BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
POWER GRID CORPORATION OF INDIA LIMITED |
Principal Name 1 |
Mr. Anil K
Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. S. K. Chaturvedi |
|
|
|
Registration # |
55-38121 |
|
Street Address |
B-9, Qutab
Industrial Area, Katwaria Sarai, |
||
|
Established Date |
23.10.1989 |
SIC Code |
-- |
|
Telephone# |
91-11-26560112/
26560115 / 26560193/26564892 |
Business Style 1 |
Construction |
|
Fax # |
91-11-26560054/
26601081 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
HVDC Transmission Lines |
|
|
# of employees |
1000 (Approximately) |
Product Name 2 |
EHV AC |
|
Paid up capital |
Rs.46,297,300,000/- |
Product Name 3 |
Substations |
|
Shareholders |
Promoter
and Promoter Group-69.42% Public
Shareholding-30.58% |
Banking |
Indian Overseas Bank |
|
Public Limited Corp. |
Yes |
Business Period |
24 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (76) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint
Venture |
-- |
Powerlinks Transmission Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
133,288,100,000 |
Current Liabilities |
100,960,700,000 |
|
Inventories |
4,403,100,000 |
Long-term Liabilities |
507,691,900,000 |
|
Fixed Assets |
476,623,000,000 |
Other Liabilities |
78,630,400,000 |
|
Deferred Assets |
13,166,700,000 |
Total Liabilities |
687,283,000,000 |
|
Invest& other Assets |
294,679,900,000 |
Retained Earnings |
188,580,500,000 |
|
|
|
Net Worth |
234,877,800,000 |
|
Total Assets |
922,160,800,000 |
Total Liab. & Equity |
922,160,800,000 |
|
Total Assets (Previous Year) |
757,331,600,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
100,353,300,000 |
Net Profit |
32,549,500,000 |
|
Sales(Previous yr) |
83,887,000,000 |
Net Profit(Prev.yr) |
26,968,900,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
POWER GRID
CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
B-9, Qutab
Institutional Area, Katwaria Sarai, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.10.1989 |
|
|
|
|
Com. Reg. No.: |
55-038121 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.46297.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40101DL1989GOI038121 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP06685A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0252G |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. Company’s Shares are Listed on the Stock Exchange. |
|
|
|
|
Line of Business
: |
Construction of
EHV AC and HVDC Transmission Lines, Substations, |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 900000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Government of India company. It is a well established
company having fine track record. Financial position of the company appears sound.
Performance capability of the company is good. The company maintain a robust
financial risk profile. Trade relations are fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Long Term Rating) |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
05.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Raing) |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
05.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajgopalan |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-9910378142 |
|
Date : |
04.04.2013 |
LOCATIONS
|
Registered Office : |
B-9, Qutab
Institutional Area, Katwaria Sarai, New Delhi – 110016, Delhi, India |
|
Tel. No.: |
91-11-26560112 /
26560115 / 26560193 / 26564892 |
|
Mobile No.: |
91-9910378142
(Mr. Rajgopalan) |
|
Fax No.: |
91-11-26560054 /
26601081 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office 1 : |
89, |
|
Tel. No.: |
91-11-2642 8808 |
|
Fax No.: |
91-11-2642 8357 /
2647 6133 |
|
E-Mail : |
|
|
Telex |
31-66138 / 65949 |
|
|
|
|
Corporate
Office 2 : |
Saudamini, Plot No.2,
Sector 29, Gurgaon – 122001, |
|
Tel No.: |
91-124-2571700
through 2571719 |
|
Fax No.: |
91-124-2571760 /
2571761 |
|
|
|
|
Factory /
Regional Office : |
Located at :-
Regional Head Quarter, SCO 84-85, Sector-16 (near Sagar Cinema), Contact Person: Mr. U. C. Mishra, General Manager
Regional Head Quarter, Vikas Bhawan, Rail Head Commercial Complex, Contact
Person:
Mr. S. K. Dobe, General Manager Tel. No. 91-191-2430723 / 2430995 Fax No. 91-191-2435293 Telegram: NATGRID
Regional Head Quarter, Contact Person: Mr. Mr. B. K. Banerjee, Executive Director Tel. No. 91-612-2230440 (Office) Fax No. 91-612-2228984 Telegram: NATGRID
Regional Head Quarter, Contact Person: Mr. Mr. A. R. Agarwal, Executive Director Tel. No. 91-364-2228621 / 2220149 Fax No. 91-2364-223985 Telegram: NATGRID
Regional Head Quarter, M. C. H. Commercial Complex, Contact
Person:
Mr. S. G. Bire, General Manager Tel. No. 91-40-2780 1522 (Office) / 2775 1715 (Res.) Fax No. 91-40-2780 8481 Telegram: NATGRID
Regional Head Quarter, Sampriti Nagar, P. O. Uppalwadi, Contact Person: Mr. D. K. Nandi, Executive Director Tel. No. 91-712-2641470 (Office) / 2641471(Res.) Fax No. 91-712-2641366 Telex: 0715-7356 Telegram: NATGRID |
|
|
|
|
Branch Office
: |
Located at:-
Tel. No. 91-22-23739188 |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. S. K. Chaturvedi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. V. M. Kaul |
|
Designation : |
Director (Personnel) |
|
|
|
|
Name : |
Mr. R. N. Nayak |
|
Designation : |
Director (Operations) |
|
|
|
|
Name : |
Mr. I. S. Jha |
|
Designation : |
Director (Projects) |
|
|
|
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Government Nominee |
|
|
|
|
Name : |
Mr. I.C.P Keshari |
|
Designation : |
