1. Summary Information
|
|
|
Country |
|
|
Company Name |
THE TATA POWER
COMPANY LIMITED |
Principal Name 1 |
Mr. Ratan N. Tata |
|
Status |
Very Good |
Principal Name 2 |
Mr. R. Gopalakrishnan |
|
|
|
Registration # |
-- |
|
Street Address |
|
||
|
Established Date |
18.09.1919 |
SIC Code |
-- |
|
Telephone# |
91-22-66658282 |
Business Style 1 |
Generation, Transmission and Bulk distribution of electrical energy. |
|
Fax # |
91-22-66658801 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
Power |
|
# of employees |
-- |
Product Name 2 |
Electronic Products |
|
Paid up capital |
2,373,300,000 |
Product Name 3 |
Technical Services |
|
Shareholders |
Bodies Corporate - 32.94 |
Banking |
State Bank of |
|
Public Limited Corp. |
-- |
Business Period |
91 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Aa
(81) |
|
Related
Company |
|||
|
Relation
Associates |
Country
|
Company
Name |
Panatone Finvest Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
53,649,000,000 |
Current Liabilities |
21,682,700,000 |
|
Inventories |
5,893,600,000 |
Long-term Liabilities |
58,720,100,000
|
|
Fixed Assets |
57,527,400,000 |
Other Liabilities |
8,328,000,000 |
|
Deferred Assets |
-- |
Total Liabilities |
88,730,800,000 |
|
Invest& other Assets |
71,648,300,000 |
Retained Earnings |
97,614,200,000 |
|
|
|
Net Worth |
99,987,500,000 |
|
Total Assets |
188,718,300,000 |
Total Liab. & Equity |
188,718,300,000 |
|
Total Assets (Previous Year) |
160,763,100,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
70,982,700,000 |
Net Profit |
9,387,600,000 |
|
Sales(Previous yr) |
72,362,300,000 |
Net Profit(Prev.yr) |
9,222,000,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE TATA POWER COMPANY LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
18.09.1919 |
|
|
|
|
Com. Reg. No.: |
11-567 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L28920MH1919PLC000567 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT00252A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company's Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business : |
Generation, Transmission and Bulk distribution of electrical energy.
Energy in bulk is supplied by the companies jointly to industries,
distributing licensees and local authorities in Mumbai and surrounding areas. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 390000000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Tata Group company. It is a well established and a
reputed company having fine track. Financial position of the company appears
to be sound. Fundamentals are strong and healthy, Trade relations are
reported as fair. Business is active. Payments are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office / Secretarial and Legal Department / Corporate Communication : |
|
|
Tel. No.: |
91-22-66658282 |
|
Fax No.: |
91-22-66658801/ 66658867 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Power Projects and
Related Services : |
Strategy and Business Development Department, Corporate Center Block
A, 34, Sant Tukaram Road, Carnac Bunder, Mumbai - 400 009, Maharashtra, India
|
|
Tel. No.: |
91-22-66658733 |
|
Fax No.: |
91-22-66658626 |
|
E-Mail : |
|
|
|
|
|
Thermal Power Stations : |
i) Trombay
Generating Station, (ii) Jojobera
Power Plant, Jojobera, (iii) Belgaum
Power Plant, Plot Nos.1234 to 1240 and 1263 to 1297, KIADB, Kanbargi
Industrial Area, Auto Nagar, Belgaum, Karnataka (iv) Haldia
Power Plant, HFC COMPLEX, Patikhali, Haldia, East Medinipur, |
|
|
|
|
Hydro Generating Stations : |
i) Generating
Station, Bhira, P O Bhira, Taluka Mangaon, District Raigad, ii) Generating
Station, Bhivpuri, P O Bhivpuri Camp, Taluka Karjat, District Raigad, iii) Generating
Station, Khopoli, P O Khopoli Power House, District Raigad, |
|
|
|
|
Wind Farms : |
i) Village
Shahjahanpur and Pimpalgaon, Taluka Parner, Dist. Ahmednagar, ii) Village Khandke,
Taluka and District Ahmednagar, iii) Taluka
Sakri, District Dhulia, (iv) Jamjodhpur,
Sadodar, Motapanch devda Samana, Jamnagar District, (v) Hosur,
Kanavi, Mulgund, Shiroland Harti, Gadag District, Karnataka vi) Taluka –
Sadawagapur, District Satara, |
|
|
|
|
Transmission Division : |
|
|
|
|
|
Distribution Division : |
Senapati Bapat
Marg, |
|
|
|
|
Strategic Electronics Division : |
42/43 Electronic
City, Electronic City Post Office, |
|
|
|
|
Customer Care Centre : |
|
|
|
|
|
Overseas Office : |
Located at: ·
·
·
|
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Ratan N. Tata |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Gopalakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. H. S. Vachha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Misra |
|
Designation : |
Director (LIC Nominee) |
|
|
|
|
Name : |
Mr. A. J. Engineer |
|
Designation : |
Director |
|
Qualification : |
B.E. (Civil), C. Engg., FIE, AIIA |
|
Date of Appointment : |
11.10.1984 |
|
Previous Employment : |
Indian Explosives Limited (Construction Manager) |
|
|
|
|
Name : |
Mr. N H Mirza |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. M. Satwalekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. H. Patil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. G. Mankad, IAS (Retired) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.K. Basu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Menon P R |
|
Designation : |
Managing director |
|
Qualification : |
B Tech |
|
Date of Appointment : |
16.10.1976 |
|
|
|
|
Name : |
Mr. S. Ramakrishnan |
|
Designation : |
Executive Director (Finance) |
|
Qualification : |
B.Tech. (Mech), PG DBA |
|
Date of Appointment : |
01/10/2004 |
|
Previous Employment : |
Tata Teleservices Limited (Managing Director) |
|
|
|
|
Name : |
Mr. S. Padmanabhan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Banmali Agrawala |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Thomas Mathew T |
|
Designation : |
LIC Nominee |
KEY EXECUTIVES
|
Name : |
Mr. B. J. Shroff |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
75416990 |
32.94 |
|
|
|
|
|
|
|
|
|
|
65624 |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10351018 |
4.52 |
|
|
563215 |
0.24 |
|
|
96205 |
0.04 |
|
|
57046075 |
24.04 |
|
|
47066776 |
19.83 |
|
|
|
|
|
|
|
|
|
|
3.476 |
-- |
|
|
|
|
|
|
|
|
|
|
1442697 |
0.063 |
|
|
|
|
|
|
|
|
|
|
34193259 |
14.93 |
|
|
2218190 |
0.97 |
|
|
|
|
|
|
|
|
|
|
255084 |
0.11 |
|
|
640 |
-- |
|
|
262676 |
0.11 |
|
|
|
|
|
Total |
237307236 |
100.00 |
(1) Indian
Bodies Corporate
TrustsBUSINESS DETAILS
|
Line of Business : |
Generation, Transmission and Bulk distribution of electrical energy.
Energy in bulk is supplied by the companies jointly to industries,
distributing licensees and local authorities in Mumbai and surrounding areas. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
** In foreign
currency. Security (i) The Debentures
mentioned in (a) have been
secured by land, moveable and immovable properties in Maharashtra as also
receiving stations, sub-stations and godowns in (ii) The
Debentures mentioned in (b) and
(c) have been secured by land
in Village Takve Khurd (Maharashtra), moveable and immovable properties in
and outside Maharashtra, as also all transmission stations/lines, receiving
stations and sub stations in Maharashtra. (iii) The loans
from Asian Development Bank and Industrial Renewable Energy Development
Agency mentioned in (f) and (h) respectively have been secured
by a charge on the tangible moveable properties, plant and machinery and
immovable properties situated at Khandke, Bramanvel, Sadawaghapur, Gadag and
Samana in Maharashtra, Karnataka and Gujarat. (iv) The loans
from IDBI Bank mentioned in (g) have
been secured by a pari passu charge
on all moveable Fixed Assets (excluding land and building), present and
future (except assets of all wind projects both present and future) including
moveable machinery, machinery spares, tools and accessories. (v) The loans
from IDFC mentioned in (i) have
been secured by a charge on the moveable assets except assets of all windmill
projects present and future more particularly situated in Supa, Khandke, Bramanvel,
Sadawaghapur, Gadag and Samana in Maharashtra, Karnataka and (vi) The loan
from Export Import Bank of (vii) The
Debentures mentioned in (d) and
(e) have been secured by land
in Village Takve Khurd (Maharashtra) and moveable and immovable properties in
and outside Redemption (i) The
debentures mentioned in (a) are
redeemable at par in forty equated quarterly installments commencing from
15th October, 1999. The Company had the call option to redeem the same at the
end of 5 years from 24th November, 1999, by giving 30 days prior period
notice, which was not exercised. (ii) The
debentures mentioned in (b) are
redeemable at par in three equal installments commencing from 30th July,
2008. (iii) The
debentures mentioned in (c) are
redeemable at premium in three installments at the end of 9th, 10th and 11th
year from 18th October, 2004. The Company has the call option to redeem the
same at a premium of 11.20% at the end of five years from 18th October, 2004. (iv) The
Debentures mentioned in (d) and
(e) are redeemable at par at
the end of 10 years from the respective dates of allotment viz. on 25th
April, 2018 and on 20th June, 2018.
