MIRA
INFORM REPORT
|
Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE POWER LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.01.1995 |
|
|
|
|
Com. Reg. No.: |
11-084687 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.28051.265
Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U40101MH1995PLC084687 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR07195G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange. |
|
|
|
|
Line of Business
: |
Generation of Power on
Commencement of Project. |
|
|
|
|
No. of Employees
: |
21 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 630000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of Reliance Anil Dhirubhai Ambani group a well known
industrial house in the country. It is a well established and a reputed company having good track
records. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessman. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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.
INFORMATION DECLINED BY
Management non co-operative.
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, |
|
Tel. No.: |
91-22-30386010 |
|
Fax No.: |
91-22-30376633 |
|
E-Mail : |
|
|
Website : |
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|
|
Corporate Office : |
Maker Chamber IV, 3rd Floor, 222 Nariman Point,
Mumbai – 400021, |
|
Tel. No.: |
91-22-22842384/22842929 |
|
Fax No.: |
91-22-22826076 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Anil Dhirubhai Ambani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S L Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J L Bajaj |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Yogendra Narain |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. V K Chaturvedi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayarama Chalasani |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Ramaswami Kalidas |
|
Designation : |
Company Secretary and Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,212,270 |
0.08 |
|
|
2,253,684,386 |
80.36 |
|
|
2,255,896,656 |
80.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2,255,896,656 |
80.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5,495,671 |
0.20 |
|
|
15,666,080 |
0.56 |
|
|
243,521 |
0.01 |
|
|
27,237,134 |
0.97 |
|
|
128,970,802 |
4.60 |
|
|
177,613,208 |
6.33 |
|
|
|
|
|
|
56,266,609 |
2.01 |
|
|
|
|
|
|
293,425,496 |
10.46 |
|
|
13,457,807 |
0.48 |
|
|
7,871,718 |
0.28 |
|
|
7,871,718 |
0.28 |
|
|
371,021,630 |
13.23 |
|
Total Public shareholding (B) |
548,634,838 |
19.56 |
|
Total (A)+(B) |
2,804,531,494 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
594,972 |
- |
|
|
594,972 |
- |
|
Total (A)+(B)+(C) |
2,805,126,466 |
- |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category “Promoter and Promoter Group”
|
Sr. |
Name of the
Shareholder |
Details of
Shares held |
|
|
No. |
No. of Shares
held |
As a % of |
|
|
|
|
|
grand total |
|
|
|
|
(A)+(B)+(C) |
|
1 |
Reliance Infrastructure Limited |
1,077,500,000 |
38.41 |
|
2 |
AAA Project Ventures Private Limited |
618,945,338 |
22.06 |
|
3 |
Reliance Enterprises and Ventures Private Limited |
267,776,331 |
9.55 |
|
4 |
AAA International Capital Private Limited |
267,776,331 |
9.55 |
|
5 |
Reliance Capital Limited |
4,117,823 |
0.15 |
|
6 |
Reliance Innoventures Private Limited |
17,443,563 |
0.62 |
|
7 |
Kokila D Ambani |
916,306 |
0.03 |
|
8 |
Anil D Ambani |
465,792 |
0.02 |
|
9 |
Jai Anmol A Ambani |
417,439 |
0.01 |
|
10 |
Tina A Ambani |
412,708 |
0.01 |
|
11 |
Sonata Investments Limited |
125,000 |
0.00 |
|
12 |
Master Jai Anshul A Ambani ( through Father and Natural Guardian
Shri Anil D Ambani) |
25 |
0.00 |
|
|
Total |
2,255,896,656 |
80.42 |
BUSINESS DETAILS
|
Line of Business : |
Generation of Power on
Commencement of Project. |
GENERAL INFORMATION
|
No. of Employees : |
21 [Approximately] |
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Bankers : |
·
State Bank of ·
HDFC Bank |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
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|
|
|
Subsidiaries : |
1. Sasan Power
Limited (SPL) 2. Rosa Power
Supply Company Limited (RPSCL) 3. Maharashtra
Energy Generation Limited (MEGL) 4. Vidarbha
Industries Power Limited (VIPL) 5. Tato Hydro
Power Private Limited (THPPL) 6. Siyom Hydro
Power Private Limited (SHPPL) 7. Chitrangi
Power Private Limited (CPPL) 8. Urthing Sobla
Hydro Power Private Limited (USHPPL) 9. Kalai Power
Private Limited (KPPL) 10. Coastal
Andhra Power Limited (CAPL) 11. Reliance
Coal Resources Private Limited (RCRPL) 12. Reliance Power
International SARL (RPIS) 13. Sasan Power
Infrastructure Limited (SPIL) (w.e.f. 16.08.2010) 14. Erstwhile
Sasan Power Infraventures Private Limited (Erstwhile SPIPL) (w.e.f.
16.08.2010) 15. Maharashtra
Energy Generation Infrastructure Limited (MEGIL) 16. Amulin Hydro
Power Private Limited (AHPPL) 17. Emini Hydro
Power Private Limited (EHPPL) 18. Mihundon
Hydro Power Private Limited (MHPPL) 19. Jharkhand
Integrated Power Limited (JIPL) 20. Reliance
CleanGen Limited (Formerly Reliance Patalganga Power Limited) (RPPL) (w.e.f.
05.06.2010) 21. Rajasthan
Sun Technique Energy Private Limited (Formerly
Ballerina Advisory Services Private Limited) (RSTEPL) (w.e.f. 29.07.2010) 22. Erstwhile
Reliance Futura Limited (Erstwhile RFL) (w.e.f. 29.06.2010) (Refer Note 7
above) 23. Dahanu Solar
Power Private Limited (Formerly
Reliance Last Mile Communications Private Limited) (DSPPL) (w.e.f.
08.09.2010) 24. Solar
Generation Company (Rajasthan) Private Limited (SGCPL) (w.e.f. 29.09.2010) 25. Bharuch
Power Limited (BPL) (w.e.f. 08.06.2010) 26. Samalkot
Power Limited (SMPL) (w.e.f. 29.07.2010) 27. Reliance
Prima Limited (RPrima) (w.e.f. 30.06.2010) 28. Atos Trading Private Limited (ATPL) (w.e.f. 30.06.2010) 29. Atos
Mercantile Private Limited (AMPL) (w.e.f. 30.06.2010) 30. Coastal
Andhra Power Infrastructure Limited (CAPIL) 31. Reliance
Power Netherlands BV (RPN) (w.e.f. 09.07.2010) 32. PT Heramba
Coal Resources (PTH) (w.e.f. 02.08.2010) 33. PT Avaneesh
Coal Resources (PTA) (w.e.f. 02.08.2010) 34. Reliance
Natural Resources Limited (RNRL) (w.e.f. 15.10.2010)* 35. Reliance
Fuel Resources Limited (RFRL) (w.e.f. 15.10.2010)* 36. Reliance
Natural Resources (Singapore) Pte Limited (RNRL-Singapore) (w.e.f.