Director (from 6th March,2009 to 21st May,2009) |
|
|
|
|
Name : |
Mr. M. Ravi Kant |
|
Designation : |
Government Nominee |
|
|
|
|
Name : |
Mr. R. T. Agarwal |
|
Designation : |
Director (Finance) |
|
|
|
|
Name : |
Mr. Parvez Hyatt |
|
Designation : |
Chief Vigilance Officer |
KEY EXECUTIVES
|
Name : |
Ms. Divya Tandon |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 31.12.2012
|
Names of Shareholders |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3214024212 |
69.42 |
|
|
3214024212 |
69.42 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3214024212 |
69.42 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
89812866 |
1.94 |
|
|
103906751 |
2.24 |
|
|
153967280 |
3.33 |
|
|
660142088 |
14.26 |
|
|
1007828985 |
21.77 |
|
|
|
|
|
|
195840792 |
4.23 |
|
|
|
|
|
|
187031369 |
4.04 |
|
|
12946555 |
0.28 |
|
|
12053440 |
0.26 |
|
|
1213024 |
0.03 |
|
|
3267927 |
0.07 |
|
|
2663731 |
0.06 |
|
|
4908758 |
0.11 |
|
|
407872156 |
8.81 |
|
Total Public shareholding (B) |
1415701141 |
30.58 |
|
Total (A)+(B) |
4629725353 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4629725353 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction of
EHV AC and HVDC Transmission Lines, Substations, |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
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Bankers : |
|
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S. K. Mehta and Company Chartered Accountants |
|
Address : |
2682/2, Beadon Pura, Ajamal Khan Market, Karol Bagh, New Delhi – 110 005, India |
|
E-Mail : |
|
|
|
|
|
Name : |
Chatterjee and Company Chartered Accountants |
|
Address : |
153, Rash Behari Avenue, 3rd Floor, Kolkata – 700 029, West Bengal, India |
|
E-Mail : |
|
|
|
|
|
Name : |
Sagar and Associates Chartered Accountants |
|
Address : |
H. No. 6-3-244/5, Saradadevi Street, Prem Nagar, Hyderabad – 500 004, Andhra Pradesh, India |
|
E-Mail : |
|
|
|
|
|
Cost Auditor : |
|
|
Name : |
Jugal Kishore Puri Cost Accountant |
|
Address : |
K-19, NDSE Part II, New Delhi – 110 049, India |
|
|
|
|
Name : |
Chandra Wadhwa and Company Cost Accountant |
|
Address : |
204, Krishna House, 4805/24, Bharat Ram Road, Darya Ganj, New Delhi –
110 002, India |
|
|
|
|
Name : |
S. C. Mohanty and Associates Cost Accountants |
|
Address : |
511, Sahid Nagar, Bhubaneshwar – 751007, Uttarakhand, India |
|
|
|
|
Name : |
K. G. Goyal and Associates, Cost Accountants |
|
Address : |
8, Chitragupt Nagar, Jyoti Nagar Railway Crossing, Jaipur – 302005, Rajasthan , India |
|
|
|
|
Subsidiaries : |
· Power System Operation Corporation Limited (POSOCO) · Nagapattinam Madhugiri Transmission Company Limited |
|
|
|
|
Joint Ventures: |
|
CAPITAL STRUCTURE
As on: 31.03.2012
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 |
|
|
|
|
|
|
4629725353 |
Equity Shares |
Rs.10/- each |
Rs.46297.300
Millions |
|
|
|
|
|
Reconciliation of
Number and amount of share capital outstanding at the beginning and at the end
of the reporting period
|
Particulars |
For the year ended 31 March, 2012 |
|
|
|
No. of Shares |
Amount in Millions) |
|
Shares outstanding at the beginning of the year |
4629725353 |
46297.300 |
|
Shares Issued during the year |
Nil |
- |
|
Shares bought back during the year |
Nil |
- |
|
Shares outstanding at the end of the year |
4629725353 |
46297.300 |
2) The holders of equity shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
3) The Government of India holds 3,21,40,24,212 equity shares representing 69.42% (Previous year 69.42%) of the total equity shares of the Company and no other share holder of the Company holds more than 5% of the equity shares in the current year and in the preceding year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
46297.300 |
46297.300 |
42088.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
188580.500 |
167372.700 |
117330.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
234877.800 |
213670.000 |
159419.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
486705.000 |
363250.700 |
313457.800 |
|
|
2] Unsecured Loans |
20986.900 |
45577.000 |
30710.100 |
|
|
TOTAL BORROWING |
507691.900 |
408827.700 |
344167.900 |
|
|
DEFERRED TAX LIABILITIES |
16008.800 |
11467.400 |
7035.100 |
|
|
DEFERRED REVENUE |
22831.000 |
23473.800 |
24124.500 |
|
|
DEFERRED INCOME/(EXPENDITURE) FROM FOREIGN CURRENCY FLUCTUATION |
4931.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
786341.200 |
657438.900 |
534746.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
476623.000 |
372239.800 |
320612.600 |
|
|
Capital work-in-progress |
154998.900 |
129636.800 |
102423.700 |
|
|
Construction Stores and Advance |
736.100 |
136609.100 |
101798.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
12844.500 |
13650.500 |
14532.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
CONSTRUCTION STORES |
126100.400 |
0.000 |
0.000 |
|
|
DEFERRED FOREIGN CURRENCY FLUCTUATION ASSET |
13166.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4403.100
|
3815.100
|
3449.000
|
|
|
Sundry Debtors |
23153.700
|
31620.900
|
22148.600
|
|
|
Cash & Bank Balances |
23368.800
|
36800.600
|
32776.400
|
|
|
Other Current Assets |
6281.100
|
4994.900
|
4875.200
|
|
|
Loans & Advances |
80484.500
|
27939.800
|
33024.000
|
|
Total
Current Assets |
137691.200
|
105171.300
|
96273.200
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2033.500
|
18367.800
|
10606.200
|
|
|
Other Current Liabilities |
98927.200
|
52770.300
|
65739.800
|
|
|
Provisions |
34858.900
|
28754.600
|
24582.900
