MIRA
INFORM REPORT
|
Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADANI POWER LIMITED |
|
|
|
|
Registered Office : |
Shikhar Building, 9th Floor, Near Mithakali Six Roads,
Navrang Pura, Ahmadabad – 380009, Gujarat, India |
|
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|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2011 |
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|
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Date of Incorporation : |
22.08.1996 |
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|
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|
Com. Reg. No.: |
04-30533 |
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Capital
Investment / Paid-up Capital : |
Rs. 21800.400 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L40100GJ1996PLC030533 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA01102D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA2957L |
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|
Legal Form : |
Public Limited Company. The Company's shares are listed on the Stock
Exchange. |
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|
|
Line of Business : |
Subject is engaged in the power trading business across the country
and also aiming to enter into power transmission in a big way. |
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|
No. of Employees
: |
Not Divulged by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 250000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a part of Adani Group. It is a well established company
having satisfactory track. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
Shikhar Building, 9th Floor, Near Mithakali Six Roads,
Navrang Pura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26565555/ 25555795/ 255507134 |
|
Fax No.: |
91-79-26565500/ 25555608/ 6161/ 25557177 |
|
E-Mail : |
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|
Website : |
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Corporate Address: |
7th Floor, Sambav Building (Sambav Press), Judges Bunglow
Road, Bodakdev, Ahmedabad - 380015, Gujarat, India |
|
Tel No.: |
91-79-25556927/ 6985 |
|
Fax No.: |
91-79-26873335 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Gautham S. Adani |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
“Shantivan”, B.h Karnavt Club, Gandhinagar- Srkhej Highway,
Ahmedabad-380057, Gujarat, India |
|
Date of Birth/Age : |
24.06.1962 |
|
Date of Appointment : |
26.12.2005 |
|
|
|
|
Name : |
Mr. Rajesh S Adani |
|
Designation : |
Managing Director |
|
Address : |
15, Suryaja Bunglows, B/h Sunrise Park, Near Amaltas Bunglow,
Vastrapur, Ahmdebad-380054, Gujarat, India |
|
Date of Birth/Age : |
07.12.1964 |
|
Date of Appointment : |
12.06.2007 |
|
|
|
|
Name : |
Mr. Chinubhai R Shah |
|
Designation : |
Director |
|
Address : |
402, Heritage Crescent, B/h Prahaldnagar Garden, Near Jain Derasar,
S.G. Highway, Ahmedabad-380051, Gujarat, India |
|
Date of Birth/Age : |
04.06.1937 |
|
Date of Appointment : |
25.04.2008 |
|
|
|
|
Name : |
Mr. Ravi Sharma |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. B.B. Tandon |
|
Designation : |
IAS (Retd) |
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|
|
|
Name : |
Mr. Vijay Ranchan |
|
Designation : |
IAS (Retd) |
KEY EXECUTIVES
|
Name : |
Mr. Rahul C. Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Particulars |
No. of Shares |
Percentage Of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1531440000 |
70.25 |
|
|
1531440000 |
70.25 |
|
|
|
|
|
|
70878997 |
3.25 |
|
|
70878997 |
3.25 |
|
Total
shareholding of Promoter and Promoter Group (A) |
1602318997 |
73.50 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
4178397 |
0.19 |
|
|
15821972 |
0.73 |
|
|
224540661 |
10.30 |
|
|
244541030 |
11.22 |
|
|
|
|
|
|
81956823 |
3.76 |
|
|
|
|
|
|
46703717 |
2.14 |
|
|
8322219 |
0.38 |
|
|
196192414 |
9.00 |
|
|
21283 |
-- |
|
|
1277710 |
0.06 |
|
|
1316900 |
0.06 |
|
|
193139342 |
8.86 |
|
|
15000 |
-- |
|
|
422179 |
0.02 |
|
|
333175173 |
15.28 |
|
Total
Public shareholding (B) |
577716203 |
26.50 |
|
Total
(A)+(B) |
2180035200 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
2180035200 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionsBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the power trading business across the country
and also aiming to enter into power transmission in a big way. |
GENERAL INFORMATION
|
No. of Employees : |
Not divulged by the
management |
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Bankers and financial institutions : |
·
Allahabad Bank ·
Andhra Bank ·
Axis Bank Limited ·
Bank of India ·
Bank of Maharashtra ·
Canara Bank ·
Central Bank of India ·
Corporation Bank ·
Dena Bank ·
Deutsche Bank ·
Development Credit Bank
Limited ·
ICICI Bank Limited ·
Indian Infrastructure
Finance CompanyLimited ·
Indian Overseas Bank ·
IndusInd Bank Limited ·
Industrial Development Bank
of India ·
Jammu and Kashmir Bank
Limited ·
Life Insurance Corporation
of India ·
Oriental Bank of Commerce ·
Power Finance Corporation
Limited ·
Punjab National Bank ·
Punjab and Sind Bank ·
Rural Electrification
Corporation Limited ·
Small Industries
Development Bank of India ·
State Bank of Bikaner and
Jaipur ·
State Bank of Hyderabad ·
State Bank of India ·
State Bank of Mysore ·
State Bank of Patiala ·
State Bank of Saurashtra ·
State Bank of Travancore ·
Syndicate Bank ·
Tamilnadu Mercantile Bank
Limited ·
UCO Bank ·
Union Bank of India ·
United Bank of India ·
Yes Bank Limited |
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Facilities : |
Note: 1. Term Loans from
banks aggregating to Rs.34271.400 millions (As at 31st March, 2010 – Rs.
15452.200 millions) and from financial institution Rs. 4600.000 millions (As
at 31st March, 2010 – Rs.1710.200 millions) and Bills Discounted under
Letters of Credit from a bank of ` NIL (As at 31st March, 2010 – Rs.
1,0935.300 millions) are secured/to be secured by first mortgage and charge
on all immovable and movable assets, both present and future of Phase I and
Phase II, on pari passu basis. 2. Bills
Discounted under Letters of Credit from a bank of Rs. NIL (As at 31st March,
2010 – Rs.3000.000 millions) (Subordinate Debt) is secured by second mortgage
and charge on all immovable and movable assets, both present and future of
Phase I and Phase II. 3. Term Loans
from Banks aggregating to Rs. 5518.500 millions (As at 31st March, 2010 -
NIL) are secured/ to be secured by first pari passu charge on revenue and receivables of Phase I and
Phase II and second pari passu charge
on other project immovable and movable assets of Phase I and Phase II 4. Bills
Discounted under Letters of Credit from a bank of Rs. 4782.100 millions (As
at 31st March, 2010 – Rs. 1777.200 millions) is secured by first mortgage and
charge on all immovable and movable assets, both present and future of Phase I
and Phase II, on pari passu basis. 5. Term Loans
from banks aggregating to Rs. 8864.100 millions (As at 31st March, 2010 – Rs.
