MIRA
INFORM REPORT
|
Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NHPC LIMITED |
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Registered
Office : |
NHPC Office Complex, Sector – 33, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.11.1975 |
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Com. Reg. No.: |
05-032564 |
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Capital
Investment / Paid-up Capital : |
Rs.123007.428 Millions |
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CIN No.: [Company Identification
No.] |
L40101HR1975GOI032564 |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Construction and Development of Hydroelectric Projects. |
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No. of Employees
: |
11657 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [51] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 930000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Government Of India Enterprise having Satisfactory track.
Available Information indicates high financial responsibility of the company.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rupesh Sood |
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Designation : |
Account Manager |
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Contact No.: |
91-9650358358 |
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Date : |
05.08.2011 |
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Name : |
Mr. Vijay Gupta |
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Designation : |
Company Secretary |
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Contact No.: |
91-129-2278018 |
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Date : |
05.08.2011 |
LOCATIONS
|
Registered Office : |
NHPC Office Complex, Sector – 33, |
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Tel. No.: |
91-129-2278421 / 2277752 / 2511968 |
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Mobile No.: |
91-9650358358 [Mr. Rupesh Sood] |
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Fax No.: |
91-129-2277941 |
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E-Mail : |
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Website : |
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Area : |
100,000 Sq.ft. |
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Location : |
Owned |
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Project Office : |
All Over |
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2, Pragati Bhawan, |
DIRECTORS
As on 31.03.2010
|
Name : |
Shri A.B.L. Srivastava |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
24.08.1955 |
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Qualification : |
He holds a master’s degree in business, finance and
commerce. He is also a member of the
Institute of Chartered Accountants of India. |
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Date of Appointment : |
11.02.2008 |
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Directorship held
in other Companies |
PTC India Limited |
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Name : |
Smt. Komal Anand |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
05.04.1946 |
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Qualification : |
She holds a bachelor degree in arts from |
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Date of Appointment : |
02.04.2008 |
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Name : |
Shri A.K. Mago |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
27.09.1944 |
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Qualification : |
He holds a master’s degree in physics and an M. Phil.
degree in social sciences. He also
olds diplomas in management and public finance from |
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Date of Appointment : |
03.04.2008 |
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Directorship held
in other Companies |
Yes Bank Independent SCI Independent Hindustan Copper Limited, |
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Name : |
Sh. Raman Sidhu |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.07.1957 |
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Qualification : |
He holds a bachelor’s degree in economics from St.
Stephen’s College, |
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Date of Appointment : |
07.04.2008 |
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Directorship held
in other Companies |
Deutshe Post Bank Home Finance (P) Limited G4 S Corporate Services (P) Limited Foundation for Aviation and Sustainable Tourism- Life
Trustee |
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Name : |
Shri A.
Gopalakrishnan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.12.1951 |
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Qualification : |
Chartered
Accountant |
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Date of Appointment : |
15.12.2009 |
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Directorship held
in other companies |
Dena Bank |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Gupta |
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Designation : |
Company Secretary |
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Name : |
Mr. L.K. Bhardwaj |
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Designation : |
Senior Manager - Finance |
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Name : |
Mr. Rupesh Sood |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Central Government/State Government |
10623368758 |
86.36 |
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Sub Total (A)
(1) |
10623368758 |
86.36 |
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(B) Public
Shareholding |
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1. Institutions |
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Mutual Funds / UTI |
114040186 |