15.10.2010)* 37. Reliance
Renewable Power Private Limited (RRPPL) (w.e.f. 29.10.2010) 38. Reliance
Biomass Power Private Limited (RBPPL) (w.e.f 10.11.2010) 39. Reliance
Solar Resources Power Private Limited (RSRPPL) (w.e.f 10.11.2010) 40. Reliance
Clean Power Private Limited (RCPPL) (w.e.f 10.11.2010) 41. Reliance Tidal
Power Private Limited (RTPPL) (w.e.f 10.11.2010) 42. Reliance
Geothermal Power Private Limited (RGTPPL) (w.e.f 10.11.2010) 43. Reliance
Wind Power Private Limited (RWPPL) (w.e.f 11.11.2010) 44. Reliance
Green Power Private Limited (RGPPL) (w.e.f 11.11.2010) 45. PT Sumukha
Coal Services (PTS) (w.e.f 15.10.2010) 46. PT Brayan
Bintang Tiga Energi (BBE) (w.e.f 04.10.2010) 47. PT Sriwijiya Bintang Tiga Energi (SBE) (w.e.f 04.10.2010) *Transferred on account of Composite Scheme of Arrangement |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000000 |
Equity Shares |
Rs.10/- each |
Rs.110000.000 Millions |
|
5000000000 |
Preferences Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
|
Total |
|
Rs.160000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2396800000 |
Equity Shares |
Rs.10/- each |
Rs.23968.000
Millions |
|
|
Add: 408282606 equity shares issued pursuant
to composite scheme of arrangement [As a consideration, one fully paid equity share of Rs.10 each of the
Company has been allotted for every four fully paid up equity shares of Rs.5
each of RNRL to shareholders of RNRL. Accordingly, 408,282,606 equity shares
of Rs.10 each have been allotted to the shareholders of RNRL and an
equivalent amount of Rs. 4082.826 Millions has been credited to share
capital.] |
|
Rs.4082.826
Millions |
|
|
Add: 43860 equity shares issued on
conversion of 4.928% convertible bonds (FCCB)
[RNRL had issued 4.928% Convertible Bonds (FCCBs) of USD 300,000,000
vide letter of offer dated October 12, 2006. As per the terms of the above
mentioned scheme, FCCBs shall be treated as FCCBs issued by the Company with
same rights and obligations. The Bonds are convertible into equity shares at
any time on or after November 27, 2006 and before October 11, 2011 at the
option of the Bondholder. The bonds are secured by the issuance of an
irrevocable letter of credit to the trustee on behalf of the Bondholders by
Barclays Bank Plc. The principal value of FCCBs are convertible at an
exchange rate of Rs. 45.615 for one USD, determined on the basis of the
buying rate on October 12, 2006. The Bonds were originally convertible at a
price of Rs. 26 per share for each fully paid share of Rs. 5 to be issued by
RNRL. Upon the scheme being effective and on the basis of share exchange
ratio given in above, the effective conversion price of the Bond stands at
Rs. 104 per share for every fully paid equity share of Rs. 10 each to be
issued by the Company on exercise of the option. The Bond may, subject to
certain conditions relating to trading of shares, be redeemed at the option
of the Company on or after November 7, 2007 and on or before October 10,
2011. The Bonds, however, fall due for redemption at the principal amount on
October 17, 2011, unless
they are previously redeemed, converted, purchased or cancelled. During the year,
one FCCB having a face value of USD 100,000 has been converted against which the
Company has allotted 43,860 fully paid equity shares of Rs. 10 each at a
premium of Rs. 94 per share on the basis of effective price stated above.] |
|
Rs.0.439
Million |
|
|
Total |
|
Rs.28051.265 Millions |
NOTE:
OF THE ABOVE
EQUITY SHARES:
·
136,800,000 equity shares were allotted as fully
paid up bonus shares by capitalization of Rs.1,368,000,000 from securities
premium account
·
408,282,606 equity shares were allotted as
consideration on transfer of Business Undertaking of Reliance Natural Resources
Limited (RNRL)
·
43,860 equity shares were allotted on conversion of
FCCB
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 |
28051.265 |
23968.000 |
23968.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
130914.351 |
116692.433 |
113960.102 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
158965.616 |
140660.433 |
137928.102 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
15540.535 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
15540.535 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
174506.151 |
140660.433 |
137928.102 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
852.312 |
787.592 |
766.024 |
|
|
Capital work-in-progress |
588.630 |
552.993 |
558.401 |
|
|
|
|
|
|
|
|
INVESTMENT |
85783.248 |
72130.443 |
62827.120 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
121.994
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
12349.152
|
982.138 |
144.223 |
|
|
Other Current Assets |
1158.752
|
31.844 |
0.016 |
|
|
Loans & Advances |
74840.494
|
66532.230 |
74075.785 |
|
Total
Current Assets |
88470.392
|
67546.212 |
74220.024 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
679.511
|
279.362 |
285.376 |
|
|
Other Current Liabilities |
475.628
|
56.640 |
145.085 |
|
|
Provisions |
33.292
|
20.805 |
13.006 |
|
Total
Current Liabilities |
1188.431
|
356.807 |
443.467 |
|
|
Net Current Assets |
87281.961
|
67189.405 |
73776.557 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
174506.151 |
140660.433 |
137928.102 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income |
363.785 |
85.507 |
0.000 |
|
|
|
Other Income |
4351.502 |
3795.222 |
3347.160 |
|
|
|
TOTAL (A) |
4715.287 |
3880.729 |
3347.160 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenditure |
232.425 |
0.000 |
0.000 |
|
|
|
Employee Cost |
606.031 |
389.258 |
207.600 |
|
|
|
Administrative Expenses |
905.278 |
580.013 |
572.795 |
|
|
|
TOTAL (B) |
1743.734 |
969.271 |
780.395 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2971.553 |
2911.458 |
2566.765 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
423.466 |
16.938 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2548.087 |
2894.520 |
2566.765 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.412 |
5.139 |
2.028 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2536.675 |
2889.381 |
2564.737 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(208.787) |
157.050 |
75.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
AND BEFORE ADJUSTMENTS (G-H) (I) |
2745.462 |
2732.331 |
2489.037 |
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN SASAN POWER INFRAVENTURES PRIVATE
LIMITED WRITTEN-OFF |
1780.100 |
0.000 |
0.000 |
|
|
Less |
WITHDRAWN FROM
GENERAL RESERVE |
1780.100 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX AND ADJUSTMENTS |
2745.462 |
2732.331 |
2489.037 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6168.216 |
3435.885 |
946.848 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5000.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3913.678 |
6168.216 |
3435.885 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.06 |
1.14 |
1.04 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
137.250 |
150.030 |
|
Total Expenditure |
|
273.110 |
500.430 |
|
PBIDT (Excl OI) |
|
(135.860) |
(350.400) |
|
Other Income |
|
1057.760 |
1887.630 |
|
Operating Profit |
|
921.900 |
1537.230 |
|
Interest |
|
219.360 |
242.750 |
|
PBDT |
|
702.540 |
1294.480 |
|
Depreciation |
|
5.930 |
7.480 |
|
Profit Before Tax |
|
696.620 |
1287.000 |
|
Tax |
|
50.300 |
199.400 |
|
Profit After Tax |
|
646.320 |
1087.610 |
|
Net Profit |
|
646.320 |
1087.610 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
58.22
|
70.41 |
74.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
697.30
|
3379.12 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.84
|
4.23 |
3.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
74.44
|
189.31 |
167.36 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
679.511
|
279.362 |
285.376 |
HISTORY
Subject is part of the Reliance Anil Dhirubhai Ambani Group
and it was incorporated in 17th January of the year 1995 as a private limited company
under the name of Bawana Power Private Limited to develop, construct and
operate power projects domestically and internationally. The Company on its own
and through subsidiaries is currently developing 13 medium and large sized
power projects with a combined planned installed capacity of 28,200 MW, one of
the largest portfolios of power generation assets under development in
The Company had started a 3740 MW at site Natural Gas based
Combined Cycle Power Plant at Dadri in the year 2003-04. In 23rd January of the
year 2004, again the name of the company was changed to Reliance EGen Private
Limited. Further, name of the company was changed from Reliance Egen Private
Limited to Reliance Energy Generation Private Limited in 5th March 2004. The
Company's status was converted into a public limited company through
shareholder resolution in 19th March of the year 2004 and the name was further changed
to Reliance Energy Generation Limited with effect from 19th March of the year
2004. In November of the year 2006, RPL had acquired 100% shareholding in Rosa
Power Supply Company Limited. The acquired company, thus become the wholly
owned subsidiary of the Company.
