MIRA INFORM REPORT
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Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
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Name : |
THE
TATA POWER COMPANY LIMITED |
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Registered Office : |
Bombay
House, 24, Homi Mody Street, Fort, Mumbai-400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
18.09.1919 |
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Com. Reg. No.: |
11-000567 |
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Capital Investment /
Paid-up Capital : |
Rs.
2373.300 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1919PLC000567 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00252A |
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Legal Form : |
A
Public Limited Liability Company. The Company's Shares are Listed on the
Stock Exchanges. |
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Line of Business : |
Generation,
Transmission and Bulk distribution of electrical energy. Energy in bulk is
supplied by the companies jointly to industries, distributing licensees and
local authorities in Mumbai and surrounding areas. |
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No. of Employees : |
351
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa
(81) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
430000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular
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Litigation : |
Clear
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Comments : |
Subject
is a Tata Group company. It is a well established and a reputed company
having fine track. Financial position of the company appears to be sound.
Fundamentals are strong and healthy. Trade relations are reported as
trustworthy. Business is active. Payments are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. It
can be regarded as a promising business partner in medium to long run. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
NCD Programme: AA |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
13.03.2013 |
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Rating Agency Name |
ICRA |
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Rating |
Short term debt : A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
13.03.2013 |
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 DENIED
Management
Non- Co-operative
LOCATIONS
|
Registered /
Correspondence Office : |
Bombay
House, 24, Homi Mody Street, Fort, Mumbai-400 001, Maharashtra, India |
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Tel. No.: |
91-22-66658282 |
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Fax No.: |
91-22-66658801/
66658867 |
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E-Mail : |
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Website : |
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Thermal Power Stations : |
i) Trombay Generating
Station, Mahul Road, Chembur, Mumbai, Maharashtra, India (ii) Jojobera Power
Plant, Jojobera, Jamshedpur, Jharkhand, India (iii) Belgaum Power
Plant, Plot Nos.1234 to 1240 and 1263 to 1297, KIADB, Kanbargi Industrial
Area, Auto Nagar, Belgaum, Karnataka, India (iv) Haldia Power Plant,
HFC COMPLEX, Patikhali, Haldia, East Medinipur, West Bengal, India (v) Mundra Ultra Mega
Power Plant, Tunda-Vandh Road, Village Tunda Village, Taluka Mundra, Kutchh
Gujarat, (Owned by Coastal Gujarat Power, Limited., a wholly owned subsidiary) vi) Maithon Right Bank
Thermal Power Plant Dambhui, PO Barbindia Thana Nirsa, District Dhanbad
Jharkhand (Owned by Maithon Power Limited., a subsidiary) |
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Hydro Generating Stations : |
i) Generating Station,
Bhira, P O Bhira, Taluka Mangaon, District Raigad, Maharashtra, India ii) Generating Station,
Bhivpuri, P O Bhivpuri Camp, Taluka Karjat, District Raigad, Maharashtra,
India iii) Generating Station,
Khopoli, P O Khopoli Power House, District Raigad, Maharashtra, India |
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Wind Farms : |
i) Village Shahjahanpur
and Pimpalgaon, Taluka Parner, District Ahmednagar, Maharashtra, India ii) Village Khandke,
Taluka and District Ahmednagar, Maharashtra, India iii) Taluka Sakri,
District Dhulia, Maharashtra, India (iv) Jamjodhpur, Sadodar,
Motapanch devda Samana, Jamnagar District, Gujarat, India (v) Hosur, Kanavi,
Mulgund, Shiroland Harti, Gadag District, Karnataka, India vi) Taluka – Sadawagapur,
District Satara, Maharashtra, India vii) Village Anikaduvu,
Mongilphuluvu and Illupunagaram Taluka Khatav, Taluka Madathukulam Tamil Nadu viii) Village Kannarwadi,
Hiwarwadi and Agaswadi Taluka Patan, District Satara ix) Village Sawarghar and
Niwade District Satara District Tripur |
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Transmission Division : |
Shil Road, Netivli,
Kalyan District Thane, Maharashtra, India |
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Distribution Division : |
Senapati Bapat Marg,
Lower Parel, Mumbai, Maharashtra, India |
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Solar Plants : |
1 .Mulshi (Khurd) Post
Male, Taluka Mulshi District Pune Maharashtra 2. c/o Tata Chemicals
Township, Plot B Survey No. 78, Mithapur District Jamnagar Gujarat Owned by
Tata Power Renewable Energy Limited., a wholly owned subsidiary) |
DIRECTORS
As
on : 31.03.2012
|
Name : |
Mr.
Ratan N. Tata |
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Designation : |
Chairman
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Name : |
Mr.
Anil Sardana |
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Designation : |
Managing
director |
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Name : |
Mr.
R. Gopalakrishnan |
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Designation : |
Director
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Name : |
Dr.
H. S. Vachha |
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Designation : |
Director
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Name : |
Mr.
A. J. Engineer |
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Designation : |
Director
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Qualification : |
B.E.
(Civil), C. Engg., FIE, AIIA |
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Date of Appointment : |
11.10.1984 |
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Name : |
Mr.
N H Mirza |
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Designation : |
Director
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Name : |
Mr.
D. M. Satwalekar |
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Designation : |
Director
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Name : |
Mr.
P. G. Mankad, IAS (Retired) |
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Designation : |
Director
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Name : |
Mr.
A.K. Basu |
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Designation : |
Director
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Name : |
Mr.
S. Ramakrishnan |
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Designation : |
Executive
Director (Finance) |
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Qualification : |
B.Tech.
(Mech), PG DBA |
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Date of Appointment : |
01/10/2004 |
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Previous Employment : |
Tata
Teleservices Limited (Managing Director) |
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Name : |
Mr.
S. Padmanabhan |
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Designation : |
Executive
Director |
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Name : |
Mr.
Thomas Mathew T |
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Designation : |
LIC
Nominee |
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Name : |
Mr.
C P Mistry |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr.
