MIRA
INFORM REPORT
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Report Date : |
05.01.011 |
IDENTIFICATION DETAILS
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Name : |
NTPC LIMITED |
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Formerly Known
As : |
NATIONAL
THERMAL POWER CORPORATION LIMITED |
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Registered
Office : |
NTPC
Bhawan, Scope Complex, 7, Institutional Area, |
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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.: |
55-7966 |
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CIN No.: [Company Identification
No.] |
L40101DL1975GOI007966 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELN07815D |
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PAN No.: [Permanent Account No.] |
AAATN1336J |
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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
: |
Electricity
Generating Company with the Objectives of Construction, Operation and
Maintenance of Super Thermal Power Stations and their Associated Transmission
Lines. |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2497500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a government of 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 DECLINED BY
Management non-cooperative
LOCATIONS
|
Registered
Office : |
NTPC
Bhawan, Scope Complex, 7, Institutional Area, |
|
Tel.
No.: |
91-11-24361557/24361012/24360100
(10 Lines) |
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Fax
No.: |
91-11-24368417/24361018 |
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E-Mail
: |
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Website
: |
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NTPC
Regional Offices: |
R and
D, Centre, 8A, Sector - 24, Noida - 201301, District Engineering office complex Plot
NO. 8A, Sector -16A, Noida - 201301, Dist. Power management institute Plot No.
5 to 14, Sector - 16A, Noida - 201301, Dist. Website.
http://www.pmintpc.com Consultancy wing Core
No.6, 7th Floor, Scope Complex, 7, Tel.
No. 91-11-24360100/24361097/24361665/24365812/24362009 Fax.
No. 91-11-24361903/24360910/24360898 Center
satellite earth station (cces) Pipeline
Road, Muradnagar, Distt. Ghaxiabad - 201206, Tel.
No. 91-118-241285 |
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Corporate
Office : |
Core
5, Second Floor, SCOPE Complex, |
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Tel.
No.: |
91-11-24365088 |
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Fax
No.: |
91-11-24361903
/ 3064 / 1781 |
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Regional
Headquarters : |
Eastern Region 2nd
Floor, Tel.
No. 91-612-2232127 Fax.
No. 91-612-2230758/2230035 E-mail:
ntpcer@vsnl.com National
Capital Region
Tel.
No. 91-118-24410333 (10 Lines)/24410133 (5 Lines)/24410116(5 Lines) Fax.
No. 91-118-24410311 Northern Region Ist
Floor, B-1, Block Picup, Bhawan Vibhuti, Khand, Gomti Nagar, Lucknow-226010, Tel. No.
91-522-2395870/2394630/2395604 Fax.
No. 91-522-2398941/2391816 Tel.
No. 91-532-2621989/2621990/2621984 Fax.
No. 91-532-2621981 E-mail.
ntpc/allahabad@dartmail.dolnet.com
2nd
and 5th Floors, M.C.H. Complex, Tel.
No. 91-40-27717267-70 Fax.
No. 91-40-27800743/27804516 E-mail.
ntpcsr@ap.nic.in Western Region Samruddhi
Trade Centre, 2nd Floor, MIDC, Marol Andheri (East), Mumbai-400093, Tel.
No. 91-22-28310213/28227762/28310214/28209197 Fax.
No. 91-22-28310218/28310219 |
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Thermal
Power Stations: |
Dadri,
Tanda, Unchahar, Kahalgaon, Farakka, Rihand, Kobra, Talcher TPS, Vindhyachal,
Singrauli, Ramagundam and Simhadri |
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NTPC
Managed Stations: |
Located at: Badarpur
and Balgo |
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Gas
Power Stations : |
Anta,
Auraiya, Gandhar, Kawas and Kayamkulam |
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Branch
Office : |
Shakti
Nagar, 23122, Dist. Mirzapur, Uttar Pradesh |
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Projects
: |
Anta Gas Power Project P.O.-Anta, Distt-Baran-325209 Rajasthan Auraiya Gas Power Station P.O.-Dibiyapur,
Distt-Auraiya-206244, Barn Super Thermal Power
Project Malayan! I Buddha Colony,
Patna-800001, Badarpur Thermal Power Station Badarpur, New Delhi-110044, Farakka Super Thermal Power
Station P.O. Nabarun-742236,
District-Murshidabad, West Village – Mujhedi, P.O. Neemka,
District – Feroz Gandhi
Unchahar Thermal Power Project P.O. Unchahar, District -Raibareilly,
Jhanor-Gandhar Gas Power
Project P.O.-Urja Nagar, Jhanor,
District -Bharuch Gujarat-392215 Korba Super Thermal Power
Station P. O. Vikas Bhawan, Jamanipali
– 495450, District Korba, Kahalgaon Super Thermal Power
Project P.O.-Kahalgaon,
District-Bhagalpur-813214, Kawas Gas Power Project P.O. - Adityanagar, Kayamkulam Combined Cycle Power Project, P.O.
Choolatheruvu, District- Alappuzha - 690506, Koldam
Hydroelectric Power Project P.O. Barmana, District
Bilaspur-174013, National Capital Power Station Vidyut Nagar, District Gautam
Budh Nagar- 201008, Loharinag-Pala
Hydroelectric Power Project 27 & 28, Maneri Colony,
P.O. Maneri, District Uttarkashi – 249194, Ramagundam Super Thermal Power
Station P.O. Jyotinagar, District -
Karimnagar- 505215, Rihand Super Thermal Power
Project P.O. Rihandnagar, District
-Sonebhadra - 231223, Simhadri Thermal Power Project P.O. NTPC Simhadri, District Vishakhapatnam
– 531020, Singrauli Super Thermal Power
Station P.O. Shaktinagar, District
Sonebhadra - 231222, Sipat Super Thermal Power
Station P.O. Sipat, Distt. Bilaspur –
495006, Talcher Super Thermal Power
Project P.O. Deepsikha (Kaniha),
District - Angul - 759147, Talcher Thermal Power Station P.O. Talcher Thermal,
Distt.-Angul – 759101, Tanda Thermal Power Station P.O. Vidyut Nagar Distt. Ambedkar Nagar - 224238,
Tapoban
Vishnugad Hydroelectric Power Project Ranigram, Joshi Math, Vindhyachal Super Thermal Power
Station P.O.-Vindhyanagar, District
-Sidhi - 486885, |
DIRECTORS
As on 30.06.2010
|
Name : |
Mr. R S Sharma |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Chandan Roy |
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Designation : |
Director- Operations |
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Name : |
Mr. R K Jain |
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Designation : |
Director- Technical |
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Name : |
Mr. A K Singhal |
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Designation : |
Director- Finance |
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Name : |
Mr. I J Kapoor |
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Designation : |
Director- Commercial |
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Name : |
Mr. B P Singh |
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Designation : |
Director- Projects |
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Name : |
Mr. K.B. Dubey |
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Designation : |
Director- Projects |
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Name : |
Mr. M N Buch |
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Designation : |
Director(Part Time Non Official) |
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Name : |
Mr. Shanti Narain |
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Designation : |
Director(Part Time Non Official) |
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Name : |
Mr. P K Sengupta |
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Designation : |
Director(Part Time Non Official) |
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Name : |
Mr. K Dharmarajan |
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Designation : |
Director(Part Time Non Official) |
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Name : |
Mr. M Govinda Rao |
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Designation : |
Director (Part Time Non Official) |
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Name : |
Mr. I C P Keshari |
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Designation : |
Nominee (Government) |
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Name : |
Mr. Rakesh Jain |
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Designation : |
Nominee (Government) |
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Name : |
Mr. Kanwal Nath |
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Designation : |
Director (Part Time Non Official) |
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Name : |
Mr. Adesh Jain |
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Designation : |
Director (Part Time Non Official) |
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Name : |
Mr. A K Sanwalka |
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Designation : |
Director (Part Time Non Official) |
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Name : |
Mr. Santosh Nautiyal |
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Designation : |
Director (Part Time Non Official) |
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Name : |
Mr. D K Jain |
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Designation : |
Director (Technical) |
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Name : |
Mr. K. Dharmarajan |
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Designation : |
Director |
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Name : |
Dr. M. Govinda Rao |
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Designation : |
Director |
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Name : |
Mr. Santosh Nautiyal |
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Designation : |
Director |
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Name : |