4387.200 millions) and from financial institution Rs. 2961.600 millions (As
at 31st March, 2010 – Rs. 2761.600 millions), and Bills Discounted under
Letters of Credit from banks aggregating to Rs. 26889.000 millions (As at
31st March, 2010 – Rs.23188.700 millions) are secured by first mortgage and charge on all immovable and
movable assets, both present and future of Phase III, on pari passu basis. 6. Term Loans
from banks aggregating to Rs. 897.100 millions (As at 31st March, 2010 – Rs.
687.100 millions) (Subordinate Debt) are secured by second mortgage and charge
on all immovable and movable assets, both present and future of Phase III, on
pari passu basis. 7. Bills
Discounted under Letters of Credit from a bank of Rs. 1797.000 millions (As
at 31st March, 2010 – Rs. Nil ) is to be secured by first mortgage and charge
on all immovable and movable assets, both present and future of Phase III, on
pari passu basis. 8. Bills
Discounted under Letters of Credit from banks aggregating to Rs. 47652.700
millions (As at 31st March, 2010 – Rs. 25568.900 millions) are secured by
first mortgage and charge on all immovable and movable assets, both present
and future of Phase IV, on paripassu basis. 9. Term Loans
from banks aggregating to Rs. 3265.300 millions (As at 31st March, 2010 – Rs.
1000.000 millions) (Subordinate Debt) are secured by second mortgage and
charge on all immovable and movable assets, both present and future of Phase
IV, on pari passu basis. 10. Term Loan
from a bank of Rs. 1200.000 millions (As at 31st March, 2010 - NIL), and Bills Discounted under Letters of
Credit from banks aggregating to Rs.
7614.500 millions (As at 31st March, 2010 – Rs.1537.600 millions) are
secured by first charge by way of hypothecation on all movable assets, both
present and future of Transmission Line Project. 11. The above
Secured Loans are further secured by pledge of 326,786,778 (Previous Year
886,106,331) Equity Shares of the Company through execution of Pledge
Agreement with Adani Enterprise Limited as under. a) First charge for Secured
Loans from banks aggregating to Rs. 86367.400 millions (As at 31st March,
2010 – Rs.84004.300 millions); and b) Second charge for Secured Loans from
banks aggregating to Rs.4162.400 millions (As at 31st March, 2010 – Rs.
4687.100 millions). 12. Out of above Loans, payable
within 12 months is Rs. 15462.300 millions (As at 31st March, 2010 – Rs.
2596.800 millions) |
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith, Off Ashram
Road, Ahmedabad-380014, Gujarat, India |
|
|
|
|
Holding Company: |
Adani Enterprises Limited L51100GJ1993PLC019067 |
|
|
|
|
Subsidiaries : |
·
Adani Power Maharashtra
Limited ·
Adani Power Dahej Limited ·
Adani Power Rajasthan
Limited ·
Adani Pench Power Limited ·
Adani Power (Overseas)
Limited ·
Mundra Power SEZ Limited ·
Kutchh Power Generation
Limited ·
Adani Shipping PTE Limited ·
Adani Power PTE Limited ·
Rahi Shipping PTE Limited ·
Vanshi Shipping PTE Limited |
|
|
|
|
Fellow Subsidiaries: |
·
Adani Infrastructure and
Developers Private Limited ·
Adani Mundra SEZ
Infrastructure Private Limited ·
Adani Mining Private
Limited ·
Adani Gas Limited ·
Chemoil Adani Private
Limited ·
Adani Infra (India) Limited ·
Mundra Port and Special Economic
Zone Limited ·
Karnavati Aviation Private
Limited ·
Adani Global PTE Limited ·
Adani Global FZE |
|
|
|
|
Related Parties : |
·
Adani Wilmar Limited ·
Adani Properties Private
Limited ·
Adani Renewable Energy LLP ·
Shanti Builders -
Partnership Firm ·
Adani Infrastructure
Service Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Share |
Rs.10/- each |
Rs. 25000.000 Millions |
|
500000000 |
Cumulative Compulsorily Convertible Participatory
Preference Shares |
Rs. 10/- each |
Rs. 5000.000 Millions |
|
|
Total |
|
Rs. 30000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2180035200 |
Equity Share |
Rs.10/- each |
Rs. 21800.400 Millions |
|
|
|
|
|
Note:
1. 1531440000 (AS at 31st March 2009 – 1531440000) shares
are held by Adani Enterprises Limited,
the Holding Company and its nominees.
2. 787313868 shares were allotted
during the year 2008-09 as fully paid up bonus shares by capitalization of
share premium accounts.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21800.400 |
21800.352 |
18419.762 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.599 |
|
|
3] Reserves & Surplus |
41426.700 |
36195.967 |
4516.640 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
63227.100 |
57996.319 |
22937.001 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
150313.300 |
92006.048 |
40896.865 |
|
|
2] Unsecured Loans |
23147.300 |
5485.000 |
9000.000 |
|
|
TOTAL BORROWING |
173460.600 |
97491.048 |
49896.865 |
|
|
DEFERRED TAX LIABILITIES |
3120.100 |
119.878 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
239807.800 |
155607.245 |
72833.866 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
78093.000 |
26528.844 |
3256.977 |
|
|
Capital work-in-progress |
116416.100 |
97874.488 |
55930.822 |
|
|
|
|
|
|
|
|
INVESTMENT |
16705.800 |
7465.806 |
2721.436 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2763.300
|
95.193
|
0.000
|
|
|
Sundry Debtors |
4164.800
|
2562.989
|
0.000
|
|
|
Cash & Bank Balances |
8568.600
|
10266.676
|
4941.632
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
19422.700
|
13424.953
|
4741.933
|
|
Total
Current Assets |
34919.400
|
26349.811
|
9683.565
|
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14066.200
|
11574.327
|
4984.999
|
|
|
Other Current Liabilities |
2395.700
|
966.496
|
458.881
|
|
|
Provisions |
12.100
|
30.907
|
9.196
|
|
Total
Current Liabilities |
16474.000
|
12571.730
|
5453.076
|
|
|
Net Current Assets |
18445.400
|
13778.081
|
4230.489
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
96.712 |
|
|
Provision for Development Expenses |
8947.800 |
9960.026 |
6597.430 |
|
|
Construction Materials at Site |
1199.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
239807.800 |
155607.245 |
72833.866 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Power Supply |
21064.300 |
4348.609 |
0.000 |
|
|
|
Other Income |
186.400 |
319.284 |
0.000 |
|
|
|
TOTAL (A) |
21250.700 |
4667.893 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Fuel Cost |
7043.600 |
1667.138 |
0.000 |
|
|
|
Transmission, Selling, Administration and Staff Cost |
1862.900 |
235.564 |
28.167 |
|
|
|
TOTAL (B) |
8906.500 |
1902.702 |
28.167 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12344.200 |
2765.191 |
(28.167) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2302.800 |
376.703 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10041.400 |
2388.488 |
(28.167) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1803.700 |
353.463 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8237.700 |
2035.025 |
(28.167) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3000.200 |
327.012 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5237.500 |
1708.013 |