During the year 2006-07, the company signed a Joint
Communique with Government of Orissa to set up a 12000 MW coal based pithead
power project at Hirma in Distt Jharsuguda in Orissa. As at 4th July 2007, the
company got its present name as Reliance Power Limited. In January of the year
2008, the company had tapped the capital market with an initial public offering
(IPO) of 260 million equity shares.
During March of the year 2008, subject had entered into an
agreement to buy a coalmine in
The Company had selected the USD 7 billion Shanghai Electric
Group for the supply of primary equipment to the Sasan ultra mega power project
in June of the year 2008 and also in the same period subject bagged two power
projects in the
SCHEME OF AMALGAMATION BETWEEN COMPANY AND SPIPL
Sasan Power
Infraventures Private Limited (SPIPL), a wholly owned subsidiary of the
Company, incorporated with the main object to operate, install, develop,
promote and maintain projects in infrastructure sectors including setting up
power plants etc., was amalgamated into the Company pursuant to the Scheme of
Amalgamation (Scheme), as on and from January 1, 2011, being the appointed date
pursuant to the approval of Board of Directors of the Company and sanctioned by
the Hon’ble High Court of Judicature at Bombay vide its order dated April 29,
2011 which was filed with the Registrar of Companies on May 25, 2011.
The Company has
carried out the accounting treatment prescribed in the Scheme as approved by the
Hon’ble High Court of Judicature at Bombay. The required disclosures as per
paragraph 42 of Accounting Standard 14 (AS 14) ‘Accounting for Amalgamations’
as prescribed under the Companies (Accounting Standards) Rules, 2006 has been
provided. Further, the Company has also been legally advised that the said
accounting treatment carried out in line with the Scheme approved by the
Hon’ble Court of Judicature at Bombay is not in violation of any applicable
rules and regulations.
Hence, in accordance with the Scheme
a) The Company has
taken over all the assets aggregating to Rs. 1887.775 Millions and liabilities
aggregating to Rs.17.072 Millions at their respective book values. The
difference aggregating to Rs. 1870.703 Millions being the excess arising on transfer
of assets and liabilities has been credited to General Reserve (arising
pursuant to the Scheme).
b) There is no
consideration payable or receivable on implementation of the Scheme as the
Scheme involves a wholly owned subsidiary. The entire issued, subscribed and
paid up capital of the subsidiary has been cancelled and no shares have been
allotted or exchanged in lieu of the same.
c) Investments in
equity share capital of SPIPL amounting to Rs.1780.100 Millions has been
written off in the Profit and Loss Account and an equivalent amount has been
withdrawn from General Reserve vide board approval dated May 27, 2011, to
off-set the said write off and credited the same to Profit and Loss Account.
Had the Scheme not prescribed the above accounting treatments, the treatment in
accordance with AS 14 would have been:
a) Rs.1870.703
Millions being the excess arising on transfer of assets and liabilities
credited to General Reserve (arising pursuant to the Scheme), would have been
credited to Capital Reserve.
b) Rs.1780.100
Millions being the investment of the Company (share capital plus securities
premium) in SPIPL ebited to the Profit and Loss Account, would be debited to
the Capital Reserve.
c) Rs.1780.100
Millions withdrawn from General Reserve would have not been withdrawn. The
above accounting treatment as per the Scheme does not have a material impact on
the Profit for the year and on the net worth of the Company.
Financial
Performance
During the year,
the Company has earned an operational income of Rs.363.800 millions against
Rs.85.500 millions in the previous financial year. Total Income of the Company
was Rs. 4715.300 millions against Rs.3880.700 millions in the previous year on
a standalone basis. The Company has earned Profit after tax of Rs.2745.400
millions compared to Rs.2732.300 millions in the previous year on a standalone
basis.
Business
Operations
The Company is in
the business of setting up and operating power projects and in the development
of coal mines associated with such projects. The Company has identified a large
portfolio of power projects of more than 35,000 MW and is also developing coal
mines with a potential to produce over 95 million tones of coal per annum
(MTPA). Of the power projects which the Company is developing 600 MW are
already operational while the balance capacities are under various stages of
development. The portfolio of projects which the Company is developing is dive
ified with regard to location, fuel and off-take. The projects are spread
across various states in India and its coal mines are also located in
Indonesia. A major portion of the power generating capacity would be based on
coal as the primary fuel. The others include gas based power projects,
hydro-electric power projects and power projects based on renewable energy
resources such as solar and wind.
SCHEME OF ARRANGEMENT
Composite Scheme
of Arrangement between Reliance Natural Resources Limited and Reliance Power
Limited and others
In terms of the Composite
Scheme of Arrangement between Reliance Natural Resources Limited (‘RNRL’) and
Reliance Power Limited (‘RPower’) and Atos Trading Private Limited (‘ATPL’) and
Atos Mercantile Private Limited (‘AMPL’) and Coastal Andhra Power
Infrastructure Limited (‘CAPIL’) and Reliance Prima Limited (‘RPL’) and
Reliance Futura Limited (‘RFL’) and their respective Shareholders and Creditors
(“Scheme” or “the Scheme”), as sanctioned by the Hon’ble High Court of
Judicature at Bombay vide Order dated October 15, 2010, the business
undertakings of RNRL consisting of four Exploration Blocks situated at Barmer
in Rajasthan, Kothagudem in Andhra Pradesh, Sohagpur in Madhya Pradesh and in
Mizoram were demerged and vested into the Company. The appointed date of the
Scheme was October 15, 2010.
As per the above
Scheme, Reliance Futura Limited was amalgamated into the Company. Pursuant to
the above Scheme, the Company has issued and allotted a total of 40,82,82,606
equity shares in the ratio of 1 (One) equity share of Rs.10 each fully paid up
of the Company for every 4 (Four) equity shares of Rs.5 each fully paid up,
held by the shareholders in RNRL. All the outstanding equity shares, including
those underlying the GDRs, issued earlier by RNRL, the liabilities in respect
of which have devolved upon the Company have been listed on the Bombay Stock
Exchange Limited and the National Stock Exchange of India Limited effective
from November 15, 2010.
Global Depository Receipts (GDRs)
Pursuant to the
Composite Scheme of Arrangement between Reliance Natural Resources Limited
(RNRL) and Reliance Power Limited (RPower) and Others (‘the Scheme’), the
liabilities in respect of the Global Depository Receipts (GDRs) issued by RNRL
have vested into RPower with effect from October 15, 2010. Pursuant to the
Scheme and as described in the notice to the holders of Global Depository
Receipts of RNRL, eligible RNRL GDR Holders as of November 11, 2010 (the
“Record Date”) were entitled to elect through the procedures established by the
relevant clearing system number and subject to the provision of the
representations, warranties and certifications contained in the certification
and instruction form delivered pursuant to the Deposit Agreement to receive
either:
·
One GDR for every two RNRL GDRs surrendered to the
Depository for exchange; or
·
One Equity Share of Rs.10 each for every two RNRL
GDRs surrendered to the Depository for exchange.