Mr. Arun Kumar Sanwalka |
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Designation : |
Director |
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Name : |
Mr. T. Venkatesh |
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Designation : |
Director |
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Name : |
Mr. P.K. Sengupta |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A K Rastogi |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2010
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
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|
|
|
|
|
|
6,967,361,180 |
84.50 |
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|
6,967,361,180 |
84.50 |
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Total
shareholding of Promoter and Promoter Group (A) |
6,967,361,180 |
84.50 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
155,338,521 |
1.88 |
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|
594,672,158 |
7.21 |
|
|
210,857,521 |
2.56 |
|
|
960,868,200 |
11.65 |
|
|
|
|
|
|
125,798,864 |
1.53 |
|
|
|
|
|
|
167,079,420 |
2.03 |
|
|
16,904,961 |
0.21 |
|
|
7,451,775 |
0.09 |
|
|
4,848,978 |
0.06 |
|
|
1,159,390 |
0.01 |
|
|
3,505 |
- |
|
|
1,435,402 |
0.02 |
|
|
3,000 |
- |
|
|
1,500 |
- |
|
|
317,235,020 |
3.85 |
|
Total Public shareholding
(B) |
1,278,103,220 |
15.50 |
|
Total (A)+(B) |
8,245,464,400 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
Total
(A)+(B)+(C) |
8,245,464,400 |
- |
(1)
Indian
Central
Government / State Government(s)
Individual
shareholders holding nominal share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Electricity
Generating Company with the Objectives of Construction, Operation and
Maintenance of Super Thermal Power Stations and their Associated Transmission
Lines. |
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Products : |
Ř
Generation of Electricity Ř
Consultancy Services Ř
Management of Power Stations |
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Imports : |
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Countries : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
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2009-10
|
|
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|
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Installed Capacity (MW Commercial units) |
|
|
|
28902 |
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Quantitative information in respect of Generation: |
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|
|
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a) Pre-commissioning period : |
|
|
|
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Generation (in MUs) |
|
|
|
401 |
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b) Commercial period : |
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|
|
|
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Generation (in MUs) |
|
|
|
218439 |
GENERAL INFORMATION
|
No. of Employees : |
25000 (Approximately) (Confirmed by the Accounts Manager –
Mr. Rohit) |
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Bankers : |
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Facilities : |
Note: 1 Secured by (I)
English mortgage, on first charge basis, of the office premises of the
Company at Mumbai, (II) Hypothecation of all the present and future movable
assets (excluding receivables) of Singrauli Super Thermal Power Station, Anta
Gas Power Station, Auraiya Gas Power Station, Barh Super Thermal Power
Project, Farakka Super Thermal Power Station, Kahalgaon Super Thermal Power
Station, Koldam Hydel Power Project, Simhadri Super Thermal Power Project,
Sipat Super Thermal Power Project, Talcher Thermal Power Station, Talcher
Super Thermal Power Project, Tanda Thermal Power Station, Vindhyachal Super
Thermal Power Station, National Capital Power Station, Dadri Gas Power
Station, Feroze Gandhi Unchahar Power Station, Loharinag Pala Hydro Power
Project and Tapovan-Vishnugad Hydro Power Project as first charge, ranking
pari-passu with charge, if any, already created in favour of the Company's
Bankers on such movable assets hypothecated to them for working capital
requirement and (III) Equitable Mortgage ,by way of first charge, by deposit
of title deeds of the immovable properties pertaining to Singrauli Super
Thermal Power Station. 2 Secured by (I)
English mortgage, on first pari-passu charge basis, of the office premises of
the Company at Mumbai, (II) Hypothecation of all the present and future
movable assets (excluding receivables) of Singrauli Super Thermal Power
Station, Anta Gas Power Station, Auraiya Gas Power Station, Barh Super
Thermal Power Project, Farakka Super Thermal Power Station, Kahalgaon Super
Thermal Power Station, Koldam Hydel Power Project, Simhadri Super Thermal
Power Project, Sipat Super Thermal Power Project, Talcher Thermal Power
Station, Talcher Super Thermal Power Project, Tanda Thermal Power Station,
Vindhyachal Super Thermal Power Station, National Capital Power Station,
Dadri Gas Power Station, Feroze Gandhi Unchahar Power Station, Loharinag Pala
Hydro Power Project and Tapovan-Vishnugad Hydro Power Project as first
charge, ranking pari-passu with charge, if any, already created in favour of
the Company’s Bankers on such movable assets hypothecated to them for working
capital requirement and (III) Equitable mortgage of the immovable properties,
on first pari-passu charge basis, pertaining to Singrauli Super Thermal Power
Station by extension of charge already created. 3 Secured by (I)
English mortgage, on first pari-passu charge basis, of the office premises of
the Company at Mumbai and (II) Equitable mortgage, by way of first charge, by
deposit of title deeds of the immovable properties pertaining to National
Capital Power Station. 4 Secured by (I)
English mortgage, on first pari-passu charge basis, of the office premises of
the Company at Mumbai, (II) Hypothecation of all the present and future
movable assets (excluding receivables) of Singrauli Super Thermal Power
Station, Anta Gas Power Station, Auraiya Gas Power Station, Barh Super
Thermal Power Project, Farakka Super Thermal Power Station, Kahalgaon Super
Thermal Power Station, Koldam Hydel Power Project, Simhadri Super Thermal
Power Project, Sipat Super Thermal Power Project, Talcher Thermal Power
Station, Talcher Super Thermal Power Project, Tanda Thermal Power Station,
Vindhyachal Super Thermal Power Station, National Capital Power Station,
Dadri Gas Power Station, Feroze Gandhi Unchahar Power Station, Loharinag Pala
Hydro Power Project and Tapovan-Vishnugad Hydro Power Project as first
charge, ranking pari-passu with charge, if any, already created in favour of
the Company’s Bankers on such movable assets hypothecated to them for working
capital requirement and (III) Equitable mortgage of the immovable properties,
on first pari-passu charge basis, pertaining to National Capital Power
Station by extension of charge already created. 5 Secured by (I)
English mortgage, on first pari-passu charge basis, of the office premises of
the Company at Mumbai and (II) Hypothecation of all the present and future
movable assets (excluding receivables) of Singrauli Super Thermal Power
Station, Anta Gas Power Station, Auraiya Gas Power Station, Barh Super Thermal
Power Project, Farakka Super Thermal Power Station, Kahalgaon Super Thermal
Power Station, Koldam Hydel Power Project, Simhadri Super Thermal Power
Project, Sipat Super Thermal Power Project, Talcher Thermal Power Station,
Talcher Super Thermal Power Project, Tanda Thermal Power Station, Vindhyachal
Super Thermal Power Station, National Capital Power Station, Dadri Gas Power
Station, Feroze Gandhi Unchahar Power Station, Loharinag Pala Hydro Power
Project and Tapovan-Vishnugad Hydro Power Project as first charge, ranking
pari-passu with charge, if any, already created in favour of the Company’s
Bankers on such movable assets hypothecated to them for working capital
requirement. 6 Secured by (I)
English mortgage, on first pari-passu charge basis, of the office premises of
the Company at Mumbai and (II) Equitable mortgage, by way of fi rst
charge, by deposit of title deeds of the immovable properties pertaining to
Ramagundam Super Thermal Power Station. 7 Secured by (I)
English mortgage, on first pari-passu charge basis, of the office premises of
the Company at Mumbai, (II) Hypothecation of all the present and
future movable assets (excluding receivables) of Barh Super Thermal Power
Project on first pari-pasu charge basis, ranking pari passu with charge
already created in favour of Trustee for other Series of Bonds and (III)
Equitable mortgage of the immovable properties, on first pari-passu charge
basis, pertaining to Ramagundam Super Thermal Power Station by extension of
charge already created. 8 Secured by (I)
English mortgage, on first pari-passu charge basis, of the office premises of
the Company at Mumbai and (II)Equitable mortgage, by way of first charge, by
deposit of the title deeds of the immovable properties pertaining to Sipat
Super Thermal Power Project. 9 Secured by (I)
English mortgage, on first pari passu charge basis, of the office premises of
the Company at Mumbai and (II) Equitable mortgage of the immovable
properties, on first pari-passu charge basis, pertaining to Sipat Super
Thermal Power Project by extension of charge already created. 10 Secured by
English mortgage/hypothecation of all the present and future fixed and
movable assets of Rihand Super Thermal Power Station as first charge, ranking
pari-passu with charge already created, subject to however, Company’s
Banker’s first charge on certain movable assets hypothecated to them for
working capital requirement. 11 Secured
against fixed assets obtained under finance lease. Note: Security cover mentioned for sl. no. 1 to 9 is above 100% of the debt
securities outstanding.