H M Mistry |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As
on : 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
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|
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|
769881050 |
33.52 |
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|
656240 |
0.03 |
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|
656240 |
0.03 |
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|
770537290 |
33.55 |
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Total shareholding of Promoter and Promoter Group (A) |
770537290 |
33.55 |
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(B) Public Shareholding |
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|
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|
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|
40865257 |
1.78 |
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|
9788071 |
0.43 |
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|
710488 |
0.03 |
|
|
512348016 |
22.31 |
|
|
582349744 |
25.36 |
|
|
22760 |
0.00 |
|
|
22760 |
0.00 |
|
|
1146084336 |
49.90 |
|
|
|
|
|
|
18540230 |
0.81 |
|
|
|
|
|
|
335247278 |
14.60 |
|
|
23632898 |
1.03 |
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|
2594608 |
0.11 |
|
|
2398870 |
0.10 |
|
|
10400 |
0.00 |
|
|
185338 |
0.01 |
|
|
380015014 |
16.55 |
|
Total Public shareholding (B) |
1526099350 |
66.45 |
|
Total (A)+(B) |
2296636640 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
76435720 |
0.00 |
|
|
76435720 |
0.00 |
|
Total (A)+(B)+(C) |
2373072360 |
0.00 |
Bodies Corporate
TrustsShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Names of Shareholders |
No. of Shares |
Percentage of holding |
|
Tata Sons Limited |
70,75,11,570 |
29.81 |
|
Tata Industries Limited |
1,96,80,000 |
0.83 |
|
Tata Steel Limited |
3,43,18,180 |
1.45 |
|
Tata Investment Corporation
Limited |
60,06,880 |
0.25 |
|
Ewart Investments Limited |
19,55,840 |
0.08 |
|
Sir Dorabji Tata Trust |
5,72,880 |
0.02 |
|
Chemical Terminal Trombay
Limited |
4,00,580 |
0.02 |
|
Sir Ratan Tata Trust |
70,160 |
0.00 |
|
J R D Tata Trust |
13,200 |
0.00 |
|
Sheba Properties Limited |
8,000 |
0.00 |
|
Total |
77,05,37,290 |
32.47 |
The term encumbrance has the same meaning as assigned to it in regulation
28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Names of Shareholders |
No. of Shares |
Percentage of holding |
|
Life
Insurance Corporation of India |
306052963 |
12.90 |
|
Matthews
Pacific Tiger Fund |
101027968 |
4.26 |
|
New
India Assurance Company Limited |
64026620 |
2.70 |
|
National
Westminster Bank PLC as depositary of first State Asia Pacific Leaders Fund a
sub Fund of First State Investment ICVC |
65097597 |
2.74 |
|
General
Insurance Corporation of India |
62120370 |
2.62 |
|
National
Westminster Bank PLC as depositary of first State Asia Pacific Leaders Fund a
sub Fund of First State Investment ICVC |
56762066 |
2.39 |
|
Aberdeen
Global Indian Equity Fund Mauritius Limited |
36200000 |
1.53 |
|
Total |
691287584 |
2913 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons (together with PAC) belonging to
the category “Public” and holding more than 5% of the total number of shares of
the company
|
Names of Shareholders |
No. of Shares |
Percentage of holding |
|
Life Insurance Corporation of India |
306052963 |
12.90 |
|
Total |
306052936 |
12.90 |
Details of Locked-in Shares
|
Names of Shareholders |
No. of Shares |
Percentage of holding |
|
NIL |
NIL |
NIL |
|
Total |
NIL |
NIL |
Details of Depository Receipts (DRs)
|
Names of Shareholders |
No. of Shares |
Percentage of holding |
|
GDR Held By Na |
1388800 |
0.06 |
|
The Bank Of New York |
75046920 |
3.16 |
|
Total |
76435720 |
3.22 |
Holding of Depository Receipts (DRs), where underlying shares held
by 'promoter / promoter group' are in excess of 1% of the total number of
shares.
Equity Share Break up (Percentage of Total Equity)
|
Names of Shareholders |
No. of Shares |
Percentage of holding |
|
NIl |
NIL |
NIL |
|
Total |
NIL |
NIL |
BUSINESS DETAILS
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Line of Business : |
Generation,
Transmission and Bulk distribution of electrical energy. Energy in bulk is
supplied by the companies jointly to industries, distributing licensees and
local authorities in Mumbai and surrounding areas. |
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Products : |
· Power · Electronic Products ·
Technical Services |
GENERAL INFORMATION
|
No. of Employees : |
351
(Approximately) |
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Bankers : |
· Citibank N.A. · HDFC Bank Limited. · ICICI Bank Limited. · IDBI Bank Limited. · Kotak Mahindra Bank
Limited. · Standard Chartered Bank
Limited. · State Bank of India |
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Facilities : |
Rs in Millions
NOTE : Cash
credit from Banks is secured against first pari passucharge on all Current
Assets including goods, book debts, receivables and other moveable Current
Assets of the Company. The Cash Credit is repayable on demand and carries
interest @ 11.10% to 12.85% p.a. Security (i)
The Debentures mentioned in (a) have been secured by a pari passucharge on
immovable properties at Takve Khurd of Taluka Mawal, District, Pune and
Sub-District Mawal and first pari passucharge on movable fixed assets
(excluding land and building) present and future except assets of all
windmill projects, present and future. (ii)
The Debentures mentioned in (b) have been secured by a first charge on the
assets of the wind farms situated at Samana and Gadag in Gujarat and
Karnataka. (iii)
The Debentures mentioned in (c) and (d) have been secured by a pari
passucharge on land in Village Takve Khurd (Maharashtra) and moveable and
immovable properties in and outside Maharashtra. (iv)
The Debentures mentioned in (e) have been secured by land in Village Takve
Khurd (Maharashtra), moveable and immovable properties in and outside
Maharashtra, as also all transmission stations/lines, receiving stations and
sub-stations in Maharashtra. (v)
The loans from HDFC Bank, ICICI Bank and IDBI Bank, mentioned in (f ), (g)
and (h) respectively have been secured by a pari passucharge on all moveable
Fixed Assets (excluding land and building), present and future (except assets
of all wind projects both present and future) including moveable machinery,
machinery spares, tools and accessories. (vi)
The loans from Asian Development Bank and Industrial Renewable Energy
Development Agency mentioned in (i) and (j) respectively have been secured by
a first charge on the tangible moveable properties, plant and machinery and
immovable properties situated at Khandke, Brahmanvel in Maharashtra. (vii)
The loans from Infrastructure Development Finance Limited mentioned in have
been secured by a charge on the moveable assets except assets of all windmill
projects present and future more particularly situated in Supa, Khandke,
Brahmanvel, Sadawaghapur, Gadag and Samana in Maharashtra, Karnataka and
Gujarat. (viii)The
loan from Export Import Bank of India mentioned in (l) has been secured by
receivables (present and future), book debts and outstanding monies. (ix)
The loan mentioned in (m) has been secured by hypothecation of specific
assets (vehicles) taken on finance lease. Redemption (i)
The Debentures mentioned in (a) above are redeemable at par in fourteen annual
instalments of Rs.160.000 Millions and one instalment of Rs.260.000 Millions
commencing from 18th September, 2011. (ii)
The Debentures mentioned in (b) above are redeemable at par in ten annual
instalments of Rs.250.000 Millions each and five annual instalments of Rs.20
Millions each commencing from 23rd July, 2011. (iii)
The Debentures mentioned in (c) and (d) are redeemable at par at the end of
10 years from the respective dates of allotment viz., 25th April, 2018 and
20th June, 2018. (iv)
The Debentures mentioned in (e) are redeemable at premium in three
instalments amounting to Rs.1800.000 Millions, Rs.2400.000 Millions and
Rs.1800.000 Millions at the end of 9th, 10th and 11th year respectively from
18th October, 2004. (v)
The loan from HDFC Bank mentioned in (f ) is redeemable at par in 36
quarterly instalments of Rs.75.000 Millions each commencing from 1st June,
2010 and 4 quarterly instalments of Rs.825.000 Millions each commencing from
30th June, 2020. (vi)
The loan from ICICI Bank mentioned in (g) is redeemable at par in 16
quarterly instalments of Rs.77.500 Millions each commencing from 31st
October, 2010, 4 quarterly instalments of Rs.50.000 Millions each commencing
from 31st October, 2014 and 4 quarterly instalments of Rs.15.000 Millions each
commencing from 31st October, 2015. (vii)
The loan from IDBI Bank of Rs.3000.000 Millions mentioned in (h) is
redeemable at par in 46 quarterly instalments of Rs.37.500 Millions each
commencing from 1st October, 2010 and one instalment of Rs.1275.000 Millions
on 1st April, 2022 and, The second loan from IDBI Bank of Rs.4000.000
Millions mentioned in (h) is redeemable at par in 36 quarterly instalments of
Rs.50.000 Millions commencing from 1st April, 2011 and one instalment of
Rs.2200.000 Millions on 1st April, 2020. (viii)The
loan from Asian Development Bank mentioned in (i) is redeemable at par in 26
semi-annual instalments commencing from 15th December, 2007. (ix)
The loan from Industrial Renewable Energy Development Agency of Rs.950.000
Millions mentioned in ( j) is redeemable at par in 26 semi-annual instalments
commencing from 15th December, 2007 and, The second loan from Industrial
Renewable Energy Development Agency of Rs.4500.000 Millions mentioned in (j)
is redeemable at par in 24 semi-annual instalments of Rs.146.300 Millions
each commencing from 30th June, 2012 and two semi-annual instalments of
Rs.495.000 Millions each commencing from 30th June, 2024. (x)
The loan from Infrastucture Development Finance Company Limited of
Rs.2500.000 Millions mentioned in (k) is redeemable at par in 36 quarterly
instalments of Rs.50.000 Millions each commencing from 15th November, 2010
and four instalments of Rs.175.000 Millions commencing from 15th
November, 2019 and, The second loan from Infrasturcture Development Finance
Company Limited of Rs.4500.000 Millions mentioned in (k) is redeemable at par
in 35 quarterly instalments of Rs.5.65 Millions each commencing from 1st
October, 2009 and one instalment of Rs.2522.500 Millions commencing from 15th
July, 2018 and, The third loan from Infrastructure Development Finance
Limited of Rs.1500.000 Millions mentioned in (k) is redeemable at par in 36
quarterly instalments of Rs.18.800 Millions commencing from 15th May, 2010
and 4 quarterly instalments of Rs.206.300 Millions commencing from 15th May,
2019 and, The fourth loan from Infrastucture Development Finance Company
Limited of Rs.8000.000 Millions mentioned in (k) is redeemable at par in 40
quarterly instalments of Rs.15.000 Millions commencing from 15th October, 2013
and 4 quarterly instalments of Rs.500.000 Millions from 15th October, 2023. (xi)
The loan from Export Import Bank of India mentioned in (l) is redeemable at
par in 19 semi-annual instalments of USD 372,200 each commencing from 29th
September, 2006. (xii)
8.50% Euro Notes mentioned in (n) above is repayable fully on 19th August,
2017. (xiii)The
loans from ICICI Bank mentioned in (p) is redeemable at par in 10 annual
instalments commencing from 1st April, 2012. (xiv)
Sales Tax Deferral mentioned in (q) above is repayable fully in 2018. |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Solicitors : |
Mulla
and Mulla and Craigie Blunt and Caroe |
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Joint Ventures : |
· Tubed Coal Mines Limited.