** Repayable in foreign currencies. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Solicitors : |
|
|
|
|
|
Associates: |
|
|
|
|
|
Joint Ventures: |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22900000 |
Cumulative, Redeemable Preference Shares |
Rs.100/- each |
Rs.2290.000 Millions |
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 Millions |
|
|
Total |
|
Rs.5290.000
Millions |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
242947084 |
Equity Shares [including
2,30,308 shares not allotted but held in abeyance, 4,40,270 shares cancelled pursuant
to a Court Order, 48,04,040 shares of the Company held by the erstwhile. The
Andhra Valley Power Supply Company Limited cancelled pursuant to the Scheme
of Amalgamation sanctioned by the High Court of Judicature, |
Rs.10/- each |
Rs.2429.500
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
237307236 |
Equity Shares [excluding
2,30,308 shares not allotted but held in abeyance, 4,40,270 shares cancelled pursuant
to a Court Order and 48,04,040 shares of the Company held by the erstwhile
The Andhra Valley Power Supply Company Limited cancelled pursuant to the
Scheme of Amalgamation sanctioned by the High Court of Judicature, Bombay] |
Rs.10/- each
|
Rs.2373.100
Millions |
|
|
Less: Calls in arrears [including Rs.0.100 million in respect of the
erstwhile The Andhra Valley Power Supply Company Limited and the erstwhile
The Tata Hydro-Electric Power Supply Company Limited] |
|
Rs.0.400
Million |
|
165230 |
Add: Equity Shares forfeited - Amount paid |
|
Rs.0.600
Million |
|
|
|
|
Rs.2373.300 Millions |
Of
the above Equity Shares:
(i) 1, 67, 500 shares are allotted at par as fully paid pursuant to contracts without payment being received in cash.
(ii) 11,33,790 shares issued as Bonus Shares by capitalization of General Reserve.
(iii) 49,63,500 shares issued on exercise of the options by the financial institutions for the conversion of part of their loans / subscription to debentures.
(iv) 56,81,818 shares are allotted at premium as fully paid pursuant to contracts without payment being received in cash.
(v) 5,20,84,832 shares (excluding 47,560 shares held in abeyance) have been allotted to the shareholders of the erstwhile The Andhra Valley Power Supply Company Limited pursuant to the Scheme of Amalgamation sanctioned by the High Court of Judicature, Bombay.
(vi) 3,50,97,824 shares (excluding 45,168 shares held in
abeyance) have been allotted to the shareholders of the erstwhile The Tata
Hydro-Electric Power Supply Company Limited pursuant to the Scheme of
Amalgamation sanctioned by the High Court of Judicature, Bombay.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2373.300 |
2214.400 |
2207.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
609.900 |
|
|
3] Reserves & Surplus |
97614.200 |
78884.500 |
72375.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
99987.500 |
81098.900 |
75192.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41053.800 |
39317.100 |
23310.900 |
|
|
2] Unsecured Loans |
17666.300 |
12664.900 |
7061.800 |
|
|
TOTAL BORROWING |
58720.100 |
51982.000 |
30372.700 |
|
|
DEFERRED TAX LIABILITIES |
2077.800 |
1144.300 |
189.400 |
|
|
SPECIAL APPROPRIATION TOWARDS PROJECT COST |
5336.100 |
5336.100 |
5336.100 |
|
|
CAPITAL CONTRIBUTIONS FROM CONSUMERS |
914.100 |
488.600 |
460.800 |
|
|
|
|
|
|
|
|
TOTAL |
167035.600 |
140049.900 |
111551.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
57527.400 |
51905.400 |
30054.900 |
|
|
Capital work-in-progress |
4762.100 |
7611.600 |
16817.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
66886.200 |
54434.700 |
44300.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5893.600
|
6441.400 |
4736.100 |
|
|
Sundry Debtors |
19763.100
|
15879.700 |
14145.200 |
|
|
Cash & Bank Balances |
12776.400
|
455.000 |
287.000 |
|
|
Other Current Assets |
305.700
|
485.300 |
593.600 |
|
|
Loans & Advances |
20803.800
|
23550.000 |
18993.200 |
|
Total
Current Assets |
59542.600
|
46811.400 |
38755.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7761.500
|
8352.900 |
|
|
|
Other Current Liabilities |
6895.500
|
5840.400 |
12538.700 |
|
|
Provisions |
7025.700
|
6519.900 |
5854.400 |
|
Total
Current Liabilities |
21682.700
|
20713.200 |
18393.100 |
|
|
Net Current Assets |
37859.900
|
26098.200 |
20362.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
16.900 |
|
|
|
|
|
|
|
|
TOTAL |
167035.600 |
140049.900 |
111551.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
70982.700 |
72362.300 |
59159.100 |
|
|
|
Other Income |
2815.800 |
6323.500 |
4978.500 |
|
|
|
TOTAL (A) |
73798.500 |
78685.800 |
64137.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Power Purchased |
2516.900 |
4935.000 |
5488.700 |
|
|
|
Cost of Fuel |
40455.600 |
48076.500 |
37149.900 |
|
|
|
Generation , distribution, administration
and other expenses |
9224.100 |
7941.400 |
7154.100 |
|
|
|
TOTAL (B) |
52196.600 |
60952.900 |
49792.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21601.900 |
17732.900 |
14344.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4229.900 |
3277.600 |
1738.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1737.200 |
14455.300 |
12606.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4779.400 |
3288.500 |
2905.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12592.600 |
11166.800 |
9701.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3205.000 |
1944.800 |
1002.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9387.600 |
9222.000 |
8699.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
88.900 |
453.000 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
2850.500 |
2552.600 |
NA |
|
|
|
Dividend |
3.100 |
7.200 |
NA |
|
|
|
Additional income tax on dividend |
379.800 |
317.500 |
NA |
|
|
|
Transfer to debenture redemption reserve |
597.700 |
317.800 |
NA |
|
|
|
Transfer to general reserve |
4000.000 |
5000.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1645.400 |
1479.900 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest |
401.300 |
10.600 |
141.700 |
|
|
|
Export on FOB Basis |
12.900 |
53.900 |
38.400 |
|
|
|
Export of Services |
2.400 |
14.900 |
8.100 |
|
|
|
|
0.000 |
3167.200 |
0.000 |
|
|
|
Guarantee commission from subsidiary |
10.300 |
29.400 |
0.000 |
|
|
|
Others |
130.900 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
557.800 |
3276.000 |
188.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2345.900 |
1593.900 |
383.600 |
|
|
|
Components & Spare Parts |
184.500 |
200.000 |
229.700 |
|
|
|
Fuel |
12549.700 |
22203.000 |
14232.400 |
|
|
TOTAL IMPORTS |
15080.100 |
23996.900 |
14845.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
40.77 |
46.69 |
38.64 |
|
|
|
- Diluted |
38.60 |
43.69 |
38.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
18679.000 |
16360.700 |
16518.800 |
|
Total Expenditure |
14170.100 |
12850.400 |
13199.9000 |
|
PBIDT (Excl
OI) |
4508.900 |
3510.300 |
3318.900 |
|
Other Income |
1275.400 |
1935.200 |
852.400 |
|
Operating
Profit |
5784.300 |
5445.500 |
4171.300 |
|
Interest |
795.800 |
1084.200 |
1094.9000 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
4988.500 |
4361.300 |
3076.400 |
|
Depreciation |
1267.000 |
1327.300 |
1286.200 |
|
Profit
Before Tax |
3721.500 |
3034.000 |
1790.200 |
|
Tax |
1031.700 |
516.700 |
259.500 |
|
Reported PAT |
2689.800 |
2517.300 |
1530.700 |
|
Extraordinary Items |
(60.000) |
(30.000) |
10.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2629.800 |
2487.300 |
1540.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.72
|
11.72 |
13.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.74
|
15.43 |
16.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.97
|
11.31 |
14.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.80
|
0.90 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
2.26 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
History:
Subject is largest integrated Electric Power Utility in private
sector with a reputation for reliability, incorporated in the year 1919 at
Mumbai. TPC pioneered the generation of electricity in
FINANCIAL HIGHLIGHTS
During the year,
the Company reported its highest ever Profit after Tax (PAT) of Rs. 9387.600
Millions , as against Rs. 9222.000 Millions
for the previous year, a growth of 2%. The Operating Revenue was lower
at Rs. 7,098.27 Millions , as against Rs. 72362.300 Millions , a decline of 2%.
Operating Revenue was lower mainly due to lower fuel cost in the Mumbai regulated
business. The Operating Profit was higher by 65% due to operational
efficiencies and higher volume of business. Other Income was lower at Rs.
2815.800 Millions , as against Rs. 6323.500 Millions , a decline of 55%. This
was mainly due to lower gain on exchange of Rs. 519.800 Millions as against Rs. 1443.300 Millions for the previous year. The previous year
included profit of Rs. 2557.800 Millions
from the sale of long term investments as against Rs. 0.300 Million
during the year. Earnings per share (basic) decreased by about 7% to Rs. 40.77
as against Rs. 43.69 in the previous year. This is mainly due to the increase
in the equity capital (from 22,14,24,443 shares to 23,73,07,236 shares) due to
the conversion of Foreign Currency Convertible Bonds (FCCBs) and issue of
shares underlying Global Depository Receipts (GDRs).