* To be secured by registered and/or equitable mortgage on immovable
properties. |
|
Banking
Relations : |
Satisfactory |
|
|
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|
Auditors : |
|
|
Name : |
Dass Gupta and Associates Chartered Accountants S.K. Mittal and Company Chartered Accountants Varma and Varma Chartered Accountants Parakh and Company Chartered Accountants B.C. Jain and Company Chartered Accountants S.K. Mehta and Company Chartered Accountants |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000000 |
Equity Shares |
Rs.10/- each |
Rs.100000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8245464400 |
Equity Shares |
Rs.10/- each |
Rs.82455.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
82455.000 |
82455.000 |
82455.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
541920.000 |
491246.000 |
443931.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
624375.000 |
573701.000 |
526386.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
90799.000 |
89696.000 |
73147.000 |
|
|
2] Unsecured Loans |
287171.000 |
255982.000 |
198759.000 |
|
|
TOTAL BORROWING |
377970.000 |
345678.000 |
271906.000 |
|
|
DEFERRED TAX LIABILITIES |
2092.000 |
1.000 |
1.000 |
|
|
Deferred Revenue on account of Advance against
Depreciation |
16108.000 |
19360.000 |
13734.000 |
|
|
Deferred Income from Foreign Currency Fluctuation |
0.000 |
6077.000 |
0.000 |
|
|
Deferred Foreign Currency Fluctuation Liability |
611.000 |
545.000 |
2554.000 |
|
|
|
|
|
|
|
|
TOTAL |
1021156.000 |
945362.000 |
814581.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
347613.000 |
329377.000 |
260937.000 |
|
|
Capital work-in-progress |
267624.000 |
212211.000 |
184389.000 |
|
|
Construction Stores and Advances |
53419.000 |
51838.000 |
40394.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
148071.000 |
139835.000 |
152672.000 |
|
|
Deferred Foreign Currency Fluctuation Assets |
3652.000 |
9734.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
33477.000
|
32434.000
|
26757.000 |
|
|
Sundry Debtors |
66514.000
|
35842.000
|
29827.000 |
|
|
Cash & Bank Balances |
144595.000
|
162716.000
|
149332.000 |
|
|
Other Current Assets |
8440.000
|
9792.000
|
9218.000 |
|
|
Loans & Advances |
55131.000
|
68469.000
|
40354.000 |
|
Total
Current Assets |
308157.000
|
309253.000
|
255488.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55906.000
|
52075.000
|
55483.000 |
|
|
Other Current Liabilities |
20970.000
|
22316.000
|
|
|
|
Provisions |
30705.000
|
32495.000
|
23816.000 |
|
Total
Current Liabilities |
107581.000
|
106886.000
|
79299.000 |
|
|
Net Current Assets |
200576.000
|
202367.000
|
176189.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Deferred Expenditure From Foreign Currency Fluctuation |
201.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1021156.000 |
945362.000 |
814581.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
463226.000 |
419238.000 |
370501.000 |
|
|
|
Energy Internally Consumed |
551.000 |
514.000 |
409.000 |
|
|
|
Provisions Written Back |
128.000 |
170.000 |
64.000 |
|
|
|
Other Income |
28562.000 |
32539.000 |
29203.000 |
|
|
|
TOTAL (A) |
492467.000 |
452461.000 |
400177.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Fuel |
294628.000 |
271107.000 |
220202.000 |
|
|
|
Employees' remuneration and
benefits |
24124.000 |
24631.000 |
18960.000 |
|
|
|
Generation, administration
& other expenses |
20940.000 |
18192.000 |
16284.000 |
|
|
|
Provisions |
109.000 |
246.000 |
71.000 |
|
|
|
Prior Period Income/ Expenses |
(779.000) |
1083.000 |
2745.000 |
|
|
|
TOTAL (B) |
339022.000 |
315259.000 |
258262.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
153445.000 |
137202.000 |
141915.000 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
18089.000 |
19962.000 |
17981.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135356.000 |
117240.000 |
123934.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26501.000 |
23645.000 |
21385.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
108855.000 |
93595.000 |
102549.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
21573.000 |
11582.000 |
28401.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
87282.000 |
82013.000 |
74148.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
151.000 |
211.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Write back from Bond Redemption Reserve |
2000.000 |
1250.000 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Bonds Redemption Reserve |
4978.000 |
4537.000 |
NA |
|
|
|
Transfer to Capital Reserve |
50.000 |
86.000 |
NA |
|
|
|
Transfer to General Reserve |
47500.000 |
44000.000 |
NA |
|
|
|
Dividend - Interim |
24736.000 |
23087.000 |
NA |
|
|
|
- Final (Proposed) |
6596.000 |
6596.000 |
NA |
|
|
|
Tax on Dividend - Interim |
4204.000 |
3914.000 |
NA |
|
|
|
- Final |
1072.000 |
1103.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
297.000 |
151.000 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Professional & Consultancy fee |
8.000 |
21.000 |
NA |
|
|
|
Interest |
0.000 |
14.000 |
NA |
|
|
|
Other Earnings |
1.000 |
1.000 |
NA |
|
|
TOTAL EARNINGS |
9.000 |
36.000 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
8970.000 |
10386.000 |
NA |
|
|
|
Spare Parts |
1393.000 |
919.000 |
NA |
|
|
TOTAL IMPORTS |
10363.000 |
11305.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.59 |
9.95 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2010 (1ST
Quarter) |
|
Gross Sales |
|
|
129444.900 |
|
Other Operating Income |
|
|
3580.600 |
|
Other Income |
|
|
2268.700 |
|
Total Income |
|
|
135294.200 |
|
Total Expenditure |
|
|
99577.600 |
|
PBIDT |
|
|
35716.600 |
|
Interest |
|
|
5357.500 |
|
PBDT |
|
|
30359.100 |
|
Depreciation |
|
|
6827.200 |
|
Tax |
|
|
4211.700 |
|
Fringe Benefit Tax |
|
|
0.000 |
|
Deferred Tax |
|
|
901.300 |
|
Reported Profit After Tax |
|
|
18418.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.72
|
18.13
|
18.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.50
|
22.33
|
27.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.60
|
14.66
|
19.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.79
|
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.86
|
2.89
|
3.22 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
For capital expenditure |
|
|
|
Micro and Small Enterprises (#Rs.2,71,460/-
,
*Rs.2,03,017/-) |
# |
* |
|
Others |
30091.000 |
23673.000 |
|
For goods and services |
|
|
|
Micro and Small Enterprises |
5.000 |
10.000 |
|
Others |
25810.000 |
28392.000 |
HISTORY:
Subject is the power generating and Navratna status company
of
FINANCIAL
PERFORMANCE
The total income of the company for the year increased by 8.85%
to Rs.492,339 million from Rs.452,291 million during the previous year. The
profit after tax but before provisions and prior period adjustments increased
by 3.98% to Rs.86,484 million from Rs.83,172 million. Net profit after tax
increased to Rs.87,282 million from Rs.82,013 million registering a growth of
6.42% over last year.
FURTHER PUBLIC
OFFER
The President of India acting through Ministry of Power,
Government of India divested its stake by 5% in the Company through Further
Public Offer of 412,273,220 equity shares and the shareholding of Government of
India reduced from 89.5% to 84.5% w.e.f 18th February 2010. These shares were issued during February 2010 for
cash at prices determined through the Alternate Book Building Method of
Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009 under Fast Track route.
The proceeds of Further Public Offer amounting to Rs.84,801
million were credited to Government of India Account. Post FPO, Government of
India holds 6,967,361,180 equity shares of face value of Rs.10/- each and
public holds the balance 1,278,103,220 equity shares.
OPERATIONAL
PERFORMANCE
During the year, the power stations of the Company generated
218.84 BU of electricity which was 28.60% of the total power generated in
COMMERCIAL PERFORMANCE
During the year, the Company realized 100% payment of current
bills raised for sale of power for seventh successive year. All the
beneficiaries are paying within 30 days of billing except the states of UP and J and K which are making payment within
the permissible 60 days period. An innovative rebate scheme of providing
incentive for early payment based on provisional bill has helped in achieving
early realization of dues. The matter of securitization of outstanding dues of
Government of NCT of Delhi for DESU period is under active consideration by the
Ministry of Power.
All the beneficiaries have established and are maintaining
Letters of Credit (LC). As on date, the Company has monthly LCs of Rs.40659.70
million.
RBI, on behalf of State Governments, serviced redemptions due on
bonds and half-yearly interest installments on bonds in time as per One Time
Settlement Scheme.
The Company had signed Power Purchase Agreements (PPAs) with 13
beneficiaries during the year pertaining to new projects for 8442 MW capacity.
The Company has filed tariff petitions for the five-year period
starting 1.4.2009 before CERC for all stations in accordance with the CERC
(Terms and Conditions of Tariff) Regulations, 2009. Petitions have also been
filed before CERC for revision of tariff for the period upto 31.3.2009 due to
additional capital expenditure incurred at the Stations in that period as per
the provisions of the CERC Tariff Regulations.
Customer Relationship Management (CRM) initiative has been taken
by the company towards strengthening relationship with their customers. It
draws inspiration from Company’s core values (BCOMIT) that emphasize “Customer
Focus”. Under this, they provide Customer Support Services in selected areas,
with the objective of overall growth of power sector. During the year, various
workshops and seminars were held at customers’ end and free of cost training to
149 customers’ officers was provided based on the requirement expressed by
them. They also organize Regional Customer Meets, State specific Business
Partner Meets and GENCOS Meets regularly for better interaction and sharing of
experiences. The Company has developed a Customer Satisfaction Index (CSI) for
gathering customers’ feedback and responding to their requirements.
CORPORATE PLAN
2032
The Company has prepared its Long Term Corporate Plan to set the
goals and targets for the period upto 2032. Through this Corporate Plan, the
Company has adopted the vision to be ‘the
world’s largest and best power producer, powering
The company has set a target to have an installed power
generating capacity of 1,28,000 MW by the year 2032. The capacity will have a diversified fuel mix
comprising 56% coal, 16% gas, 11% nuclear and 17% Renewable Energy Sources
(RES) including hydro. Therefore, by 2032, nonfossil fuel based generation
capacity shall make up nearly 28% of NTPC’s portfolio.
Further beyond 12th Plan, the Company plans to build only high efficiency
super-critical and ultra super-critical coal based power plants. The plan also
outlines the next generation R and D model to drive innovation and develop/
adopt future technologies.
The Company shall continue to strongly pursue the power trading
business and would maintain its scale in consultancy business.
The plan also provides strategies/ mix of options for ensuring
fuel security. These options include long-term contracts from domestic and
international markets, purchase from spot markets, minority/ majority stake in
mining companies and involvement in associated infrastructure.
CAPACITY ADDITION
PROGRAM
The company has adopted a multi-pronged growth strategy which
includes capacity addition through green field projects, brown field
expansions, joint ventures and acquisitions. In addition to furthering capacity
addition through Coal / Gas based thermal power projects, the company has been
pursuing enhancement of its power generation portfolio through Hydro, Renewable
Energy and Nuclear energy projects. At present 1,920 MW Hydro capacity is under
implementation together with 552 MW under bidding. In its endeavor for
Renewable Energy, the Company plans to add 1000 MW from RES by 2017.