(TCML) · Mandakini Coal Company
Limited. (MCCL) · Tata BP Solar India
Limited. (TBSIL) · Dagachhu Hydro Power
Corporation Limited. (DHPCL) |
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Subsidiaries : |
· Af-Taab Investment
Company Limited. (AICL) · Chemical Terminal Trombay
Limited. (CTTL) · Tata Power Trading
Company Limited. (TPTCL) · Powerlinks Transmission
Limited. (PTL) · NELCO Limited. (NELCO) · Maithon Power Limited.
(MPL) · Industrial Energy
Limited. (IEL) · Tata Power Delhi
Distribution Limited. (TPDDL) (erstwhile North Delhi Power Limited.) · Coastal Gujarat Power
Limited. (CGPL) · Veltina Holdings Limited.
(VHL) (Upto 8th February, 2012) · Bhira Investments
Limited. (BIL) · Bhivpuri Investments
Limited. (BHIL) · Khopoli Investments
Limited. (KIL) · Trust Energy Resources
Pte. Limited. (TERL) · Energy Eastern Pte.
Limited. (EEL) · Industrial Power Utility
Limited. (IPUL) · Tatanet Services Limited.
(TNSL) · Tata Power Renewable
Energy Limited. (TPREL) (erstwhile Industrial Power Infrastructure Limited.) · Vantech Investments Limited.
(VIL) (Upto 25th November, 2011) · PT Sumber Energi Andalan
Tbk (SEA) (erstwhile PT Itamaraya
Tbk.) · Tata Power Green Energy
Limited. ** (TPGEL) · NDPL Infra Limited. (NDPLIL) (from 23rd August, 2011) · Dugar Hydro Power
Limited. (DHPL) (from 21st April, 2011) |
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|
Associates |
· Panatone Finvest Limited.
(PFL) · Tata Projects Limited.
(TPL) · Yashmun Engineers
Limited. (YEL) · Rujuvalika Investments
Limited. (RUIL) |
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Promoters holding together with its Subsidiary more than 20% : |
Tata Sons Limited, India |
CAPITAL STRUCTURE
As on : 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000000 |
Equity
Shares |
Rs.
1/- each |
Rs.
3000.000 Millions |
|
22900000 |
Equity
Shares |
Rs.
100/- each |
Rs.
2290.000 Millions |
|
|
Total |
|
Rs. 5290.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2429470840 |
Equity
Shares |
Rs.
1/- each |
Rs.
2429.500 Millions |
|
2373072360 |
Equity
Shares |
Rs.
1/- each |
Rs.
2373.100 Millions |
|
|
Less
: Calls in Arreas |
|
Rs.
0.400 Millions |
|
1652300 |
Add
: Equity shares forfeited - Amount paid |
|
Rs.
0.600 Millions |
|
|
Total |
|
Rs. 2373.300 Millions |
30,00,00,000 Equity Shares of Rs.10/- each were subdivided into
300,00,00,000 Equity Shares of Rs.1/- each during the year and accordingly the
number of shares disclosed are of Rs.1/- each
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
No. of
Shares |
Amount |
|
At the beginning and at the end of the
year. |
2374724660 |
2373.300 |
Terms/rights
attached to Equity Shares
The Company has issued only one class of Equity
Shares having a Par Value of Rs.1/- per share. Each holder of Equity Shares is
entitled to one vote per share. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting. During the year ended 31st March 2012, the amount of per share
dividend recognised as distribution to equity shareholders was Rs.1.25 per
share of Face Value of Rs.1/- each (31st March 2011- Rs.12.50 per share of Face
Value of Rs.10/- each) In the event of liquidation of the company, the holders
of Equity Shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of Equity Shares held by the Shareholders.
Details
of Shareholders holding more than 5% shares in the Company
|
Equity Shares |
No. of
Shares |
Amount |
|
Tata Sons Limited |
707511570 |
29.81 |
|
Life Insurance Corporation of India. |
311823233 |
13.14 |
In an earlier year, the Company issued 3,000 1.75%
Foreign Currency Convertible Bonds (FCCB) with Face Value of U.S. $ 100,000
each aggregating to U.S. $ 300 million. The bondholders have an option to
convert these Bonds into Equity Shares, at an initial conversion price of
Rs.145.6125 per share at a fixed rate of exchange on conversion of Rs.46.81 =
U.S. $ 1.00, at any time on and after 31st December, 2009, upto 11th
November, 2014. The conversion price is subject to adjustment in certain
circumstances. The FCCB may be redeemed, in whole but not in part, at the
option of the Company at any time on or after 20th November, 2011 subject to
satisfaction of
certain conditions. Unless previously converted,
redeemed or repurchased and cancelled, the FCCB fall due for redemption on 21st
November, 2014 at 109.47 percent of their principal amount together with
accrued and unpaid interest.