|
|
Total
Current Liabilities |
135819.600
|
99892.700
|
100928.900
|
|
|
Net Current Assets |
1871.600
|
5278.600
|
(4655.700)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
24.100 |
35.600 |
|
|
|
|
|
|
|
|
TOTAL |
786341.200 |
657438.900 |
534746.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
100353.300 |
83887.000 |
71274.500 |
|
|
|
Provision Written Back |
0.000 |
402.200 |
2.100 |
|
|
|
Other Income |
7496.800 |
6708.800 |
3759.200 |
|
|
|
TOTAL (A) |
107850.100 |
90998.000 |
75035.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Remuneration and Benefit |
8429.700 |
7458.900 |
7267.000 |
|
|
|
Transmission Administrative and Other Expenses |
8099.800 |
5856.500 |
5074.300 |
|
|
|
Provisions |
0.000 |
39.800 |
221.500 |
|
|
|
Deferred Revenue Expenditure written off |
0.000 |
18.600 |
17.800 |
|
|
|
Prior Period Adjustment |
186.600 |
43.700 |
962.700 |
|
|
|
TOTAL (B) |
16716.100 |
13417.500 |
13543.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
91134.000 |
77580.500 |
61492.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19432.600 |
17339.300 |
15432.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
71701.400 |
60241.200 |
46060.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25725.400 |
21993.900 |
19796.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
45976.000 |
38247.300 |
26263.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13426.500 |
11278.400 |
5853.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
32549.500 |
26968.900 |
20409.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
411.800 |
243.300 |
469.200 |
|
|
|
|
|
|
|
|
|
Add |
Bond Redemption Reserve Written Back |
NA |
2558.100 |
1661.900 |
|
|
|
|
|
|
|
|
|
Add |
Withdrawal from STOA Reserve |
NA |
1412.500 |
819.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
NA |
2315.100 |
2104.600 |
|
|
|
Corporate Dividend Tax Paid |
|
384.500 |
357.700 |
|
|
|
Proposed Final Dividend |
|
5787.200 |
4208.800 |
|
|
|
Provision for Corporate Dividend Tax |
|
938.800 |
699.000 |
|
|
|
Transfer to Self Insurance Reserve |
|
425.300 |
377.500 |
|
|
|
Transfer to Bonds Redemption Reserve |
|
7807.700 |
6301.300 |
|
|
|
Transfer to STOA Reserve |
|
1412.500 |
819.700 |
|
|
|
Transfer to LDC Development Reserve |
|
151.600 |
164.400 |
|
|
|
Transfer to CSR Activities Reserve |
|
48.300 |
83.900 |
|
|
|
Transfer to General Reserve |
|
11500.000 |
8000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
411.800 |
243.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest |
0.000 |
0.100 |
0.000 |
|
|
|
Consultancy Fee |
96.500 |
193.700 |
23.700 |
|
|
TOTAL EARNINGS |
96.500 |
193.800 |
23.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
264.900 |
29.500 |
17.600 |
|
|
|
Capital Goods |
21647.000 |
18203.600 |
4705.000 |
|
|
TOTAL IMPORTS |
21911.900 |
18233.100 |
4722.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.03 |
6.19 |
4.85 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
28882.500 |
30857.700 |
33616.700 |
|
Total Expenditure |
4596.100 |
4165.100 |
4386.200 |
|
PBIDT (Excl OI) |
24286.400 |
26692.600 |
29230.500 |
|
Other Income |
920.200 |
2617.400 |
1285.500 |
|
Operating Profit |
25206.600 |
29310.000 |
30516.000 |
|
Interest |
6101.300 |
6343.100 |
6848.200 |
|
Exceptional Items |
(3.500) |
140.000 |
(6.200) |
|
PBDT |
19101.800 |
23106.900 |
23661.600 |
|
Depreciation |
7565.100 |
8251.500 |
8653.700 |
|
Profit Before Tax |
11536.700 |
14855.400 |
15007.900 |
|
Tax |
2835.600 |
3596.500 |
3717.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
8701.100 |
11258.900 |
11290.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
8701.100 |
11258.900 |
11290.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
30.18
|
29.64
|
27.20
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
45.81
|
45.59
|
36.85
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.48
|
8.01
|
6.30
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.18
|
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.16
|
1.91
|
2.16
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
1.05
|
0.95
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONAL
EXCELLENCE:
As on April 1, 2012, transmission assets of about 92,981 ckm of EHV transmission lines, 150 EHV sub-stations and transformation capacity of 124,525 MVA, spread over the length and breadth of the Country are under operation.
The Company continues to wheel about 50% of total power generated in the Country through its transmission network. The Company consistently maintains high availability of its transmission network by implementing technologically advanced operational techniques such as Hot Line Maintenance, Washing of Insulators hotline with the use of helicopters, Equipment Condition Monitoring techniques including Dynamic Testing of relays, Thermo-vision Scanning, Frequency Response Analysis (FRA) for transformers and reactors, large scale automation of sub-stations, etc.. Presently, 32 sub-stations of the Company are being operated remotely and many new sub-stations are being designed for remote operation. For further improvement in operational efficiency, a “National Transmission Asset Management Centre” is being established to facilitate centralised operation, monitoring and control of sub-stations remotely. This will help in optimal utilisation of manpower and other resources of a group of substations by creating “Maintenance Service Hub” facilities, and reduce the response time in case of faults and breakdowns.