Projects planned
During the year, investment approval has been accorded by the Board
of NTPC and the respective Boards of Joint Ventures/ Subsidiaries for projects
having a total capacity of 890 MW consisting of 500 MW Vallur Thermal Power
Project Phase-II and 390 MW Muzaffarpur Thermal Power Project Expansion,
involving an investment of about Rs.62420 Million. Various projects having
aggregate capacity of 17,830 MW including 4,390 MW, being undertaken by Joint
Venture companies, are under construction.
Further, at present 7,092 MW capacity (3,501 MW NTPC owned and
3,591 MW through its JVs and Subsidiaries) is under bidding. In addition
Feasibility Reports (FRs) have been approved for projects having an aggregate
capacity of 8,460 MW.
The Company is also identifying new sites for setting up power
projects during 12th Plan and
beyond. These projects would be added to the plans after project viability is
established.
As a measure for further capacity addition, the Company is in
discussions with Government of Jharkhand and Jharkhand State Electricity Board
(JSEB) for taking over Patratu TPS (770MW). A Memorandum of Understanding (MOU)
was signed on July12, 2009 amongst the Company and Government of Chattisgarh to
set up 4,000 MW regional power project.
at Lara, Chattisgarh. Another MOU was signed amongst the
Company, Government of Madhya Pradesh and MP Tradeco Limited to set up 2,640 MW
regional power project at Narsinghpur district, Madhya Pradesh. Also,
Feasibility Report is under preparation for setting up 3,960 MW power project
at Barethi, Bundelkhand region of Madhya Pradesh. Government of Madhya Pradesh
has already committed land and water availability for this project.
Project
Management – A New Approach
The Company has established a state of the art Project
Monitoring Centre at
FINANCING OF NEW
PROJECTS
The capacity addition programs shall be financed with a debt to
equity ratio of 70:30. The directors believe that internal accruals of the
Company would be sufficient to finance the equity component for the new
projects. Given its low gearing and strong credit ratings, the Company is well
positioned to raise the required borrowings.
The Company is exploring domestic as well as international
borrowing options including overseas development assistance provided by
bilateral agencies to mobilize the debt required for the planned capacity
expansion program.
During the year 2009-10, the Company has tied up loans of
Rs.168,190 million including a large ticket loan of Rs.85,000 million with
State Bank of India and Rs.27,500 million with Canara Bank for part funding of
debt requirement in respect of capex for next three years. In addition, loans
amounting to Rs.55,690 million have also been tied with other banks to fulfill
the debt requirement for next three years.
Bonds amounting to Rs.15,000 million were raised from domestic
market for financing the capital expenditure and refinancing of the loans.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
GENERATION
However, over last 3 years, the CAGR of peak demand as well as
energy shortages have shown a downward trend as compared to projections
considered in the 17th EPS.
OUTLOOK
Power sector in India is poised to have a CAGR of 9.0%- 9.8%
upto end of 12th Plan and
hence offers multiple opportunities of growth to public as well as private
sector entities so as to achieve Government’s objective of “power for all”. The
main features of
• To continue rapid capacity addition
• To augment indigenous power equipment manufacturing capacity
• To reduce uncertainties of supply of energy
• To reduce price vulnerability
• Minimize the risks arising out of equipment failures
• Diversification of its fuel basket
They attempt to give some more details concerning certain
aspects of the sector and the Company by way of information and analysis.
Segment-wise
performance
For the purpose of compiling segment-wise results, the business
of the Company is segregated into ‘Generation’ and ‘Other Business’. The
Company’s principal business is generation and sale of bulk power. Other
business includes providing consultancy, project management and supervision,
oil and gas exploration and coal mining.
The profit before tax and interest in the generation business
for the fiscal 2010 was Rs.101,524 million as against Rs.90,531 million for
fiscal 2009. Excluding income tax payable/recoverable from customers amounting
to Rs.4,714 million for fiscal 2010 and Rs.7,583 million for fiscal 2009, the
above has increased by 28% mainly on account of increased generation. For the
profit before tax on ‘Other Business’ represented by income from consultancy,
the same was Rs.582 million for fiscal 2010 and Rs.418 million for the previous
fiscal registering a growth of 39%.
BUSINESS AND
FINANCIAL REVIEW OF SUBSIDIARIES
NTPC has six subsidiary companies. The financial statements of
the subsidiaries are included in this Annual Report elsewhere. Out of six
subsidiary companies, one company namely, Pipavav Power Development Company
Limited (PPDCL) is under winding up. The performance of remaining five
subsidiaries is briefly discussed here:
(a) NTPC Electric
Supply Company Limited (NESCL)
The company was formed on August 21, 2002 as a wholly owned
subsidiary company of NTPC with an objective to make a foray in the business of
distribution and supply of electrical energy as a sequel to reforms initiated
in the Power Sector. Presently the company is undertaking the following
activities:
• The company has been involved in the execution of work on
turnkey basis under the government’s rural electrification program namely
“Rajiv Gandhi Grameen Vidyuti-Karan Yojana” in 29 districts in 5 states, namely,
Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa and West Bengal covering more
than 38000 villages and approximately 27 lakh Below Poverty Line (BPL)
connections. During the year 2009-10, the Company achieved electrification of
8,017 villages and provided electricity connection to 8.6 lakh BPL households
which is higher then the MOU target of 7,500 Unelectrified/ De-electrified and
8.5 lakhs BPL connections. So far the Company has achieved electrification of
16,954 villages.
• The Company is assisting the DISCOMs and utilities for
enhancement and bringing the sectoral reforms process and has been
participating in the distribution infrastructural development programme under
consultancy assignments. The Company is executing project management consultancy
work for setting up 220 KV substations, switch yard and associated facilities
at BPCL Kochi Refinery.
• The Company is also involved in the turnkey execution of
infrastructure for Power supply arrangement for Port based Special Economic
Zone at Vallarpadam for Cochin Port Trust (CPT) as well as turn key execution
of development of infrastructure for power supply arrangement for all coal
mining projects of NTPC.
• NESCL is also trying to implement a new business model in
which bulk power is brought to the load centre from NTPC merchant plants and is
distributed to a predetermined geographical area having dedicated consumers as
an independent licensee. This model shall not only pave the way for NESCL to
take up the retail distribution but also assist the state utilities in meeting
the power shortages in the respective states.
As on 31.3.2010, paid up capital of the Company is Rs.0.8
million. The Company has paid a dividend of Rs.40 million for the year 2009-10
as against Rs.25 million paid in the previous year.
Joint venture of
NESCL
NESCL has set up a JV with Kerala Industrial Infrastructure
Development Corporation (KINFRA), a statutory body of Government of Kerala with
equity participation of 50% each named as KINESCO Power and Utilities Private
Limited on 17th September
2008, to take up retail distribution of power in various Industrial parks
developed by KINFRA in Kerala and other SEZs and industrial areas. The license
has been issued for Kakkanad, Kalamassery and Palakkad by the state regulator.
The new JV Company has taken over the operations from 1st Feb 2010 in the
Kakkanad Industrial area of KINFRA.
As on 31.3.2010, the paid up capital of the Company is Rs.1
million and Rs.2.6 million of share application money is pending for allotment.
(b) NTPC Vidyut
Vyapar Nigam Limited (NVVN)
The company was formed on November 1, 2002 as a wholly owned
subsidiary company of NTPC with an objective to undertake business of sale and
purchase of electric power, to effectively utilise installed capacity and thus
enabling reduction in the cost of power. During the year 2009-10, the company
transacted business with various state electricity boards spread all over the
country and traded 5.549 billion units of electricity in comparison to 4.831
billion units traded in the previous year.
As on 31.3.2010, the paid up capital of the Company is Rs.200
million. The Company has paid a dividend of Rs.100 million for the year
2009-10.
(c) NTPC Hydro
Limited (NHL)
In furtherance of its efforts to take forward the hydro capacity
addition and to give exclusive thrust to small and medium sized Hydro Power
Projects upto 250MW capacity, Subject
had set up a wholly owned subsidiary company named “NTPC Hydro Limited”
In December, 2002. Presently the company is implementing the following
projects:
• Lata Tapovan hydro electric project (171 MW) in the state of
Uttrakhand. All the statutory clearances have been obtained and entire land
required for the project has been physically acquired. The main EPC package,
namely, Civil and HM Works (Hydro Mechanical) is currently under tendering
process and award is envisaged during the current calendar year. The project is
to be developed as a regional power station with 12% free power to Government
of Uttarakhand and balance to be supplied to the benefi ciaries of Northern
states. PPAs with number of beneficiary states have also been signed. The
project is slated for commissioning during 12th Plan. Annual generation from
this project is estimated as 869 MU.
• Rammam-III (120 MW) in the state of West Bengal- All the
statutory clearances have been obtained and majority of land acquisition
activities have been completed. Various infrastructure developmental works are
under progress. The main EPC package, namely, Civil and HM Works is currently
under tendering process and award is envisaged during the year 2010- 11.The
project is for the benefit of West Bengal and Sikkim states and is slated for
commissioning during 12th Plan. Annual generation from this project is
estimated as 476 MU.
As on 31.3.2010, the paid up capital of the Company is Rs.1,008
million and Rs.18 million of share application money is pending for allotment.