0.93 |
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Financial Institutions / Banks |
146640709 |
1.19 |
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Insurance Companies |
92706559 |
0.75 |
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Foreign Institutional Investors |
210959931 |
1.72 |
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Sub Total (B)
(1) |
564347385 |
4.59 |
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2. Non
Institutions |
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Bodies Corporate |
233404346 |
1.90 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
684567834 |
5.57 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
173842454 |
1.41 |
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Any other
[specify] |
21211996 |
0.17 |
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Trusts |
2276636 |
0.02 |
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NRI |
16756325 |
0.14 |
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Clearing Members |
2148073 |
0.02 |
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Overseas Corporate Bodies |
30962 |
-- |
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Sub Total (B)
(2) |
1113026630 |
9.05 |
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(B) = (B) (1) +
(B) (2) |
1677374015 |
13.64 |
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|
123004742773 |
100.00 |
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
|
Total (A) + (B) +(C) |
123004742773 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction and Development of Hydroelectric Projects. |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
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Licensed Capacity (M.W.) |
Not applicable |
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Installed Capacity (M.W.)* |
3619.20 |
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Actual Generation (Million Units)** |
16857.10 |
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* derated capacity of Loktak Power Station. ** including infirm Power & excluding Auxiliary
Consumption & Transformation Loss. |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
11657 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
GSA and ASSOCIATES Chartered Accountant |
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Address : |
16, Ground Floor, DDA Flats, Shivalik-Panchashil Mor,
Near Malviya Nagar, New Delhi-110 017, |
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Name : |
Baweja and Kaul, Chartered Accountants |
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Address : |
15B/B Gandhi Nagar Extn., |
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Name : |
K K Ghei and Company Chartered Accountants |
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Address : |
806, Hemkunt House, 6, Rajendra Place, New Delhi-110 008 |
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Name : |
K C Bhattacharjee and Paul Chartered Accountants |
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Address : |
2, |
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Name : |
M/s N. Sarkar and Company Chartered Accountants |
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Address : |
21, |
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Joint Venture
Companies : |
National Power Exchange Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150000.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,300,742,773 |
Equity Shares |
Rs.10/-each |
Rs.123007.428 millions |
|
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|
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|
(Out of above,
62,952,960 Shares of 10/- each have been allotted for consideration other than
cash pursuant to agreement with
Government of India)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
123007.400 |
111824.900 |
111824.900 |
111982.100 |
|
|
2] Government of |
0.000 |
0.000 |
0.000 |
88.300 |
|
|
3] Reserves & Surplus |
109724.500 |
67981.300 |
60945.700 |
53670.500 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
232731.900 |
179806.200 |
172770.600 |
165740.900 |
|
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LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
109531.800 |
82123.800 |
70034.900 |
46227.900 |
|
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2] Unsecured Loans |
29150.400 |
40216.500 |
29528.400 |
29091.600 |
|
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TOTAL BORROWING |
138682.200 |
122340.300 |
99563.300 |
75319.500 |
|
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DEFERRED TAX LIABILITIES |
1391.000 |
0.000 |
0.000 |
0.000 |
|
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INCOME RECEIVED IN ADVANCE ON ACCOUNT OF ADVANCE AGAINST DEPRECIATION |
14374.400 |
13294.700 |
13032.600 |
12459.800 |
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TOTAL |
387179.500 |
315441.200 |
285366.500 |
253520.200 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
163949.300 |
176438.100 |
173768.500 |
100927.200 |
|
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Capital work-in-progress |
128025.000 |
94017.700 |
63132.000 |
113999.200 |
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Construction Stores and Advances |
12225.200 |
10968.500 |
10769.600 |
8564.300 |
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|
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|
|
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INVESTMENT |
43940.500 |
27936.000 |
30492.200 |
33227.500 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Interest Accrued on Investments |
1826.500
|
810.100 |
919.100 |
1035.400 |
|
|
Inventories |
443.100
|
371.600 |
371.200 |
449.500 |
|
|
Contract Work-In-Progress |
268.400
|
195.500 |
511.600 |
2799.800 |
|
|
Sundry Debtors |
11402.100
|
2946.600 |
3480.600 |
2912.200 |
|
|
Cash & Bank Balances |
50973.800