(28.167) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1679.800 |
(28.167) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6917.300 |
1679.846 |
(28.167) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
74863.100 |
61643.687 |
21552.451 |
|
|
TOTAL IMPORTS |
74863.100 |
61643.687 |
21552.451 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.40 |
0.82 |
(0.02) |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
|
Net Sales |
|
8186.600 |
10724.400 |
|
Total Expenditure |
|
4084.800 |
5530.000 |
|
PBIDT (Excl OI) |
|
4101.800 |
5194.400 |
|
Other Income |
|
535.500 |
518.400 |
|
Operating Profit |
|
4637.300 |
5712.800 |
|
Interest |
|
1341.300 |
1848.400 |
|
Exceptional Items |
|
0.000 |
(558.300) |
|
PBDT |
|
3296.000 |
3306.100 |
|
Depreciation |
|
1039.700 |
1053.000 |
|
Profit Before Tax |
|
2256.300 |
2253.100 |
|
Tax |
|
487.800 |
478.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
1768.500 |
1774.800 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
1768.500 |
1774.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
24.64
|
36.59
|
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
39.10
|
46.80
|
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.28
|
3.85
|
(0.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.03
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.00
|
1.90
|
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.09
|
1.77 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL HIGHLIGHTS:
The
Company together with its subsidiaries currently has nine power projects with a
combined installed capacity of 16,500 MW, out of which 1980 MW has been
commissioned, 7260 MW is under implementation and 7260 MW is at the planning
stage. The Company along with its subsidiaries is implementing various
transmission line projects of about 3,000 km length.
The
Company intends to sell the power generated from these projects under a
combination of long term Power Purchase Agreements and on merchant basis.
The
detailed Operational Performance of the Company has been comprehensively
discussed in the Management Discussion and Analysis Report which forms part of
Directors’ Report.
MANAGEMENT
DISCUSSION AND ANALYSIS :
SECTOR
OVERVIEW
POWER
GENERATION IN INDIA
After
a lackluster performance in the Ninth Plan when the GDP grew only at 5.5% per
annum, a growth of 7.6% in the Tenth Plan was impressive. Also, for the
FY04-07, a GDP growth higher than 8% per annum was achieved. With this
consistently high growth rate on a sustainable basis, India has emerged as one
of the fastest growing economy in the world. In order to attain an envisaged
GDP growth rate of about 9% for the Eleventh Plan and the Government target of
double digit growth rate for the Twelfth Plan, power sector has to be given
adequate support and fillip to make such GDP growth rate feasible.
The
total power generation in the country during FY11 was 811.1 Billion Units (BUs)
as against the target of 830.8 BUs, about 2.37% below target1.
The annual growth in the energy generation during the year has been 5.55%
against the CAGR of 5.17% during the period 2001-02 to 2010-111.The
installed generation capacity in the country, as on 31st March,
2011 was 1,73,626 MW1.
DETAILS OF CAPACITY ADDITION
The
Indian power sector has historically been characterized by demand-supply gap
which has been increasing over the years. During the Eleventh Plan period
(FY08-12) the Government of India (Go) was targeting capacity addition of
78,577 MW1. As per Central Electricity Authority (CEA)
assessment, a total capacity addition of 62,374 MW is likely with a high level
of certainty, and an additional capacity of 12,590 MW may materialize on best
effort basis during the 11th Plan. The actual addition has
been only 41,297 MW1 (as on 31st Mar,
2011) and it is estimated that final addition for the plan will not be more
than 55,000 MW. In FY11, peak energy deficit was at 10.3%1as
per CEA’s provisional numbers, which is projected to further rise in coming
years. As per the report on 17th Electric Power Survey
(EPS) of India published by CEA, the projected peak electricity demand in FY17 will be 2,18,209 MW.
As per the estimates of CEA, the capacity addition target for the Twelfth Plan
(FY13-17) should
be about 1,07,000 MW to meet the demand prospects of the 17th EPS,
which by all account is unlikely to happen.
FUEL AVAILABILITY FOR POWER GENERATION
With
about 93,918 MW1, i.e. 54.1% of the installed
capacity, contributed by coal based power plants, coal remains a key fuel for
power generation. In FY11 CIL’s production was flat at 431 million tons, Indicating
domestic coal deficit may increase in upcoming years. Inadequate infrastructure
to liquidate coal inventories at various mines is another concern. Considering
the worsening coal scenario, Government is putting more thrust towards coal
production from captive coal blocks allocated to various companies. Recently
government has also published draft policy for auctioning of coal blocks.
Various state electricity boards have already initiated the process to invite
private companies for mining development and operations (MDO) of captive coal
blocks allocated to them. Government is also monitoring captive coal block
development vigilantly. It has recently issued show cause notices to the
developers and suggested de allocation of captive coal blocks for the companies
unable to demonstrate progress as per stipulated timeline. Considering
futuristic scenario there will be increasing dependence on coal produced from
captive coal blocks and coal imports.
Coal
linkage policy for the 12th Plan power projects has been
finalized by the Ministry of Power defining the sector-wise priority and the
pre-qualification criteria for coal linkage2.
As per this policy 60% of the coal available would be earmarked for the Central
and State sector projects, including the projects based on tariff based
competitive bidding (Case-II), 35% of the coal available will be earmarked for
the Independent Power Projects (IPP) and balance 5% will be earmarked for the
Captive Power Projects (CPP).
PRESENT INDUSTRY SCENARIO
Increasing share of Merchant power
in overall Power Generation
Merchant
Power proportion as a percentage of overall generation is increasing steadily,
from 4.6% of overall generation in FY06 to 10.1% in FY113.
Further, overall market size of merchant power has increased from 27.4 billion
units in FY06 to 81.5 billion units in FY11. This depicts the sustainability of
merchant power on a long term basis.
Project Implementation challenges
Power
project implementation is a herculean task considering various clearances from
statutory authorities, land acquisition, rehabilitation and resettlement
issues, local protests, funding availability due to sectoral exposure norms and
scarcity of skilled manpower. In spite of such challenges in project
implementation, highest capacity addition will be achieved in 11th Plan period.