As of the Record
Date, RNRL had outstanding 1,217,270 GDRs representing 24,34,540 equity shares
of RNRL.
On February 15,
2011, the Depository issued 1,30,288 GDRs pursuant to elections made by RNRL
GDR Holders as set out above. The subject GDRs have been listed on Luxembourg
Stock Exchange effective from May 17, 2011.
Foreign Currency Convertible Bonds (FCCBs)
Pursuant to the
Composite Scheme of Arrangement between Reliance Natural Resources Limited
(RNRL) and Reliance Power Limited (R Power) and Others (‘the Scheme’), the
liabilities in respect of 4.928% Foreign Currency Convertible Bonds (FCCBs) of
US $ 100,000 each aggregating to US $ 300 million (Rs.13500.000 millions)
raised by RNRL have devolved upon RPower effective from October 15, 2010. The
FCCBs have a maturity period of 5 years and 1 day and are not listed. The FCCBs
are convertible any time after November 27, 2006 up to October 10, 2011. The
FCCBs, if fully converted into equity shares of RNRL, would have resulted into
52,63,26,923 equity shares of Rs.5 each of RNRL. As per exchange ratio in the
sanctioned Scheme, 13,15,81,731 equity shares of RPower are to be issued upon
full conversion against 52,63,26,923 equity shares of ` 5 each of RNRL. Out of
the above, holder of 1(one) FCCB of US $ 100,000 has exercised its option to
convert the same into Equity Shares. In consequence of the above, 43,860 equity
shares were allotted by RPower and the same have been listed on the Bombay
Stock Exchange Limited and the National Stock Exchange of India Limited
effective from April 20, 2011.
Management Discussion and Analysis
The Company cannot guarantee that these assumptions and expectations
are accurate or will be realized. The Company assumes no responsibility to
publicly amend, modify or revise forward-looking statements, on the basis of
any subsequent developments, information or events. Actual results may differ
materially from those expressed in the statement. Important factors that could
influence the Company’s operations include cost of fuel, determination of
tariff and such other charges and levies by the regulatory authority, changes
in government regulations, tax laws, economic developments within the country
and such other factors. The financial statements are prepared under historical
cost convention, on accrual basis of accounting, and in accordance with the
provisions of the Companies Act, 1956 (the Act) and comply with the accounting
standards notified under Section 211 (3C) of the Act read with Companies
(Accounting Standards) Rules, 2006. The management of Reliance Power Limited
(“Reliance Power” or “the Company”) has used estimates and judgments relating to
the financial statements on a prudent and reasonable basis, in order that the
financial statements reflect in a true and fair manner, the state of affairs
and profit for the year.
Economic outlook
The Indian economy
has rapidly emerged from the slowdown caused by the global financial crisis of
2007-2009. The advance estimates for the year 2010-2011 indicate a growth rate
of 8.6 per cent against a growth rate of 8.0 per cent in the year 2009-2010.
Agricultural growth was above trend, following a good monsoon. The index of
industrial production (IIP), which grew by 10.4 per cent during the first half
of 2010-11, moderated subsequently. However, other indicators, such as the
manufacturing PMI, tax collections, corporate sales and earnings growth, credit
off-take by industry and export performance, indicated strong economic
activity. Leading indicators of services sector also indicated continuing
growth momentum. However, inflation was the primary macroeconomic concern
throughout the year 2010-11 and the Government and the central bank of the
country calibrated policies to contain inflation while at the same time trying
to balance growth requirements. The outlook for global economy suggests that
global recovery is expected to sustain, although growth will slow down
marginally and as far as Indian economy is concerned, it is expected that high
commodity prices coupled with anti-inflationary policy stance would moderate
growth for the coming year.
India Power Sector
It is a widely acknowledged
fact that one of the major requirements for sustainable and inclusive economic
growth is availability of an extensive and efficient infrastructure. It is
critical for the effective functioning of the economy and industry. The key to
global competitiveness of the Indian economy lies in building a high class
infrastructure. To accelerate the pace of infrastructure development the
Government has initiated a host of projects and policies in all crucial
sectors. Despite several challenges, the positive results of the Government’s
initiatives have started showing up in various sectors in general and power
sector in particular.
The Electricity
Reforms which started in the 1990s and took greater shape with the Electricity
Act 2003 have been able to attract private independent power producers and has
accelerated the capacity addition program. Nevertheless, reforms have remained
incomplete particularly in the distribution sector and the future of the Power
sector hinges upon improvement of distribution sector including steps such as
revision of tariffs to more economic levels. Also, further growth of the power
sector is critically dependent on availability of fuel and this requires
immediate and focused attention of the government to put in place a policy
framework which can enable accelerated pace of development of fuel sources.
Long term demand and supply outlook
As per the
Ministry of Power, to deliver a sustained GDP growth of 8 per cent till
FY31-32, India’s generation capacity has to grow to 962,210 MW, more than 6
times the current generation capacity. This implies a CAGR of 8.6 per cent over
22 years and an average capacity addition of over 36,000 MW every year, almost
4 times the capacity addition rate in the current 5 Year Plan till date (41,297
MW added in 4 years). The GDP growth of India in the last few years has been
significantly higher than the power sector growth thus putting more pressure on
the sector. In the period FY02-11, while the GDP has been growing at an average
of over 8 per cent, the power generation capacity has been growing at a CAGR of
7.0 per cent (from 132,329 MW in FY07 to 173,626 MW in FY11).
Operational projects
Rosa Phase 1, a
600 MW coal-based power project in Uttar Pradesh
The successful
commissioning of the second 300 MW unit of Rosa Phase 1 in June 2010 marked the
commencement of operations of the entire 600 MW of the project. This is the
first operational project of the company. However, fuel supply and evacuation
constraints resulted in a lower Plant Load Factor (PLF) during the first nine
months of the financial year 2010-11. However, with the resolution of the fuel
supply and evacuation problems the plant has been operating very efficiently
and has been consistently operating at over 100 per cent PLF. During the last
quarter of the financial year the plant achieved a PLF of over 87 per cent. To
ensure continued efficient operations at the plant, the Company has installed
world class Operations and Maintenance (O&M) systems. There is a strong O
and M team at the site supported by an experienced O and M team at the
corporate office. A training simulator which is a replica of unit distributed
control system has been set up at Rosa for training operation staff at regular
frequency. Employees are provided in house training as well as specialized
training by equipment manufacturer. The Company has installed a centralized
fleet wide optimization and performance management center for monitoring,
optimizing and condition monitoring of assets across the power stations. Latest
reliability centered maintenance techniques have been employed in Rosa which
gives the project significant benefits in terms of diagnostics and preventive
maintenance and reduction of outages.
Projects under
development and execution
Reliance Power is developing
a number of large and medium sized power projects with a combined planned
installed capacity of over 35,000 MW, one of the largest portfolios of power
generation assets under development in India. These power projects are planned
to be diverse in geographic location, fuel type, fuel source and off-take, and
each project is planned to be strategically located near an available fuel
supply or load center. Reliance Power has been successful in bagging three
Ultra Mega Power Projects (3,960 MW each at Sasan in Madhya Pradesh, Tilaiya in
Jharkhand and Krishnapatnam in Andhra Pradesh). The Company intends to sell the
power generated from other projects under a combination of long-term and
short-term PPAs to state-owned and private distribution companies and
industrial consumers. All the projects are in various stages of operation,
construction and development. A brief on the developments on these projects is
provided.