(d) Kanti Bijlee
Utpadan Nigam Limited
As per the decision of Government of India, a new company named
‘Vaishali Power Generating Company Limited’ Was incorporated on September 6,
2006 as a subsidiary of NTPC to take over Muzaffarpur Thermal Power Station
(MTPS) (2 x 110 MW). The Company was rechristened as ‘Kanti Bijlee Utpadan
Nigam Limited’ on 10.04.2008. The present equity contribution in the company is
64.57% by NTPC and 35.43% by BSEB.
Unit 2 of 110 MW of the transferred station is under operation
w.e.f. 29.01.08 after restoration and refurbishment and generated infirm power
of 460.58 MUs during financial year 2009-10 which is highest ever generation by
this unit since its inception. Renovation and Modernization (R and M) of
existing units 2X110 MW is to commence in 2010-11 for which contract has been
awarded to BHEL on 15.04.10.
The Board of the Company has approved the Feasibility Report for
the expansion of MTPS by 2x195 MW. Main Plant package award has been fi nalized
and Letter of Intent (LOI) was issued to BHEL in March 2010 for Rs.10760.000 millions.
As on 31.3.2010, the paid up capital of the Company is Rs.885
million and Rs.44 million of share application
money is pending for allotment which includes Rs.22 million as the share
of Subject
(e) Bhartiya Rail
Bijlee Company Limited (BRBCL)
“Bhartiya Rail Bijlee Company Limited” was incorporated as a
subsidiary of NTPC on November 22, 2007 having equity participation of 74:26 by
Subject and Ministry of Railways,
Government of India respectively for setting up of 4 units of 250 MW each of coal
based power plant at Nabinagar, district Aurangabad, Bihar. Land measuring
1,250 acres (approx) was taken under possession during the year. As on
31.3.2010, the paid up capital of the Company is Rs.4,000 million and Rs.1,462
million of share application money is pending for allotment which includes Rs.
712 million as the share of Subject
BUSINESS AND
FINANCIAL REVIEW OF JOINT VENTURE COMPANIES
a) Utility
Powertech Limited (UPL)
UPL is a joint venture company of NTPC and Reliance
Infrastructure Limited formed to take up assignments of construction, erection
and supervision in power sector and other sectors in
b) NTPC-SAIL
Power Company Private Limited (NSPCL)
NSPCL, a 50:50 Joint venture Company of NTPC and SAIL was
incorporated on 08.02.1999 for running the Captive Power Plants of SAIL at
NSCPL owns and operates a capacity of 814 MW mostly as captive
power plants for SAIL’s steel manufacturing facilities located at
As on 31.03.2010, the paid up capital of the Company is Rs.9,505
million and out of this, 50% has been contributed by Subject
NSPCL has recommended a fi nal dividend of Rs.290 million of
which NTPC’s share is Rs.145million.
c) NTPC-ALSTOM
Power Services Private Limited (NASL)
NASL is a 50:50 joint venture company between NTPC and ASLTOM
POWER GENERATION AG,
d) NTPC Tamil
Nadu Energy Company Limited (NTECL)
NTPC Tamil Nadu Energy Company Limited, was formed as a 50:50
joint venture between NTPC and Tamil Nadu
Electricity Board (TNEB) on May 23, 2003 to develop and operate
1500MW power project at Vallur. The project is named as Vallur Thermal Power
Project and is expected to use Ennore port infrastructure facilities. Mega
Power Status was accorded to the project (3x500 MW) on 12.03.08.
Investment Approval of Stage-I, Phase-II (1 x 500MW) expansion
of the Project was accorded by the NTECL Board on 19.05.09.MOEF clearance for
phase-II (1 x 500 MW) was accorded on 03.06.09 while Main Plant Boiler and
Turbine contract was awarded to M/s BHEL on 28.07.09.Financial closure of
Phase-II was achieved with signing of Loan Agreement with M/s REC on 06.03.10
for Rs.21,140 million. The construction work at site is in full progress.
The paid up capital of the Company is Rs.8500 million and out of
this, 50% has been contributed by Subject Further as on 31.03.2010, the amount
of Share Capital Deposit pending for allotment is Rs.555 million. Out of this,
Rs. 155 million was contributed by Subject
during 2009-10.
e) Ratnagiri Gas
and Power Private Limited
Ratnagiri Gas and Power Private Limited has been formed as joint
venture between NTPC, GAIL, Maharashtra State Electricity Board and Indian
Financial institutions with NTPC having a stake of 29.65% for taking over and
operating gas based Dabhol Power Project. Block # I RGPPL was also revived and
declared commercial on May 19, 2009.The total generation from all the Power
Blocks during 2009-10 is 8,289 MUs. All the power blocks machines are in
operation. GoI has allocated full quantum of gas required for Power Blocks
(about 8.5 MMSCMD). RGPPL commenced power generation using domestic gas from KG
D-6 basin from September 30, 2009. The current drawl is around 7.2 MMSCMD.
As on 31.3.2010, the paid up capital of the Company is Rs.
20,000 million and out of this, Rs.5,929 million
has been contributed by Subject
Further as on 31st
March 2010, out of Share Capital Deposit
pending allotment
amounting to Rs 2,970 million, an amount of Rs. 1,000 million has been contributed towards equity
by Subject
f) Aravali Power
Company Private Limited
Aravali Power Company Private Limited (A Joint Venture Company
of Subject , Indraprastha Power Generating Company Limited [IPGCL] of
Construction activities at the site are in full swing. Boiler
Hydro Test for Unit-I has been completed on 26.01.10. For Unit-II, TG erection
work commenced in January, 2010. Boiler Drum Lifting of Unit-III was completed
on 12.11.2009 and TG Deck casted on 14.02.2010. Unit-I and II is expected to be
ready during 2010-2011. For the fuel linkage, Letter of Assurance obtained from
MCL for 6.94 MTPA (F Grade Coal). Water agreement signed
with Haryana Irrigation Department on 21.12.09 for supply of 150
cusec of water from JLN canal.
As on 31.3.2010, the paid up capital of the Company is Rs.13,170
million with 50% being contributed by Subject
g) NTPC-SCCL Global
Venture Private Limited
Subject alongwith
Singareni Collieries Company Limited formed a 50:50 joint venture Company under
the name and style of “NTPC-SCCL Global Ventures Private Limited” on July 31,
2007 to undertake various activities in coal and power sectors including
acquisition of coal/lignite mine blocks, development and operation of
integrated coal based power plants and providing consultancy services. In the
proposed Joint Venture Company both NTPC and SCCL shall hold 50% equity each.
As on 31.3.2010, the paid up capital of the Company is Rs. 1
million, out of which 50% has been contributed by Subject
h) Meja Urja
Nigam Private Limited
NTPC has formed a JV Company with Uttar Pradesh Rajya Vidyut
Utpadan Nigam Limited (UPRVUNL) under the name “Meja Urja Nigam Private
Limited” on April 2, 2008 for setting up a power plant of 1320 MW (2X660 MW) at
Meja Tehsil in Allahabad district in the state of Uttar Pradesh.
All significant clearances except MOEF clearance have been
obtained. Application for MoEF clearance submitted on 30.03.10. CWC/MOWR
clearance for use of Ganga Water received on 17.11.09. In-principle approval
for Coal Linkage received from the MOC. Land acquisition has been completed.
Further, possession and mutation for 1,118 Hectares of Government and
As on 31.03.2010, the paid up capital of the Company is Rs. 604
million and out of this, 50% has been contributed by Subject Further as on 31.3.2010, out of Share Capital
Deposit pending for allotment amounting to Rs. 385 million, Rs.192 million
being 50% of the total Share Capital Deposit has been contributed by Subject
i) NTPC BHEL
Power Projects Private Limited (NBPPL)
“NTPC BHEL Power Projects Private Limited” (NBPPL) was formed on
April 28, 2008 as a JV Company with Bharat Heavy Electrical Limited (BHEL) for
carrying out Engineering Procurement and Construction (EPC) activities in the
power sector and to engage in manufacturing and supply of equipment for power
plants and other infrastructure projects in
As on 31.03.2010, the paid up capital of the Company is Rs. 500
million, out of this, 50% has been contributed by Subject
j) BF-NTPC Energy
Systems Limited
“BF-NTPC Energy Systems Limited” (BFNESL) was formed on June 19,
2008 with Bharat Forge Limited (BFL) to establish a facility to take up
manufacturing of castings, forgings, fi ttings and high pressure piping
required for power projects and other industries, Balance of Plant (BOP)
equipment for the power sector. BFNESL has fi nalized land in Solapur,
As on 31.3.2010, the paid up capital of the Company is Rs. 21
million with 49% being contributed by Subject
Further, out of Rs. 99 million of share application money pending allotment
as on 31.03.2010, Rs.49 million has been contributed by NTPC.
k) Nabinagar
Power Generating Company Private Limited
“Nabinagar Power Generating Company Private Limited” (NPGCL) was
incorporated as a JV Company on September 9, 2008 with equal equity
contribution from Bihar State Electricity Board for setting-up of a coal based
power project at New Nabinagar in district Aurangabad of State of Bihar. The
project will have a capacity of 1,980 MW (3X660 MW). The Company will also
undertake operation and maintenance of the project after its commissioning.
Feasibility Report of the project was approved by NPGCL Board on
02.07.09.Land acquisition activities have been initiated. Application for MoEF
clearance submitted on 29.03.10. In-principle approval for Coal Linkage
received from the MOC. The project is identified under Bulk Tendering for 660
MW units.