SEB Financial health
State
Electricity Board’s financial position is a concern reflected by power sector
underperformance. The huge financial burden reflects under recoveries arising
from energy sold, lack of tariff revision initiative, high transmission &
distribution losses and inadequate planning of future energy requirement. This
was the major factor attributing towards recent softness in merchant power
prices. However, several positive developments are changing the overall
scenario. Many state electricity boards viz. Andhra Pradesh, Madhya Pradesh,
Orissa,
Punjab, Rajasthan etc have filed tariff revision petition to increase their
tariff across various consumer categories.
Some of these states are filing such tariff revision petition after
several years. Further, many states are trying to reduce their transmission and
distribution losses as part of overall reforms which will also improve the
financial situation of state electricity boards.
Restructured – Accelerated Power
Development and Reforms Programme (R-APDRP)
The
APDRP launched in the 10th Plan was continued in the 11th Plan also. It was
modified and renamed as R-APDRP with the main objective of bringing about
actual, demonstrable reduction in Aggregate Technical and Commercial (AT and C)
losses, thus improving the quality and reliability of power supply.
Apart
from this, the introduction of open access, formulation of guidelines for
Competitive Bidding of tariff, setting up of and increasing the powers of
Central and State Regulatory Commissions, re-structuring of State Electricity
Boards (SEBs) into separate generation, transmission and distribution entities,
and facilitation of trading of surplus capacity has invited more players to the
power sector, and expected to improve operational efficiency of the power
sector in its entirety.
KEY HIGHLIGHTS
•
The company has commissioned Unit – 3 and Unit – 4 of Mundra Phase I and II
power project having the capacity of 330 MW each during the year
•
Adani Power Limited has commissioned India’s first supercritical unit at its
Mundra Phase III power project with the capacity of 660 MW
•
Mundra III power project (1320 MW) has been registered with United Nations
Framework Convention on Climate Change (UNFCCC) and is eligible for generating
and selling Certified Emission Reductions (CERs) under the Kyoto Protocol’s
Clean Development Mechanism (CDM) project.
•
Adani Power Maharashtra Limited Phase I power project (1320 MW) has been
registered with United Nations Framework Convention on Climate Change (UNFCCC)
and is eligible for generating and selling Certified Emission Reductions (CERs)
under the Kyoto Protocol’s Clean Development Mechanism (CDM) project.
•
Adani Shipping, a wholly-owned subsidiary, received the delivery of two newly
built capsize vessels to transport the coal.
REVIEW OF COMPANY’S BUSINESS
The
company together with its subsidiaries currently has nine power projects with a
combined installed capacity of
16,500
MW, out of which 1,980 MW has been commissioned, 7,260 MW is under
implementation and 7,260 MW is at the planning stage. The company intends to
sell the power generated from these projects under a combination
of
long-term PPAs and on merchant basis. The company gets synergistic benefit of
the integrated value chain of Adani Group. It would be interesting to note that
as per planning commission report, private sector will add about 15,000 MW of
capacity during the 11th plan period (2007- 2012), out
of which Adani Power was suppose to add 1320 MW of capacity. However, as on
date the Company has operational capacity of 1980 MW and by end of this plan
period the Company is likely to achieve 6000 MW of capacity, which is roughly
40% of total capacity to be added by the private sector in this plan period.
Therefore, the Company has emerged as one of the most promising private sector
companies with strong project execution capability. The company will add
highest capacity amongst the private sector power companies in 11th plan
period.
The power projects of 4620 MW capacity being
developed at Mundra, Gujarat are
as follows:
Mundra
Phase I and II Power Project (Mundra I and II) is having four coal-fired,
sub-critical generation units of 330 MW each, with combined capacity of 1,320
MW. The last two 330 MW units of Mundra Phase I and II power project were
commissioned in August 2010 and December 2010. For the period between April
2010 to March 2011, Phase I and II operated at an average PLF of 85% generating
7241 million units of electricity and during the last quarter ending March’11
Ph I and II power project achieved PLF of 92%. A power off-take agreement has
been executed with Gujarat Urja Vikas Nigam Limited (GUVNL) for supply of 1000
MW for a period of 25 years.
Mundra
Phase III Power Project (Mundra III) is having two coal-fired, super-critical
generation units of 660 MW each, with combined capacity of 1,320 MW. Phase III
power project’s first unit of 660 MW was commissioned in February 2011, which
is India’s first supercritical unit.
Mundra
Phase IV Power Project (Mundra IV) will have three coal fired, super-critical
generation units of 660 MW each, with combined capacity of 1,980 MW. The entire
capacity is expected to be fully commissioned by April 2012. Power off-take
agreements have been executed with Uttar Haryana Bijli Vitran Nigam Limited
(UHBVNL) and Dakshin Haryana Bijli Vitran Nigam Limited (DHBVNL) for the supply
of a total of 1,424 MW of power for a term of 25 years.
In
addition, environmental clearances for 4620 MW Mundra Power Projects have been
received from Ministry of Environment and Forest (MoEF), GoI. Land requirement
for implementation of all the Mundra Power Projects has been fulfilled. In
order to meet consumptive and cooling water requirements sea water is utilised.
A dedicated 433 km double circuit 400 kV transmission line with a capacity to
wheel up to 1,000 MW of power, connecting to the grid of the Power Grid
Corporation of India Limited (PGCIL) at Dehgam, Gandhinagar has been
commissioned in July 2009 for evacuation of surplus power from the Mundra Power
Project. Construction of a dedicated 986 km 500 kV high voltage direct current
transmission line with a capacity to wheel up to 2,500 MW of power, from Mundra
IV up to Haryana Vidyut Prasaran Nigam Limited (HVPNL) substation at
Mohindergarh, Haryana, is under progress. Entire 4620 MW capacity is expected
to be commissioned by FY12.
The power projects of 3300 MW capacity being
developed at tiroda,
Maharashtra are as follows:
Tiroda
I and II Power Project (Tiroda I and II), being developed by Adani Power
Maharashtra Limited (APML), a subsidiary of the company, will have three coal
fired, super-critical generation units of 660 MW each, with a combined capacity
of 1,980 MW. The BTG package and the BoP package for the power project have
been awarded. A power off-take agreement has been executed with Maharashtra
State Electricity Distribution Company Limited (MSEDCL) for sale of 1,320 MW of
electricity for a term of 25 years.
Tiroda
III Power Project (Tiroda III), which is also being developed by APML, will
have two coal-fired, super-critical generation units of 660 MW each, with a
combined capacity of 1,320 MW. The BTG package and the BoP package for the
power project have been awarded. A power off-take agreement has been executed
with MSEDCL for sale of 1,200 MW of electricity for a term of 25 years at a
tariff having a nonescalable component and an escalable component for fuel and
fuel transportation with yearly escalation as notified by CERC escalation
indexes from time to time.