Replacement of conventional insulators with polymer insulators at polluted stretches in NCR area has contributed significantly in achieving safe, secure and reliable operation of Grid during foggy weather conditions.
Average availability of transmission systems during the year 2011-12 was maintained at 99.94%, highest ever in the history of the Company. Number of trippings per line was also abated at 0.59.
To meet eventualities like earthquake, fire, cyclone, landslides, sabotage, etc., the Company has kept state-of-the-art Emergency Restoration Systems (ERS) at strategic locations for restoration of collapsed transmission line towers in shortest possible time. Further, to mitigate the above eventualities in case of substation, a mobile 400/220kV ERS substation is being procured, which will facilitate quick deployment and restoration of sub-station in only 1-2 weeks, which otherwise may take several months.
Some potent options are also being explored like use of robotic technology for condition monitoring of conductor, earthwire and hardwares besides aerial patrolling of transmission lines using helicopters.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
Foreign currency
loans |
|
|
Skandinaviska Enskilda Banken AB(publ) Sweden Loans Guaranteed by Govt of India |
825.200 |
|
Natixis Banque (Formerely Credit National) France |
1046.800 |
|
Japan International Cooperation Agency(Formerely Japan Bank for International Cooperation ) Japan |
1610.900 |
|
European Investment BankLuxembourg |
212.900 |
|
Foreign Currency
Loan |
|
|
Kreditanstalt fur Wiederaufbau Germany |
791.100 |
|
SHORT-TERM
BORROWINGS |
|
|
Short Term loans |
|
|
From Banks |
16500.000 |
|
Total |
20986.900 |
PROJECT
IMPLEMENTATION:
The Company puts its best efforts to implement transmission projects within stipulated time frame to derive maximum economic benefits. Further, the Company takes a variety of measures such as advanced and cost effective Integrated Project Management and Control System (IPMCS) for total project review and monitoring, Standardisation of Designs, Project Review Meetings (PRMs) at regular intervals through video conferencing, pre-emptive measures and advance actions on various project linked activities such as land acquisition, survey and soil investigations, tender activities, funding tie-up, etc. in parallel with project investment approval process.
All these dynamic facets led to excellent performance on project implementation front during FY 2011-12 and not a single MW power is bottled-up for want of their transmission. Transmission projects worth about Rs. 140210.000 Millions were commissioned during the year, thereby adding about 10,600 ckm, 15 sub-stations and transformation capacity of more than 30,000 MVA in the transmission system. Major 400kV transmission lines commissioned during the year include Korba STPS-Raipur D/c, Wardha-Parli D/c(Quad), Baripada-Mendhasal D/c, Mundra-Bachau-Ranchorpura D/c (triple snowbird), Maithon RB-Ranchi D/c, Uri-II - Wagoora single circuit (S/c), Mauda-Wardha D/c(Quad) and Biharshariff-Sasaram D/c(Quad) lines. Major 765kV transmission lines commissioned during the year include Gaya-Balia, Balia-Lucknow, Seoni-Wardha, Bina-Indore, Sasaram-Fatehpur (Circuit-1), Gaya-Sasaram S/c lines.
Notably, timely commissioning of 400kV D/C Mundra-Ranchorpura in September’11 and 400kV D/C Mundra-Limbdi D/c (triple snowbird) lines in February’12 associated with the 1st UMPP Project of the Country enhanced the image of confidence in power sector. In spite of severe Right-of-Way (RoW) problems, readiness of these systems had been ensured by the Company on its commitment.
During the year, 43 new projects with an estimated cost of about ` 39225 Crore involving about 16900 Ckt km of transmission lines, 22 new sub-stations and transformation capacity of about 56000 MVA, HVDC terminal capacity of 3000 MW and 16200 km of OPGW fibre optic cable were approved and taken up for implementation.
FINANCIAL MANAGEMENT:
The Company has recorded an impressive financial performance during FY 2011-12, achieving a turnover of Rs. 107850.000 Millions and Net Profit of Rs. 32550.000 Millions as compared to Rs. 9099.000 Millions and Rs. 26970.000 Millions respectively during FY 2010-11. The gross asset base of the Company has been enhanced to Rs. 633870.000 Millions from Rs. 503430.000 Millions in 2010-11, an increase of about 25.9%.
COMMERCIAL
PERFORMANCE:
Point of Connection (PoC) Charges tariff sharing mechanism through Central Electricity Regulatory Commission Regulations 2010, for Sharing of Transmission Charges and Losses has been implemented in the transmission sector w.e.f. July 1, 2011. POWERGRID as Central Transmission Utility (CTU) of the Country has been assigned the responsibility to carry out activities like raising of transmission charge bills on behalf of all the ISTS Licensees, collecting the amount and disbursing the same to them. In order to implement the Billing, Collection and Disbursement (BCD), a Portal has been developed by the Company during the year through which bills of transmission charges are prepared, raised and uploaded on the website for about 61 Designated ISTS Customers
(DICs) including payment details by the customers.
Through petitions and follow up with Central Electricity Regulatory Commission (CERC), Regulatory Approvals have been secured by the Company for transmission projects worth total estimated cost of about Rs. 261700.000 Millions during the year so as to take up these projects for investment approval and execution.