Coal Based Power
Projects
Rosa Phase 2, a
600 MW coal-based power project in Uttar Pradesh
Rosa Phase 2 is
being implemented by Rosa Power Supply Company Limited (RPSCL) a wholly owned
subsidiary of Reliance Power. Like Rosa Phase 1, this is also a coal based
project with two subcritical technology based units of 300 MW each. The project
is scheduled to commence power generation within the 11th plan (i.e. by March
2012). This is a brown field expansion and hence is utilizing the additional
land acquired and water allocated for Rosa Phase 1. The project has obtained
all major approvals from the Government of Uttar Pradesh and construction
activities are in full swing at the site. The power generated from the plant
will be sold to Uttar Pradesh Power Company Limited. Fuel supply has been
secured for the project with Government of India awarding long-term coal
linkage for the capacity expansion. The project has achieved financial closure
with a consortium of banks led by IDBI Bank.
Butibori, a 600 MW
coal-based power project in Maharashtra
Vidarbha Industries
Power Limited (VIPL) is currently developing a 600 MW coal-based power project
(2 units of 300 MW each) with subcritical technology located at Butibori,
Maharashtra Industrial Development Corporation (MIDC) in Nagpur, Maharashtra.
The construction of the Project is expected to be completed in the 11th Plan.
The project is currently in the construction phase and is expected to begin
commissioning by March 2012. The power generated from the project would be sold
to industrial consumers and the balance to other off-takers through long-term
and medium-term contracts.
Sasan Ultra Mega
Power Project, a 3,960 MW pithead coal-based Project in Madhya Pradesh
The project is
being developed by Sasan Power Limited (SPL), a wholly owned subsidiary of
Reliance Power. Reliance Power was awarded the Sasan project following an
international competitive bidding process and the project will be selling power
to 14 Procurers comprising 7 States. The project will use coal from the captive
coal blocks allocated for the project. The first unit of the project is
expected to be commissioned towards the end of the calendar year 2012. The
project has achieved financial closure. The construction activities at the
project are progressing as per plans. The Company has also made significant
progress in the development of coal mines allocated for the Sasan project. Coal
production from the mines is expected to commence before the commissioning of
the first unit of Sasan UMPP.
Krishnapatnam
Ultra Mega Power Project, a 3,960 MW imported coal-based Project in Andhra
Pradesh
Coastal Andhra
Power Limited (CAPL), a wholly owned subsidiary of the Company is developing
the project. Reliance Power was awarded the Krishnapatnam project following an
International Competitive Bidding process and it will be selling power to 11
Procurers comprising 4 States. The Krishnapatnam project is located
approximately 3 km from the nearest port where imported coal will be delivered
to supply fuel for the project. Coal for the project is planned to be imported
from Indonesia. The project has achieved financial closure and is scheduled to
be completed in the year 2015.
3,960 MW coal-based power project in Madhya Pradesh
Chitrangi Power
Private Limited (CPPL), a wholly owned subsidiary of Reliance Power has plans
to develop a 3,960 MW coal-based power project at Madhya Pradesh in different
phases. The coal required for the project is likely to be sourced from the
captive coal mines allocated to Reliance Power. The Company intends to sell the
power through long term contracts.
Tilaiya Ultra Mega
Power Project, a 3,960 MW pithead coal-based power project in Jharkhand
Jharkhand
Integrated Power Limited (JIPL), a wholly owned subsidiary of Reliance Power is
developing the Tilaiya Ultra Mega Power Project at Hazaribagh District in
Jharkhand. The project was awarded to Reliance Power under international
competitive bidding process and will be selling power to 18 Procurers
comprising 10 states in Northern, Western and Eastern India. The project would
be using coal from the captive coal mine blocks awarded along with the project.
As per the PPA the first unit is scheduled to be commissioned in May 2015 and
the entire project is scheduled to be commissioned by May 2017.
Gas Based Power
Projects
The Company has
identified and is developing various sites located in the states of Uttar
Pradesh, Andhra Pradesh, Maharashtra and Gujarat for setting up of gas based
power projects. Construction work has commenced at Samalkot located in Andhra
Pradesh for setting up of a 2,400 MW gas power capacity. The construction
activities at the site are in full swing and the first unit of the plant is
scheduled for commissioning in the year 2011.
Hydroelectric
Power Projects
The Company is
developing various hydroelectric power projects located in Arunachal Pradesh,
Himachal Pradesh and Uttarakhand. These projects are in different stages of
development. Hydroelectric power projects by nature have long gestation periods
and require clearances from various authorities before commencement of
construction activities. Some of these projects have achieved various
milestones and are likely to be developed in the next few years.
Renewable Power
Projects
The Company has plans
to have a portfolio of projects which are based on renewable energy such as
Wind and Solar. Rajasthan Sun Technique Energy Private Limited (RSTEPL), a
wholly-owned subsidiary, is developing a 100 MW concentrated solar power
project in Jaisalmer, Rajasthan. Solar Power generated from this plant will be
sold to NTPC Vidyut Vyapar Nigam (NVVN). The project will be set up at Dhursar
in the state of Rajasthan and is scheduled for commissioning in 2013. The
Company is also developing a 40 MW solar photovoltaic project at the same
location which is scheduled for commissioning in 2012.
Coal Mines
The Company has
been allocated coal mines in India along with the ultra mega power project. The
Company has prepared mine plans for taking out coal from these mines and the
mine plans have been approved by the Ministry of Coal for producing up to 65
MTPA. The Company has also acquired coal mine concessions in Indonesia for
which the Company is finalizing plans to produce 25 MTPA. The development of
the mines are in different stages
and are linked to
the schedule of the projects for which the coal would be used.
Coal Bed Methane
(CBM) Blocks
The Company has
stakes in Four Coal Bed Methane (CBM) blocks and one Oil and Gas block.
Drilling work has commenced in one of the CMB blcoks while exploratory work is
in progress in all the blocks.
Clean Development Mechanism (CDM)
Clean Development
Mechanism (CDM) is one of the three market based mechanisms agreed under the Kyoto
Protocol to reduce Greenhouse Gases (GHG). CDM encourages project developers,
in the developing countries, to adopt environmental friendly technologies
and/or fuels so that the GHG emissions can be reduced. Such reduced GHG
emissions will enable the developers of those projects to generate Certified
Emission Reductions (CERs). Such a move allows developing countries to
implement GHG emission reduction projects in a manner that they assist
developed countries to meet their GHG limitation targets in a cost-effective
manner.
The Company had
applied for the CDM registration of Sasan project in May 2010. In October 2010,
Sasan project achieved the distinction of the world’s largest power generation
plant ever registered under CDM. It also established the unique recognition of
being the first Ultra Mega Power Project (UMPP) from India to be registered
with CDM Executive Board. Sasan Project will generate approximately 22.5
Million CERs during the initial 10 years with a revenue generation potential of
Rs.20000.000 millions.
The Company has
applied for the CDM registration for the Krishnapatnam and Tilaiya UMPPs.
Decision of the CDM Executive Board on both these UMPPs is expected in the
current financial year. The Company is also developing Samalkot project as a
CDM project in three phases. The Company is also implementing the 100 MW solar
thermal project located in Rajasthan as a CDM project.