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2373.300 |
2373.300 |
|
(b) Reserves and Surplus |
|
105252.300 |
98014.100 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)Unsecured perpetual
securities |
|
15000.000 |
0.000 |
|
(4)Statutory reserves |
|
5972.300 |
6032.300 |
|
(5)Special appropriation
towards project cost. |
|
5336.100 |
5336.100 |
|
(6)Service line
contributions from consumers |
|
640.200 |
644.100 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
68750.500 |
60812.500 |
|
(b) Deferred tax liabilities (Net) |
|
4190.200 |
2150.500 |
|
(c) Other long term liabilities |
|
937.000 |
794.200 |
|
(d) long-term provisions |
|
4747.300 |
4842.600 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
7580.600 |
6830.600 |
|
(b) Trade payables |
|
10615.500 |
7395.700 |
|
(c) Other current liabilities |
|
15862.500 |
13297.700 |
|
(d) Short-term provisions |
|
3919.300 |
3529.300 |
|
TOTAL |
|
251177.100 |
212053.000 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
71542.100 |
57829.300 |
|
(ii) Intangible Assets |
|
185.900 |
0.100 |
|
(iii) Capital work-in-progress |
|
5853.700 |
10173.500 |
|
(iv) Intangible assets under development |
|
249.000 |
119.600 |
|
(b) Non-current Investments |
|
92085.400 |
78471.800 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
12309.500 |
27402.500 |
|
(e) Other Non-current assets |
|
18685.600 |
10380.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
5841.400 |
927.300 |
|
(b) Inventories |
|
8544.700 |
6250.200 |
|
(c) Trade receivables |
|
10033.700 |
8415.500 |
|
(d) Cash and cash equivalents |
|
10873.500 |
8372.900 |
|
(e) Short-term loans and advances |
|
13106.200 |
2563.900 |
|
(f) Other current assets |
|
1866.400 |
1146.200 |
|
TOTAL |
|
251177.100 |
212053.000 |
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1]
Share Capital |
|
|
2373.300 |
|
|
2]
Share Application Money |
|
|
0.000 |
|
|
3]
Reserves & Surplus |
|
|
97614.200 |
|
|
4]
(Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
99987.500 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
|
41053.800 |
|
|
2]
Unsecured Loans |
|
|
17666.300 |
|
|
TOTAL BORROWING |
|
|
58720.100 |
|
|
DEFERRED
TAX LIABILITIES |
|
|
2077.800 |
|
|
|
|
|
5336.100 |
|
|
|
|
|
914.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
167035.600 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
|
57527.400 |
|
|
Capital
work-in-progress |
|
|
4762.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
66886.200 |
|
|
DEFERRED
TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
5893.600
|
|
|
Sundry
Debtors |
|
|
19763.100
|
|
|
Cash
& Bank Balances |
|
|
12776.400
|
|
|
Other
Current Assets |
|
|
305.700
|
|
|
Loans
& Advances |
|
|
20803.800
|
|
Total
Current Assets |
|
|
59542.600
|
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry
Creditors |
|
|
7761.500
|
|
|
Other
Current Liabilities |
|
|
6895.500
|
|
|
Provisions |
|
|
7025.700
|
|
Total
Current Liabilities |
|
|
21682.700
|
|
|
Net Current Assets |
|
|
37859.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
167035.600 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
84958.400 |
69184.800 |
70982.700 |
|
|
|
Other
Income |
9834.600 |
4935.800 |
2815.800 |
|
|
|
TOTAL
(A) |
94793.000 |
74120.600 |
73798.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Power Purchased |
6475.300 |
7842.100 |
2516.900 |
|
|
|
Cost of Fuel |
46368.900 |
34856.400 |
40455.600 |
|
|
|
Employees
Benefits Expenses |
5126.500 |
3411.200 |
9224.100 |
|
|
|
Other
Expenses |
9141.400 |
7193.300 |
|
|
|
|
TOTAL
(B) |
67112.100 |
53303.000 |
52196.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27680.900 |
20817.600 |
21601.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
5148.700 |
4598.000 |
4229.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22532.200 |
16219.600 |
1737.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5703.500 |
5101.400 |
4779.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
16828.700 |
11118.200 |
12592.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5131.400 |
1703.300 |
3205.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-H) (I) |
11697.300 |
9414.900 |
9387.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2319.000 |
1645.400 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
2969.200 |
2969.200 |
2850.500 |
|
|
|
Dividend |
476.800 |
0.000 |
3.100 |
|
|
|
Additional income tax on dividend |
0.000 |
162.700 |
379.800 |
|
|
|
Transfer to debenture redemption reserve |
3107.900 |
249.200 |
597.700 |
|
|
|
Transfer to general reserve |
2500.000 |
4000.000 |
4000.000 |
|
|
BALANCE CARRIED TO THE
B/S |
1697.300 |
2319.000 |
1645.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Interest |
822.500 |
773.800 |
401.300 |
|
|
|
Export on FOB Basis |
88.300 |
48.800 |
12.900 |
|
|
|
Export of Services |
0.000 |
0.000 |
2.400 |
|
|
|
Sale of Investment |
0.000 |
0.000 |
0.000 |
|
|
|
Guarantee commission from Subsidiary |
75.000 |
10.200 |
10.300 |
|
|
|
Dividend |
5320.900 |
211.000 |
0.000 |
|
|
|
Others |
11.100 |
133.800 |
130.900 |
|
|
TOTAL EARNINGS |
6317.800 |
1177.600 |
557.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital
Goods |
2326.000 |
1361.900 |
2345.900 |
|
|
|
Components & Spare Parts |
590.000 |
191.900 |
184.500 |
|
|
|
Fuel |
20718.900 |
10168.300 |
12549.700 |
|
|
TOTAL IMPORTS |
23634.900 |
11722.100 |
15080.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
|
|
|
|
|
|
Basic |
45.30 |
40.80 |
40.77 |
|
|
|
Diluted |
45.30 |
39.60 |
38.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
31.12.2012 3rd
Quarter |
31.03.2013 4th
Quarter |
|
Net Sales |
22841.000 |
25198.000 |
25491.100 |
22142.700 |
|
Total Expenditure |
19081.500 |
20011.800 |
20226.800 |
16644.400 |
|
PBIDT (Excl OI) |
3759.500 |
5186.200 |
5264.300 |
5498.300 |
|
Other Income |
3455.900 |
2055.400 |
739.000 |
1498.700 |
|
Operating Profit |
7215.400 |
7241.600 |
6003.300 |
6997.000 |
|
Interest |
1386.000 |
1642.700 |
1788.400 |
1965.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
5829.400 |
5598.900 |
4214.900 |
5031.600 |
|
Depreciation |
1548.000 |
1556.100 |
1281.100 |
(744.200) |
|
Profit Before Tax |
4281.400 |
4042.800 |
2933.800 |
5775.800 |
|
Tax |
1158.400 |
1083.000 |
770.000 |
3775.500 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
3123.000 |
2959.800 |
2163.800 |
2000.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3123.000 |
2959.800 |
2163.800 |
2000.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT
/ Total Income |
(%) |
12.34
|
12.70 |
12.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.81
|
16.07 |
17.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.99
|
9.02 |
1.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.71
|
0.67 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
0.89 |
2.75 |
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 |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
DETAILS OF CREDITORS :
Rs. in
Millions
|
Particulars |
As on
31.03.2012 |
As on
31.03.2011 |
As on
31.03.2010 |
|
Trade
Payables |
10615.500 |
7395.700 |
7761.500 |
|
Total |
10615.500 |
7395.700 |
7761.500 |
UNSECURED LOAN :
Rs. in
Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Bonds |
|
|
|
8.50% Euro Notes (2017). |
3048.700 |
2661.000 |
|
1.75% Foreign Currency
Convertible Bonds (2014) |
15357.000 |
13404.000 |
|
Term Loans from Banks |
|
|
|
ICICI Bank. |
203.000 |
290.000 |
|
Deferred payment liabilities |
|
|
|
Sales Tax Deferral (2018 |
835.800 |
835.800 |
|
From Banks |
|
|
|
Buyer's line of Credit |
7323.200 |
3989.000 |
|
From others |
|
|
|
Inter Corporate Deposit |
50.700 |
50.700 |
|
Total |
26818.400 |
21230.500 |
Note :
Buyer's
line of Credit is secured against first pari passucharges on all Current Assets
including goods, book debts, receivables and other moveable Current Assets of
the Company.