In
addition, sufficient land for implementing the Tiroda power projects has been
taken on lease on a long term basis. Water requirement for both the projects
has been fulfilled. The environmental clearances for the power projects have
been received from MoEF, GoI. Construction of a 200 km 440 kV double circuit
transmission line with a capacity to wheel 1,000 MW of power, from Tiroda to
Warora in Maharashtra, is under progress. Coal requirement for Tiroda I and II
power project has been fulfilled from domestic sources and an application for
domestic coal linkage to meet the coal requirement of Tiroda III power project
has been made. In FY12, a capacity of 1320 MW is expected to be commissioned
and by FY14 entire 3300 MW capacity is expected to be commissioned.
The
power project of 1320
MW capacity being developed at Kawai, Rajasthan is
as follows: Kawai Power Project, being developed by Adani Power Rajasthan
Limited (APRL), a wholly-owned subsidiary, will have two super-critical
generation units of 660 MW each, with a combined capacity of 1,320 MW. The BTG
package and the BoP package for the power project have been awarded. A power
purchase agreement has been executed with Jaipur Vidyut Vitran Nigam Limited,
Ajmer Vidyut Vitran Nigam Limited and Jodhpur Vidyut Vitran Nigam Limited for
the sale of 1,200 MW power for a term of 25 years at a tariff having a
non-escalable component and an escalable component for fuel and fuel
transportation with yearly escalation as notified by CERC escalation indexes
from time to time.
In
addition, land and water requirement for the implementation of the Kawai power
project has been fulfilled. The environmental clearance for the power project
has been recommended by Expert Appraisal Committee, MoEF, GoI. An application
for domestic coal linkage to meet the coal requirements of the Kawai power
project has been made. Entire 1320 MW capacity is expected to be commissioned
by FY14.
The
power project of 1320
MW capacity being developed at Chhindwara, Madhya pradesh is
as follows: Chhindwara Power Project, being developed by Adani Pench Power
Limited, a wholly-owned subsidiary
pursuant to a Letter of Intent (LoI), from Madhya Pradesh Power Trading
Company Limited (M.P. Tradeco) to set up a 1,320 MW thermal power project based
on super critical technology. The terms of reference have been obtained from
MoEF, GoI. A notice inviting tenders for EPC works has been floated.
In addition, land and water required for the
implementation of the Chhindwara power project have been fulfilled. An
application for coal linkage to meet the requirements of the Chhindwara power
project has been made.
The
power project of 2640
MW capacity under planning at Dahej, Gujarat is
as follows: Dahej Power Project, proposed to be developed by Adani Power Dahej
Limited, a wholly-owned subsidiary, will be a coal-based power project with an
aggregate capacity of 2,640 MW. The terms of reference have been obtained from
MoEF, GoI. A notice inviting tenders for EPC works has been floated. An
application for coal linkage to meet the requirements of the Dahej power
project has been made.
The
power project of 3300
MW capacity under planning at Bhadreshwar, Gujarat is
as follows: Bhadreshwar Power Project, proposed to be developed by Kutchh Power
Generation Limited, a wholly-owned subsidiary, will be a coal-based power
project with an aggregate capacity of 3,300 MW. The terms of reference have
been obtained from MoEF, GoI. A notice inviting tenders for EPC works has been
floated. An application for coal linkage to meet the requirements of the
Bhadreshwar power project has been made.
FINANCIAL PERFORMANCE OF THE COMPANY
STANDALONE FINANCIAL
PERFORMANCE
During
FY11, the company recorded a total income of Rs. 21250.700
millions, of which income from the sale of
power
was Rs. 21064.300 millions and other
income was Rs. 186.400 millions.
For
the year FY11, Earnings before Interest, Depreciation, Tax and Amortization (EBIDTA)
was Rs.12157.800 millions.
For
the year FY11, Depreciation was Rs. 180.700
millions, Net Interest and Finance charges were Rs.
2302.800 millions and Profit before Tax (PBT) was Rs.
8237.700 millions.
Profit
After tax (PAT) was Rs.5237.500 millions,
with a Net Profit margin of 25% and basic Earnings per Share (EPS) of Rs.
2.40 and Cash Earnings Per Share (CEPS) of Rs.
4.53. As on 31st March, 2011 the Networth of
the company was Rs. 632.066 millions.
Net
Block of the company was Rs. 78093.000 millions on
account of capitalization of Mundra Phase II (660 MW) and Unit – 1 of Phase-III
power project (660 MW).
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2011 Rs.
In Millions |
31.03.2010 Rs.
In Millions |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided for |
0.000 |
0.000 |
|
Guarantees issued by the company’s bankers on behalf of the company |
6945.400 |
5113.752 |
|
Letter of Credit facilities provided by banks |
8362.900 |
17128.543 |
|
Bonds submitted to Development commissioner on behalf of Government of
India |
38609.400 |
37714.247 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2011
(Rs. in Millions)
|
Particulars |
30.09.2011 Quarter ended |
30.09.2011 Half year ended |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
10724.400 |
18911.100 |
|
b) Other Operating Income |
0.000 |
0.000 |
|
Total Operating Income |
10724.400 |
18911.100 |
|
Expenditure |
|
|
|
(a) Fuel Cost |
4377.300 |
7688.700 |
|
(b) Staff Cost |
120.000 |
238.900 |
|
(c) Depreciation |
1053.000 |
2092.700 |
|
(d) Other Expenditure |
1032.700 |
1666.200 |
|
Total Expenditure |
6583.000 |
11686.500 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
4141.400 |
7224.600 |
|
Other Income |
6.400 |
7.000 |
|
Profit/(Loss) before Interest and Exceptional items |
4147.800 |
7231.600 |
|
Interest |
1336.400 |
2222.700 |
|
Profit / (Loss) after interest before Exceptional items |
2811.400 |
5008.900 |
|
Exceptional Items |
(558.300) |
(499.200) |
|
Profit / (Loss) From
Ordinary activities before Tax |
2253.100 |
4509.700 |
|
Provision for Taxation |
478.300 |
966.100 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
1774.800 |
3543.600 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
1774.800 |
3543.600 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
21800.400 |
21800.400 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
|
Public Share
Holding |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic and Diluted |
0.81 |
1.63 |
|
After Extraordinary Items |
|
|
|
-Basic and Diluted |
0.81 |
1.63 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
577716203 |
577716203 |
|
- Percentage of shareholding |
26.50% |
26.50% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
858223608 |
858223608 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
53.56% |
53.56% |
|
- Percentage of shares(as a % of the total share capital of the company) |
39.37% |
39.37% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
744095389 |
744095389 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
46.44% |
46.44% |
|
- Percentage of Share (as a % of the total share capital of the company) |
34.13% |
34.13% |
NOTES :-
- Statement of Assets and Liabilities on
30th September. 2010
|
|
|
Rs
in Millions |
|
Particulars |
Quarter ended |
|
|
As on 30.09.2011
|
||
|
(Unaudited) |
||
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
21800.352 |
|
|
Reserves & Surplus |
44970.400 |
|
|
LOAN FUNDS |
232522.100 |
|
|
DEFERRED TAX
LIABILITIES |
4086.200 |
|
|
|
|
|
|
TOTAL |
303379.100 |
|
|
|
|
|
|
FIXED ASSETS |
231379.900 |
|
|
INVESTMENT |
28133.600 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
Inventories |
2513.300 |
|
|
Sundry Debtors |
8366.000 |
|
|
Cash & Bank Balances |
25854.900 |
|
|
Loans & Advances |
26348.200 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
Current Liabilities |
19188.400 |
|
|
Provisions |
28.400 |
|
|
|
|
|
|
Net Current Assets |
43865.600 |
|
|
|
|
|
|
TOTAL |
303379.100 |
|
- The above standalone results have been
reviewed by the Audit Committee and approved by the Board of Directors in their
meetings held on 10th November 201 1 and 11th November, 201 1
respectively.
