 

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2011

VAKALATNAMA

MR PREMAL R JOSHI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR PREMAL R JOSHI:1

2

18/11/2011

APPLICATION

MR BD KARIA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

-

3

18/11/2011

APPLICATION

MR BD KARIA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MR BD KARIA:1

 

Court Proceedings

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

16/03/2012

6

1

ADMISSION - CA

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL 

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

2

30/03/2012

6

-

URGENT ADMISSION - CA

NEXT DATE

·         HONOURABLE MR.JUSTICE JAYANT PATEL 

·         HONOURABLE MR.JUSTICE PARESH UPADHYAY

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10508587

26/06/2014

20,000,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH BARODA MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA

C10987170

2

10462621

12/11/2013

20,590,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE, VADODARA, GUJARAT - 390007, INDIA

B90513995

3

10345636

27/03/2012

2,940,000,000.00

UNION BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN,, 1ST FLOOR,STATION ROAD, SAYAJIGANJ, VADODARA, GUJARAT - 390005, INDIA

B36324010

4

10347206

05/09/2012 *

169,789,000.00

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMEN 
T

NABARD TOWER, OPP. MUNICIPAL GARDEN, USMANPURA, AHMEDABAD, GUJARAT - 380013, INDIA

B57720435

5

10345635

23/03/2012

2,940,000,000.00

UNION BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN, 1ST FLOOR, STATION ROAD, SAYAJIGANJ, VADODARA, GUJARAT - 390005, INDIA

B36323855

6

10329342

07/12/2012 *

11,500,000,000.00

BANK OF BARODA - LEAD BANK

CORPORATE FINANCIAL SERVICE BRANCH, FIRST FLOOR, OPP. PETROL PUMP, R C DUTT ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA

B64914427

7

10329432

07/12/2012 *

11,500,000,000.00

BANK OF BARODA - LEAD BANK

CORPORATE FINANCIAL SERVICE BRANCH, FIRST FLOOR, OPP. PETROL PUMP, C DUTT ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA

B64914005

8

10271863

24/02/2011

9,600,000,000.00

BANK OF BARODA (LEAD TERM LENDER)

CORPORATE FINANCIAL SERVICE BRANCH, FIRST FLOOR,, OPP. PETROL PUMP, RC DUTT ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA

B08104630

9

10271864

24/02/2011

9,600,000,000.00

BANK OF BARODA (LEAD TERM LENDER)

CORPORATE FINANCIAL SERVICE BRANCH, FIRST FLOOR,, OPP. PETROL PUMP, RC DUTT ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA

B08106049

10

10136253

20/06/2014 *

20,620,300,000.00

CANARA BANK

"MAHI REVA" LOHANA BOARDING BUILDING,, RAOPURA, VADODARA, GUJARAT - 390001, INDIA

C12462909

11

10136252

29/03/2014 *

20,620,300,000.00

CANARA BANK

CANARA BANK, LOHANA BOARDING BUILDING, RAOPURA, VADODARA, GUJARAT - 390001, INDIA

C02381499

12

10112252

26/06/2008

385,200,000.00

KALUPUR COMMERCIAL CO-OPERATIVE BANK LIMITED

54, PUNIT NAGAR SOCIETY,, OLD PADRA ROAD, OPP. VACCINE INSTITUTE, VADOPDARA, GUJARAT - 390007, INDIA

A41887100

13

10105633

05/05/2008

2,580,000,000.00

POWER FINANCE CORPORATION LIMITED

'URJANIDHI', 1, BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA

A39682935

14

10077831

15/11/2007

2,130,000,000.00

POWER FINANCE CORPORATION LIMITED

'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA

A27940311

15

10058711

20/06/2007

530,653,000.00

RURAL ELECTRIFICATION CORPORATION LIMITED

CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA

A18256719

16

10035813

07/07/2008 *

2,080,000,000.00

POWER FINANCE CORPORATION LIMITED

'URJANIDHI', 1,BARAKHAMBA LANE,, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA

A42411850

17

10033788

14/09/2013 *

14,971,500,000.00

UCO BANK

MID CORPORATE BRANCH, EARTH COMPLEX, 14 - 17 AKSHAR CHOWK, O. P. ROAD, VADODARA, GUJARAT - 390007 
, INDIA

B86318201

18

10008951

30/06/2006

1,338,543,000.00

RURAL ELECTRIFICATION CORPORATION LIMITED

CORE 4SCOPE COMPLEX, 7 LODI ROAD, NEW DELHI, DELHI - 110003, INDIA

A02363091

19

80006641

04/01/2006

2,580,000,000.00

POWER FINANCE CORPORATION LIMITED

CHARDRA LOK, 36 JANPATH, NEW DELHI, DELHI - 110001, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loan from Financial Institution/ Banks

 

 

Power Finance Corporation Limited

115.172

193.617

Rural Electrification Corporation Limited

1736.022

6845.955

Loans transferred from GUVNL

Bonds

2143.415

3426.366

SHORT TERM BORROWINGS

 

 

Cash Credit

0.000

25.232

Term Loan from Financial Institution/ Banks

Union Bank of India

1700.000

3000.000

Bank of Baroda

3000.000

0.000

Dena Bank

3000.000

3026.116

Indian Bank

900.000

0.000

Purchase bill discounting

3823.178

3339.696

 

 

 

Total

 

16417.787

19856.982

 

 

PERFORMANCE OF THE COMPANY

 

FINANCIAL

 

The total revenue (including exceptional item of Rs. 520.000 Million) for the year is Rs. 62600.000 Million, while total operating expenditure for the year ended 31.03.2013 is Rs. 46330.000 Million (Including prior period expenditure of Rs. 60.000 Million). The profit before interest and tax is Rs. 16270.000 Million. Depreciation and interest are Rs. 7990.000 Million and Rs. 6330.000 Million respectively. The profit before tax is Rs. 1950.000 Million.

 

OPERATION

 

The year 2013-14 was another excellent year of performance for the company. During the year the Company’s Thermal Power Stations achieved all time high Plant Availability Factor of 84.59% as compared to 83.66% during 2012-13. Total generation from the Company’s Power Stations during 2013-14 was 15799 MUs. The total generation of electricity (MUs) in Gujarat during 2013-14 was 86221 MUs.

 

The Power stations wise performance of the Company during the year 2013-14 is as under:

 

POWER STATION

 

CAP (MW)

GEN (MUS)

PLF (%)

PAF (%)

UKA (TH)

1350

4979

45.22%

71.30%

GANDHINAGAR

870

1924

25.25%

86.13%

WANAKBORI

1470

5020

38.98%

89.40%

SIKKA

240

600

28.56%

87.21%

KLTPS

290

1810

71.23%

73.21%

DHUVARAN - I

106.617

45

4.80%

98.51%

DHUVARAN – II

112.45

159

16.18%

96.34%

UTRAN - I

135

0

0.00%

100.00%

UTRAN – II

374.571

8

0.25%

99.69%

TOTAL (TH)

4948.638

14545

34.20%

84.11%

UKAI (HY)

305

839

31.41%

94.10%

KADANA (HY)

242

415

19.56%

82.52%

TOTAL (HY)

547

1254

26.16%

89.98%

 

 

 

 

 

TOTAL (TH + HY)

 

5495.638

15799

--

84.59%

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

Claims against the company not acknowledged as debt (employees related matters)

5118.400

5386.900

Others

40.000

40.000

Disputed Income-Tax Matters and VAT matters

564.804

409.220

Claims against Company pending Court Orders

15.718

15.718

Demand raised by irrigation department

6092.717

6092.717

Contingent liability in respect of sales bill discounting

1240.000

900.000


FIXED ASSETS:

 

·         Land

·         Buildings

·         Hydraulic Works

·         Other Civil Works

·         Plant and Machinery

·         Lines and Cable Networks

·         Vehicles

·         Furniture and Fixtures

·         Office Equipment

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

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

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.59

UK Pound

1

Rs. 92.46

Euro

1

Rs. 67.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

BVA

 

 

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

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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.