|
18999.500 |
18412.700 |
4669.000 |
|
|
Other Current Assets |
5346.600
|
3937.400 |
2164.000 |
1543.000 |
|
|
Loans & Advances |
12957.400
|
16932.000 |
7845.500 |
4453.200 |
|
Total
Current Assets |
83217.900
|
44192.700 |
33704.700 |
17862.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
7205.300
|
5684.600 |
6310.600 |
4599.100 |
|
|
Other Current Liabilities |
14090.600
|
15817.900 |
5240.100 |
6117.700 |
|
|
Provisions |
22882.500
|
16632.600 |
14953.200 |
10601.300 |
|
Total
Current Liabilities |
44178.400
|
38135.100 |
26503.900 |
21318.100 |
|
|
Net Current Assets |
39039.500
|
6057.600 |
7200.800 |
[3456.000] |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
23.300 |
3.400 |
258.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
387179.500 |
315441.200 |
285366.500 |
253520.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
||
|
|
SALES |
|
|
|
|
||
|
|
|
Income |
42189.000 |
26718.500 |
22437.300 |
17541.200 |
|
|
|
|
Revenue from Contract, Project Management and Consultancy
Works |
1130.800 |
489.700 |
391.900 |
1288.100 |
|
|
|
|
Other Income |
5601.100 |
5406.700 |
4050.200 |
3045.700 |
|
|
|
|
TOTAL (A) |
48920.900 |
32614.900 |
26879.400 |
21875.000 |
|
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
|
||
|
|
|
Generation,
Administration and Other Expenses |
3043.600 |
3264.700 |
2635.800 |
1825.600 |
|
|
|
|
Employees’ Remuneration
and Benefits |
5298.400 |
4925.100 |
3167.800 |
2371.900 |
|
|
|
|
Provisions |
805.000 |
1909.700 |
114.300 |
237.400 |
|
|
|
|
Expenditure on
Contract, Project Management and Consultancy Works |
823.900 |
611.600 |
316.600 |
1264.300 |
|
|
|
|
TOTAL (B) |
9970.900 |
10711.100 |
6234.500 |
5699.200 |
|
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
38950.000 |
21903.800 |
20644.900 |
16175.800 |
||
|
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
4570.800 |
5051.800 |
4534.000 |
2317.500 |
||
|
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34379.200 |
16852.000 |
16110.900 |
13858.300 |
||
|
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10332.500 |
5182.400 |
4434.000 |
2905.500 |
||
|
|
|
|
|
|
|
||
|
|
Prior Period Adjustments (net) |
25.900 |
[113.800] |
207.000 |
75.400 |
||
|
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
24020.800 |
11783.400 |
11466.500 |
10877.400 |
||
|
|
|
|
|
|
|
||
|
Less |
TAX (I) |
3115.800 |
1031.200 |
1425.600 |
1629.400 |
||
|
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-I) (J) |
20905.000 |
10752.200 |
10040.900 |
9248.000 |
||
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19636.600 |
13445.300 |
7151.800 |
28297.400 |
||
|
Add |
Amount written back from Bond Redemption Reserve |
142.500 |
142.500 |
0.000 |
837.500 |
||
|
Add |
Amount written back from Self Insurance Reserve |
0.000 |
0.600 |
0.000 |
0.000 |
||
|
Add |
Tax on dividend - write back |
39.800 |
85.700 |
0.000 |
0.000 |
||
|
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
|
||
|
|
|
Transfer to Bond Redemption Reserve |
1000.000 |
0.000 |
237.500 |
0.000 |
|
|
|
|
Transfer to Self Insurance Fund |
329.900 |
987.400 |
0.000 |
0.000 |
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
28000.000 |
|
|
|
|
Interim Dividend |
0.000 |
1250.000 |
1000.000 |
720.000 |
|
|
|
|
Proposed Dividend |
6765.400 |
2000.000 |
2000.000 |
2060.000 |
|
|
|
|
Tax on Interim Dividend |
0.000 |
212.400 |
170.000 |
101.000 |
|
|
|
|
Tax on Proposed Dividend |
1123.600 |
339.900 |
339.900 |
350.100 |
|
|
|
BALANCE CARRIED
TO THE B/S |
31505.000 |
19636.600 |
13445.300 |
7151.800 |
||
|
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
|
||
|
|
|
Spare Parts |
39.100 |
64.700 |
17.600 |
11.800 |
|
|
|
|
Capital Goods |
1551.700 |
3749.700 |
0.700 |
837.700 |
|
|
|
TOTAL IMPORTS |
1590.800 |
3814.400 |
18.300 |
849.500 |
||
|
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
1.76 |
0.96 |
0.90 |
0.88 |
||
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
10550.700 |
12812.600 |
7508.600 |
11380.600 |
|
Total Expenditure |
2046.700 |
2219.700 |
2119.400 |
848.000 |
|
PBIDT (Excl
OI) |
8504.000 |
10592.900 |
5389.200 |
10532.600 |
|
Other Income |
1836.700 |
1711.100 |
1663.400 |
1857.400 |
|
Operating
Profit |
10340.700 |
12304.000 |
7052.600 |
12390.000 |
|
Interest |
1042.000 |
1090.600 |
1050.200 |
952.800 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
9298.700 |
11213.400 |
6002.400 |
11437.200 |
|
Depreciation |
2604.500 |
2676.800 |
1247.400 |
2638.700 |
|
Profit
Before Tax |
6694.200 |
8536.600 |
4755.000 |
8798.500 |
|
Tax |
1320.000 |
1634.800 |
1748.300 |
2414.500 |
|
Reported PAT |
5374.200 |
6901.800 |
3006.700 |
6384.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
5374.200 |
6901.800 |
3006.700 |
6384.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
42.73
|
32.97 |
37.35 |
42.28 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
56.94
|
44.10 |
51.10 |
62.01 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.72
|
5.34 |
5.53 |
9.16 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.06 |
0.07 |
0.06 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.89 |
0.73 |
0.58 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
1.16 |
1.27 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
DIRECTORS’ PROFILE
Shri S.K. Garg, (DIN : 00055651) 59 years, is
our Chairman and Managing Director. He holds a bachelor’s degree in
commerce from Sri Ram College of Commerce,
Shri A.B.L. Srivastava, (DIN : 01601682) 55 years,
is our Director (Finance). He holds a master’s degree in business
finance and commerce. He is also a member of the Institute of Chartered
Accountants of India. He has served in various organisations and has over three
decades of varied experience in the field of finance. He joined Rural
Electrification Corporation Limited (REC) in the year 1999 as the Chief
(Finance) and was promoted as the General Manager (Finance) in the year 2004.