- The Statutory Auditors have carried out
a Limited Review of the Standalone Financial Results for the quarter ended
on 30th September. 201 1
- The Company has challenged the Constitutional
validity of Section 18 of the Finance Act, 2011, which has amended, by
insertion of proviso to Section 115JB(6) of the Income Tax Act, 1961, the
effect of which is that a developer of SEZ, i.e. the Company would be
liable to MAT. As the matter is subjudice, the Company has not provided
for MAT of Rs. 450.800 millions and Rs. 902.400 millions forth quarter and
half year ended 30th September, 201 1 respectively.
- The Company sold Electrical Energy of
2959 MUs, 5857 MUs, 6809.83 MUs, 1334 MUs and 2364 MUs for the quarter
ended 30th September, 2011, for six months ended 30th September, 2011, for
the year ended 31st March. 2011. for the quarter ended 30th September,
2010 and for six months ended 30th September, 2010 respectively.
- The Foreign Exchange Fluctuation Gain ( Loss) of Rs. (938.600 millions),
Rs. (917.600 millions), Rs. 285.700 millions, Rs. 187.600 millions and Rs.
129.500 millions for the carter ended 30th September, 2011, for six months
ended 30th September, 2011, for the year ended 3Ist March. 2011, for the
quarter ended 30th September, 2010 and for six months ended 30th
September, 2010 respectively on outstanding creditors denominated in foreign currency relating
to fuel has been adjusted in the fuel cost.
- All income and expenditure relating to
projects, which are under execution, have been accounted for under the
head Project Development Expenditure.
- The Company's
activities during the quarter ended 30th September, 2011 revolve around
power generation and setting up of power projects Considering the nature
of the Company's business and operations, there is / are no reportable
segments (business and/or geographical) in accordance with the
requirements of Accounting Standard 17 - 'Segment Reporting', issued by
the Institute of Chartered Accountants of India (ICAI).
- Details of the investor complaints for
the quarter ended on 30th September, 2011: Unresolved at the beginning of
the quarter - NIL, Received and Disposed off during the quarter - 12,
Unresolved at the end of the quarter - NIL.
- Interest expenditure is net of Interest
Income of Rs. 512.000 millions, Rs. 967.000 millions, Rs. 865.500
millions, Rs. 318.100 millions and Rs. 396.700 millions for the quarter
ended 30th September, 201 1, for six months ended 30th September, 201 1,
for the year ended 31st March, 201 1, for the quarter ended 30th
September, 2010 and for six months ended 30th September, 2010
respectively.
- The figures of previous year period
have been regrouped / reclassified wherever necessary.
FORM : 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10131213 |
|
Corporate
identity number of the company |
U40100GJ1996PLC030533 |
|
Name of the
company |
ADANI POWER LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Shikhar Building, 9th Floor, Near Mithakali Six Roads,
Navrang Pura, Ahmedabad – 380009, Gujarat, India |
|
Type of charge |
·
Book
Debts ·
Movable
Property ·
Floating
Charge ·
Uncalled
Share Capita ·
Immovable
Property ·
Any
Interest in immovable property ·
Others ·
Calls
made but not paid ·
Goodwill ·
Patent,
license under a patent ·
Trademark ·
Copyright
or license under a copyright |
|
Particular of
charge holder |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17,
R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Modification Agreement
to Deed of Mortgage executed on the 22nd June, 2009, by Adani
Power Limited (The Borrower) in favour of IDBI Trusteeship Services Limited
(the security trustee) |
|
Date of
instrument Creating the charge |
22.06.2009 |
|
Amount secured by
the charge |
Rs. 44540.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The rates of
interest applicable to each of the facilities (namely, Senior Rupee Facility,
Subordinate Rupee Facility and ECB Facility) Terms of
Repayment The borrower
shall repay the Senior Rupee Facility, Subordinate Rupee Facility and the ECB
facility in accordance with such terms of repayment and in such installments Margin Not Applicable |
|
Short particulars
of the property charged |
As described in
clause 3 of the Deed of Mortgaged executed on the 6th day of
Margh, 2009, by Borrower in favour of Security Trustee. |
|
Date of latest
modification prior to the present modification |
30.05.2009 |
|
Particulars of
the present modification |
By execution of
Modification Agreement to the Deed of Mortgage, dated 22nd June,
2009, the charge is modified to secure the senior rupee facility amount of Rs.
10000.000 Millions sanctioned by power finance corporateion limited in
substraction of the External Borrowing Facility (ECB) amount to Standard
Chartered Bank for the same amount. |
FIXED ASSETS:
·
Leasehold Land
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Railway Siding
·
Computer
·
Office Equipments
·
Electrical Installation
·
Vehicles
WEBSITE DETAILS
BUSINESS
DESCRIPTION
Adani Power Limited is engaged in power generation and
setting up of power projects. As of March 31, 2011, the Company together with
its subsidiaries has nine power projects with a combined installed capacity of
16,500 megawatts, out of which 1,980 megawatts has been commissioned, 7260
megawatts is under implementation and 7260 megawatts is at the planning stage.