As on 31.3.2010, the paid up capital of the Company is Rs. 1
million with 50% being contributed by Subject during 2009-10. Further as on 31.3.2010,
out of share application money pending for allotment amounting to Rs. 2,229
million, Rs.950 million has been contributed by Subject
l) National Power
Exchange Limited (NPEX)
“National Power Exchange Limited” (NPEX) was incorporated as a
JV Company with NHPC Limited, Power Finance Corporation Limited and Tata
Consultancy Services Limited on December 11, 2008 to operate a Power Exchange
at National level. 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. Subject and NHPC Limited Have contributed
16.67% equity each, Power Finance Corporation Limited 16.66% of equity while
Tata Consultancy Services has contributed 50% equity in the share capital of
this Company. An in-principle approval by CERC to set up and operate a national
level power exchange was received on July 1, 2009. New Regulations for power
exchange have been issued by Central Electricity Regulatory Commission on 20th
Jan 2010.The Company has initiated action
for compliance and aligning itself to these regulations.
As on 31.3.2010, the paid up capital of the Company is Rs. 50
million with 16.67% amounting Rs. 8 million contributed by Subject
m) International
Coal Ventures Private Limited (ICVL)
A JV Company was incorporated on May 20, 2009 under the name “International Coal Ventures Private Limited” (ICVL) in association with Steel Authority of India (SAIL), Coal India Limited (CIL), Rashtriya Ispat Nigam Limited (RINL) and NMDC Limited (NMDC). SAIL, CIL, RINL, NMDC and NTPC shall contribute in the equity share capital of the Company in the ratio of 2:2:1:1:1 respectively. The Company has been incorporated for the purpose of carrying on business for
overseas acquisition and/ or operation of coal mines or
blocks/ companies for securing coking and thermal
coal supplies. ICVL is pursuing coal opportunities from countries
like
n) National High
Power Test Laboratory Private Limited (NHPTLPL)
NTPC has formed a JV Company on May 22, 2009 under the name
“National High Power Test Laboratory Private Limited” (NHPTLPL) in association
with NHPC Limited (NHPC), Power Grid Corporation of India Limited (PGCIL) and
Damodar Valley Corporation (DVC). All JV partners have contributed equally in
the equity share capital of the Company. The Company has been incorporated for
setting up an On-line High Power Test Laboratory for short-circuit test
facility in the Country. The project Feasibility Report has been submitted by
Technical Consultants, CSEI,
As on 31.03.2010, the paid up capital of the Company is Rs.35
million which includes Rs.9 million being 25% of paid up equity capital
contributed by Subject
o) Energy
Efficiency Services Private Limited
A JV company has been formed on December 10, 2009 under the name
“Energy Efficiency Services Limited” with Power Finance Corporation Limited
(PFC), Powergrid Corporation of India Limited (PGCIL) and Rural Electrification
Corporation Limited (REC) to carry on and promote the business of Energy
Efficiency and climate change including manufacture and supply of energy
efficiency services and products. NTPC, PFC, PGCIL and REC hold shares in the
equity share capital of the Company equally.
As on 31.03.2010, the share application money pending for
allotment in the Company is Rs. 25 million which includes Rs. 6 million being
25% of this amount contributed by Subject
p) Transformers
and Electricals Kerala Limited (TELK)
In line with the Business Collaboration and Shareholders
Agreement executed between Subject, Government of Kerala and Transformers and
Electricals Kerala Limited (TELK), 44.6% of presently paid-up capital of TELK
were acquired from Government of Kerala at a total value of Rs. 313.4 million
during 2009-10. The shares were credited in NTPC’s demat account on 19.06.2009.
TELK is engaged in manufacturing and repair of heavy duty transformers. During
the year TELK produced 5,085 MVA transformers as against 4,566 MVA in 2008-09,
an increase of 11.37%.
As on 31.03.2010, the paid up capital of the Company is Rs. 430
million with Rs. 314 million contributed by Subject
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH JUNE 2010
(Rs. in millions)
|
S. No. |
Particulars |
Quarter ended 30.06.2010 (Unaudited) |
|
1 |
(a) Net Sales (Net of Electricity Duty) |
129444.900 |
|
|
(b) Other Operating Income |
3580.600 |
|
2 |
Expenditure |
|
|
|
(a) Fuel Cost |
87023.100 |
|
|
(b) Employees Cost |
6838.200 |
|
|
(c) Depreciation |
6827.200 |
|
|
(d) Other Expenditure |
5716.300 |
|
|
Total (a+b+c+d) |
106404.800 |
|
3 |
Profit from Operations before Other Income, Interest & Exceptional
Items (1-2) |
26620.700 |
|
4 |
Other Income |
2268.700 |
|
5 |
Profit before Interest & Exceptional Items (3+4) |
28889.400 |
|
6 |
Interest & Finance Charges |
5357.500 |
|
7 |
Profit after Interest but before Exceptional Items (5-6) |
23531.900 |
|
8 |
Exceptional items |
- |
|
9 |
Profit (+) /Loss (-) from Ordinary Activities before Tax (7+8) |
23531.900 |
|
10 |
Tax Expenses: |
|
|
|
a) Current Tax |
4211.700 |
|
|
b) Deferred Tax |
901.300 |
|
|
c) Fringe Benefit Tax (FBT) |
- |
|
|
Total Tax Expenses |
5113.000 |
|
11 |
Net Profit (+)/ Loss (-) from Ordinary Activities after Tax (9-10) |
18418.900 |
|
12 |
Extraordinary Items (Net of tax expenses) |
- |
|
13 |
Net Profit (+)/ Loss (-) for the period (11-12) |
18418.900 |
|
14 |
Paid-up Equity Share Capital |
82454.600 |
|
15 |
Reserves excluding Revaluation Reserve as per Balance Sheet of 31st
March 2010 |
- |
|
16 |
Earning per share - (EPS in Rs.) |
|
|
|
(a) Basic and diluted EPS before Extraordinary items (not annualised) |
2.23 |
|
|
(b) Basic and diluted EPS after Extraordinary items (not annualised) |
2.23 |
|
17 |
Public Shareholding |
|
|
|
(a) Number of shares |
1278103220 |
|
|
(b) %age of shareholding |
15.50 |
|
18 |
Promoters and Promoter Group Shareholding |
|
|
|
(a) Pledged/Encumbered |
|
|
|
- Number of Shares |
- |
|
|
- Percentage of share (as % of the total shareholding of promoter and
promoter group) |
- |
|
|
- Percentage of share (as % of the total share capital of the company) |
- |
|
|
(b) Non-encumbered |
|
|
|
- Number of Shares |
6967361180 |
|
|
- Percentage of share (as % of the total shareholding of promoter and
promoter group) |
100.00 |
|
|
- Percentage of share (as % of the total share capital of the company) |
84.50 |
REPORTING OF SEGMENTWISE REVENUE, RESULTS
AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30th JUNE 2010
(Rs. in millions)
|
S. No. |
Particulars |
Quarter ended 30.06.2010 (Unaudited) |
|
1 |
Segment Revenue (Net Sales) |
|
|
|
- Generation |
129049.500 |
|
|
- Others |
395.400 |
|
|
- Total |
129444.900 |
|
2 |
Segment Results (Profit before Tax and Interest) |
|
|
|
- Generation |
23892.700 |
|
|
- Others |
153.700 |
|
|
- Total |
24046.400 |
|
|
Less: |
|
|
|
(i) Unallocated Interest and Finance Charges |
3425.800 |
|
|
(ii) Other Unallocable expenditure net of unallocable income |
(2911.300) |
|
|
Total Profit before Tax |
23531.900 |
|
3 |
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
- Generation |
390267.800 |
|
|
- Others |
338.100 |
|
|
- Un-allocated |
252187.200 |
|
|
- Total |
642793.100 |
The operations of the company are mainly carried out within the country
and therefore, geographical segments are not applicable.
Notes:
1 a) The Central Electricity Regulatory Commission (CERC) notified the
Tariff Regulations, 2009 in January 2009, containing inter-alia the terms and
conditions for determination of tariff applicable for a period of five years
with effect from 1st April 2009. Pending determination of
station-wise tariff by the CERC, sales have been provisionally recognized at
Rs.128017.200 millions during the quarter ended 30th June 2010 on
the basis of principles enunciated in the said Regulations on the capital cost
considering the orders of Appellate Tribunal for Electricity (ATE) for the
tariff period 2004-2009 including as referred in para (c).
The Tariff Regulations, 2009 provide that pending determination of
tariff by the CERC, the Company has to provisionally bill the beneficiaries at
the tariff applicable as on 31st March 2009 approved by the CERC.
The amount provisionally billed during the quarter ended 30th June
2010 on this basis is Rs.124652.400 millions.
b) Sales of Rs.392.700 millions pertaining to previous years has been
recognized based on the orders issued by the CERC/ATE.
c) In respect of stations/units where the CERC had issued tariff orders
applicable from 1st April 2004 to 31st March 2009, the Company
aggrieved over many of the issues as considered by the CERC in the tariff
orders, filed appeals with the ATE. The ATE disposed off the appeals favourably
directing the CERC to revise the tariff orders as per the directions and
methodology given. The CERC filed an appeal with the Hon’ble Supreme Court of
India on some of the issues decided by the ATE which is pending. The Company
has submitted that it would not press for determination of the tariff by the
CERC as per ATE orders pending disposal of the appeal by the Supreme Court.