Operational
Highlights
The Company
generated 15,946 Million Units (MUs) of power from all its power plants during
the year as compared to 14,807 MUs in the previous year, an increase of 8%.
Tata Power – Mumbai Operations
Generation
The generation
Units are at Trombay (1,580 MW thermal), and Bhira, Bhivpuri and Khopoli (447
MW ydroelectric)
.
Trombay Thermal
Power Station
The Trombay
Thermal Power Station has an installed capacity of 1,580 MW, of which primarily
750 MW is coal fired, 650 MW uses oil and the balance 180 MW uses gas as a
source. However, Unit 5 also has multi - fuel firing capability. During the
year, the station recorded its highest ever generation of 10,168 MUs (previous
best of 10,002 MUs in FY08) with an all time high coal firing of 2.356 Millions
MT, due to commissioning of Unit 8.
During the year,
the Company successfully completed the overhaul of Unit 5 during which the Unit
underwent major renovation and modernization. The station was bestowed a number
of awards. Chief among them are ‘Best Operation and Maintenance Project in
Asia’ by Asian Power Awards 2009, ‘Award for Trombay Thermal Power Station Unit
8 - Commissioning of the Unit before the stipulated target time’ by the Council
of Power Utilities and Silver Shield for Unit 8 for speedy completion and
commissioning of project by the Ministry of Power, Government of India under
its Comprehensive Award Scheme 2008 - 09.
Hydro Stations – Bhira,
Bhivpuri and Khopoli
The Company has
three hydroelectric power generating stations, totaling 447 MW, located in the
Raigad district of Maharashtra. During the year, the three hydro power plants
collectively generated 1,455 MUs as against 1,151 MUs generated in the previous
year, an increase of 26%. The Company completed the overhaul of 24 MW Unit 8 at
Khopoli in 15 days (earlier cycle time of 17 days).
Transmission
The Company has
about 1,100 Circuit Kms. of transmission network in Mumbai Operations area,
comprising 973 Circuit Kms. of 220 kV / 110 kV overhead lines and 124 Circuit
Kms. of 220 kV / 110 kV underground cables, which connects Trombay and the
hydro generating stations to 17 receiving stations (RSs) spread across the
Mumbai Operations area. The transmission lines are used by the Company’s own
distribution business, Brihanmumbai Electric Supply and Transport Undertaking
(BEST) and Reliance Infrastructure Limited (RInfra). The major highlights for
the year:
- Capacity expansion was completed for
meeting projected growth in Distribution Companies (discoms) and Railway
load requirement.
- Under Jan Jagruti Abhiyaan 2010
initiative, an awareness campaign for community safety and overhead line
fault reduction, awareness programs for school children were held in
Borivali and Kalyan section, covering 1,115 students from 6 schools.
During the year,
transmission grid availability was 98.86% as against the Maharashtra
Electricity Regulatory Commission (MERC) norm of 98%.
Jojobera Thermal
Power Station
The Jojobera
Thermal Power Station in Jharkhand has an installed capacity of 428 MW. During
the year, the station recorded a generation of 3,002 MUs as compared to 3,009
MUs in the previous year. Unit 1 and Unit 3 underwent complete turbine overhaul
for the first time since their commissioning, resulting in significant
improvement in the heat rate of these Units.
The Belgaum
Thermal Power Station, an IPP in Karnataka, has a heavy fuel oil based
generation capacity of 81 MW. During the year, the plant generated 394 MUs as
compared to 447 MUs in the previous year, a decrease of 12% due to lower demand
by Karnataka Power Transmission Corporation Limited during the rainy season.
Major overhaul was carried out for Units 1, 3 and 4.
Haldia Power Plant
During the year,
the Company commissioned Unit 3 of 30 MW, resulting in increase in the
installed capacity of the plant to 120 MW. These Units use hot coke oven gas
from Hooghly Metcoke and Power Company Limited to produce steam for power
generation. One sixth of the power generated is contracted to West Bengal State
Electricity Distribution Company Limited and the balance is traded through Tata
Power Trading Company Limited (Tata Power Trading). During the year, the
collective generation of all Units was 608 MUs. The Company completed major
repairs on Unit 1, annual overhauling of 6 boilers of Unit 2 for license
renewal and renovation job of both circuits of 132 kV transmission line.
Wind Generation
During the year,
the Company commissioned an additional 42 MW of wind power capacity, taking the
total capacity to 201 MW.
Power Services
Business
The Power Services
business is a new division created within the Company with a view to leverage
the Company’s capability and experience in power plant operations and
maintenance, project management, EPC management, specialized testing services
and all related activities. It offers customized solutions to new as well as
existing power plants and distribution networks. The Company has signed an MoU
with Korea East West Power Company Limited, one of the largest generation
utilities of the
- O and
M Service for upcoming 80 MW coal fired thermal power plant at
Gummidipoondi, Chennai of OPG Power Generation Private Limited.
- Project Management Services for 300 MW coal
fi red thermal plant at Bhadreshwar in Gujarat of OPG Power Gujarat
Private Limited.
- Specialised Services - GIS Testing
Services were delivered to Utility EnergyTech for HV testing of 245 kV GIS
at 3 substations in Mumbai.
- EPC Management Services - EPC job of 11
kV package substation along with cables for National Stock Exchange of
India Limited, Mumbai.
NEW GENERATION PROJECTS
Coastal Gujarat Power Limited
CGPL, the
Company’s wholly owned subsidiary, is implementing the 4,000 MW Ultra Mega
Power Project (UMPP) at Mundra in
The boiler hydro -
test for Unit 1 was successfully completed on 31st March, 2010. 220 kV
substation has been charged and construction power is being drawn from this.
The first Unit is expected to be commissioned during the first half of FY12, as
per accelerated commitments given by the Company to the power procurers. Rapid
progress is being made on the other Units as well. The progress of construction
activities for the critical linkages viz. port and transmission being
undertaken by
The Company is
receiving loan disbursements as per the funding plan. CRISIL has assigned CGPL
‘A+’ rating reflecting the good progress made by the project. CGPL has taken
several initiatives for the local community in the area of livelihood and
income generation, education and health as part of its community relationship
programme involving local communities. A green belt development plan is being
prepared to enhance environment improvement in the project area. The Company
and CGPL each have a subsidiary in
Maithon Joint Venture Project
Maithon Power
Limited (MPL), a joint venture (JV) between the Company (74%) and Damodar
Valley Corporation (26%), is constructing a 1,050 MW (2 x 525 MW) power plant
at Maithon in Jharkhand. The Company is rendering project management services
to MPL and will provide Oand M services to MPL post commissioning. The project
has received all the statutory clearances including environmental clearance
from the Ministry of Environment and Forests (MoEF). All the Power Purchase
Agreements (PPAs) have been signed and power evacuation arrangement is in
place. Ordering for all packages has been completed within the budget. Major
equipments like boiler drum, boiler pressure parts, cooling towers, turbine
equipments, etc. have already been erected and balance work is progressing as
per schedule. Unit 1 is expected to be commissioned in the second half of FY11,
the major challenge being the railway linkage from the main line. However, coal
transportation by road is being worked out for Unit 1 to ensure timely
commissioning. MPL is fi rming up fuel supplies from Coal India Limited and its
subsidiaries and certain identified sources. Fuel Supply Agreement (FSA) has
been signed with Bharat Coking Coal Limited for supply of 1.6954 million tonnes
per annum (MTPA) on 26th March, 2010.
Diesel Generation
(DG) Capacity
The Company has
sold 6 DG sets (60 MW capacity) in view of high fuel costs. The remaining 4 DG
sets are being refurbished and will be progressively commissioned in the coming
year.
International
Projects
Dagachhu Hydro
Power
The 114 MW (2 x
57MW) Dagachhu project is being implemented by the Company jointly with Druk
Green Power Corporation Limited of
Renewable Projects
Wind Power
The Company is
developing wind power projects of over 200 MW, of which 150 MW is proposed to
be commissioned during FY11 in
Solar Power
The Company is
implementing a 3 MW grid connected solar photovoltaic (PV) plant, one of the
largest of its kind in
Projects Under
Planning
Coastal
During the year,
the Company has made substantial progress in the project. Rehabilitation and
Resettlement (Rand R) authority of Government of Maharashtra (GoM) has approved
Rand R proposal of the Company. GoM has issued the gazette notification in
October 2009 under Section 32 (1) of the Maharashtra Industrial Development
Act, 1961. Environmental clearance for the project (initial phase – 1,600 MW)
has been granted by MoEF expert committee. Lease agreement for water front
usage and construction of coal berth has been signed with Maharashtra Maritime
Board. The plant is expected to be commissioned within 3 years of completion of
the land acquisition, which is expected to be completed during the year.