FINANCIAL RESULTS :
Standalone results
During the year, the Company reported a Profit after
Tax (PAT ) of Rs.11697.300 Millions, as against Rs. 9414.900 Millions for the
previous year. The Operating Revenue was higher at Rs.84958.400 Millions, as
against Rs. 69184.800 Millions, an increase of 23%. Operating Revenue was
higher mainly on account of higher fuel cost. The Operating Profit was higher
by 12% due to improved operational performance in Mumbai Operations.
Other Income was higher at Rs.983.46 Millions, as
against Rs. 4935.800 Millions in the previous year, a growth of 99%. This was
due to higher dividend income from coal companies, forex gains (as the Company
adopted the option given in para 46A of AS-11 in the notification issued by
Ministry of Company Affairs) and higher treasury income.
Earnings per share (basic) was at Rs.4.53 as against
Rs.4.08 in the previous year
NEW
GENERATION PROJECTS :
1.
Coastal Gujarat Power Limited (CGPL)
CGPL, the Company’s wholly owned subsidiary, is
implementing the 4,000 MW (800 x 5 units) Ultra Mega Power Project (UMPP) at
Mundra in Gujarat. The project, estimated to cost about Rs. 0.018 Millions, is
progressing as per schedule. The cumulative progress till the end of March 2012
was approximately 95% with total capital commitments of 100% of total equipment
ordering and a total actual expenditure of over Rs.0.016 Millions. All major
civil, structural, mechanical, electrical and control and instrumentation work
is complete and about 6,500 direct and indirect workmen are deployed at the
site. Commissioning activities are in full swing in Units 2 to 5, while Unit 1
of 800 MW is in operation.
The turbine erection for other four units is
complete and boiler light-up for Units 2, 3 and 4 has been successfully
completed. Unit 2 will be synchronized shortly. Unit 3 steam blowing is
expected to start in May 2012. The last boiler i.e. Unit 5 boiler is expected
to light up in second quarter of FY13. The Power Evacuation System which is
being implemented by Power Grid Corporation of India Limited (PGCIL) is nearing
completion with 2 out of 3 double circuit lines commissioned. The third and
last evacuation line is expected to be commissioned during first quarter of
FY13.
The Company has continued its emphasis on safety,
through programs, education and sensitization of workers and supervisors with
the help of an NGO.
2.
Kalinganagar, Odisha: 652.5 MW [3 x 67.5 MW (Gas based) + 3 x 150 MW (Coal and
gas based)]
Both the projects are being executed through
Industrial Energy Limited (IEL), a JV of the Company (74%) with Tata Steel
Limited (26%). This plant is being set up to cater to the power requirements
for a 6 MTPA steel plant for Tata Steel at Kalinganagar in Jajpur district of
Odisha.
CPP1
202.5 MW (3 x 67.5 MW): Order recommendations for Engineering,
Procurement and Commissioning, Steam Generator (SG), Steam Turbine Generator
(STG) and General Civil Works (GCW) packages have been placed on vendors. The
project is progressing as per schedule.
CPP2
450 MW (3 x 150 MW ): Applications for ‘Consent to Establish’ and
‘Aviation Clearance’ have been submitted. Application for long term linkage for
2.3 MTPA has been submitted to Ministry of Coal (MoC), Ministry of Power (MoP)
and Central Electricity Authority (CEA). Recommendation from CEA has been sent
to MoP and MoC. As an option, use of middlings, tailings from Tata Steel,
e-auctioned coal and imported coal is being worked out. Signing of MoU between
IEL and Tata Steel Limited for supply of coal is being pursued. The technical
specifications for various packages are under finalization.
3.
Dagachhu Hydroelectric Power Project, Bhutan
The 126 MW (2 x 63 MW) Dagachhu project is being
implemented by Dagachhu Hydro Power Corporation Limited (a JV of the Company
[26%], Druk Green Power Corporation Limited [59%] and National Pension and
Provident Fund of Bhutan [15%]) in Bhutan. The civil works are being executed
by M/s. Hindustan Construction Company Limited, India. More than 37% of
concreting at weir has been completed and for desilter, more than 62% of
concreting has been completed. The excavation of connection tunnel has been
completed and the tunnel lining is in progress. For head race tunnel, more than
47% of tunnel excavation has been completed. Cumulatively around 6.2 kilometres
tunnelling has been completed and tunnel lining works have also commenced.
4.
Renewable Energy Projects
Wind
Power
The Company is developing wind power projects of
over 150 MW in India, of which 80 MW is proposed to be commissioned during FY13
across Maharashtra (50 MW) and Rajasthan (30 MW). The Company’s new JV Cennergi
(Pty) Limited has also been selected as a preferred bidder for two wind power
projects totalling 234 MW in South Africa.
Solar
Power
The Company is in the process of acquiring suitable
land parcels in the states of Maharashtra, Rajasthan, Gujarat and Karnataka to
develop solar projects. The Company through Cennergi, is also evaluating
development of solar project in South Africa. 25 MW solar project at Mithapur
was successfully commissioned and Commercial Operation Date (COD) was achieved
on 25th January, 2012.
PROJECTS
UNDER PLANNING – INDIA
1
Coastal Maharashtra Project
During the year, the Company has made further
progress in the Coastal Maharashtra project at Dehrand, Maharashtra.
Resettlement and Rehabilitation (RandR) agreement has been signed with
Government of Maharashtra (GoM) in July 2011. The project has all the statutory
clearances for its commencement.
Land acquisition by Maharashtra Industrial
Development Corporation Limited (MIDC) as per Maharashtra Industrial
Development (MID) Act continued during the year. About 70% (692 out of 993
acres) of private land has been acquired so far. Well structured Community
Relations (CR) activities are in place and are being implemented in the
villages covered for the project.
While the Company is progressing well with the land
acquisition, economic options for coal sourcing and logistics are under
evaluation
2.
Tiruldih Power Project, Jharkhand
The process of land acquisition for the 1,980 MW (3
x 660 MW ) project has achieved significant progress. More than 300 acres of
private land has been registered in the name of the Company. The entire land
acquisition process is defined to be completed by March 2013. The Company has
successfully extended MoU with the Government of Jharkhand (GoJ) which is valid
for 3 years. Water allocation of 62 cusecs for the project is expected shortly.
3.
Dugar Hydroelectric JV Project
The consortium of the Company and SN Power Singapore
Pte. Limited (SN Power), a subsidiary of Statkraft, Norway, was awarded the
Dugar hydroelectric project through a competitive bidding process carried out
by the Government of Himachal Pradesh (GoHP). The project is being developed
through a Special Purpose Vehicle (SPV), Dugar Hydro Power Limited (DHPL). DHPL
is a JV between the Company (50% + 1 share) and SN Power (50% - 1 share).
4.
Dugar Hydroelectric JV Project
The consortium of the Company and SN Power Singapore
Pte. Limited (SN Power), a subsidiary of Statkraft, Norway, was awarded the
Dugar hydroelectric project through a competitive bidding process carried out
by the Government of Himachal Pradesh (GoHP). The project is being developed
through a Special Purpose Vehicle (SPV), Dugar Hydro Power Limited (DHPL). DHPL
is a JV between the Company (50% + 1 share) and SN Power (50% - 1 share).
5.
Naraj Marthapur Project, Odisha
The major clearances for the 660 MW Naraj Marthapur
project have been obtained. The environmental clearance has been granted by MoEF,
subject to clearance from National Board of Wild Life for which the process is
on. Proposal for using clean technology is also under discussion for Naraj
Marthapur project.