During his tenure at REC, he was closely associated with resource mobilisation, project evaluation as well as
its initial public offering. He was also on the board of REC Power Distribution
Company Limited, a wholly owned subsidiary of REC. He also served at Uttar
Pradesh Financial Corporation as Deputy General Manager (Finance). He has also
been a Lecturer at
Shri D.P. Bhargava, (DIN : 01277269) 53 years, is
our Director (Technical). He holds a bachelor’s degree in electrical
engineering from the
Shri J.K. Sharma, (DIN : 00387785) 52 years, is
our Director (Projects). He holds a degree in civil engineering from the
Shri R.S. Mina, (DIN : 00149956) 53 years, is
our Director (Personnel). He holds a bachelor’s degree in electrical
engineering from Maulana Azad College of Technology,
Shri Rakesh Jain, (DIN : 02682574) (Official
part time Director), 53 years, holds Masters Degree in physics from
Shri Sudhir Kumar (DIN : 02669103) (Official
part time Director), 54 years, did his Post-Graduation from Delhi School of
Economics, University of
Smt. Komal Anand, (DIN : 01909263) (Independent
Director), 64 years, joined IAS in the year 1968 (Haryana cadre). She has
served in various positions in the State and Central Govt. for thirty eight
years. She was posted as Deputy Commissioner Implementation of The Delhi Master
Plan in early seventies . Later she was appointed as Deputy Secretary Commerce
looking after Tea, Coffee, Rubber and Cardamon Industry. As the Secretary,
Ministry of Health and Education in the Haryana Government, she implemented new
schemes relating to expansion of health facilities in the state as well as
developmental schemes for amelioration of welfare of women and children. She
was also involved in all policy matters relating to family welfare,
immunization and malaria eradication programs. She served as the Joint
Secretary in the Ministry of Culture, Government of India in the early 1990-95.
Later she was appointed as the Director General of the Archaeological Survey of
India from 2000-02 and implemented heritage projects and has been involved in
the introduction of public private partnership for the preservation of
monuments. In 2002 she was posted as Director- General CAPART dealing with over
18000 NGOs in the field of Rural Development in the country. As the Secretary,
MCA she was involved in the preparation and introduction of Companies Amendment
Act, 2006 into the Parliament. The Limited Liability Partnership Act and
amendments to the Competition Act of India were finalized by the Ministry Of
Corporate Affairs under her guidance. She has also completed the implementation
of e-governance program relating to all the registered companies in the country
with the launch of MCA 21 all across the country. She has also served as a
member on the Board of SEBI. She joined our Board on April 2, 2008.