Naraj Marthapur
Project, Orissa
The major
clearances for the 1,320 MW Naraj Marthapur project have been obtained. Process
is on for obtaining environmental clearance from MoEF. The plant is expected to
be commissioned within 3 years of completion of the land acquisition, which is
expected to be completed during the year. The Company has been allotted the
Mandakini coal block located in the Angul district of Orissa, estimated to have
reserves of 291 million tonnes, along with Monnet Ispat and Energy Limited and
Jindal Photo Limited. The mining plan is already approved and the detailed
project report has been prepared. Land acquisition process has started. Coal
production is scheduled to start by Q4 FY11. The Company will get a coal supply
of 2.5 MTPA for about 660 MW generation at the Naraj Marthapur thermal power
plant in Orissa. The balance coal requirement for the project is proposed to be
secured through linkage coal.
Tiruldih Power
Project, Jharkhand
The Company has
initiated steps to acquire 900 - 1,200 acres of land at Tiruldih in Seraikela
Kharsawan district of Jharkhand to set up 1,980 MW (3 x 660 MW) power plant in
2 phases, as part IPP and part CPP for Tata Steel Limited (Tata Steel) through
Industrial Energy Limited (IEL), a JV of the Company (74%) with Tata Steel
(26%). The process of land acquisition has commenced and is expected to be
completed by the end of FY12. The commissioning of the plant is expected to
take about 3 years thereafter. The Company was allotted the Tubed coal block
jointly with Hindalco Industries Limited (Hindalco). This block is estimated to
have about 120 million tonnes of reserves and is located in the Latehar
district of Jharkhand. Hindalco and the Company have formed a JV company, Tubed
Coal Mines Limited, to develop the coal block. Mining Plan has been approved
for 6 MTPA of which the Company’s share of 2.4 MTPA is expected to suffi ce for
about 660 MW of thermal generation. The balance coal requirement for the plant
is proposed to be secured through Tata Steel and linkage coal. The coal block
is expected to be operational by FY13.
Project Trust
(Corus), The
The Company and
Tata Steel are in discussions to develop the 525 MW (3 x 175 MW) production
gases based project at
Tamakoshi - 3
Hydro Electric Project,
Discussions are on
with SN power for jointly setting up this project (expected to be 880 MW) and
providing surplus power for sale in Indian markets on merchant basis. SN Power is
in discussions with the Government of Nepal for the clearances required.
KEY SUBSIDIARIES
Industrial Energy
Limited
IEL has
commissioned its first 120 MW Power House 6 (PH6) inside Tata Steel Works at
Unit 5 at Jojobera
A 120 MW coal
based power plant is being constructed at the Company’s existing site at
Jojobera. All the major construction works at the site have been completed and
the Unit has been synchronized on 13th April, 2010. Balance work related to
mills, bunkers, coal handling and ash handling system is in progress.
Commercial Operation Declaration for the Unit is expected in the first half of
FY11.
Maithon Power
Limited
MPL is
constructing a 1,050 MW (2 x 525 MW) power plant at Maithon in Jharkhand (Refer
Section 5.2).
Powerlinks
Transmission Limited (PTL)
PTL is a JV
between the Company (51%) and PGCIL (49%). PTL transmits power from the 1,020
MW Tala Hydro Electric Power Project in Bhutan and surplus power from the
Eastern / North - Eastern region of India through its transmission lines
between Siliguri (West Bengal) and Mandaula (Uttar Pradesh), spanning a
distance of 1,166 Kms. The availability of transmission line was maintained at
99.94% for Eastern Region and 99.79% for Northern Region in FY10 as against the
minimum stipulated availability of 98%. During FY10, PTL has earned revenues of
Rs. 3009.800 Millions , a growth of 18% over previous year revenues of Rs.
2544.900 Millions and a PAT of Rs.
1080.900 Millions , a growth of 65% over the previous year PAT of Rs. 653.400
Millions . PTL has recommended a dividend of Rs. 1.8 per share for FY10.
North Delhi Power
Limited
NDPL, a discom
supplying power to
the IMM Eminent
Organization Award for Excellence by the
Tata Power Trading
Company Limited
Tata Power
Trading, incorporated in December 2003 with an equity capital of Rs. 20.000
Millions , was the first company in
NELCO Limited
(NELCO)
NELCO, established
in 1940, is listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange
of India Limited (NSE). The Company, along with its subsidiary, holds 50.1%
stake in NELCOMPANY NELCO’s current businesses cater to defence, railways,
steel plants and energy sector through various products and solutions of
integrated security solutions (intrusion detection, border security and
surveillance, homeland security solutions, etc.), power electronics (converters
and control electronics) for railways, energy saving drives solutions for
industries and Supervisory Control and Data Acquisition (SCADA) systems for
power utilities. Tatanet Services Limited (Tatanet), a subsidiary of NELCO,
provides satellite connectivity solutions to more than 400 corporates and
enterprises in
Af-Taab Investment
Company Limited (Af-Taab)
Af-Taab is a
wholly owned investment subsidiary of the Company. During FY10, Af-Taab earned
an operating income of Rs. 395.500 Millions and PAT of Rs. 150.700 Millions, as
against Rs. 117.900 Millions and Rs. 38.600 Millions respectively in FY09.
Chemical Terminal
Trombay Limited (CTTL)
CTTL is a wholly
owned subsidiary of the Company offering warehousing facility for organic and
inorganic chemicals including petrochemicals. During FY10, CTTL earned an
operating income of Rs. 111.500 Millions
and PAT of Rs. 34.100 Millions , as against Rs. 106.400 Millions and Rs. 28.800 Millions respectively in FY09.
GLOBAL COMPACT
COMPLIANCE
The Company has
been reporting data since 2006 as per the Global Compact Initiative taken up by
the Secretary General of the United Nations in 2002. The Compact requires
businesses to adhere to Ten Principles in the areas of human rights, labour
standards, environment and anti - bribery. The Company submitted to the Global
Compact website its ‘Communication on Progress’ as required in respect of
implementation of the Ten Principles in its business processes. Additionally,
the Company published its Annual Corporate Responsibility Report, as per the
new GRI ‘G3’ guidelines released in 2005.
MANAGEMENT DISCUSSION AND ANALYSIS
SECTOR OVERVIEW
Global Energy
Demand
The global average
per capita consumption of energy is currently at about 2,500 kWh. It is said
that the basic minimum need of energy for a decent quality of life is about
4,500 to 5,000 kWh per capita1.
Further, global population is expected to rise from about 6.8 billion currently
to about 9 billion by 2050 and then stabilize2. Therefore, no matter which way one looks at energy demand viz.
either to just provide a basic quality of life to the existing population or to
take care of the needs of another 2.2 billion people, the world will need more
energy. While the rate of growth in energy consumption is expected to be very
high in growing economies like
The key factors
that will shape the energy / electricity markets will be climate change and
energy security. The key drivers for the power sector will be based on:
- World moving towards the optimal energy
mix based on either low carbon or low cost.
- Focus on increasing the overall system
effi ciency through technology breakthroughs.
- New delivery
models like decentralized generation.
Current per capita
consumption of electricity in
The expected
growth would mean that about 40,000 MW will be under construction every year.
About 75,000 to 80,000 new skilled workers would be required only for
construction and operations in the power sector12. However, the power sector faces competition from both
infrastructure sectors and other industries such as IT for skilled manpower.
Further, at an average cost of Rs. 60.000 Millions per MW covering all forms of
generation,
OPPORTUNITIES AND OUTLOOK
Generation
- The country still needs to add
substantial generation capacity. The opportunities in power generation
will, therefore, be available across all forms of generation from coal to
renewables.
- Gas based power generation
opportunities are likely to emerge in the Indian market from both domestic
gas and LNG.
- The Government is expected to fl oat
bids for 2 domestic coal based UMPPs of 4,000 MW each during the year.
More such opportunities are expected in the near term.
- Many central and state agencies are
looking for Public Private Partnership (PPP) model for fuel sourcing and
generation. The Company is exploring these opportunities.
- The UMPP model is also likely to be
followed for hydro projects.
Distributed
Generation
Large rural
population (about 400 million) with no access to electricity also presents an
opportunity in decentralized distributed generation. Combining renewable power
with distributed generation is one way to meet rural demand
INFORMATION
TECHNOLOGY
With significant
movements in distribution / retail segment and upcoming generation projects,
the focus of IT operations during the year was primarily towards IT enablement
of business processes to help business to ensure sustainability and
competitiveness. This was achieved through the use of SAP s the base platform.
The major business processes that were T enabled include generation and
transmission billing, power purchase and sale and application handling for
changeover and new consumers. Another area of thrust in non-SAP systems was to
introduce state-of-the-art software systems / technologies for project
collaboration, compliance monitoring and document management systems across the
enterprise. Assessment studies on SAP utilization and server hardware were
conducted using services of renowned consultants for future IT roadmap.
FINANCIAL PERFORMANCE OF THE COMPANY
During the year, the
Total Income at Rs. 73798.5000 Millions was lower by 6% as compared to Rs.