DEVELOPMENT OF
NATIONAL GRID:
In line with the Plan for enhancement of inter-regional power transfer capacity of the National Grid, Rourkela–Raigarh 400kV D/c, Sasaram–Fatehpur 765kV S/c and Gaya–Balia 765kV S/c inter-regional links with aggregate capacity of 5,600 MW have been commissioned. With this, the cumulative inter-regional power transfer capacity of National Grid has been enhanced to about 28,000 MW. Commissioning of these inter-regional links has strengthened the inter-regional grid capacity of Eastern Region with Western Region and Northern Region. This would go a long way in promoting economic energy exchange by facilitating transfer of power across the Country.
Four major regional power grids of the country, namely Northern, Eastern, North-Eastern and Western continued to operate at same frequency in synchronous mode as one of the largest synchronous grid in the world with total installed capacity of about 148,000 MW. Southern Regional grid, which is presently connected through various High Voltage Direct Current (HVDC) links with rest of the grid is planned to be connected synchronously by early 2014 through high capacity Raichur–Sholapur 765kV (2xS/c) lines.
To further strengthen the National Grid, various high capacity HVDC and EHV Alternating Current (EHVAC) inter-regional links with total capacity of 38,400 MW have been planned to take care of inter-regional power transfer requirement of various planned generation projects including Independent Power Producers (IPPs) scheduled for commissioning in XII Plan. The Inter-regional power transfer capacity of National Grid thus envisaged to be enhanced to about 66,400 MW by end of XII Plan.
GRID MANAGEMENT AND
OPEN ACCESS:
Grid Management function is continued to be looked after by Power System Operation Corporation Limited (POSOCO), a 100% subsidiary company of POWERGRID. Unified Load Despatch and Communication (ULDC) schemes have continued to bring quality and economy in operation of power system besides improving data availability, visibility and transparency.
With the ever expanding transmission network in the Country, complexities of grid operation are also escalating. Keeping this in mind, the facilities at all the five Regional Load Despatch Centers (RLDCs) and National Load Despatch Centre (NLDC) are being upgraded continuously through deployment of latest technology. Indian Power Grid had not experienced any major grid disturbance during the past nine years. However, the electricity grid experienced two major disturbances consecutively on 30th July and 31st July, 2012. While the first disturbance affected only Northern Region, the second one affected Northern, Eastern and North Eastern Regions. However, the essential loads were restored at the fastest pace within few hours of the incidents and power supply was restored progressively and normalised completely on the same day of the incident(s). Further, to avoid such recurrence in future, various actions have been/are being taken by the company.
Their strong transmission network and modernised RLDCs have facilitated about 58 Billion Units (BUs) of inter-regional energy transfer across the Country, as compared to previous year (about 56 BUs). Growth of inter-regional power exchange helped in meeting more demand in energy deficit regions besides achieving overall economy.
During FY 2011-12, 24,109 transactions involving about 67 BUs of energy were approved under short term open access (STOA) compared to 19,883 transactions and about 55 BUs of energy during 2010-11.
The Company, as CTU is the nodal agency for grant of Long Term Access (LTA), Medium Term Open Access (MTOA) and Connectivity. LTA has been granted for about 82,000 MW to 133 nos. of IPP projects, MTOA has been granted for about 2400 MW to 33 nos. of applicants and connectivity has been granted to 67 nos. of eligible applicants for about 59,710 MW.
TECHNOLOGY
DEVELOPMENT:
The Company has undertaken several technological advancements aimed at conserving RoW, minimizing impact on natural resources and human habitat and cost effectiveness in evacuation of power by upgrading and uprating of existing transmission lines, use of High Temperature endurance Conductors, Series Compensation including Thyristor Control, Flexible AC Transmission System (FACTS), use of Multi Circuits, Compact and Tall Towers, Gas Insulated Sub-stations (GIS), High Surge Impedance Loading (HSIL) Lines, Large Scale Automation of Sub-stations, unmanned Sub-stations etc..
Power transmission at higher voltage levels not only offer increased power transfer capability, it also helps in reduction of transmission losses and reduction of Right of Way requirement. Experienced with implementation and operation of ±500kV HVDC and 765kV EHVAC transmission systems, the Company is now working on higher transmission voltages of ±800kV HVDC and 1200kV Ultra High Voltage AC (UHVAC).
±800kV multi-terminal
HVDC System
Implementation of ±800kV, 6000 MW multi-terminal HVDC system of around 2000 km from North Eastern Region (Biswanath Chariali in Assam and Alipurduar of West Bengal) to Northern Region (Agra in Uttar Pradesh) is under construction. It shall be amongst world’s largest ±800kV multi-terminal HVDC system.
1200kV UHVAC
Transmission System
To meet the long-term bulk power transfer requirement an overlaying super grid with 1200kV UHVAC system has been envisaged. The 1200kV UHVAC technology, the highest voltage level in the world, is being developed by the Company in collaboration with 35 Indian manufacturers. This is one of the unique R and D projects in public-private partnership model.
The pilot 1200kV S/c line was successfully test charged and 1200 kV D/c line erected at 1200kV UHVAC National Test Station at Bina, Madhya Pradesh in February, 2012 by the Company. The 1200 kV UHVAC technology current under field testing.
This endeavour shall benefit Indian power sector to enter into new era of 1200kV level with 1200kV class equipment from the manufacturers within Country.
Other Initiatives
Technological initiatives such as Pollution and Lightning mapping of transmission system, Process bus technology and Superconducting (Zero Resistance) Technology are being taken up/ explored for their viability in Indian Power System to ensure more efficient, safe, secure and reliable operation of Grid.
BUSINESS DEVELOPMENT
AND CONSULTANCY:
The Company has established itself as one of the leading consultants in the field of Power Transmission, Sub-transmission, Distribution, Load Despatch and Communication and Telecom sectors and is utilising this expertise to offer consultancy services world wide.