The Mundra Phase I and II Power Project will have four coal-fired, sub-critical
generation units of 330 megawatts each, with combined capacity of 1,320
megawatts. Mundra Phase III Power Project will have two coal-fired,
super-critical generation units of 660 megawatts each, with combined capacity
of 1,320 megawatts. Mundra Phase IV Power Project will have three coal fired,
super-critical generation units of 660 megawatts each, with combined capacity
of 1,980 megawatts. For the fiscal year ended 31 March 2010, Adani Power
Limited's revenue totaled RS4.67B, up from RS0. Net income totaled RS1.70B vs.
a loss of RS49.9M. Revenue reflect the presence of income from Power Supply and
the presence of other income. Net income reflects a rise in gross operating
margin. The Company is a power project development Company, which is developing
and will operate and maintain power projects in India
Gautam S. Adani - Non-Executive Chairman of the Board –
Chairman
Shri. Gautam S. Adani is the Non-Executive Chairman of the
Board of Adani Power Limited He has completed his education upto matriculation.
Under his leadership, Adani Group has emerged as a diversified conglomerate
with interests in international trading, infrastructure development, power
generation and distribution, development of special economic zones, gas
distribution, trading and business process outsourcing. He has been
instrumental in the diversification of the Adani Group into the power sector.
He has the Directorships in Adani Energy Limited, Adani Enterprises Limited,
Adani Petronet (Dahej) Port Private Limited, Adani Welspun Exploration Limited,
Adani Wilmar Limited, Jain International Trade Organisation Limited and Mundra
Port and Special Economic Zone Limited
Rajesh
Shantilal Adani - Managing Director, Executive Director - Director/Board Member
Shri. Rajesh Shantilal Adani is the Managing Director,
Executive Director of Adani Power Limited. He holds a bachelor’s degree in
commerce from the Gujarat University. He is responsible for overall
development, control and monitoring the implementation of the power projects,
raising of financial resources for the projects and negotiation with suppliers.
He is also involved in the management of Adani Enterprises Limited. He has been
associated with Adani Enterprises Limited since its incorporation in 1988. He
handles the marketing and finance aspects of Adani Enterprises Limited and has
been responsible for developing the business relationships of Adani Enterprises
Limited. He has the Directorships in Adani Energy Limited, Adani Enterprises
Limited, Adani Power Dahej Limited, Adani Power Maharashtra Limited, Adani
Power Rajasthan Limited, Adani Shipyard Private Limited, Adani Wilmar Limited,
Baramati Power Private Limited, Columbia Chrome (India) Private Limited, Mundra
Port and Special Economic Zone Limited, Mundra Power SEZ Limited, Parsa Kante
Collieries Limited, PT Kapuas Coal Mining and Swayam Realtors and Traders
Limited.
Vijay Ranchan - Non-Executive Independent Director -
Director/Board Member
Mr. Vijay Ranchan, M. A, IAS (Retd.) is Non-Executive
Independent Director of Adani Power Limited. He is a qualified company
secretary. He is a retired Indian Administrative Service official belonging to
the Punjab cadre and has served the Government of India and the Government of
Punjab in various capacities. He was the Principal Secretary, Industries and
Commerce and Principal Secretary, Finance with the Government of Punjab. He
retired as Secretary, Department of Food and Public Distribution, Government of
India in 2005. Mr. Tuteja is presently the Chairman of Swaraj Mazda Limited and
Abhishek Industries Limited. He was awarded the Dayanand Munjal award in 1992
as “Manager of the Year” by the Ludhiana Management Association. He has the
Directorships in Adani Energy Limited, Shah Pulp and Paper Mills Limited, Usher
Agro Limited and Usher Eco Limited
Chinubhai Ramanlal Shah - Non-Executive Independent Director
- Director/Board Member
Shri. Chinubhai Ramanlal Shah is Non-Executive Independent
Director of Adani Power Limited. He has obtained a master’s degree in arts
from the Gujarat University. He has also acquired a master degree in law with a
gold medal from the Gujarat University. He is a fellow member of the Institute
of Company Secretaries of India and has been conferred life fellowship of the
All India Management Association. He has been the president of the Gujarat
Chamber of Commerce and Industry, the All India Management Association and the
Institute of Company Secretaries of India. He has the Directorships in Abellon
Clean Energy Limited, Apollo Hospitals International Limited, Arman Lease &
Finance Limited, Cadila Pharmaceuticals (Ethiopia) PLC, Cadila Pharmaceuticals
Limited, Doshion Limited, G.S.E.C Limited, Gujarat NRE Coke Limited, Gulmohar
Greens Golf & Country Club Limited, H.K. Finechem Limited, India Renal
Foundation, Meghmani Organics Limited, Nirma Limited, Saline Area Vitalization
Enterprise Limited and Shilp Gravures Limited.
Ravi Sharma – Director - Director/Board Member
Shri. Ravi Sharma is Chief Executive Officer, Executive
Director of Adani Power Limited Mr. Sharma is B.Tech in Electrical Engineering
from IIT, Rourkee and MBA from IMT, Gaziabad. He has more than 25 years
industry experience including more than 10 years as CEO with Indian Corporate
as well as MNC. He has held responsibilities at policy as well as operational
level with infrastructure and communication industry for India, South Asia
& Asia. He has served as Managing Director/ Director on Boards of several
companies. Before joining Adani Power Limited, he has worked with Alcatel-
Lucent, BT, UB Group and Videocon
B. B. Tandon - Non-Executive Independent Director -
Director/Board Member
Shri. B. B. Tandon, IAS (Retd.) is Non-Executive Independent
Director of Adani Power Limited. He holds a master’s degree in arts and LLB
degree from Delhi University and is a certified associate of the Indian
Institute of Bankers. He has served the Government of India, State Government
of Himachal Pradesh and State Electricity Board of Himachal Pradesh. As
Principal Secretary (Power) and Chairman, H.P. State Electricity Board, he
initiated the policy of private sector participation in the execution of hydel
projects in Himachal Pradesh and various projects in the state. He has the
Directorships of Ambuja Cement Foundation, Bhushan Steel Limited, Birla
Corporation Limited, Cosmo Ferrites Limited, Exicom Telesystems Limited,
Filatex India Limited, Jaiprakash Hydro Power Limited, Jaiprakash Power
Ventures Limited, Nagarjuna Fertilizers and Chemicals Limited, Oriental Carbon
and Chemicals Limited, Precision Pipes and Profiles Company Limited, Smart
Digivision Private Limited, Dhampur Sugar Mills Limited, Vikas Global One
Limited and VLS Finance Limited.
Rajesh Shantilal Adani - Managing Director, Executive
Director - Managing Director
Shri. Rajesh Shantilal Adani is the Managing Director,
Executive Director of Adani Power Limited. He holds a bachelor’s degree in
commerce from the Gujarat University. He is responsible for overall
development, control and monitoring the implementation of the power projects,
raising of financial resources for the projects and negotiation with suppliers.