78685.800 Millions in the previous year. Operating Income at Rs. 70982.700
Millions for the year was lower by 2% as compared to Rs. 72362.300 Millions in
the previous year. The decline was mainly due to lower fuel costs in the Mumbai
regulated business. The decrease in the fuel cost from Rs. 48076.500
Millions to Rs. 40455.600 Millions was mainly due to a decline in prices both
domestically and internationally. Further, the Company also reduced the fuel
cost by replacing oil with cheaper RLNG gas, thereby reducing the tariff for
the end consumers.
The cost of power
purchased was lower at Rs. 2516.900 Millions compared to Rs. 4935.000 Millions
during the previous year, mainly due to lower power cost and lower purchases.
Other operating expenses were higher at Rs. 9224.100 Millions in the current year (Rs. 7941.400
Millions in the previous year). This increase
is attributable to higher employee costs and higher operations and maintenance
costs for the existing and new units that were commissioned during the year.
Depreciation was higher at Rs. 4779.400 Millions in the current year (Rs. 3288.500
Millions in the previous year) mainly on
account of the first full year of operation of Trombay 250 MW Unit 8 Power
Plant, Units 1 and 2 of Haldia Power Plant, commissioning of Unit 3 of Haldia
Power Plant and new wind farms. Interest and finance charges were higher at Rs.
4229.900 Millions in the current year (Rs. 3277.600 Millions in the previous year) mainly on account of
higher capitalization and increased borrowings. Tax was higher at Rs. 3205.000
Millions in the current year (Rs. 1944.800 Millions in the previous year)
mainly on account of higher profit before tax during the year. Thus, the Profit
after Tax (PAT) accordingly increased to Rs. 9387.600 Millions as against Rs.
9222.000 Millions in the previous year. Basic earnings per share (EPS) on
distributable profits of Rs. 9476.500 Millions (previous year Rs. 9675.000
Millions) stood at Rs. 40.77 as against Rs. 43.69, a decline of about 7%. This
is mainly due to the increase in the equity capital (from 22,14,24,443 shares
to 23,73,07,236 shares) due to the conversion of Foreign Currency Convertible
Bonds (FCCBs) and issue of shares underlying Global Depository Receipts (GDRs).
During the year, the net addition of Rs. 10249.400 Millions to the Gross Block was mainly on account of
Unit 3 of Haldia Power Plant, new wind farms commissioned during the year and
other capitalization in Mumbai Operations. The Net Current Assets as on 31st
March, 2010 were higher at Rs. 37859.900 Millions as compared to Rs. 26098.200 Millions in the previous year. Borrowings at Rs.
58720.100 Millions as on 31st March,
2010 were higher by Rs. 6738.100 Millions
as compared to the previous year. Net Worth of the Company of Rs.
9,131.97 Millions as on 31st March, 2010
was higher by Rs. 19468.100 Millions as
compared to previous year primarily on account of retained profits, increase in
share capital and securities premium due to the issue of GDRs. Debt / Equity Ratio decreased from 0.60 in
the previous year to 0.55 as on 31st March, 2010. The increase in share capital
resulted in a decrease in the Return on Net Worth from 14% in the previous year
to 10% as on 31st March, 2010.
Audited
Financial Results for the Quarter Ended 30th June, 2010
Rs. In Millions
|
Particular |
Quartered
Ended |
|
|
30.06.2010 |
|
|
MUs |
|
Generation |
4386 |
|
Sales |
4533 |
|
|
|
|
Revenue form
power supply and transmission charges |
18726.300 |
|
Add/ Less: Income
to be (utilized) / recovered in future tariff determination |
(701.800) |
|
Net Revenue |
18024.500 |
|
Other operation
income |
654.500 |
|
Total income |
18679.000 |
|
Expenditure |
|
|
Staff cost |
898.700 |
|
Cost of power
purchased |
2438.500 |
|
Cost of fuel |
9519.400 |
|
Cost of
components, material and services in respect of contracts |
149.400 |
|
Depreciation |
1267.000 |
|
Other expenditure
|
1164.100 |
|
Total expenditure
|
15437.100 |
|
Profit from operation
before other income, interest and exceptional
items |
3241.900 |
|
Other income |
|
|
Gain on exchange
(net) |
18.900 |
|
Others |
1256.500 |
|
Profit before
interest and exceptional items |
4517.300 |
|
Interest |
795.800 |
|
Profit after interest
but before exceptional items |
3721.500 |
|
Exceptional items
|
|
|
Adjustment of
expenses recoverable through tariff |
-- |
|
Less drawn from
contingencies reserves |
-- |
|
Profit from
ordinary activities before tax |
3721.500 |
|
Provision for
taxation |
1031.700 |
|
Profit after tax |
2669.800 |
|
Statutory
appropriation (net) |
60.000 |
|
Net
profit after tax and statutory appropriation |
2629.800 |
|
Paid
up equity share capital face value Rs.10/- per share |
2373.300 |
|
Reserve
including statutory reserve |
-- |
|
Basic
earnings per share on net profit after tax and statutory appropriation (not
annualized) |
11.07 |
|
Diluted earnings per share on net profit after tax and statutory appropriation (not annualized) |
11.07 |
|
Aggregate
of public shareholding |
|
|
No of
shares |
152752043 |
|
% of
shareholding |
64.37 |
|
Excluded
no. on shares held by custodians of GDR |
-- |
|
Excludes
% of shareholding held by custodians of GDR |
-- |
|
Aggregate
of promoters and promoter group shareholding |
-- |
|
Pledge/
encumbered |
|
|
No.
of shares |
26860000 |
|
% of
total shareholding of promoter and promoter group |
35.59 |
|
% of
total share capital of the company |
11.32 |
|
Non
encumbered |
|
|
No. of
shares |
48620479 |
|
% of
total shareholding of promoter and promoter group |
64.41 |
|
% of
total share capital of the company |
20.49 |
Segment Revenue,
Results and Capital Employed Under Clause 41 of the Listing Agreement
Rs. in Millions
|
Particular |
Quarter Ended 30.06.2010 |
|
Segment
Revenue |
|
|
Power Business |
18281.300 |
|
Others |
397.700 |
|
Total Segment Revenue |
18679.000 |
|
Less: Inter Segment Revenue |
0.000 |
|
Net
Revenue |
18679.000 |
|
Segment
Results (Profit before interest and tax) |
|
|
Power Business |
3403.200 |
|
Others |
60.300 |
|
Total
Segment Revenue |
3463.500 |
|
Less: Interest Expenses |
795.800 |
|
Add: Unallocable Income net of Unallocated
Expenses |
1053.800 |
|
Total Profit Before Tax |
3721.500 |
|
Capital
Employed |
|
|
Power Business |
75149.300 |
|
Others |
2503.900 |
|
Unallocable |
30760.100 |
|
Total
Capital Employed |
108413.300 |
Note:
- The above results
were reviewed by the Audit Committee and approved by the Board of
Directors at its meeting held on 12th August, 2010.
- In respect of
the Standby Charges dispute with Reliance Infrastructure Limited . (R-lnfra
- formerly Reliance Energy Limited .) for the periods from 1st April, 1999
to 31st March, 2004, the Appellate Tribunal for Electricity (ATE) set
aside the Maharashtra Electricity Regulatory Commission (MERC) Order dated
31st May, 2004 and directed the Company to refund to R-lnfra as on 31st
March, 2004, Rs. 3540.000 millions
(including interest of Rs. 15.14 crows) and pay interest at 10%
p.a. thereafter. As at 30th June, 2010, the accumulated interest was Rs.
1539.600 millions (Rs. 28.000
millions for the quarter ended 30th
June, 2010). On appeal, the Hon’ble Supreme Court has stayed the ATE Order
and as directed, the Company has furnished a bank guarantee of Rs.
2270.000 millions and also
deposited Rs. 2270.000 millions
with the Registrar General of the Court, which amount has been
withdrawn by R-lnfra on furnishing the required undertaking to the Court.
The said amount has been accounted under “Other Deposits”.
Further, no adjustment has been made for the
reversal in terms of the ATE Order dated 20th December, 2006 of Standby Charges
credited in previous years estimated at Rs. 5190.000 millions . The aggregate
of Standby Charges credited in previous years, net of tax is estimated at Rs.
4207.000 millions , which will be adjusted wholly by a withdrawal I set off
from certain Statutory Reserves as allowed by MERC. No provision has been made
in the accounts towards interest that may be finally determined as payable to
R-lnfra. However, since 1st April, 2004, the Company has accounted for
Standby Charges on the basis determined by the respective MERC Tariff Orders.
The Company Is of the view, supported by
legal opinion that the ATE’s Order can be successfully challenged and hence
adjustments, if any, including consequential adjustments to the Deferred Tax
Liability Fund and the Deferred Tax Liability Account will be recorded by the
Company based on the final outcome of the matter.
- In the matter
of claims raised by the company on R-Infra, towards (I) the difference In
the energy charges for the period March 2001 to May 2004:and (ii) for
minimum off-take charges of energy for the period 1998 to 2000, MERC has
issued an Order dated 12th December, 2007 in favour of the Company. The
total amount payable by R-Infra including Interest is estimated to be
Rs.3238.700 millions as on 3.1st December, 2007. ATE In its order dated
12th May, 2008, on appeal by R-lnfra, has directed R-lnfra to pay for the
difference in the energy charges amounting to Rs. 349.800 millions for the
period from March 2001 to May 2004. In respect of the minimum off-take
charges of energy for the period 1998 to 2000 claimed by the Company from
R-lnIra, ATE has directed MERC that the Issue be examined afresh and after
the decision of the Supreme Court in the Appeals relating to the
distribution licence and rebates given by R-lnfra. The Company and R-lnfra
had filed appeals in the Supreme Court.