Shri Arun Kumar Mago (DIN : 01624833) (Independent
Director), 64 years, holds a master’s degree in
physics and an M. Phil. degree in social sciences. He also
holds diplomas in management and public finance
from
Shri Raman Sidhu (DIN : 00121906) (Independent
Director), 53 years, holds a bachelor’s degree in economics from St. Stephen’s
College,
Shri R. Jeyaseelan (DIN : 02143850) (Independent
Director), 62 years, obtained the degree of bachelor of engineering (civil)
from the
Dr. Kuriakose Mamkoottam (DIN
: 02231128) (Independent Director), 64 years, is currently the Head and
Dean of the prestigious Faculty of Management Studies (FMS), University of
Delhi, where he has been a Professor of Human Resource Management and
Industrial Relations, since 1985. Since he obtained his PhD in the area of
Human Resource Management in 1977, he has actively engaged in teaching ,
research and consulting work. Dr. Mamkoottam has served as Director, Centre for
Applied Behavioural Sciences and Action Research, UDSC, India –EEC Fellow,
ESADE, Barcelona, External Examiner, Faculty of Law and Management , University
of Mauritus, Member- Governing bodies of DU Colleges and Chairman/ Member of
University Hostels, Board Member on NGOs and Professional Journals. He has
undertaken extensive research in the areas of Trade Unions, Industrial
Relations, New Technology and Human Resource Management, in
Shri K. Dharmarajan (DIN : 02322767) (Independent
Director), 66 years, holds a bachelor’s and masters degree in physics from
St. Stephen’s College, University of Delhi, and master of science degree in
Energy Management and Policy from
University of Pennsylvania, USA. A retired member of the Indian Administrative
Service, he has 44 years of diverse experience with expertise in the fields of
energy, finance, administration, trade and commerce, urban governance and
poverty, He has held several posts in the Central and State governments
including those in the Ministry of Energy, Government of India, Ministry of
Urban Development, Government of India, Tamil Nadu Electricity Board,
Commercial Taxes Department, Government of Tamil Nadu. He has also served as
the Director General of the Indian Institute of Foreign Trade and Chairman of
the Expert Committee for Property Tax Reforms, Delhi Government and Hardship
and Anomaly Committee for Property Tax,
Shri A. Gopalakrishnan (DIN : 02880344) (Independent
Director), 58 years, is a partner in one of the oldest and reputed firm M/s
K. Ventkatachalam Aiyer and Company Chartered Accountants Head quartered at
Thiruvananthapuram. He holds 13th Rank at all
He is a resource person presenting papers on various
subjects in conferences and seminars organized by various professional bodies
like ICAI. He joined our Board on December 15, 2009.
Power Generation
The operating power stations of the NHPC, located in different parts of
the country, have generated 16960 MUs during the year 2009-10 exceeding the
annual MOU targets of 16381 MUs for the ‘Very Good’ rating by 579 MUs. Further
the generation in 2009-10 is higher by 1.62% as compared to the generation
during the previous year (2008-09). Sewa HE Project stage – II,
Capital Structure
During the year the company came out with the Initial Public Offer which
was oversubscribed by 23 times. Due to IPO, the share capital amounting to
11182.400 millions has been added during the period under report. The paid up
capital as on 31.03.2010 was 123007.400 millions.
Consultancy and
Business Development Services
NHPC is providing consultancy services in the various fields of hydro
power i.e. river basin studies, survey works, design and engineering,
geological studies, geotechnical studies, hydraulic transients studies,
hydrological studies, contract management, construction management, equipment
planning, under ground construction, testing commissioning, operation and
maintenance etc. to leading organizations of the country. NHPC is registered
with World Bank, Asian Development Bank, African Development Bank and Kuwait Fund
for Arab Economic Development, Central Water Commission, and Consultancy
Development Centre as a Consultant in the area of Hydropower. Major consultancy
assignments undertaken by the company include assignments from Central and
State Government agencies in
Under the ‘Action Plan’ on India-Bhutan cooperation in hydropower
development of 10,000 MW by the year 2020, NHPC has been entrusted with the
work for preparation of DPRs of Chamkharchhu – I H.E. Projects (670MW) and Kuri
Gongri H.E. Project(1800MW) in
NHPC has also signed two agreements in Jan 2010 for taking up additional
investigations and Preparation of Updated DPRs for 1200 MW Tamanthi and 642 MW
Shwezaye HydroPower and Multipurpose Project in
Rggvy - Rural
Electrification (Re) Projects
NHPC has taken the initiative of contributing towards village
electrification under the Rajiv Gandhi Gramin Vidyutikarn Yojna (RGGVY). The
works are spread over 27 districts in the states of Bihar,
Rural Road
Projects
NHPC has signed a Memorandum of Understanding with the Ministry of Rural
Development, Government of India and Government of Bihar for construction of
Rural Roads and their maintenance in six districts of
Awards And
Achievements :
During the year 2009-10, NHPC received various prestigious awards. Some
of the important awards are listed below:
In 2009, NHPC was conferred the Second Prize in the ‘Office Buildings
Sector’ under the National Energy Conservation Awards in recognition of NHPC’s
commendable efforts in Electricity Saving at its Corporate Office building. The
award was given by Hon’ble Minister of Power Shri Sushil Kumar Shinde.
NHPC won the Indian Institute of Industrial Engineering’s (IIIE)
‘Performance Excellence Award’ in recognition of its operational excellence in
the development of hydro power projects for the year 2007-08.