Considering expert legal opinions obtained that, it is reasonable to
expect ultimate collection, the sales for the tariff period 2004-2009 amounting
to Rs.10256.000 millions were recognised in earlier years based on provisional
tariff worked out by the Company as per the methodology and directions as
decided by the ATE. Due to further CERC tariff orders received during the
quarter ended 30th June 2010, the provisional sales of Rs.10256.000
millions has now been increased to Rs.10500.600 millions. The sales accounted
as above is subject to final outcome of the decision of the Hon’ble Supreme
Court of India and consequential effect, if any, will be given in the financial
statements upon disposal of the appeal.
d) Sales for the quarter ended 30th June 2010 includes
Rs.639.600 millions on account of deferred tax recoverable from customers as
per CERC Tariff Regulations, 2009.
2 Employees cost includes:
a) Rs.793.200 millions towards pay revision of the employees in the
non-executive category due w.e.f. 1st January 2007 having regard to
the guidelines issued by the Department of Public Enterprises, Government of
India.
b) Rs.700.100 millions towards
other employee benefits.
3 Interest and finance charges include:
a) Exchange differences regarded as adjustment to interest costs
Rs.461.200 millions for the quarter ended 30th June 2010.
b) Other exchange differences arising from settlement/translation of
foreign currency monetary items denominated in foreign currency (other than
long term) amounting to Rs.(-)115.900 millions for the quarter ended 30th
June 2010.
4 Information on investors complaints pursuant to clause 41 of Listing
Agreements for the quarter ended 30th June 2010:
|
|
Opening Balance |
Additions |
Disposals |
Closing Balance |
|
No. of complaints |
6 |
2952 |
2951 |
7 |
5 The above results have been reviewed by the Audit Committee of the
Board of Directors and approved by the Board of Directors in their meetings
held on 26th July 2010.
6 The above results have been reviewed by the Statutory Auditors as
required under Clause 41 of the Listing Agreements.
7 Figures for the previous period have been regrouped/rearranged
wherever necessary
CONTINGENT LIABILITIES: (As on 31.03.2010)
1. Claims against
the Company not acknowledged as debts in respect of:
(i) Capital Works
Some of the
contractors for supply and installation of equipments and execution of works at
their projects have lodged claims on the Company for Rs.38,798 million seeking
enhancement of the contract price, revision of work schedule with price
escalation, compensation for the extended period of work, idle charges etc.
These claims are being contested by the Company as being not admissible in
terms of the provisions of the respective contracts.
The company is
pursuing various options under the dispute resolution mechanism available in
the contract for settlement of these claims. It is not practicable to make a
realistic estimate of the outflow of resources if any, for settlement of such
claims pending resolution.
(ii) Land
compensation cases
In respect of land
acquired for the projects, the land losers have claimed higher compensation
before various authorities/courts which are yet to be settled. In such cases,
contingent liability of Rs.17,863 million has been estimated.
(iii) Others
In respect of
claims made by various State/Central Government departments/Authorities towards
building permission fees, penalty on diversion of agricultural land to non-
agricultural use, Nala tax, Water royalty etc. and by others, contingent
liability of Rs.12,848 million has been estimated. This includes amount of
Rs.2,558 million billed by the Coal
supplier on account of MPGATSV tax up to 31st July 2007 which is subject matter
of dispute before the Hon’ble Supreme Court.
In respect of (i)
and (ii) above, payments, if any, by the company on settlement of the claims
would be eligible for inclusion in the capital cost for the purpose of
determination of tariff as per CERC Regulations subject to prudence check by
the CERC. In case of (iii), the estimated possible reimbursement is Rs.4,289
million.
2. Disputed Income
Tax/Sales Tax/Excise Matters
Disputed Income
Tax/Sales Tax/Excise matters are pending before various Appellate Authorities
amounting to Rs.22,924 million are disputed by the Company and contested before
various Appellate Authorities. Many of these matters are disposed off in favour
of the Company but are disputed before higher authorities by the concerned
departments. In such cases, the company estimated possible reimbursement of
Rs.17,934 million.
3. Others
Other contingent
liabilities amounts to Rs.2,661 million. Some of the beneficiaries have fi led
appeals against the tariff orders of the CERC. The amount of contingent liability
in this regard is not ascertainable.
FIXED ASSETS
Ř
Land: (Including development)
Ř
Ř
Ř
Roads, Bridges, Culverts and Helipads
Ř
Building
Ř
Main plant
Ř
Temporary Erection
Ř
Water Supply Drainage and Sewerage
Ř
MGR Track and Signalling System
Ř
Railway Siding
Ř
Earth Dam Reservoir
Ř
Plant and Machinery
Ř
Furniture, Fixtures and Other Office
Equipment
Ř
EDP,WP Machines
Ř
SATCOM Equipment
Ř
Vehicles including Speedboats
Ř
Construction Equipment
Ř
Electrical Installations
Ř
Communication Equipments
Ř
Hospital Equipments
Ř
Laboratory and Workshop Equipments
Ř
Leased assets - Vehicles
Ř
Intangible Assets – Software
Ř
Right of use – Land
Ř
Right of use – Others
WEBSITE DETAILS:
Overview of
Organisation
The total installed capacity of the company is 32,194 MW (including JVs) with
15 coal based and 7 gas based stations, located across the country. In addition
under JVs, 4 stations are coal based and another station uses naptha/LNG as
fuel. By 2017, the power generation portfolio is expected to have a diversified
fuel mix with coal based capacity of around 53,000 MW, 10,000 MW through gas,
9,000 MW through Hydro generation, about 2000 MW from nuclear sources and
around 1000 MW from Renewable Energy Sources (RES). NTPC has adopted a
multi-pronged growth strategy which includes capacity, addition through green
field projects, expansion of existing stations, joint ventures, subsidiaries
and takeover of stations.
NTPC has been operating its plants at high efficiency levels. Although the
company has 18.10% of the total national capacity, it contributes 28.60% of
total power generation due to its focus on high efficiency.
In October 2004, NTPC launched its Initial Public Offering (IPO)
consisting of 5.25% as fresh issue and 5.25% as offer for sale by Government of
India. NTPC thus became a listed company in November 2004 with the government
holding 89.5% of the equity share capital. The rest is held by Institutional
Investors and the Public. The issue was a resounding success. NTPC is among the
largest five companies in
At NTPC, People
before Plant Load Factor is
the mantra that guides all HR related policies. NTPC has been awarded No.1,
Best Workplace in
The concept of Corporate Social Responsibility is deeply ingrained in
NTPC's culture. Through its expansive CSR initiatives, NTPC strives to develop
mutual trust with the communities that surround its power stations.
Board of Directors
Shri R.S. Sharma Chairman and Managing Director, Subject, since May
01, 2008, has rich and varied experience spanning over thirty seven years in the
Indian power industry out of which he has spent 30 years in power projects and
stations. A graduate in Mechanical Engineering, Shri Sharma began his career in
1971 as Engineer in Madhya Pradesh Electricity Board where he laid the
foundations of his exceptional expertise in the area of Operation and
Maintenance of power stations.
He joined NTPC in 1980 and worked in equipment erection and plant
maintenance areas prior to becoming head of various projects. He also headed
the Southern Region of the Company. Later he served as Executive Director
(Corporate Planning) and Executive Director (Commercial) and looked after key
areas of Strategic Planning and Commercial Functions respectively.
Shri Sharma became Director (Commercial) in October, 2004 and took numerous
initiatives to ensure robust commercial success of NTPC. He led NVVN, the
trading arm of NTPC, to achieve a substantial share in the power trading
market. As Director (Commercial), he also led the team of New Business
Development in setting up various joint ventures, carrying out the due process
for a power exchange and the Company's diversification into equipment
manufacturing. He guided the efforts for acquisition of coal mines abroad and
led the team in preparing the road-map for nuclear power. Besides his
wide-ranging contribution to the power industry and the Company, Shri Sharma
has demonstrated high commitment to corporate governance, corporate social
responsibility and value based leadership.
Shri A.K. Singhal, Director (Finance) since August 2005, a Chartered
Accountant, comes with rich experience of 29 years of Corporate Finance
Management. He is also a member of All India Management Association (AIMA) and
Institute of Internal Auditors (IIA). Prior to joining NTPC in 2001, he was the
Executive Director (Finance) in National Fertilizers Limited (NFL) as head of
Finance and Accounts department. He held various managerial positions in
Krishak Bharati Cooperative Limited (KRIBHCO) and Engineering Projects of India
Limited (EPIL). As Finance Director on the Board of NTPC, he is responsible for
formulating financial strategies and plans to enable the company in achieving
its Vision. He gives directions with respect to the entire gamut of Financial
Management of the organization including timely financial resource mobilization
at minimum possible cost from Domestic and Global sources including equity
issues, optimum utilization of funds, formulation of company’s annual financial
budget and undertaking budgetary controls. He is also responsible for designing
internal control systems commensurate with the size of the organization and for
ensuring compliance of such systems. Being responsible for compliances of
Company Law and other statutory requirements, he also gives direction to the
Corporate Governance framework of the company. After company became listed he
has been acting as one of the vital links between the shareholders of the
company and the rest of the Board. In recognition of his contribution, he was
adjudged as the Best CFO in the Public Sector category by the Committee for
Members in Industry (CMII) of ICAI for the year 2007-08.