The Supreme Court, vlde its Order dated 14th
December, 2009, has granted stay against the ATE order and has directed R-Infra
to deposit with the Supreme Court, a sum of Rs. 250.000 millions and furnish a Bank Guarantee for the balance
amount The Company has withdrawn the above mentioned sum subject to an
undertaking to refund the amount with interest, in the event the Appeal is
decided against the Company. On grounds of prudence, the Company has not
recognised any income arising from the above matters.
- During the
quarter ended 30th June, 2010, as per past practice, the Company has
provisionally determined the Statutory Appropriations and the adjustments
to be made on Annual Performance Review as stipulated under the Tariff
Regulations, 2005 for its operations in respect of the Mumbai Licensed
Area.
- In respect of
the quarter ended 301h June, 2009, pertaining to the Company’s Generation
Business as a Licensee, MERC in its Tariff Order dated 28th May, 2009, had
drawn from Contingencies Reserve to partially meet the impact on tariff of
the ATE Order dated 12th May, 2008, wherein ATE upheld the stand taken by
the Company regarding allowability of expenses/accounting principles which
were earlier disallowed not recognised by MERC in its truing-up for
financial years 2004-05 and 2005-06. Accordingly, the Company had drawn
Rs. 108.83 crows from Contingencies Reserve. Further, the Company had recognised
revenue of Rs. 1054.000 millions
and transferred Rs 24.89 crows from Tariffs and Dividends Control
Reserve consequent to the above Order and the Orders pertaining to the
Transmission and Distribution Businesses dated 28th May, 2009 and 15th
June, 2009 respectively. Certain disallowances arising from these Orders
aggregating to about Rs. 830.000 millions had not been recognised as
expense since they have been challenged by the Company at the ATE.
- In respect of
the quarter ended 30th June, 2009 ATE in its order dated 15th
July, 2009, had upheld the company claim regarding allow ability of
certain expenses / accounting principles which were earlier disallowed /
not recongnised by MERC in its truing-up for the financial year 2006-07.
Accordingly during the quarter ended 30th June, 2009, the
company had treated such expenses as recoverable through tariff and had
recognized revenue of Rs.1270.000 millions in respect of the financial
years 2006-07 to 2008-09.
- There were 2
investor complaints pending as on 1st April 2010, 6 complaint
were received during the quarter, 7 complaints were disposed off during
the quarter and 1 complaint remained unresolved as at the end of the
quarter ended 30th June, 2010
- Previous
period / years figures have been regrouped / reclassified wherever
necessary.
FIXED ASSETS:
- Technical
Know-how
- Licences
- Land
(including land development)
- Hydraulic
Works
- Buildings
- Railway
Sidings, Roads, Crossings, etc
- Plant and
Machinery
- Transmission
Lines, Cable Network, etc
- Furniture,
Fixtures and Office Equipments
- Motor
Vehicles, Launches, Barges etc
- Motor
Vehicles under Finance Lease
- Helicopters
WEBSITE DETAILS:
PROFILE:
Recognised as
Led by a powerful
vision, Tata Power pioneered the generation of electricity in
Tata Power has an
installed power generation capacity of about 3000 Mega Watts, with the Mumbai
power business, which has a unique mix of Thermal and Hydro Power, generated at
the Thermal Power Station, Trombay, and the Hydro Electric Power Stations at
Bhira, Bhivpuri and Khopoli, accounting for 1797 MW. Its diverse generation
capability facilitates the company in producing low cost energy, thereby giving
its consumers a greater value for money.
Among its many
achievements that Tata Power can proudly boast of are the installation and
commissioning of India’s first 500 MW unit (at its Thermal Power Generating
Station, Trombay) the 150 MW Pumped Storage Unit at its Hydro Generating
Station, Bhira, and environmental control systems like the Flue Gas
Desulphurisation plant.
Tata Power has a
first of its kind joint venture with Power Grid Corporation of
North Delhi Power Limited
A joint venture with
the State Government of Delhi for its
Tata Power Trading
Company Limited (TPTCL), a wholly owned subsidiary of the Tata Power Company
has been awarded the first ever power trading license by the Central
Electricity Regulatory Commission (CERC) under section 14 of the Electricity
Act 2003, enabling it to carry out transactions all over India.
International Projects
Leveraging upon its engineering
skills and understanding of the power business, Tata Power has carried out
several overseas projects and successfully completed erection, testing and
commissioning of major power projects in Saudi Arabia, Bangladesh, Kuwait,
Algeria, Myanmar and Thailand. The company has also undertaken projects
pertaining to power plant / operations management and plant operations
training.
Strategic Electronics Division (SED)
The Strategic
Electronics Division of Tata Power has been in operation for over 30 years and
has been pursuing development and production activities for the Indian defence
sector. SED successfully developed the Multi Barrel Rocket Launcher, ‘Pinaka’,
proven in the field through extended user trials which led to its induction
into the Indian Army. The Division has developed specialised equipment for Air
Defence and Naval Combat systems.
Corporate Social Responsibility
Tata Power is
committed to setting high standards in its pursuit of social responsibility and
remaining sensitive to the issues of resource conservation, environment
protection and enrichment and development of local communities in its areas of
operations. The company has a simple philosophy that guides its activities in
these matters, “Giving back is a means towards going ahead". Their
widespread programmes on biodiversity conservation, afforestation,
pisciculture, family planning, health services, primary and secondary education
and many more have made inroads into the tiny hamlets and tribal regions of
their hydro catchment areas and it is their endeavour to light up these dark
and narrow streets to new dawns.
Awards:
- CII EXIM Bank
Award 2005 – "Certificate for Strong Commitment to Excel".
- “Energy
Efficient Unit Award” at the National Award for Excellence in Energy
Management – 2005 for T and D divisions conducted by CII.
- Jojobera has
been declared as the winner of Golden Peacock Special Commendation
Certificate for the year 2005 (11 June 2005).
- Tata Power
among the top 13 Best Managed Companies in
- The 2nd
Wartsila – Mantosh Sondhi Award for outstanding contribution to the Indian
Power Sector in 2004.
- Greentech
Environment Excellence Award: Platinum to Jojobera Thermal Power Plant,
Jharkhand in 2004.
- Greentech
Safety Award: Gold to Trombay Thermal Power Station, Mumbai in 2004.
- The Power
Plant Award, instituted by Electric Power International, to the Trombay
Thermal Power Station in 1995.
- Outstanding
Structures of the Year by the American Concrete Institute: Bronze Award to
the Trombay Thermal Power Station for the year 1988 – 1989.
BOARD OF
DIRECTORS:
Mr. Ratan N Tata (Chairman)
Mr Tata has been on the Board since 1989. Mr Tata holds a B.Sc.
(Architecture) degree with Structural Engineering from
Mr. Ramabadran Gopalakrishnan
Mr Gopalakrishnan is a graduate in Physics from
Dr. Homiar S Vachha
Dr. Vachha has a post-graduate degree and a doctorate in Economics from
the
Mr. Adi J Engineer
Mr. Engineer graduated as a B.E. (Civil) from
Mr. Nawshir H Mirza
Mr. Mirza is a Fellow of the Institute of Chartered Accountants of India
and was a Senior Partner of Ernst and Young. He is an Advisor to Jardine
Matheson and Company Limited,
Mr. Deepak M Satwalekar
Mr. Satwalekar was the Managing Director and CEO of HDFC Standard Life
Insurance Company Limited since November 2000 and prior to this, he was the
Managing Director of HDFC Limited from 1993 - 2000. Mr Satwalekar obtained a
Bachelors Degree in Technology from the Indian Institute of Technology,
Dr Ramchandra H Patil
Dr Patil is presently the Chairman of Clearing Corporation of
Mr. Piyush G Mankad (IAS Retired)
Mr. Mankad is a retired civil servant with a distinguished career of
over 40 years in the prestigious Indian Administration Service, which he joined
in 1964, topping his batch. He was educated at
Mr. Ashok K Basu
Mr. Basu is the former Secretary - Steel, Secretary - Power and Chairman
of Central Electricity Regulatory Commission. Mr Basu was a key member in the formulation
and clearance of the Electricity Act, 2003, both as Secretary (Power) and later
as Chairman (CERC), and has a very deep knowledge of the power business in
Mr. Thomas Mathew T
Mr. Mathew is a post-graduate in Economics and holds a Bachelor's Degree
in Law. He also holds a post-graduate diploma in Management from the
International Institute of Advanced Marketing. He is the Managing Director of
LIC since March 2006. He is the Nominee Director of LIC on the Boards of Larsen
and Toubro Limited and Corporation Bank. He is also Chairman of LIC Mutual Fund
Trustee Company Private Limited, and Director on the Board of LIC (Lanka)
Limited,
Mr. Prasad R Menon
Mr. Menon is a Chemical Engineer from IIT, Kharagpur with 38 years of
professional experience in the industry. Prior to joining the Company, he was
the Managing Director of Tata Chemicals Limited. He has also had long service
with the ICI group of companies in
Mr. Sowmyan Ramakrishnan
Mr. Ramakrishnan holds a B.Tech degree from IIT Madras and also has a
Management Degree from IIM, Ahmedabad. He joined the Tata Administrative
Services in 1972 and during his long tenure, handled a multitude of national as
well as international projects. He is on the Board of several group companies.