The “Amity HR Excellence Award for Best Socio-Economic Responsive
Organization” was awarded to NHPC for the year 2009 by the
The Council of Power Utilities,
NHPC’s efforts in environmental management and sustainable initiatives
helped the Company win the “TERI Corporate Environmental Award 2009” instituted
by The Energy Research Institute,
NHPC’s CSR Initiatives have been consistently recognised and lauded
among the many awards and recognition that have been bestowed on the Company
are: the SCOPE Meritorious Award for Corporate Social Responsibility and
Responsiveness, Power HR Forum Award for Best Practices as a Corporate Citizen,
AMITY Award for Best CSR Practices, Golden Peacock Award for Environmental
Excellence, GreenTech Environmental Excellence Award, SRISHTI Awards for Good
Green Governance, etc.
Plant Locations:
- Bairasiul - NHPC Limited, Surgani, Distt.
Chamba, Himachal Pradesh - 176 317
- Loktak - NHPC Limited, P.O. Loktak,
Komkeirap, Manipur - 795 124
- Salal - NHPC Limited, P.O. Jyotipuram,
Via Reasi, Distt.
- Tanakpur - NHPC Limited, P.O. T.P.S.
Campus, Banbassa, Distt. Champawat, Uttarakhand - 262 310
- Chamera-I - NHPC Limited, Khairi, Distt.
Chamba, Himachal Pradesh - 176 325
- Uri - NHPC Limited, Gingle, P.O. Mohra,
Distt.
- Rangit - NHPC Limited,
- Chamera-II - NHPC Limited, Karian Distt.
Chamba, Himachal Pradesh - 176 310
- Dhauliganga-I - NHPC Limited, Post Box
No.1, Tapovan, Dharchula, Distt. Pithoragarh, Uttarakhand - 262 545
- Dulhasti - NHPC Limited,
- Teesta-V - NHPC Limited, P.O. Singtam,
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry Structure
And Development
The Indian economy is growing at a rapid pace and electric power is a
key infrastructure that is needed for its sustained growth. The Indian power
sector has seen tremendous growth over the past 60 years. Since
As on 31st March 2010, the total installed capacity of power in
During the last few years the share of hydro in the total installed
capacity has gradually declined resulting in an adverse hydrothermal mix
leading to many technical and operational abnormalities, as mentioned above.
While
Almost all NHPC projects are situated in remote areas and the
organization has to face challenging conditions on several fronts - logistics,
climatic and technological. NHPC is a strong, efficient and versatile
organization that has established its credentials for executing all types of
hydropower projects, irrespective of size, in the most professional manner. The
Company’s services are on par with the best among international companies,
thanks to their large team of highly competent and experienced professionals
and skilled technicians.
Outlook
The Indian Economy is one of the fastest growing economies in the world
resulting in high demand for energy, in particular, electrical energy which is
increasing annually at the rate of 8% to 10% approximately.
The development of hydro power in the country has been sluggish over the
years, contributing to an adverse hydro-thermal mix. As on 31 March, 2010, ,
only 36,863 MW of hydro electricity was generated, despite the huge hydro
potential of nearly 1,48,700 MW through conventional hydro projects and another
94,000 MW through pumped storage projects as identified by CEA. Further, as
coal reserves get rapidly depleted, and concerns about the detrimental impact
of fossil fuels grow, the environment friendly nature of hydro projects are of
immense significance for the country’s future electricity needs. There is,
thus, a need to accelerate the commissioning of hydro projects in the years
ahead.
It is noteworthy that the Government of India has taken various
initiatives aimed at Power Sector reforms. There is also a growing emphasis on
hydro electricity as is evident from a slew of actions taken by the Government,
including the ranking study of potential hydro sites by CEA in 2001, the
enactment of Electricity Act 2003, announcement of 50,000 MW hydro electric
initiatives in May 2003, and introduction of a Hydro Policy, 2008. These
actions are creating opportunities as well as an enabling environment for
investors and project executors to enter the arena of hydro power development.
Results Of
Operations
The income of the Company comprises income from sales of electricity,
contracts, project management, consultancy services and other income such as
interest earned on investment of surplus funds, interest on Securitised
Bonds/Long Term Advances, Dividend Income, etc. Their total income increased by
50% to ` 4,892.09 crore in Fiscal 2010 from 32614.900 millions in Fiscal 2009,
due to revision of tariff norms and earlier year sales .
Tariff
The Central Electricity Commission (CERC) fixes the charges for electricity
for the different power stations. A new tariff policy was issued by CERC
through notification no. L-7/145(160)/2008-CERC dated January 19, 2009, and
relates to the tariff period 2009-14.
Tariffs are determined with reference to annual fixed charges (AFC),
which comprises of
return on equity (ROE), depreciation, interest on loan, interest on
working capital and operation and maintenance expenses. ROE is grossed up with
reference to applicable income tax rate so as to recover income tax incidence.