Sh. I.J.Kapoor, Director (Commercial) since December’ 2008 is a
Graduate in Mechanical Engineering and Masters in Business Administration
(Marketing). He joined NTPC in 1978 as 3rd batch Engineering
Executive Trainee (EET) and is the first EET to be on the Board of the
Company. He has a rich and varied experience of over 31 years in the areas
of Commercial, Engineering, Contracts and Materials Management, Consultancy,
Cost Engineering, Project co-ordination, Station Engineering and Quality
Assurance and Inspection. Prior to his elevation as Director (Commercial), he
was Regional Executive Director (National Capital), NTPC, responsible for
management of ~ 3900 MW generating capacity, administering more than Ľth
of NTPC’s turn over along with project implementation activities for 2x490 MW
at Dadri Stage-II. As Director (Commercial), he is responsible for formulation
and implementation of policies and strategies to ensure marketing of NTPC’s
entire electrical output, appropriate pricing from regulatory authority and
100% and timely realization from customers, thereby generate adequate internal
resources for the company to meet the future challenge of capacity addition. In
addition, he is the Director In- charge of Consultancy and New Business
Development activities. He is also part time Chairman on the Board of Aravali
Power Company Private Limited (1500 MW) and part time Director on the Board of
PTC India Limited, Meja Urja Nigam Private Limited (1320 MW) and NTPC BHEL
Power Projects Private Limited. He is a Fellow of Institution of Engineers,
Sri B.P. Singh (55 yrs), Director(Projects), is a Graduate in Mining
Engineering. He has rich and varied experience both in coal as well as power
sector. He started his career in 1974 in coal mining sector firstly with Indian
Iron and Steel Company and subsequently joined Bharat Coking Coal Limited He
joined Subject in 1981 and worked in various capacities, at Corporate Centre
and Power Projects, in the areas of Fuel Management, Coal Mining and Coal
Washery. He was elevated as Executive Director (Coal Mining and Coal Washeries)
in 2004. He played the pivotal role in formulation of NTPC’s overall strategy
for fuel security. He has been instrumental in acquisition and development of
fuel assets i.e. one Oil and Gas Exploration block under NELP V in Arunachal
Pradesh, six coal mining blocks across various coalfields in the country
besides two more blocks for joint operation through a 50:50 JV with CIL. He is
also the Chairman of NTPC-SCCL Global Ventures Private Limited He joined the
Board of the Company as Director (Projects) in Aug, 2009. Besides representing
NTPC in various committees set up by Government of India on Integrated Coal
Policy, fuels for Power Generation, Pricing of Coal, Techno-economics of using
washed coal, etc. he has also been part of various Government teams and
missions like U.K. Trade Mission, Indo–Australia Joint Working Group on Energy
and Minerals, etc. He is also a 'Senate Member' of Dr. BR Ambedkar National
Institute of Technology, Jalandhar, Expert Member’ on Research Council of
“Central Institute of Mining and Fuel Research (CIMFR)” and represents NTPC as
'Member' in MGMI.
Shri D.K. Jain, has taken over the charge as Director (Technical)
as on 13th May 2010.
Shri D.K. Jain (58 years), is a graduate in Mechanical Engineering from IIT,
Kharagpur. He joined Subject in 1978. He has rich and varied experience of over
35 years in design and execution of large power plants. He has worked in
various capacities in the areas of renovation and modernisation, engineering
and project execution. He was actively involved in design and engineering of
first pit-head super thermal power station of NTPC at Singrauli. Before his
elevation as Director (Technical), he was Executive Director (Engineering),
responsible for identification of sites, taking up feasibilities studies,
design and detailed engineering of coal, gas and hydro power projects. He also
oversees the Mine Planning and Design of NTPC’s Captive Coal Blocks.
Shri P.K. Sengupta is B. Com and FICWA. He has held the position of
Director (Finance) in Eastern Coalfields Limited, Director (Finance) in Coal
India Limited prior to becoming Chairman and Managing Director of Coal India
Limited in January 1995. He has held directorship in Steel Authority of India
and Neyveli Lignite Corporation as non-official part-time Director. He has
expertise in the area of Financial Management and General Administration. He
has been on the Board of the Company with effect from August 26, 2008 as a
non-official part - time director.
Shri M.N. Buch is M.A. (History) from Delhi University, M. Phil
(Public Administration) from Indian Institute of Public Administration, Punjab
University, PG Diploma holder in Port Management and Administration from
University College, London and an Indian Administrative Officer of Gujarat
Cadre, 1964 batch. He has held various posts in Gujarat Government. He had held
the position of Joint Secretary to the Government of India in Department of
Banking, Ministry of Finance, Additional Secretary to the Ministry of Labour,
GOI, Director- General, Sports Authority of India prior to becoming Member of
Public Enterprises Selection Board, GOI. He has been also on the Board of
various public sector banks. He has wide experience in both Development and
Regulatory Administration at the Central, State and District levels. He has
been on the Board of the Company with effect from August 26, 2008 as a
non-official part - time director.
Shri Shanti Narain is B.Sc (Hons. in Physics) and M.Sc. (Mathematics)
from
Shri K. Dharmarajan, a retired IAS offier, has served as faculty and
resource person at the IIFT, NIUA, TERI and University of Pennsylvania (USA).
He was the Chairman at Expert Committee for Property Tax Reforms,
Dr. M. Govinda Rao is Director, National Institute of Public Finance
and Policy,
Shri Adesh Jain is a Bachelor of Science in Mathematics and an
Electrical Engineer from the Indian Institute of Science,
Shri Santosh Nautiyal is a Post Graduate in Political Science and Public
Administration. He belonged to Indian Administrative Services (Orissa 1968) and
retired in July 2006 as Chairman (in the rank of Secretary to the Government of
India,) National Highway Authority of India. He has held various positions like
Additional Secretary, Government of India in Department of Consumer Affairs,
Principal Secretary of Government of Orrisa, Joint Secretary in Ministry of
Steel and Managing Director in Industrial Promotion and Investment Corporation
of Orrisa Limited He also served as Chairman of Food Corporation of
Shri Kanwal Nath, is M.Sc. in Physics, and holds PG Diploma in Development
Finance from the University of Birmingham, UK. He has over 37 years of
experience in Indian Audit and Accounts service. He retired as Dy. Comptroller
and Auditor General in February 2007. He has also held position of Joint
Secretary and Financial Adviser (JS and FA) in Ministry of Water Resources and
additional charge of JS and FA, Ministry of Power. He has wide experience in
the Audit of Organisations in Power, Telecommunication and Railway Sector. He
has been on the Board of the Company with effect from January 30, 2009 as a
non-official part - time director.
Shri Arun Kumar Sanwalka is M.Sc (Engg) from
Shri I.C.P. Keshari, is a Government nominee Director. He graduated
with a Master of Arts degree from
Shri Rakesh Jain, born in 1957, is a Government nominee Director in
their Company. He holds Masters Degree in Physics from
Shri T. Venkatesh, (48 years) has done his Post Graduation in
Mechanical Engineering and is an Indian Administrative Service officer of 1988
batch of U.P. Cadre. Prior to his assignment as Jt. Secy. (DOPT) in the
Ministry of Personnel and Public Grievances and Pension, he held various
administrative posts including DM (
Subsidiaries
NTPC Electric Supply Company Limited (NESCL)
The company was formed on August 21, 2002. It is a wholly owned
subsidiary company of NTPC with the objective of making a foray into the
business of distribution and supply of electrical energy, as a sequel to
reforms initiated in the power sector.
NTPC Vidyut Vyapar Nigam Limited (NVVN)
The company was formed on November 1, 2002, as a wholly owned subsidiary
company of NTPC. The company’s objective is to undertake sale and purchase of
electric power, to effectively utilise installed capacity and thus enable
reduction in the cost of power.
NTPC Hydro Limited (NHL)
The company was formed on December 12, 2002, as a wholly owned
subsidiary company of NTPC with an objective to develop small and medium
hydroelectric power projects of up to 250 MW.
Pipavav Power Development Company Limited
(PPDCL)
A memorandum of understanding was signed between NTPC, Gujarat Power
Corporation Limited (GPCL) and Gujarat Electricity Board (GEB) in 2004 for
development of a 1000 MW thermal power project at Pipavav in
Kanti Bijlee Utpadan Nigam Limited,
(formerly known as Vaishali Power Generating Company Limited)
To take over Muzaffarpur Thermal Power Station (2*110MW), a subsidiary
company named ‘Vaishali Power Generating Company Limited (VPGCL)’ was
incorporated on September 6, 2006 with NTPC contributing 51% of equity and
balance equity was contributed by Bihar State Electricity Board. This company
was formed to renovate the existing unit and run the plant. The second unit has
been successfully re-synchronised on October 17, 2007 after 4 years of being
idle. Renovation and modernisation of the first unit is under progress. The
company was rechristened as ‘Kanti Bijlee Utpadan Nigam Limited’ on April 10,
2008.
Bharatiya Rail Bijlee Company Limited
(BRBCL)
A subsidiary of NTPC under the name of ‘Bharatiya Rail Bijlee Company
Limited’ was incorporated on November 22, 2007 with 74:26 equity contribution
from NTPC and Ministry of Railways, Government of India respectively for
setting up of four units of 250 MW each of coal based power plant at Nabinagar,
Bihar. Investment approval of the project was accorded in January, 2008.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.