On the domestic front, during FY 2011-12, the Company has bagged 41 new assignments having project cost of
` 1002 Crore. Further, the Company has been appointed as Design cum Implementation Supervision Consultant or strengthening of Transmission and Distribution System of 6 States of NER having Project cost of around ` 8400 Crore.
In international arena, the Company is working in 11 countries viz. Nepal, Bhutan, Bangladesh, Afghanistan, Sri Lanka, Myanmar, UAE, Nigeria, Ethiopia, Kenya and Tajikistan.
During the year, the Company signed Memorandum of Understanding (MoU) with Kenya Electricity Transmission Company Limited (KETRACO) and Ethiopian Electric Power Corporation (EEPCo) for providing assistance for development of Power Transmission network in their countries. In addition, a General Cooperation Agreement was signed with Gulf Cooperation Council Interconnection Authority (GCCIA) for providing technical services in areas of Operation and Maintenance of HVDC, Telecom, Grid Operations, Technical services, system planning and operation etc.. Further, an MoU was signed with International Finance Corporation (IFC), an extended arm of the World Bank, for extending co-operation between POWERGRID and IFC to identify and evaluate transmission projects for development and/or Own/Co-own transmission projects in Asian and African Continents by providing
financial and technical services to Project’s client.
SAARC Grid
POWERGRID has emerged as a strong player in South Asia and is playing an active role in formation of a strong SAARC grid for effective utilization of resources for mutual benefits. Presently, various electrical interconnections exist between India and Bhutan and India and Nepal and these are being further strengthened for substantial exchange of power across the borders. An asynchronous interconnection between India and Bangladesh is under implementation. Also, feasibility study for an under-sea interconnection between India and Sri Lanka is under finalization and 500MW Amritsar (India) - Lahore (Pakistan) HVDC link between India and Pakistan is under discussion.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic outlook
The growth of India’s Gross Domestic Product (GDP) moderated to 6.5% in FY 2011-12 as compared to 8.4% in both, FY 2009-10 and FY 2010-11. While overall global GDP growth has remained tepid, some of the reasons for the slowdown in India were due to weak industrial growth and overall deceleration in investments. The services sector, however, continued to be the key growth driver in the Indian economy, contributing close to 60% to the GDP. Inflationary pressures continued to be a concern for the economy. Despite a slowdown in growth over FY 2011-12, India remains among the front-runners.
Power Sector is at a crucial juncture of its evolution from a controlled environment to a competitive, market driven regime which endeavors to provide affordable, reliable and quality power at reasonable prices to all sectors of the economy. The pace of growth in industrial and commercial activities coupled with penetration of technology and I.T. in the day-to-day life of the common man, is expected to result in a high growth in power demand. Therefore, it is essential that Power Sector growth has to commensurate with the overall economic growth of the nation.
Sectoral outlook
The 11th Plan originally envisaged a capacity addition of 78,700 MW. During the mid-term appraisal carried out by the Planning Commission, the capacity addition target for the 11th Plan was revised to 62,374 MW.
POWERGRID - A
‘Navratna Public Sector Enterprise’ and ‘Central Transmission Utility’ of the
Country
POWERGRID is a ‘Navratna’ PSE since May, 2008, and this status provides POWERGRID the autonomy to undertake new transmission projects of any amount with the approval of its Board of Directors. POWERGRID is the declared “Central Transmission Utility” of the Country since 1998.
Growth in
Transmission Network:
POWERGRID has, till 31st March, 2012:
·
Established
Transmission Network of 92981 Circuit kms. of Extra High Voltage Transmission
Lines, 150 nos. of EHVAC and
HVDC substations. with a total transformation capacity of 124525 MVA.
·
Inter-regional
power transfer capacity of about 28,000 MW.
·
Maintained
the transmission system availability at 99.94% at par with the International
utilities.
· Carries about 50% of Generated Power Across Country.
POWERGRID’s
commitment towards furtherance of National Grid
During the year, the Company has added transmission network of 10,600 Circuit Kms. and 15 EHV AC Sub-stations and transformation capacity of more than 31000 MVA. The target and achievement of POWERGRID in project implementation during the year 2011-12 have been as under:
|
Works |
Target to achieve (Excellent rating as per MOU) |
Achievement |
Percentage |
|
Foundation (Nos.) |
15000 |
15448 |
103 |
|
Tower Erection (Nos.) |
14500 |
14502 |
100 |
|
Stringing (in cKms.) |
9500 |
8610 |
*91 |
|
Transmission Lines ready for
commissioning (in GW cKms.) |
6450 |
7927 |
123 |
|
Transformation Capacity addition
(MVA)/ ready for commissioning |
18000 |
30115 |
167 |
|
Inter-regional power transmission
capacity (MW) addition/ready for commissioning |
4200 |
5600 |
133 |
* Shortfall on account of RoW problem/delay in forest clearance.
The company has undertaken development of certain transmission lines with private parties, in public-private Joint Ventures. The detail in this regard has been provided later in the discussion. The commercial and operational performance and project implementation are enumerated in the Directors’ Report.
Financial Discussion
and Analysis
Comparison of Fiscal
2012 to Fiscal 2011
The company’s total income in Fiscal 2012 was ` 10785.01 crore, which represented an increase of 18.53% over the total income of ` 9098.75 crore in Fiscal 2011. In Fiscal 2012, transmission and transmission-related activities constituted 88.49% of their total income, with the balance coming from their consultancy, telecommunication business and other incomes.