Recovery of capacity charges is
dependent on the actual utilisation of their machines for generating power.
Capacity is determined by reference to the normative annual plant availability
factor (NAPAF), which has been prescribed for each project based on the nature
of the project.
They are entitled to receive incentives for achieving a plant
availability factor greater than NAPAF as well as for generating energy in
excess of the design energy level of the plant. This contrasts with the tariff
system in place for Fiscal 2005 to Fiscal 2009 in which additional energy
charges were recovered when prescribed capacity levels were exceeded.
Sales of Energy
NHPC sells electricity to bulk customers comprising mainly of
electricity utilities owned by State Governments. Sales of electricity are
based on long-term power purchase agreements. Pending determination of
station-wise tariff, as per aforesaid notification, sales for Fiscal 2010 have
been provisionally recognised on the basis of the principles enunciated in the
said notification. The principle of conservatism has also been kept in view, as
the tariff petitions are subject to prudence check by CERC.
In Fiscal 2010, they sold 14,841.67 MUs of electricity from a commercial
capacity of 3,619.20 MW and in Fiscal 2009, they sold 14,587.88 MUs from a
commercial capacity of 3,614.20 MW. This represents an increase of 1.74% in the
number of units sold. Their average selling price was ` 2.91 per unit in Fiscal
2010, compared to ` 1.85 per unit in Fiscal 2009. The increase in per unit rate
during Fiscal 2010 is mainly attributable to changed tariff norms and accountal
of earlier years sales due to finalization/ revision of tariff of Power
Stations. However, the average selling price excluding earlier year’s sales was
2.44 per unit in Fiscal 2010, compared to 1.86 per unit in Fiscal 2009.
Sales of energy increased by 57.90% to 42189.000 millions in Fiscal 2010
from 26718.500 millions in Fiscal 2009. Sales realization in Fiscal 2010 was
99.69% compared to 97% in Fiscal 2009. Their Company’s plant availability
factor (PAF) in Fiscal 2010 was 84.10%.
Business And
Financial Review Of Subsidiaries/Joint Venture Companies
Highlights of the subsidiaries and joint venture companies of NHPC are
as under:-
NHDC Limited
NHDC Limited (formerly known as Narmada Hydroelectric Development
Corporation Limited) was incorporated on 01.08.2000 as a Joint Venture of NHPC
Limited (51%) and Government of Madhya Pradesh (49%) with authorised share
capital of Rs. 30000.000 millions. NHDC has commissioned Indira Sagar Power
Project (1,000 MW) and Omkareshwar Power Project (520 MW). NHDC has also signed
MoU on 29th June, 2009 with Government of Madhya Pradesh to develop on
ownership basis 1320 MW (2 x 660 MW ) Super critical technology based Reva
Thermal Power Project (RTPP) in District Khandwa of Madhya Pradesh. A site has
also been allotted at Kukru (Betul) for 100 MW Wind power.
Loktak Downstream
Hydroelectric Corporation Limited
Loktak Downstream Hydroelectric Corporation Limited was incorporated on
23.10.2009 as a Joint Venture of NHPC Limited (74%) and Government of Manipur
(26%) with authorised share capital of 2300.000 millions. Subsequent to its
incorporation, all the Assets and Liabilities of the erstwhile Loktak
Downstream H.E. Power Project of NHPC Limited have been handed over to the said
company.
National Power
Exchange Limited (NPEX)
NPEX was incorporated on 11.12.2008 as a Joint Venture Company of NHPC
Limited, NTPC Limited, Power Finance Corporation Limited And Tata Consultancy
Services Limited under the name “National Power Exchange Limited” to operate a
Power Exchange at the national level. NHPC has 16.67% of equity participation
in the Joint Venture Company. This Power Exchange would provide a neutral and
transparent electronic platform for trading of power on “day ahead basis” and
ensure clearing of all trades in a transparent, fair and open manner with
access to all players in the power markets.
National High Power
Test Laboratory Private Limited (NHPTLPL)
NHPTLPL was incorporated on 22.05.2009 as a Joint Venture Company of
NHPC Limited, NTPC Limited, Power Grid Corporation of India Limited (Power
Grid) and Damodar Valley Corporation (DVC) each holding 25% equity. The Company
has been incorporated to set up an Online High Power Test Laboratory for
short-circuit test facility in the country.