Mr. Sankaranarayanan Padmanabhan
Mr. Padmanabhan is a gold medallist in Electronics and Communication
Engineering from PSG College of Technology,
Mr. Banmali Agrawala
Mr. Agrawala is a Mechanical Engineer from Manipal Institute of Technology.
Prior to joining the Company, he was the Managing Director of Wartsila India
Limited. Prior to Wartsila, he was with Bajaj Auto Limited in Research and
Development division. He has a deep understanding of the Indian power industry
as well as the global renewables business. He has 23 years of professional
experience in the industry and has held several positions in industry bodies.
PRESS RELEASE:
Tata Power-Origin Energy-Supraco
Consortium wins geothermal bid in
Mumbai, September 02, 2010
Tata Power, India's largest integrated private power company, today announced that the consortium comprising of Tata Power (47.50%), Origin Energy Limited (47.50%) and PT Supraco Indonesia (5%) were declared as the successful bidder for the Sorik Marapi geothermal project in Northern Sumatra, Indonesia.
The Sorik Marapi project is estimated to support the development of approximately 240 MW of geothermal generation capacity. The project will be developed by PT Sorik Marapi Geothermal Power (“SMGP”), a Special Purpose Vehicle formed by the Consortium. The Consortium would undertake a detailed exploration programme over the next 18 months. The expected Commercial Operation Date (COD) for the project is June 2015.
Speaking on the occasion, Mr. Prasad R Menon, Managing Director, Tata Power said, “Tata Power is happy that its efforts to explore new avenues in the renewable space is moving on a steady path and in the right direction. Tata Power has a strong mission to achieve at least 25% of its generation portfolio through renewable sources of energy by 2017, geothermal energy being one of the prime renewable growth engines. The Sorik Marapi exploration is testament to our faith in the untapped potential of geothermal energy. I would like to take this opportunity to congratulate the entire team that has put in their relentless efforts during the bidding process. Our association with Origin Energy has been fruitful and rewarding. This is in line with our overall growth strategy to build global relationships and partnerships with organizations which are leaders in their field.”
Origin’s Executive Director, Finance and Strategy, Ms. Karen Moses said “The Joint-Venture is consistent with Origin’s strategy of pursuing exploration opportunities for energy resources near growing markets. This joint venture is reflective of our belief that geothermal can provide large scale renewable base load energy.”
Tata Power with generation capabilities in Hydro, Thermal,
Solar and Wind energy has nearly 3000 MW in operation with an additional 5500
MW in construction. Tata Power has a 10% stake in Geodynamics Limited ., a
listed Australia-based organization specializing in geothermal energy and
Enhanced Geothermal Systems (EGS). Along with Geodynamics, Tata Power is
reviewing the potential of geothermal prospects outside
About Tata Power:
Tata Power is
India's largest private sector power utility with an installed generation
capacity of over 2900 MW and a presence in all the segments of the power sector
viz Generation (thermal, hydro, solar and wind), Transmission, Distribution and
Trading. The Company has successful public-private partnerships in Generation,
Transmission and Distribution - "North Delhi Power Limited" with
Delhi Vidyut Board for distribution in
About Origin Energy
Origin Energy is
In
About Supraco:
PT. Supraco
Supraco had
expanded its business activities to many areas in oil and gas service sectors:
Integrated Logistic Base Management, Offshore Crane Supply and Maintenance,
Offshore Drilling, Car and Heavy Equipment Rental Service, Maintenance of
Production Service Facilities, Manpower and Expatriate Management Services, and
many others mainly in operation support area.
For further information please contact:
Shalini Singh
Head- Corporate Communications
The Tata Power Company Limited
Tel: 022-6665 8748
Email: shalinis@tatapower.com
Rakesh Reddy / Rohini Bhagat
Vaishnavi Corporate Communications
Phone: 022-6656 8787
Cell: 9821735515 / 9819762969
Email: rakesh@vccpl.com / rohini.bhagat@vccpl.com
Fact Sheet – Geothermal Energy:
Geothermal generation is energy derived from the Earth’s intense heat. Fluid from highly pressurised, natural geothermal systems is brought to the surface by wells that vary in depth from a few hundred metres to 2.5 kilometres. At the surface this fluid is separated into two streams, one of steam and the other of water. The steam is used in a turbine to generate electricity and the hot geothermal water is either injected back into the ground or drained away.
Greenhouse gas emissions from geothermal power plants are significantly less than for a conventional thermal power station, although other gases, such as hydrogen sulphide, may be emitted with the geothermal steam.
About Sorik Marapi
Sorik Marapi is located in Northern Sumatra, Indonesia,
approximately 590km south of the city of
TATA POWER
ANNOUNCES STANDALONE AND CONSOLIDATED QUARTERLY RESULTS
STANDALONE – Q1
FY11
- REVENUES
STOOD AT Rs. 18679.000 MILLIONS
- PROFIT AFTER
TAX (PAT) FOR THE QUARTER STOOD AT RS. 2689.800 MILLIONS
(For the previous year PAT was Rs. 3770.800
Millions and is not comparable. Previous
year includes Rs. 2324.000 Millions due
to MERC tariff orders and judgment of ATE received) GENERATION UP 3%
AT 4386MUs
CONSOLIDATED – Q1
FY11
- REVENUES UP
BY 7% AT RS. 51848.400 MILLIONS
- PROFIT AFTER
TAX (PAT) AT RS. 3176.700 MILLIONS
- (PAT for the previous year
stood at Rs 5527.600 Millions which
included Rs. 2324.000 Millions due
to MERC tariff orders and judgment of ATE received. PAT for this year is
after considering Rs. 1540.000 Millions
of forex loss on account of realignment of CGPL borrowings)
- Adds 18300
retail consumers in the Mumbai License Area
- Raises US$
300 million in Coal SPVs to fund additional acquisitions and/or reduce
outstanding debt
- Is Country’s
leading private Wind Power Generator, chalks out plans to add about 150MW
in the current fiscal
- ICRA assigns
LAA rating with Positive outlook for the Company’s Rs. 6 billion
Non-Convertible Debenture programme
- CRISIL
assigns ‘AA/Positive’ rating to the Company’s Rs. 6 billion
non-convertible debenture Programme
Mumbai, 12th August 2010: The Tata Power Company Limited, India's
largest private power company, today announced its standalone and consolidated
financial results for the first quarter ended June 30th FY 2010-11.
FINANCIAL
HIGHLIGHTS- QI FY11 - STANDALONE RESULTS
During the quarter, Company’s standalone results reflected a robust
financial and operational performance. The Company reported Revenues at Rs.
18679.000 Millions as against Rs.
20156.200 Millions in the corresponding
period last year. The decrease was mainly due to lower fuel cost in the Mumbai
regulated business. Further, the Company also reduced the fuel cost by
replacing oil with cheaper RLNG gas, thereby reducing the tariff for the end
consumers. However, the cost of power purchase has gone up as we were prevented
from scheduling power generated by us to our distribution business in Mumbai.
Profit After Tax (PAT) for the quarter stood at Rs. 2689.800
Millions as compared to Rs. 3770.800
Millions in the previous year. This is
not comparable as previous year includes amount of Rs. 2324.000 Millions due to MERC tariff orders and judgment of ATE
received. Other Income has gone up by 19% at Rs.1275.400 Millions due to increased earnings out of the FCCBs
funds and interest on tax refund. The interest went down by 32% and stood at
Rs. 795.800 Millions due to repayment of
short term borrowings and refund of interest paid on tax pertaining to previous
years. PAT after Statutory Appropriations stood at Rs. 2629.800 Millions as against Rs. 3969.700 Millions in the corresponding period last year.
FINANCIAL
HIGHLIGHTS- QI FY11 - CONSOLIDATED RESULTS
On a consolidated basis, Revenues for the quarter were up by 7% at Rs.
51848.400 Millions compared to Rs.
48527.900 Millions in the corresponding
period last year. PAT was at Rs. 3176.700 Millions as compared to Rs. 5527.600 Millions in the corresponding quarter last year. This
decrease is mainly due the Rs.1540.000 Millions
of forex loss reported on account
of realignment of CGPL borrowings and also Rs. 2324.000 Millions due to MERC tariff orders and judgment of ATE
received in the previous year.
On Consolidated Segment-wise performance, Net Revenue for Power business
was Rs. 35048.100 Millions and Coal
Business for Rs 15390.600 Millions , an increase of 5% and 19% as compared to
Rs. 33429.700 Millions and Rs. 12980.600
Millions respectively, during the
corresponding periods last year. PBIT for Power Business was Rs. 5173.200
Millions against Rs. 6624.100
Millions (due to MERC/ATE orders
explained above). Whereas, PBIT for Coal Business stood at Rs. 4239.700 Millions as compared to Rs. 3731.600 Millions , 14%
higher than the corresponding quarter last year. This increase is due to higher
production and increase in coal prices.