UNAUDITED
CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER
30, 2011
Rs.
in Millions
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
30.09.2011 |
30.09.2011 |
|
|
|
|
|
Net Sales / Income from Operations |
4875.494 |
10293.533 |
|
Total Income |
4875.494 |
10293.533 |
|
Expenditure |
|
|
|
Cost of Operation |
191.339 |
343.574 |
|
Cost of Traded Goods |
16.167 |
28.536 |
|
Fuel Cost |
2893.612 |
5963.716 |
|
Employee Cost |
224.451 |
396.457 |
|
Stamp Duty and Filing Fees |
0.541 |
0.713 |
|
Postage Expenses |
30.495 |
33.409 |
|
Legal and Professional Expenses |
106.591 |
154.407 |
|
Rent |
15.601 |
27.036 |
|
Depreciation |
292.682 |
578.434 |
|
Other Expenses |
196.367 |
296.296 |
|
Total Expenditure |
3967.846 |
7822.578 |
|
Profit / (Loss) from Operations before Other
Income and Interest |
907.648 |
2470.955 |
|
Other Income
(Net) |
2631.423 |
4105.729 |
|
Profit before Interest |
3539.071 |
6576.684 |
|
Interest and
Finance Charges |
753.179 |
1514.039 |
|
Profit before Tax |
2785.892 |
5062.645 |
|
Provision for
Taxation (Net) |
431.130 |
746.675 |
|
Net Profit after Tax |
2354.762 |
4315.970 |
|
Minority Interest |
0.000 |
0.000 |
|
Net Profit after Tax and Minority Interest |
2354.762 |
4315.970 |
|
Paid-up Equity Share Capital (Face Value of Rs.10 per Share) |
28051.265 |
28051.265 |
|
Reserves
(excluding Revaluation Reserve) |
-- |
-- |
|
Earnings Per
Share |
0.84 |
1.54 |
|
Public Shareholding |
|
|
|
Number of Shares |
549229810 |
549229810 |
|
Percentage of Shareholding |
19.58 |
19.58 |
|
Promoter and Promoter Group shareholding |
|
|
|
Pledged/Encumbered |
|
|
|
Number of Shares |
Nil |
Nil |
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
Nil |
Nil |
|
Percentage of Shares (as a % of the total share capital |
Nil |
Nil |
|
Non-encumbered |
|
|
|
Number of Shares |
2255896656 |
2255896656 |
|
Percentage of Shares (as a % of the total shareholding |
100.00 |
100.00 |
|
Percentage of Shares (as a % of the total share capital of the
Company) |
80.42 |
80.42 |
CONSOLIDATED
STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
As on 30.09.2011 Rs. in Millions |
|
|
UNAUDITED |
|
|
|
|
Capital |
28051.265 |
|
Reserves and Surplus |
144651.738 |
|
|
|
|
Minority Interest |
15.053 |
|
Loan Funds |
102838.627 |
|
|
|
|
Advance against Depreciation |
304.050 |
|
|
|
|
TOTAL |
275860.733 |
|
|
|
|
Fixed Assets |
230107.136 |
|
|
|
|
Investments |
46183.110 |
|
|
|
|
Current Assets, Loans And Advances |
|
|
Inventories |
1193.592 |
|
Sundry Debtors |
5083.219 |
|
Cash and Bank Balances |
26765.527 |
|
Other Current Assets |
1570.502 |
|
Loans and Advances |
26605.322 |
|
Total |
61218.162 |
|
|
|
|
Less : Current Liabilities and Provisions |
|
|
Current Liabilities |
60431.046 |
|
Provisions |
1216.629 |
|
Total |
61647.675 |
|
|
|
|
Net Current Assets |
(429.513) |
|
|
|
|
TOTAL |
275860.733 |
Unaudited Consolidated Segment wise Revenue, Results and Capital
Employed for the Quarter and Half Year ended September 30, 2011
Rs. in Millions
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
30.09.2011 Unaudited |
30.09.2011 Unaudited |
|
Segment Revenue |
|
|
|
Power Generation |
4738.712 |
10032.753 |
|
Others |
136.782 |
260.780 |
|
Net Sales / Income from Operations |
4875.494 |
10293.533 |
|
|
|
|
|
Segment Result |
|
|
|
Profit before interest and Tax |
|
|
|
Power Generation |
1342.378 |
3145.176 |
|
Others |
36.367 |
70.698 |
|
Total |
1378.745 |
3215.874 |
|
Less: |
|
|
|
Interest and Financial Charges |
753.179 |
1514.039 |
|
Other Unallocable Income net off Unallocable expenditure |
(2160.326) |
(3360.810) |
|
Profit before Tax |
2785.892 |
5062.645 |
|
|
|
|
|
Capital Employed |
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
Power Generation |
100619.520 |
100619.520 |
|
Others |
106.759 |
106.759 |
|
Unallocable |
71991.777 |
71991.777 |
|
Total Capital Employed |
172718.056 |
172718.056 |
NOTE:
·
The aforesaid consolidated financial results were reviewed
by the Audit Committee of the Board and subsequently approved by the Board of
Directors of the Company at its meeting held on November 8, 2011.
·
The utilisation of Initial Public Offer (IPO)
proceeds up to September 30, 2011 is given below:
|
Particulars |
Amount in Millions |
|
Proceeds from IPO |
115632.000 |
|
Utilisation up to September 30, 2011 Funding subsidiaries to part finance the construction and development
costs of following Power Projects 600 MW Rosa Phase I, 600 MW Rosa Phase II, 300 MW Butibori Phase I, 3960 MW Sasan, 1200 MW Shahapur Coal, 400 MW Urthing Soble, 3960 MW Krishnapatnam, 700 MW Tato II, 1000 MW Siyom, 3960 MW Chitrangi, Coal Resources, 1200 MW Kalai II, 4000 MW Tilaiya, 420 MW Amulin, 500 MW Emini, 400 MW Mihundon, 300 MW Butibori Phase II, 2400 MW Samalkot, 200 MW Vashpet Wingd Power, 104 MW Larasumtha Hydro Power, 130 MW Sumtekothang Hydro Power, 94 MW Teling Hydro Power, 44 MW Shangling Hydro Power, 300 MW Purthi Hydro Power, 100 MW Rajasthan Sun Technique, 40 MW Dahanu Solar Power |
78841.200 |
|
Share Issue Expenses |
1185.800 |
|
Total Utilized
Amount |
80027.000 |
|
Unutilised amount (designated for General Corporate Purposes) |
35605.000 |
|
|
|
|
Break up of unutilised amount designated for
General Corporate Purposes: |
|
|
Investments in Liquid and Fixed Maturity Funds (Including held by subsidiaries) |
29516.500 |
|
Deposit with Bombay Stock Exchange Limited |
30.000 |
|
Bank Balance in Fixed Deposits and Current Account (Including subsidiaries) |
6058.500 |
|
Total |
35605.000 |
NOTE: Pursuant to the approval of Shareholders
vide special resolution dated September 6, 2010, Utilisation of IPO Proceeds as
stated in the Prospectus stands revised to include the purposes other than
those mentioned in the prospectus, namely for general corporate purposes
including, but not limited to funding the subsidiaries to part finance the
construction, development, and commissioning the proposed project namely 3,960
MW Krishnapatnam ultra mega power project and 3,960 MW Chitrangi power
projects. The IPO proceeds have accordingly been utilized for the revised
purposes as mentioned above.
·
The Company operates in two business segments i.e.
Power Generation and Associated Business Activities (termed as “Others”).
Associated Business Activities includes project management, supervision and
support services for generation and allied processes. Business segment has been
identified as separable primary segment in accordance with Accounting Standard
17 ‘Segment Reporting’ as prescribed under Companies (Accounting Standards)
Rules, 2006, taking into account the organisational and internal reporting
structure as well as evaluation of risk and return for these segments.