PTC India Limited
The main objective of the company includes trading of power,
import/export of power and purchase of power from identified private power
projects and sale to identified SEBs/others. NHPC holds 4.17% of PTC’s paid-up
capital. During Fiscal 2010, the Company reviewed whether provisions of
Accounting Standard (AS) 27-’Financial Reporting of Interests in Joint Ventures’
to the investment made in PTC India Ltd are applicable. Since, NHPC is of the
view that provisions of this Standard are not applicable to investment in PTC
India Limited, the same has been excluded from the disclosures during this
fiscal.
Subsidiary
Corporations
NHDC Limited formerly known as Narmada Hydroelectric Development
Corporation is a Joint Venture of NHPC and Government of Madhya Pradesh. NHDC
has commissioned both 1000 MW Indira Sagar project and Omkareshwar HE Project
(520 MW) and gives much needed power to the State. NHDC is also constructing
thermal projects in the state of Madhya Pradesh.
Loktak Downstream Hydroelectric Corporation Limited is a joint venture
between NHPC Limited and Government of Manipur to execute Loktak Downstream
Hydro Project of 66 MW situated in the state of Manipur. The new joint venture
company was incorporated on 23rd October 2009 with a shareholding ratio of
76:24 for NHPC and Government of Manipur respectively. The Company commenced
its business with effect from 25.02.2010.
Subsidiary And
Joint Venture
A MoU has been signed in April 2010 between NHPC Limited, Government of
Manipur and SJVN Limited for formation of a Joint Venture Company for
implementation of the 1500 MW Tipaimukh Hydroelectric (Multipurpose) Project in
Manipur. NHPC Limited, SJVN Limited and Government of Manipur shall have share
holdings of 69%, 26% and 5% respectively. The preparation of the Promoters
Agreement is under process.
In addition to the above, the
Company has entered in to joint ventures as per details given below:
1) M/s. PTC India Limited: NHPC has invested in equity to the tune of
120.000 millions. The main objective of the company includes trading of power,
import/export of power.
2) National Power Exchange Limited: This is a Joint Venture Company
between NHPC Limited, NTPC Limited, Power Finance Corporation Limited and Tata
Consultancy Services Limited. NHPC has contributed 8.300 millions towards
equity.
3) National High Power Test Laboratory (NHPT) Limited: This is Joint
Venture Company between NHPC Limited, NTPC Limited, Power Grid Corporation
Limited and Damodar Valley Corporation. NHPC has contributed 8.800 millions
towards equity.
Contingent Liabilities
The following table
sets forth the components of our contingent liabilities as of Fiscal 2010 and
2009.
(Rs.in million)
|
Claims against
the Company not acknowledged as debts in respect of: |
31.03.2010 |
31.03.2009 |
|
Capital Works |
44526.900 |
38705.500 |
|
Land Compensation
Cases |
828.200 |
946.100 |
|
Disputed Income
Tax, Sales Tax, Other Items |
23882.500 |
24714.700 |
|
Total |
69237.600 |
64366.300 |
Secured Loans
secured loans as of March 31, 2010 and 2009, respectively, were
109531.800 millions and 82123.800 millions. Secured loans include borrowings
from domestic banks and financial institutions along with corporate bonds
raised in the capital markets that are secured against assets of the company.
Increase of 33.37% in Secured Loans during Fiscal 2010 is the net effect of
increase due to fresh borrowings and decrease due to repayment of loans.
Unsecured Loans
unsecured loans as of March 31, 2010 and 2009, respectively, were
29150.400 millions and 40216.500 millions. Unsecured loans include borrowings
from domestic and foreign banks and financial institutions that have not been
secured by any assets of the Company. Unsecured loans decreased by 27.52% in
Fiscal 2010 as compared to Fiscal 2009. This decrease was mainly due to
repayment of short term loan of 8000.000 millions during Fiscal 2010.
FIXED ASSETS :
- Land - Freehold
- Land - Leasehold
- Land - Unclassified/ Right of Use
- Buildings
- Roads and Bridges
- Railway Sidings
- Hydraulic Works (Dams, Water Conductor system,
Hydro mechanical gates, tunnels)
- Generating Plant and Machinery
- Plant and Machinery -Sub station
- Plant and Machinery -Transmission lines
- Plant and Machinery -Others
- Construction Equipment
- Water Supply System/ Drainage and Sewerage
- Electrical installations
- Vehicles
- Aircraft / Boats
- Furniture and Fixture
- Computers
- Communication Equipment
- Office Equipments
- Research and Development
- Intangible Assets (Software)
- Other Assets
- Capital Expenditure on assets not owned by NHPC
- Fixed assets of Minor Value
- Obsolete / Surplus Assets
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.45.17 |
|
|
1 |
Rs.73.71 |
|
Euro |
1 |
Rs.64.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.