PROJECTS
UNDER PLANNING – INTERNATIONAL
In spite of robust growth in domestic power demand,
multiple constraints across the entire value chain have made
growth in the country very challenging. Thus, the
Company has decided to venture in international markets that offer a greater
potential for growth with the strategic intent of maximizing returns and
minimizing risks.
1.
Sorik Marapi Geothermal Project - Indonesia
The consortium of the Company, Origin Energy Limited
(Origin) and PT. Supraco Indonesia (Supraco) won the Sorik Marapi geothermal concession
in a competitive bid process on 2nd September, 2010. The project is in the
exploration phase. Detailed geosciences studies (geological, geochemical and
geophysical) have been completed. The preliminary resources assessment report
is positive. Exploratory drilling is expected to commence in Q4 FY13.
Sufficient progress is being made in infrastructure planning and development
required to carry out the exploratory drilling (like issuance of various
permits, land lease/acquisition etc). There has been good engagement with the
local community in the Sorik Marapi area through numerous activities led by
SMGP’s Community Relations. The exploration phase of the project is expected to
end in September 2013.
2
African Power Business - Cennergi
The Company has formed a 50:50 JV with Exxaro
Resources Limited, the second largest coal producer in South Africa. Cennergi,
the JV company, would develop power generation projects in South Africa,
Botswana, Namibia and other African countries. This company plans to initially
develop renewable energy projects and thereafter, coal fired and hydro power
plants in the countries of interest. Cennergi was declared successful in two
wind projects which were bid in April 2012, aggregating to 234 MW.
The Company is actively pursuing business
opportunities in other countries as well and hopes to increase its global
footprint in the coming years.
KEY
SUBSIDIARIES :
1.
Coastal Gujarat Power Limited
CGPL, the Company’s wholly owned subsidiary, is
implementing the 4,000 MW (800 x 5 units) UMPP at Mundra in Gujarat. The
project, estimated to cost Rs. 0.018 Millions, is progressing as per schedule.
While Unit 1 is under operation, Commissioning activities are in full swing in
Units 2 to 5.
Recent changes in Indonesian coal price regulations
have resulted in an increase in price of Mundra UMPP’s coal off-take
arrangements with Indonesian coal companies. In addition to this, there is an
unprecedented increase in global coal prices as compared to the year 2006, when
the Company had bid for Mundra UMPP. As per the existing Power Purchase
Agreement (PPA), there is only a partial pass through of increase in coal
price, which is leading to an additional financial burden. The Company is of
the view that this is an industry wide issue and not specific to Mundra UMPP
alone.
The issue is being represented to the government of
the procuring states and the Central Government in different
forums and through different industry associations.
The Company is hopeful of fruitful resolution of the issue. Given the
circumstances, as a part of its sponsor support obligation to the project
leaders, Tata Power has offered to transfer 75% of the dividend flow of coal
SPV (which holds the ownership of 30% equity investment in two coal mines in
Indonesia) to CGPL or any other alternate structure/method to support the debt
service. The Company is in discussions with lenders to formalize a suitable
structure as part of sponsor support obligation. CGPL, in its endeavour to
become ‘Neighbour of Choice’, continues to take initiatives for the local
community in the area of livelihood and income generation, education and health
as part of its community relationship programme. This is
done by continuously engaging with local communities
and by partnering with government agencies.
2.
Industrial Energy Limited (IEL)
IEL commenced operations in May 2009. The 120 MW
coal based Unit 5 was commissioned in FY11 in Jojobera in the existing location
of Units 1 to 4. It is also operating a 120 MW co-generation plant (Power House
6) in Jamshedpur inside the Tata Steel plant. The Company is progressing to
execute a 652.5 MW thermal project in Kalinganagar, Odisha. This plant would
meet the power requirement for Tata Steel Limited. During FY12, IEL earned
revenue of Rs.4337.000 Millions (as against previous year revenue of Rs.125.5
Millions) and a PAT of Rs.78.0 Millions (as against previous year PAT of
Rs.24.9 Millions). The increase in revenue is due to commissioning of 120 MW
Unit 6
3.
Maithon Power Limited (MPL)
MPL, a JV between the Company (74%) and Damodar
Valley Corporation (DVC) (24%), has set up a 1,050 MW (2 x 525 MW ) power plant
at Maithon in Jharkhand. The Company is rendering project management and OandM
services to MPL.
Unit 1 COD
was declared on 1 st September, 2011 with power sale commencing from first day
of operation. The power has been tied up in a long term PPA with DVC and a
medium term PPA with Tata Power Trading Company Limited (TPTCL). The
provisional tariff order for its power sale to DVC has been determined by
Central Electricity Regulatory Commission (CERC) in November 2011 till 31st
March, 2012. Power sale to TPTCL, which has back to back PPAs with Tata Power
Delhi Distribution Limited ( TPDDL) and BSES Rajdhani Power Limited (BRPL), was
guided by the terms of the respective PPAs.
Unit 2 achieved full load on primary fuel on 23rd
March, 2012. Final testing of all the systems is under progress. Unit 2 is
planned to be declared commercially operational in H1 FY13.
MPL has obtained necessary approvals for additional
funding requirements for the increase in project cost. The Company has infused
equity of Rs.987.84 Millions and the debt drawn by MPL is Rs. 29984.600
Millions
MPL is also planning to expand by adding another
1,320 MW capacity consisting of two units of 660 MW each, adjacent to the
ongoing 1,050 MW (2 x 525 MW) power plant. Adequate land and water resources
are already in place. Application for environment clearance has been made and
coal linkage by way of tie up with DVC is being worked out
4.
Powerlinks Transmission Limited (PTL)
Power Project in Bhutan and surplus power from the
Eastern/North-Eastern region of India through its transmission lines between
Siliguri (West Bengal) and Mandaula (Uttar Pradesh), spanning a distance of
1,166 kilometres. The availability of transmission line was maintained at
99.66% for Eastern Region in FY12 (previous year availability: 98.62%) and
99.85% for Northern Region (previous year availability: 99.78%), as against the
minimum stipulated availability of 98%. During FY12, PTL has earned revenues of
Rs.2816.300 Millions (as against previous year revenues of Rs.2884.100
Millions) and a PAT of Rs.1123.500 Millions (as against previous year PAT of
Rs.1056.800 Millions). PTL has paid interim dividend of Rs.1.25 per share
(previous year interim dividend was Rs.1.4 per share) and recommended final
dividend of Rs.0.65 per share for FY12 (previous year final dividend was
Rs.0.70 per share).
5.
Tata Power Delhi Distribution Limited ( TPDDL)
TPDDL (formerly North Delhi Power Limited) is a
subsidiary of the Company (51% share) with balance shares held by Delhi Power
Company Limited, a Government of Delhi undertaking. TPDDL is engaged in
distribution of electricity in North and North-West Delhi and services around
1.3 million consumers spread over 510 square kilometres. The peak load in this
area is about 1,400 MW, with energy consumption of over 7,500 MUs. In FY12,
TPDDL has earned revenues from operations aggregating to Rs.5,3388.800
Millions, a growth of about 30% over the previous year (Rs.41190.200 Millions).
The Company earned PAT of Rs.3386.500 Millions in FY12 compared to Rs.258.18
Millions in FY11, reflecting an increase of around 31% over the previous year.