·
Unaudited financial results of Reliance Power
Limited (Standalone) are as under :
|
Particulars |
Quarter ended (Unaudited) |
Half Year ended (Unaudited) |
||
|
Revenue |
30.09.2011 |
30.09.2011 |
30.09.2011 |
30.09.2011 |
|
Profit Before Tax |
|
|
|
|
|
Profit After Tax |
|
|
|
|
·
During the quarter and half year ended September
30, 2011, the Group has changed the accounting policy for recognizing income earned
on investments in mutual funds having fixed maturity plan from accounting on
maturity to accrual basis based on the net asset value on the reporting date as
the trustees of the Mutual Fund are obliged in terms of the trust deed to hold
income for the benefit of the unit holders. Had the Group followed the earlier
policy, Other Income and Profit after Tax would have been lower by Rs. 7,711.96
Lakhs and Rs. 6,169.57 Lakhs respectively.
·
Pursuant to the approval of the Board of Directors
of the Parent Company, the Scheme of Amalgamation between the Parent Company
and Sasan Power Infrastructure Limited (‘SP Infrastructure’), a wholly owned
subsidiary, has been filed with the Hon’ble High Court of Mumbai with an
appointed date as September 1, 2011. Pending approval of the scheme no effect
has been considered in the financial results.
·
There were no exceptional/extraordinary items for
the quarter and half year ended September 30, 2011.
·
Information on investor complaints pursuant to
Clause 41 of the listing agreement for the quarter ended September 30, 2011:
Opening: NIL, Received: 153, Disposed off: 153, Closing: NIL.
·
The Company has opted to publish the consolidated
financial results, pursuant to option made available as per clause 41 of the
Listing Agreement. The standalone financial results of the Parent Company for
the quarter ended September 30, 2011.
·
Figures of the previous year/ period have been
regrouped/ reclassified wherever considered necessary.
FIXED
ASSETS:
·
·
Plant and Machinery
·
Building
·
Furniture and Fixtures
·
Office Equipment
·
Computers
·
Motor Vehicles
WEBSITE DETAILS:
BUSINESS
DESCRIPTION:
Subject is a part of the Reliance Group. The Company is engaged in the
development, construction and operation of power generation projects with a
combined capacity of about 35,000 megawatts. The Company operates in two
business segments: Power Generation and Associated Business Activities.
Associated Business Activities includes project management, supervision and
support services for generation and allied processes. The Company's projects
include Rosa Phase 1, Rosa Phase 2, Butibori, Sasan Ultra Mega Power Project,
Krishnapatnam Ultra Mega Power Project Chitrangi Power Project and Tilaiya
Ultra Mega Power Project. During the fiscal year ended March 31, 2011, RPower
secured three Ultra Mega Power Projects (UMPPs), which are based at Sasan in
Madhya Pradesh, Krishnapatnam in Andhra Pradesh and Tilaiya in Jharkhand.
Reliance Power is also developing coal bed methane (CBM) blocks to fuel gas based
power generation. For the nine months ended 31 December 2010, Reliance Power
Limited's revenues increased 70% to RS12.94B. Net income decreased 3% to
RS5.74B. Revenues reflect the presence of income from Power generation segment
and others. Net income was offset by the presence of fuel costs, a higher Cost
of operation, an increase in employee Costs, a raised in depreciation charges,
an higher other expenses and an increase in interest expenses.
BOARD OF
DIRECTORS:
Anil Dhirubhai
Ambani
Non-Executive Non
Independent Chairman
Mr. Anil Dhirubhai Ambani is Non-Executive Non Independent Chairman of
the Board of Subject. He is the Chairman of all listed companies of the
Reliance ADA Group, namely, Reliance Communications, Reliance Capital, Reliance
Infrastructure, Reliance Natural Resources and Reliance Power. He is also the
president of the Dhirubhai Ambani Institute of Information and Communication
Technology, Gandhinagar, Gujarat. A Masters of Business Administration from the
Wharton School of the University of Pennsylvania, Mr. Ambani is credited with
pioneering several path-breaking financial innovations in the Indian capital
markets. He spearheaded the country’s first forays into overseas capital
markets with international public offerings of global depositary receipts,
convertibles and bonds. Mr. Ambani has been associated with a number of
prestigious academic institutions in India and abroad. He is currently a member
of : Wharton Board of Overseers, The Wharton School, USA. Board of Governors, Indian
Institute of Management (IIM), Ahmedabad. Executive Board, Indian School of
Business (ISB), Hyderabad In June 2004, Shri Ambani was elected as an
Independent member of the Rajya Sabha - Upper House, Parliament of India, a
position he chose to resign voluntarily on March 29, 2006. Select Awards and
Achievements . Awarded by Light Readings as the Person of the Year - 2008 for
achievements in the communication industry. Voted ‘the Businessman of the
Year in a poll conducted by The Times of India - TNS, December 2006. Conferred
‘the CEO of the Year 2004 in the Platts Global Energy Awards. Conferred. The
Entrepreneur of the Decade Award by the Bombay Management Association, October
2002. Awarded the First Wharton Indian Alumni Award by the Wharton India Economic
Forum (WIEF) in recognition of his contribution to the establishment of
Reliance as a global leader in many of its business areas, December 2001.
J. L. Bajaj
Independent
Non-Executive Director
Mr. J. L. Bajaj serves as Independent Non-Executive Director of Subject.
He is former Chairman of Uttar Pradesh Electricity Regulatory Commission
(UPERC). He retired from the Indian Administrative Service in the rank of
Secretary to Government of India. In the Government of India, he held positions
as Advisor (Industry) Planning Commission and Additional Secretary in the
Department of Economic Affairs. He was also Chairman, Administrative Reforms
and Decentralisation Commission, Agriculture Production Commissioner, Secretary
Planning and Secretary Finance in the Government of Uttar Pradesh. He has
conducted studies for national and international institutions including the
World Bank, Department for International Development (DFID) and United Nations
Development Programme (UNDP). He has advised Governments and institutions in
Malaysia, Sri Lanka, Jamaica, China and Mongolia as well as State Governments
in India. He has authored a number of books and articles which have been
published in national and international journals. He is on the Board of IL and
FS Trust Company Limited, Uttarakhand Power Corporation Limited and Power
Transmission Corporation of Uttarakhand Limited.
V. K. Chaturvedi
Non-Executive Non
Independent Director
Dr. V.K. Chaturvedi is Non-Executive Non Independent Director of
Subject. Dr. Chaturvedi is a former Chairman and Managing Director of Nuclear
Power Corporation of India Limited. In the past, he has also served as a Member
of the Atomic Energy Commission, Government of India and Chairman, World
Association of Nuclear Operators (WANO), Tokyo Centre. In the year 2002-03, he
was a Governor in the International WANO Board. Dr Chaturvedi is a gold
medalist in mechanical engineering (1965 batch) from Vikram University and
later he did his post-graduation in nuclear engineering from BARC training
school, Mumbai. He has over 43 years of experience in design, construction,
commissioning and operation of nuclear power plants. He was conferred the Padma
Shri in the year 2001, one of India’s highest civilian awards. He is also a
recipient of number of other prizes and awards.
Yogendra Narain
Independent
Non-Executive Director
Dr. Yogendra Narain serves as Independent Non-Executive Director of
Subject. He is a former Secretary-General, Rajya Sabha - the Upper House of the
Parliament of India. Dr. Yogendra Narain retired from the Indian Administrative
Services after serving for over 42 years. He has worked in various capacities
in the administration in the State of Uttar Pradesh and the Government of India.