He is also involved in the management of Adani Enterprises Limited. He has been
associated with Adani Enterprises Limited since its incorporation in 1988. He
handles the marketing and finance aspects of Adani Enterprises Limited and has
been responsible for developing the business relationships of Adani Enterprises
Limited. He has the Directorships in Adani Energy Limited, Adani Enterprises
Limited, Adani Power Dahej Limited, Adani Power Maharashtra Limited, Adani
Power Rajasthan Limited, Adani Shipyard Private Limited, Adani Wilmar Limited,
Baramati Power Private Limited, Columbia Chrome (India) Private Limited, Mundra
Port and Special Economic Zone Limited, Mundra Power SEZ Limited, Parsa Kante
Collieries Limited, PT Kapuas Coal Mining and Swayam Realtors and Traders
Limited.
Rahul C. Shah - Company Secretary, Compliance Officer -
Company Secretary
Mr. Rahul C. Shah is the Company Secretary, Compliance
Officer of Adani Power Limited. He holds a bachelor degree in commerce and
bachelor’s degree in law from the Gujarat University. Mr. Shah is a member of
the Institute of Company Secretaries of India. Mr. Shah joined the Company on
February 1, 2009. He has experience in handling initial public issue, private
equity placements, mergers and acquisitions, structured finance, secretarial
and legal matters. Prior to joining the Company, Mr. Shah has worked with
Mundra Port and Special Economic Zone Limited and Vivro Financial Services
Private Limited
PRESS
RELEASE
ADANI
POWER DELAYS 6,500 MW PROJECTS FOPR WANT COAL SUPPLY
30 December 2011
New Delhi, Dec. 30 -- In the past couple of months, the
overarching theme in the power sector has been state electricity board (SEB)
reforms. The recent report of the Shunglu panel recommended a somewhat radical
solution to create a special purpose vehicle to take over the shaky loans of
state electricity boards. State governments are making the right noises on
structurally reforming the distribution sector and cleaning up state
electricity boards by computerizing accounts and allowing annual tariff revisions
etc. And a record 14 states increased electricity charges this year. But these
touch the surface of the problem and implementation is a long and arduous
journey.
State electricity board dues are just one part of the equation. They
have estimated accumulated losses of Rs 75,000 crore mainly because of
pilferages, having to buy expensive short-term power and inadequate tariff
revisions. That will take some time to clean up.
In the meantime, the power sector will continue to suffer as
usual-at least for the next six months or so. One reason for the low plant load
factors, or capacity utilization, among power generators is because state
electricity boards are lifting much lower output, which, in turn, creates
problems of cash flow and debt servicing.
Increasing exposure to the power sector has made financiers wary
of lending to this sector.
There is a shortage of coal to fire thermal power plants. Hydro
projects are being held up in execution by land and environmental problems. As
a result, companies are putting off expansion in the sector, the latest being
Adani Power Limited which is deferring plans to build a 6,500megawatts power
plant. Capacity addition, so far, this financial year has been three-fourth of
the targeted 14,000MW.
Sure, there are some silver linings. Plant load factors have
improved over the last couple of months. Capacity utilization in November was
74.45%, well over the 61.14% achieved in September for thermal power plants. As
a result, generation has increased 9% from a year ago, but these plant load
factors are still lower than a year ago, indicating a slowdown in the sector.
While coal minister Sriprakash Jaiswal has guaranteed that no
power plant will be shut down because of a lack of fuel, Central Electricity Authority
figures indicated that 48 power plants had less than seven days of coal supply
at the end of November. This was well over the 31 power plants reporting a
critically low fuel-supply position at the end of September. Thus, the outlook
will remain dark for some more time.
ADANI
POWER DELAYS 6,500 MW PROJECTS FOPR WANT COAL SUPPLY
Accord Fintech (India)
29 December 2011
India, Dec. 29 -- Adani Enterprises (AEL) is currently
trading at Rs 329.00, up by 4.00 points or 1.23% from its previous closing of
Rs 325.00 on the BSE. The scrip opened at Rs 324.10 and has touched a high and
low of Rs 329.40 and Rs 322.25 respectively. So far 19243 shares were traded on
the counter. The BSE group 'A' stock of face value Rs 1 has touched a 52 week
high of Rs 765.95 on 26-Jul-2011 and a 52 week low of Rs 279.00 on
24-Nov-2011.Last one week high and low of the scrip stood at Rs 345.25 and Rs
313.00 respectively. The current market cap of the company is Rs 360132.800
Millions. The promoters holding in the company stood at 78.32% while
Institutions and Non-Institutions held 16.89% and 4.80% respectively. AEL, the
country's largest coal importer-turned-domestic private mine
developer-cum-operator (MDO), has abandoned plan to purchase cargo ships for
coastal shipping of coal as thermal power plants across India are worried for
fuel. The company has decided to hire a logistics service provider (LSP)
instead of buying a cargo ships. Earlier AEL, whose revenues were Rs 260000.000
millions in 2010-11, was aiming to have its own cargo ships to transport coal
from the eastern Indian coal-rich states to the western states, provided that
the company got fertilizers and other bulk cargo to take back on the return
journey to make the integrated logistics business cost-effective but it has
dropped the plan. The company is now floating international tenders for
selecting an LSP who will be responsible for delivery of coal by rail-sea-rail
route to various thermal power plants. AEL already has two cargo ships to
import coal from Indonesia for the power plants of Adani Power and Tata Power
Company at Mundra. The LSP will be required to obtain the necessary approvals
and transport coal from the AEL coal washery to thermal power plants.
ADANI
POWER DELAYS 6,500 MW PROJECTS FOPR WANT COAL SUPPLY
Accord Fintech (India)
29 December 2011
India, Dec. 29 -- Adani Enterprises (AEL), the country's
largest coal importer-turned-domestic private mine developer-cum-operator
(MDO), has abandoned plan to purchase cargo ships for coastal shipping of coal
as thermal power plants across India are worried for fuel. The company has
decided to hire a logistics service provider (LSP) instead of buying a cargo
ships. Earlier AEL, whose revenues were Rs 26,000 crore in 2010-11, was aiming
to have its own cargo ships to transport coal from the eastern Indian coal-rich
states to the western states, provided that the company got fertilizers and
other bulk cargo to take back on the return journey to make the integrated
logistics business cost-effective but it has dropped the plan. The company is
now floating international tenders for selecting an LSP who will be responsible
for delivery of coal by rail-sea-rail route to various thermal power plants.
AEL already has two cargo ships to import coal from Indonesia for the power
plants of Adani Power and Tata Power Company at Mundra. The LSP will be
required to obtain the necessary approvals and transport coal from the AEL coal
washery to thermal power plants.
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. 53.35 |
|
|
1 |
Rs. 82.50 |
|
Euro |
1 |
Rs. 69.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.