The tariff order for FY12 released by Delhi
Electricity Regulatory Commission (DERC) in August 2011 was made effective from
September 2011. However, the tariffs fixed by DERC for FY12 are not fully cost
reflective. In FY12, TPDDL billed its consumers at rates which factored a power
purchase cost of Rs.4.06 per unit (plus fuel price adjustment surcharge)
against an actual cost of Rs.5.29 per unit. In FY11, power purchase cost of
Rs.2.63 per unit was considered as against actual cost of Rs.4.26 per unit. The
gap in cost recovery in FY11 was because tariff fixed for FY10 continued in
FY11. This was due to the stay order of Delhi High Court for release of tariff
order for FY11 on a PIL filed before it.
The DERC, in its last tariff order, has stated that
it shall endeavour to recover the past revenue gaps and unrecovered revenue gap
for FY12 in the course of forthcoming Multi Year Tariff (MYT) Period
(FY13-FY15). The DERC has also issued a letter reiterating the above and
confirming that it shall allow carrying cost on the unrecovered revenue gap. Tariff
determination process for FY12-FY13 is presently underway. Therefore, TPDDL’s
current year revenues include Rs.17816.300 Millions (previous year Rs.1,156.43
Millions) as income recoverable from future tariff. During FY12, TPDDL was
bestowed the ‘Asian Power Utility of the Year Award’ for 2011, by Asian Power
Awards, Singapore for the fifth year in succession, ‘Utility of the Year’ by
India Power Awards, ‘Best Performing Utility (Urban)’ by Enertia Awards and the
‘Safety Innovation Award’ by the Institute of Engineers (India)
6.
Tata Power Trading Company Limited ( TPTCL)
TPTCL is in the business of power trading since June
2004 and is the first company in India to receive a power trading license from
CERC.
TPTCL transacted 5,583 MUs during the year as
compared to 4,354 MUs in the previous year and has shown a CAGR of 36% over the
past 5 years. It was ranked the third largest trader with a market share of 10%
in FY12. The gross revenue for FY12 was Rs.19267.000 Millions as compared to
Rs.1,932.05 Millions in the previous year. The PAT increased by 52.78% to
Rs.14.05 Millions, as against Rs.9.15 Millions in the previous year.
Electricity traded in the short term power market has gradually increased to
nearly 7% of the generation, of which close to 5% is via bilateral trading and
the balance 2% is through power exchanges. TPTCL has also diversified its
supply sources by entering into long term power purchase contracts with various
power developers for sale of their power in the long term as well as in the
merchant market.
7.
Trust Energy Resources Pte. Limited ( Trust Energy)
Trust Energy, a wholly-owned subsidiary of the
Company, was set up in 2008 to manage overseas fuel logistics and coal
sourcing, thereby achieving vertical integration in order to support the
Company’s growing power business. Trust Energy (along with Energy Eastern Pte.
Limited [EEPL], a wholly-owned subsidiary of CGPL) has organized a fleet of
five cape size vessels. EEPL has entered into long-term charters for three cape
size vessels. The ships have started their commercial operations and are
expected to be fully deployed to service the needs of Mundra UMPP, after 2013.
Currently, the fleet is chartered out in the open market. Trust Energy has been
awarded the prestigious Approved International Shipping (AIS) scheme from the
Government of Singapore, which provides a zero tax incentive, for its shipping
income.
8.
Tata Power Renewable Energy Limited ( TPREL)
TPREL is in the business of setting up renewable
power projects based on hydro power (< 25 MW ), wind, solar and biomass.
TPREL has commissioned its first 25 MW Solar Power Project at Mithapur in
January 2012. TPREL is developing more solar power projects in Maharashtra, Rajasthan,
Gujarat and other states and has placed orders for 150 MW wind projects to be
set up in Maharashtra and Rajasthan. TPREL is seeking organic and inorganic
growth opportunities with the goal of building a robust portfolio of renewable
energy capacity.
9.
NELCO Limited (NELCO)
NELCO, established in 1940, is listed on Bombay
Stock Exchange Limited (BSE) and National Stock Exchange of India Limited
(NSE). The Company, along with its subsidiary, holds 50.10% stake in NELCO.
NELCO’s Integrated Security and Surveillance Solutions business (ISSS) has been
active in providing integrated security and surveillance solutions in the
defence sector, government bodies (e.g. Indian Railways) and other industries.
It also provides solutions in the field of meteorology and has prestigious
contracts from important organizations like Indian Air Force (IAF) and Indian
Meteorology Department (IMD). NELCO is also a leading VSAT service provider in
the country catering to a large segment of the market. It has a major presence
in the BFSI, Education, Telecom and Oil and Gas sectors due to its innovative
solutions. It offers various solutions on the VSAT network which enables
internet access, bandwidth on demand, IP multicasting and digital streaming. It
has the satellite earth station at Mahape, Navi Mumbai and the same is
augmented continuously to keep it current with the latest technology. It
currently has around 25,000 VSATs deployed across the country.
NELCO has also started offering Managed Services
around Managed Data Center Hosting services, Managed Network services, Remote
Infrastructure Monitoring services, Application Performance Monitoring to add
on to its basic services offering of VSAT communication. Tatanet Services
Limited ( Tatanet), a subsidiary of NELCO, holds the requisite licenses for
providing the shared hub VSAT services. During the 12 months period ended 31st
March, 2012, NELCO has posted a total income of Rs.123.09 Millions and net loss
of Rs.12.75 Millions.
10.
Af-Taab Investment Company Limited (Af-Taab)
Af-Taab is a wholly owned investment subsidiary of
the Company. During FY12, Af-Taab earned an operating income of Rs.8.80
Millions and PAT of Rs.50.700 Millions, as against Rs.2066.500 Millions and
Rs.1630.800 Millions respectively in FY11.
11.
Chemical Terminal Trombay Limited (CTTL)
CTTL is a wholly owned subsidiary of the Company
offering bulk storage facility of liquid chemicals and petroleum products. CTTL
is also in the business of supplementing services for coal handling operations
and fly ash disposal management at Trombay generating station. During FY12,
CTTL earned an operating income of Rs.191.500 Millions and PAT of Rs.52.300
Millions, as against Rs.133.800 Millions and PAT of Rs.34.400 Millions
respectively in FY11.
12.Tata
BP Solar India Limited ( Tata BP Solar)
Tata BP Solar, a JV between the Company (49%) and BP
Alternative Energy Holdings Limited (BP) (51%), is a manufacturer of solar
cells and modules. On 27th December, 2011, the Company signed Share
Purchase Agreement with BP to purchase its 51% equity in the company, on
completion of which, the Company will have full ownership. In FY12, its
production of solar cells was 22,538 KW as against 54,482 KW in FY11 and the
production of solar modules was 55,977 KW as against 75,194 KW in FY11. During
the year, the turnover of the Company was better by 3% to Rs.9305.400 Millions
(FY11 Rs.905.93 Millions). Total solar market in FY12 grew to about 700-800 MW
from 80-100 MW in the previous year. The market is currently highly competitive
and fragmented among different companies.
CORPORATE
SERVICES
Financing
:
The Company has issued perpetual debentures
amounting to Rs.0.001 Millions in June, 2011.The key features are that these
debentures are perpetual in nature with no fixed maturity or redemption and are
callable only at the option of the Company at the end of the 10th
year and annually thereafter. The coupon (which may be deferred at the
Company’s option, subject to certain conditions being met) on the debentures is
set at 11.4% p.a., with a step up of 100 bps if the debentures are not called
after 10 years. These debentures rank senior only to share capital of the
Company.
The Company arranged a long term loan of Rs.800.000
Millions from Infrastructure Development Finance Company Limited (IDFC) for
funding the capital expenditure requirements of its Mumbai Operations. This
loan carries an interest rate of 1.20% p.a. spread over and above 1 year IDFC
benchmark rate prevailing on date of each disbursement. Of this, the Company
has availed Rs.378 Millions at an average cost of 11.20% p.a. in FY12.