He served as Principal Secretary, Power and Irrigation, Uttar Pradesh. He also
served as the Principal Secretary to the Governor, Uttar Pradesh; as Secretary,
Ministry of Surface Transport, Government of India; Chief Secretary, Government
of Uttar Pradesh and Defence Secretary to the Government of India. He is also
the founder-Chairman of the Greater NOIDA Industrial Development Authority and
the founder- Chairman of the National Highways Authority of India. Dr Narain
holds degrees such as B.Sc., M.A. (Political Science), Diploma in Development
Economics, M. Phil and Ph. D.
Surendra L. Rao
Independent
Non-Executive Director
Mr. Surendra L. Rao is Independent Non-Executive Director of Subject. He
has been a professional manager for 28 years in multinational Companies. He is
an applied economist, a widely read newspaper columnist, writer and speaker on
governance, the economy and infrastructure issues. He has taught in reputed
management schools in India as visiting faculty. He was a Visiting Fellow at
the Indian Ocean Centre, Australia (1996-98). From 1990 to 1996 he was Director
- General of the National Council of Applied Economic Research (NCAER), a
premier research institution in India, which during his tenure, was known the
world over for its work on Indian markets, human development indicators, social
infrastructure and economic forecasting. He was the first Chairman of the
Central Electricity Regulatory Commission (CERC) in 1998. His leadership made
CERC regarded for its independence, innovation, transparency and objectivity.
He worked in industry and as a management consultant for 28 years. He was
President of the Madras Management Association (1983-84) and All India
Management Association (1985- 86), a founder and former Vice President of the People’s
Union for Civil Liberties, Tamil Nadu (1981-84). He was founder Chairman of the
Forum of Indian Regulators. He has co-authored or edited 14 books and articles
on the economy and management. He is or has been a Columnist in the Telegraph,
Deccan Herald, Economic Times and The Week. He has written or edited 14 books
and written innumerable papers and articles. His last book was From Servants to
Masters, The Evolution of Professional Management in India (2007).
PRESS RELEASES:
FINMIN TO CONVENE
MEETING TO DISCUSS POWER GEAR DUTY ON FEB 6
02 February 2012
New
Delhi, February 02 2012 (PTI) -- Amidst a raging debate on cheap import of
power plant equipments, the Finance Ministry has convened a meeting of
secretaries of concerned departments on February 6 to discuss changes in the
present duty structure.
Department
of Economic Affairs (DEA) secretary R Gopalan is expected to chair the meeting,
which would also be attended by secretaries of Power, Department of Heavy
Industries and Department of Revenue, sources said.
With
many private sector players such as Reliance Power and Adani Power importing
cheaper equipments at negligible or zero duty, especially from China, the
domestic manufacturers like BHEL and L and T have been crying foul.
The
Power Ministry has sought 14 per cent import duty on the imported gear, while
the Heavy Industries Ministry has thrown its weight behind the domestic
players.
However,
the move to impose duty on imported equipments has been vigorously opposed by
the private power companies.
At
present, projects with less than 1,000 MW of generation capacity have to pay 5
per cent duty on equipment imports, while those above this limit enjoy
duty-free imports.
In
a recent letter to Finance Minister Pranab Mukherjee, the Association of Power
Producers (APP) said there "does not appear to be any merit in increasing
custom duties at this stage".
"Any
step at this stage which increase the cost of power generation and leads to
delays in capacity addition would be very detrimental to the (power)
sector," APP had said.
APP
is a grouping of about 21 power companies, that account for over 95 per cent of
private sector capacity.
Last
week, Minister of State for Power K C Venugopal had said the government would
take the right decision after examining the issue of import duty on power
equipment.
On
January 18, top executives of private power companies held a meeting with Prime
Minister Manmohan Singh, who assured them to address their grievances in a
time-bound manner. PTI RAM BJ 02021603
PMO PANEL ON POWER
MEETS TO ADDRESS SECTOR'S WOES
31 JANUARY 2012
New
Delhi, February 01, 2012 (PTI) -- Close on the heels of Prime Minister Manmohan
Singh's assurance to the power sector that their concerns will be addressed, a
Committee of Secretaries headed by his Principal Secretary Pulok Chatterji
today held its first meeting to resolve the crippling fuel supply crisis.
"Issues
of coal shortage and environment were discussed... It was a review of the power
sector," sources said after the meeting.
The
meeting was attended by Commerce Secretary Rahul Khullar and Power Secretary P
Uma Shankar, among others.
Sources
said the meeting discussed stranded power projects in want of forest and
environment clearances and the shortage of fuel, including coal.
The
Prime Minister had constituted the CoS after top industrialists, including
Ratan Tata of Tata Power, Anil Ambani of Reliance Power, Anil Agarwal of
Sterlite Energy, Prasant Ruia of Essar Power, Gautam Adani of Adani Power and
Ashok Hinduja of Hinduja Group, highlighted the power sector's woes in a
meeting on January 18.
The
power sector is facing a serious crisis due to shortfalls in the supply of fuel
(both coal and natural gas). Construction of a number of power plants has been
completed, but they have not been commissioned due to non-availability of fuel.
In
the January 18 meeting, the Prime Minister had assured the delegation that
"practical, pragmatic and viable solutions" would be found to the
problems facing the power sector.
The
country is facing an acute coal shortage estimated at 137 million tonnes this
fiscal.
Meanwhile,
the Coal Ministry has asked states to send proposals for clearance of coal
blocks that were either rejected by the Environment Ministry on account of
falling in no mining zone or have been pending without delay. PTI MEG NAM ARV
ARV 02011834
PULOK CHATTERJI
COMMITTEE ON POWER SECTOR TO MEET TOMORROW
30 JANUARY 2012
New
Delhi, Jan 31 (PTI)Days after Prime Minister Manmohan Singh assured leading
industrialists of addressing the power sector woes, a Committee of Secretaries,
headed by his Principal Secretary Pulok Chatterji, is likely to hold its first
meeting tomorrow to look into plethora of problems facing the sector.
The
Prime Minister had constituted the panel after top industrialists, including
Ratan Tata of Tata Power, Anil Ambani of Reliance Power, Anil Agarwal of
Sterlite Energy, Prasant Ruia of Essar Power, Gautam Adani of Adani Power and
Ashok Hinduja of Hinduja Group highlighted the power sector woes in a meeting
on January 18.
Sources
said tomorrow's meeting is likely to be attended by Secretaries to the
Department of Expenditure, Environment and Forest, Coal, Power, Petroleum,
Commerce and Steel and may focus on securing fuel to the stranded power
projects.
The
power sector is facing a serious crisis due to shortage in supply of fuel (both
coal and natural gas). Construction on a number of power plants has been
completed but they havent been commissioned due to non-availability of fuel.
Sources
said the committee may consider the demand of the power producers that
state-owned Coal India sign fuel supply agreements with an assurance to meet
100 per cent of the committed volumes instead of present practice of promising
steady supply of no more than 50 per cent.
With
no fuel supply agreement being signed since 2009, the panel may look into the
issue of CIL ramping up output.
The
committee would also look into issued of speeding up the forest and
environmental clearances for coal projects as also the demand that captive mine
owners be allowed to produce additional coal and sell for use in power sector.
Other
issues before the committee may be scrapping 5 per cent customs on imported
coal to make it more affordable. PTI ANZ NS YB 01311810
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.48.68 |
|
|
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
8 |
|
--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 |
|
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.