Contingent Liabilities
|
Contingent
Liabilities |
|
(Rupees in Millions) |
|
Description |
31.03.2012 |
31.03.2011 |
|
Claims against the Company not acknowledged as debt in respect of |
|
|
|
Capital Works |
731.500 |
17809.200 |
|
Land Compensation cases |
17650.900 |
13288.700 |
|
Other Claims- |
117.200 |
529.200 |
|
Disputed Tax Matters- Income Tax/Sales Tax/Excise |
2578.600 |
1025.700 |
|
Others |
801.600 |
1059.800 |
|
Bank Guarantee given on behalf of Nagapttinam-Madhugiri Transmission Company Limited (wholly owned subsidiary of POWERGRID) towards performance of the work awarded |
450.000 |
- |
|
Total |
22329.800 |
33712.600 |
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2012
(Rs in Millions)
|
PARTICULARS |
Quarter ended on |
Nine Months ended on |
|
|
|
31.12.2012 |
30.09.2012 |
31.12,2012 |
|
|
(Un-audited) |
(Un-audited) |
(Un-audited) |
|
1- Income from Operations |
|
|
|
|
a)Transmission Income |
32376.500 |
29600.600 |
89713.200 |
|
b) Consultancy Income |
657.900 |
675.000 |
1936.800 |
|
c) Telecom Income |
582.300 |
582.100 |
1706.900 |
|
Total income from operations |
33616.700 |
30857.700 |
93356.900 |
|
2. Expenses |
|
|
|
|
a) Employee benefit expenses |
2244.400 |
2167.600 |
6648.500 |
|
b) Depreciation and amortisation expenses |
8653.700 |
8251.500 |
24470.300 |
|
c) Transmission, Administration and Other expenses |
2141.800 |
1997.500 |
6138.900 |
|
Total Expenses |
13039.900 |
12416.600 |
37257.700 |
|
3. Profit from Operations before other income, finance costs, prior period adjustments and exceptional items (1-2) |
20576.800 |
18441.100 |
56099.200 |
|
4. Other Income |
1285.500 |
1569.800 |
3775.500 |
|
5. Profit from ordinary activities before finance costs, prior period adjustments and exceptional items (3+4) |
21862.300 |
20010.900 |
59874.700 |
|
6- Finance costs |
|
|
|
|
a) Interest & Other Charges |
6848.200 |
6343.100 |
19292.600 |
|
b) Foreign Exchange Rate Variation (including adjustment to Borrowing Cost and net of amount recoverable from beneficiaries): Loss/(Gsin) |
_ |
(1047.600) |
(687.600) |
|
Total finance costs |
6848.200 |
5295.500 |
18605.000 |
|
7. Profit from ordinary activities after finance costs but before prior period adjustments and exceptional items (5-6) |
15014.100 |
14715.400 |
41269.700 |
|
8- Prior Period Adjustments : Expenses / (Income) |
6.200 |
(140.000) |
(130.300) |
|
9. Exceptional Items |
- |
- |
- |
|
10. Profit from ordinary activities before Tax(7-8-9) |
15007.900 |
14855.400 |
41400.000 |
|
11- Tax Expenses |
|
|
|
|
a) Current Tax (Minimum Alternate Tax) |
2907.000 |
2741.800 |
7855.800 |
|
b) Deferred Tax |
810.300 |
854.700 |
2293.600 |
|
Total Tax Expenses |
3717.300 |
3596.500 |
10149.400 |
|
12. Net Profit from ordinary activities after tax (10-11) |
11290.600 |
11258.900 |
31250.600 |
|
13. Extraordinary Items (net of tax expenses) |
- |
- |
- |
|
14. NetProfitfortheperiod[12-13) |
11290.600 |
11258.900 |
31250.600 |
|
15. Paid up Equity Share Capital (Face Value - ?10/- per share) |
46297.300 |
46297.300 |
46297.300 |
|
16. Reserves excluding Revaluation Reserve as per balance sheet |
|
|
|
|
" Earnings per
share (before extraordinary items)(not annuaiised) (?/Share of ?10 each
calculated on Profit after Tax) |
|
|
|
|
(a) Basic |
2.44 |
2.43 |
6.75 |
|
(b) Diluted |
2.44 |
2.43 |
6.75 |
|
18. Earnings per share
(after extraordinary items)|not annuaiised) (f/Share of ?10 each calculated
on Profit after Tax) |
|
|
|
|
(a) Basic |
2.44 |
2.43 |
6.75 |
|
(b) Diluted |
2.44 |
2.43 |
6.75 |
|
|
Quarter ended on |
Nine Months ended on |
||
|
|
PARTICULARS |
31.12.2012 (Un-audited) |
30.09.2012 (Un-audited) |
31.12.2012 (Un-audited) |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
- Number of shares |
1415701141 |
1415701141 |
1415701141 |
|
|
- Percentage of shareholding |
30.58 % |
30.58 % |
30.58 % |
|
2. |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
[a] Pledged/
Encumbered |
|
|
|
|
|
Number of Shares |
- |
- |
- |
|
|
Percentage of shares [as % of the total shareholding of promoter and promoter group) |
|
|
|
|
|
Percentage of shares jas % of the total share capital of the company) |
- |
- |
- |
|
|
(b) Non-encumbered |
|
|
|
|
|
Number of Shares |
3214024212 |
3214024212 |
3214024212 |
|
|
Percentage of shares (as% of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
Percentage of shares (as % of the total share capital of the company) |
69.42 % |
69.42 % |
69.42 % |
|
Particulars |
Quarter ended 31.12.2012 |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
137 |
|
|
Disposed of during the quarter |
169 |
|
|
Remaining unresolved at the end of the quarter |
18 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2012
(Rs. in Millions)
|
PARTICULARS |
Quarter ended on |
Nine Months ended on |
||
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
|
(Un-audited) |
(Un-audited) |
(Un-audited) |
|
A. |
Segment Revenue
including Other income |
|
||
|
|
- Transmission |
33123.000 |
30402.900 |
91691.800 |
|
|
- Consultancy |
665.600 |
677.500 |
1955.400 |
|
|
- Telecom |
615.200 |
611.400 |
1797.500 |
|
|
Total |
34403.800 |
31691.800 |