OPERATIONAL
HIGHLIGHTS:
During the quarter, Company’s Operations continued to report strong performance.
Sales volume for the quarter increased by 8% at 4533 MUs as against 4180 MUs in
the corresponding period last year. Overall Generation was up by 3% at 4386 MUs
as compared to 4260 MUs in the same period last year.
Trombay Thermal Power Station and Hydro Power Stations generated 2799
MUs and 358 MUs of power respectively as compared to 2779 MUs and 369 MUs in
the corresponding period previous year. The Jojobera Thermal Power Station
recorded a generation of 850 MUs during the quarter as compared to 803 MUs in
the previous year.
Speaking on the performance for the quarter, Mr. Prasad R. Menon,
Managing Director, Tata Power, said, “We
have started the year on a strong footing. All our businesses have performed
well in this quarter. We are encouraged by the strong performance and growth of
our retail business in Mumbai. Our generating stations have
also recorded robust increase in power
generation.
Further, we are making good progress on our
new projects under implementation. We are entering an important and exciting
leg of our growth phase as most of our large projects are in advance stages of
completion.
We believe that the growth momentum in
Renewables may gather impetus with the strict implementation of RPO obligation
and the Renewable Energy Certificate (REC) mechanism. These additional steps
can trigger demand from various States in the country. We are well placed to
capitalise on the increasing demand for renewable energy sources through a
substantially expanded portfolio including wind, solar and geothermal energy
sources. Our Joint-Venture with SN Power for Hydro projects provides the
potential to expand our presence in hydro projects in
We are glad that we are one of the leading
wind power generators in the country. Our 3 MW solar PV plant will be
the first and largest grid connected solar
plant in
BUSINESS
HIGHLIGHTS:
North Delhi Power
Limited (NDPL):
The Company’s distribution subsidiary and Joint-Venture with Delhi
Govt., NDPL posted Revenues of Rs.11156.600 Millions during the quarter, a growth of 45 % as
compared to the previous year of Rs. 7711.400 Millions . The net profit stood
at Rs. 567.100 Millions as compared to
Rs. 414.000 Millions in the
corresponding period last year. While NDPL reported an increased PAT, its cash
accruals since 1st April 2009 are under pressure due to a substantial increase
in power purchase cost which is yet to be recovered through appropriate
adjustment in tariff. This has resulted in a significant increase in working
capital of about Rs. 6400.000 Millions
(including Rs. 2900.000 Millions
this quarter) since 1st April 2009 .which has been financed through
additional borrowings.
Powerlinks
Transmission Limited (Powerlinks):
Powerlinks, the first public-private joint venture in power transmission
in
Tata Power Trading
Company Limited (TPTCL):
TPTCL traded at total of 1347 MUs during the quarter as compared to 960
MUs in the previous year, thereby resulting in an increase in its Revenues by
7% to Rs. 7163.500 Millions from Rs.
6710.700 Millions in the previous year.
The PAT also increased to Rs. 64.500 Millions
as against Rs. 17.900 Millions in
the same period last year.
Mumbai Retail
Business:
During the quarter, the Company added 18300 new customers out of which
17760 changeover customers taking its total customer base to 76800 with in 8
months. The Company had 26,005 direct consumers before it started expansion of
its retail business in the Mumbai market.
During the quarter, Tata Power signed an agreement to raise US$ 300
Million in Bhira Investments Limited and Bhivpuri Investments Limited Coal
Special Purpose Vehicles (SPVs) through shares with differential rights to be
issued to Olympus Capital Holdings Asia (Olympus Capital). Taking current
position of debt and cash in coal SPVs, the post money shareholding of Olympus
Capital may be in the range of 14-15% for an investment of US$300 million.
These funds could also be utilized to secure further long term coal supplies by
investing in coal mines or to reduce the outstanding debt in the SPVs.
CRISIL and ICRA
Ratings:
The rating exercise with ICRA and CRISIL was undertaken for the Rs.
3500.000 Millions 15 year 9.15% NCD that
was placed in the market to prepay a loan for Company’s wind projects. The
issue was fully subscribed and the money has been drawn down to prepay the
outstanding loan. The NCD is amongst the finer priced issues done. The rating
also allows the flexibility to raise an additional up to Rs.2500.000
Millions of such NCD.
GROWTH PLANS:
The Company’s growth plans include steady capacity addition
year-on-year, taking its current installed capacity to 2975 MW. Some of the
projects commissioned in FY09 and FY10 include 120 MW in Haldia, 120 MW Power
House# 6 owned by IEL,182 MW from wind farms in Maharashtra, Gujarat and
Karntaka and 250 MW Trombay expansion project. The progress on Company’s
upcoming projects is as follows:
- 4000 MW,
Mundra Project: Mundra UMPP is progressing as per schedule with
engineering, procurement and construction activities in full swing.
Overall project progress achieved is 53%. Ordering of all critical
items/major packages has been completed. The first unit is expected to be
commissioned by September 2011.
- 1050 MW
Maithon Project: is also progressing well and has achieved 82% completion.
The target of synchronising Unit 1 on oil is by October 2010 and
commissioning soon thereafter, the major challenge being the railway
linkage from the main line. All efforts are being taken to commission the
unit by end of 2010.
IEL: 120 MW Unit 5 being constructed at the Company’s existing site at
Jojobera has been synchronized. The project is expected to be commissioned in
the first half of FY11.
114 MW Dagachhu Project: in partnership with The Royal Government of
Bhutan (RGoB) is progressing well. Major ordering for the project has been
completed. All statutory clearances, land, water and environment clearances
have been received and PPA for the entire quantum of power has been signed for
the project. The first unit is targeted to be commissioned by FY14.
Partnership with SN Power: The Company has signed an exclusive
partnership agreement with SN Power,
have already begun pursuing potential project opportunities based on the
vast reserves of renewable energy in
the Himalayan region.
1600 MW Coastal Maharashtra Project: During the year, the Company has made
substantial progress in this project. The R and R
authority of the GoM has approved the R and R proposal of the company. Land
acquisition is in progress. The plant is expected to be commissioned within 3
years of land acquisition.
1320 MW Naraj Marthapur, Orissa: The major clearances for
the 1320 MW Naraj Marthapur project have been obtained. Process is on for
obtaining environmental clearance from MoEF. The plant is expected to be
commissioned within 42-45 months of completion of the land acquisition, which
is expected to be completed during the year. The Company has been allotted the
Mandakini coal block located in the Angul district of Orissa, along with Monnet
Ispat and Energy Limited, and Jindal Photo Limited, which will feed coal to the
plant.
Tiruldih Power Project, Jharkhand (3 X 660 MW): The process
of land acquisition is expected to take around 12 to 18 months. The first
tranche of land (300 acres) is expected to be acquired around October 2010. In
- principle clearance has been received from Railways for transportation of
coal from Tubed Coal Block. Tubed Coal Block has been jointly allotted to Tata
Power and Hindalco in Jharkhand.
Renewable
Projects:
Wind Power: Tata Power is the leading private wind
generation company with an installed capacity of 200 MW and added another first
to its credit by commissioning 2 MW-class wind turbines designed by Kenersys
Gmbh of Germany and manufactured and installed by Kenersys
Solar
Power:
The Company is implementing a 3 MW solar photo-voltaic plant
at Mulshi and will be one of the largest grid connected plants in
SUSTAINABILITY
INITIATIVES:
Tata Power Energy Club: In FY10, the Club became a national
movement on energy conservation. In FY11, the Club plans to reach out to 275
schools nationwide and targets to save 2 million units. Key locations targeted
are Mumbai,
Energy Efficiency: MERC approved EE T5 FTL Program –
Supplier was finalized based on techno –commercial analysis. The program is
planned to be made available to the Company’s consumers by August 2010. Tata BP
Solar commissioned the solar water heating system (8,600 litres capacity) in
Trombay housing colony during March 2010.
About Tata Power:
Tata Power is India's largest
integrated private sector power utility with an installed generation capacity
of about 3000 MW and a presence in all the segments of the power sector viz
Generation (thermal, hydro, solar and wind), Transmission, Distribution and
Trading. The Company has successful public-private partnerships in Generation,
Transmission and Distribution - “North Delhi Power Limited” with Delhi Vidyut
Board for distribution in
Disclaimer Statement: Some of the
statements in this document, except for the historical information, are
forward-looking statements. These forward-looking statements include references
to growth projections, plans, strategies, intentions and beliefs concerning our
business and operating environment. There are risks, uncertainties and other
factors that may cause actual results to differ materially from those projected
by these forward-looking statements.
For further information please contact:
Shalini Singh Rakesh Reddy
Chief, Corporate Communications
The Tata Power Company Limited,
Phone: 022-6665 8748
Email: shalinis@tatapower.com
Vaishnavi Corporate Communications
Tel 022-6656 8787
Cell: 9821735515
Email: rakesh@vccpl.com
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
|
1 |
Rs.74.13 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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.