95444.700 |
|
|
Less: Inter Segment Revenue |
32.100 |
29.100 |
88.900 |
|
|
Total Revenue
including Other Income |
34371.700 |
31662.700 |
95355.800 |
|
|
|
|||
|
B. |
Segment Results |
|||
|
|
Profit Before
Interest and Tax |
|||
|
|
- Transmission |
20731.700 |
18801.700 |
56551.700 |
|
|
- Consultancy |
372.900 |
401.300 |
1095.200 |
|
|
- Telecom |
221.000 |
183.100 |
581.500 |
|
|
Total Profit Before
Interest and Tax |
21325.600 |
19386.100 |
58228.400 |
|
|
Less : |
|||
|
|
Unallocated interest and finance charges |
6848.200 |
5295.500 |
18605.000 |
|
|
Other unallocated expenditure net of unallocated income |
(530.500) |
(764.800) |
(1776.600) |
|
|
Profit before Tax |
15007.900 |
14855.400 |
41400.000 |
|
|
|
|||
|
C. |
Capital Employed (Segment Assets -Segment
Liabilitiies) |
|
||
|
|
- Transmission |
588595.900 |
565852.200 |
588595.900 |
|
|
- Consultancy |
(5095.400) |
(5196.600) |
(5095.400) |
|
|
-Telecom |
2499.100 |
3031.000 |
2499.100 |
|
|
Capital Employed in Segments |
585999.600 |
563686.600 |
585999.600 |
|
|
- Unallocated Assets Less Liabilities |
313287.600 |
289225.100 |
313287.600 |
|
|
Total |
899287.200 |
852911.700 |
899287.200 |
Notes:
1. Profit of Telecom segment has been increased by the amount of inter segment revenue with a corresponding decrease in profit of Transmission
2. The operations of the Company are mainly carried out within the country and therefore, geographical segments are not applicable.
3. Previous quarters' / nine months / year figures have been regrouped / rearranged wherever necessary.
Notes:
1. The Company has recognized transmission income during the quarter and nine months as per the following :
a) Rs.13636.800 Millions for the quarter (corresponding previous quarter Rs.3348.200 Millions) and Rs. 29704.600 Millions for the nine months (corresponding previous nine months Rs. 17700.300 Millions) for which provisional tariff orders have been issued by CERC allowing provisional billing of 85%-95% of the tariff claimed;
b) Rs.22052.900 Millions for the quarter (corresponding previous quarter Rs. 21161.600 Millions) and Rs 58569.200 Millions for the nine months (corresponding previous nine months Rs. 46162.700 Millions) for which final tariff orders have been issued by CERC.
c) Rs. 815.200 Millions for the nine months (corresponding previous nine months Rs. 1990.800 Millions) based on CERC Tariff norms applicable for the tariff block 2009-14 for which tariff orders are yet to be issued by CERC. Such transmission income for the quarter has reduced by Rs. 3475.900 Millions (corresponding previous quarter Rs. 1113.7000 Millions) as compared to such revenue recognized upto 30.09.2012.
d) Rs. 162.700 Millions for the quarter (corresponding previous quarter nil) and Rs. 624.200 Millions for the nine months (corresponding previous nine months nil) recognized provisionally as transmission income on account of Deferred Tax liability (Net) materialized and depicted as recoverable as permissible under CERC regulations.
2. Ministry of Corporate Affairs, Government of India through circular no 25/2012 dated 9th August 2012 has clarified that Para 6 of Accounting Standard (AS 11} and para 4(e) of AS 16 shall not apply to company which is applying para 46A of AS 11. Consequently exchange differences arising on settlement/translation of foreign currency loans to the extent regarded as an adjustment to interest cost as per para 4(e) of AS 16 and charged to the statement of profit and loss have now been adjusted in the cost of related assets. The change was effected in 2nd Quarter ending 30 September 2012 with effect from 01.04.2011. The change has resulted in increase in profit for the quarter and nine months ending 31 December 2012 by Rs. 225.300 Millions and Rs. 1247.100 Millions (including Rs. 687.600 Millions for FY 2011-12) respectively.
3. Out of the issue proceeds of FPO of Rs 37211.700 Millions, the Company has utilised the balance amount of Rs. 5000.000 Millions during the quarter (Rs. 37211.700 Millions cumulative upto 31.12.2012) as per the objects of the issue.
4. Interim dividend of Rs. 1.61 per share (face value Rs. 10/- each) for the financial year 201213 has been recommended by the Board of Directors in its meeting held on 12.02.2013.
5. The above results have been reviewed by the Audit Committee at its meeting held on 11.02.2013 and have been approved by the Board of Directors at its meeting held on 12.02.2013.
6. The above results have been reviewed by the Statutory Auditors as required under clause 41 of the listing agreements.
7. Previous quarters' / nine months / year figures have been regrouped / rearranged wherever necessary.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant
and Machinery
·
Construction
and Workshop equipment
·
Electrical
Installation
·
Vehicles
·
Furniture
Fixtures
·
Office
equipment
·
EDP/WP
Machines
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 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 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.54.88 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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.