TPREL tied up the debt requirement of Rs.2550.000
Millions through a consortium of domestic lenders consisting of State Bank of
India and Export-Import Bank of India, at an interest rate of 11.25% p.a. (SBI
base rate plus 125 bps) with an interest reset at the end of every 12 months.
MANAGEMENT
DISCUSSION AND ANALYSIS :
INDUSTRY STRUCTURE AND DEVELOPMENTS
Global
Energy Demand
Surging demand
is posing governments and companies world-wide the challenge of increasing
energy supplies commensurately. Electricity being the most convenient form of
energy is expected to have a rising share of delivered energy, moving from the
current 17% to 20% by 2030'. Meeting such a growth in demand is a complex
challenge in this sector, given the need to strike a balance between energy
security and sustainability.
The
requirement for energy is predicted to double in the first half of this
century, given the growing population (~7 billion today to 9 billion by 2050}
and rising living standards. Further, by 2030r world demand for
energy is expected to grow by approximately 33% over the current demand. Asia
is predicted to account for 60% of this growth. On the other hand, OECD
countries are projected to constitute only about 10% of the demand growth2.
The rate of growth in demand is expected to be very high in growing economies
like China, India, Africa and South America. In absolute terms, demand growth
is expected to be highest in China, followed by North America, India and the
Middle East. India's per capita energy consumption today is among the lowest in
the world, but is expected to be around the present levels of Japan by 203O1.
The key factors shaping the sector
going forward will be government policies, climate, energy security and
innovation. The growth in the sector will be driven by:
I)
Availability of reliable and cost effective energy
resources/fuel;
i) Development of new delivery models
like decentralized generation;
ii) Availability of competitive
capital and funds;
iv) Up-skilling and recruitment of
manpower to prevent a severe shortage of human capital in this fast expanding
industry;
v) Planned development of
infrastructure.
2
Global Energy Supply
Based on current consumption levels, global fossil fuel
reserves are projected to last less than a century. USA and China have the
highest share of primary energy consumption, but relatively lower number of
years of reserves (Chart I)4. Russia has sizeable energy consumption
and also has one of the largest reserves in the world. Saudi Arabia, South
Africa and Australia are the other regions with large reserves but low domestic
consumption and hence, can play a major role in the global trade of energy.
Oil:
Oil is the most widely traded commodity primarily
because of its ease of handling and usage. Oil exports are largely controlled
by countries of the Middle East, Russia, Venezuela and Nigeria. The major oil
importers are the USA, Western Europe, China, India, Japan and Korea. Oil
prices have reached one of their highest annual averages in the recent times.
Increasing cost of oil production, falling reserves and increasing demand are
likely to push oil prices further upwards
.
Gas:
Volume of gas as a traded commodity is fast
increasing, facilitated by improving Liquefied Natural Gas (LNG)
infrastructure. The major gas consumers are the USA, Western Europe and Japan,
while the main suppliers are Russia and countries in the Middle East. The
discovery of shale gas in North America and China could change the gas supply
scenario. It could potentially lead to a drop in demand for LNG. The resulting
stranded LNGN capacity could result in lower gas prices The shale gas
revolution has now started to spread from North America to other parts of the
world.
Coal:
Seaborne coal trade accounts for ~16% of the total
coal consumption worldwide. The main importers of coal are
Japan,China, India, Western Europe and Korea. The
main suppliers are Indonesia, Australia, South Africa, Russia, USA and
Colombia. Growing demand for energy in China and India, compounded by
bottlenecks of domestic coal availability in India is expected to drive global
demand for coal in the near term. there have been several regulatory changes among
coal supplying countries across the world in the past year Indonesia, the top
exporter of world’s thermal coal has brought in regulations obligating sale of
coal at government announced monthly benchmark prices. All existing supply
agreements with Indonesian mining firms were brought in line with the new
benchmark prices since September 2011, impacting cost of coal used by all
existing and future coal based power plants.
Nuclear:
The future of the nuclear sector has become
uncertain after the accident at Fukushima. Nuclear energy contributed 30% of
Japan’s electricity supply, before Japan enforced a complete shutdown of all of
its fifty strong reactor fleet in May 2012. Germany had also accelerated its
nuclear shutdown plans from 2036 to 2022 due to safety concerns. It has already
shutdown eight of its seventeen nuclear plants.
At a macro level, due to limited fossil fuel supply
and sustained demand, prices of fossil fuels continue to rise. With the recent
recession, capacity additions have become difficult due to fiscal challenges
faced by many governments around the world. This would lead to an increase in
electricity prices.
Also, major consuming economies like Western Europe,
Japan and South Korea do not have sufficient domestic resources; therefore
there is an increasing focus on renewable sources to fulfil their energy
requirements.
OPPORTUNITIES
AND OUTLOOK
1 Domestic
The sector currently offers the following
opportunities:
2.Generation
i) Certain regions of the country i.e. Eastern and
Central India offer significant opportunities for investment in generation
facilities due to their proximity to coal assets.
ii) Expansion of existing plants and MandA
opportunities of greenfield or brownfield plants exist.
iii) Decentralized generation opportunities.
iv) Opportunity to participate in auctions to
acquire domestic coal assets and also international coal assets to meet the
challenge of shortage of fuel availability in the country
Renewable
Energy Sources
The need for access to reliable electricity would
drive opportunities in decentralized distributed generation. This would require
innovative business models with a mix of technologies to address this market as
there are a number of key challenges like technology maturity, grid infrastructure,
need for clarity in commercial terms and regular source of fuel (biomass, wind,
solar etc.) The Company is actively evaluating and pursuing projects for solar,
wind, ocean and biomass-based power plants with focus on small (<1 MW )
power plants for distributed generation.
Distribution
While the Central Government has made a declaration
indicating privatizing of distribution business, a lot needs to be done on the
ground. The Planning Commission has proposed to give incentives to SEBs making
efforts towards reducing losses. Distribution franchisee model has been
accepted by a few states as the route to bring private investments in the
distribution business. However, there has been little inclination to implement
it on a wider scale.
Transmission
The regulatory interventions paved the way for
private sector participation to build new transmission systems.
The Company will keenly track any growth
opportunities in the transmission sector and review each opportunity as it
presents itself.
PERFORMANCE
ON EXISTING BUSINESSES :
The Company registered sales of 15,240 crore Units
(MUs) of power in FY12 as against 16,060 MUs in FY11, a decrease of 5%. The
Company, however, generated 15,230 MUs of power from all its power plants
during the year as compared to 15,325 MUs in the previous year, a decrease of
1%.
FINANCIAL
PERFORMANCE OF THE COMPANY :
Standalone
results
Tata Power recorded a Profit After Tax of
Rs.11697.300 Millions during the financial year ended 31st March, 2012 (FY11: Rs.941.49 Millions). The
diluted earnings per share was at Rs.45.300 for FY12 (FY11: Rs.3.96) while the
basic earnings per share for FY12 was at Rs.4.53 (FY11: Rs.4.08)
FIXED ASSETS:
· Technical Know-how
· Licences
· Land (including land
development)
· Leasehold Land
· Hydraulic Works
· Buildings
· Railway Sidings, Roads,
Crossings, etc
· Plant and Machinery
· Transmission Lines, Cable
Network, etc
· Furniture, Fixtures and
Office Equipments
· Motor Vehicles, Launches,
Barges etc
·
Motor Vehicles under Finance
Statement of Unaudited
financial results for the Quarter and
Nine Months Ended on 31st
December, 2012
Rs in Millions
|
Sr.
No. |
Particulars |
Standalone |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
Quarter Ended |
Year to date |
||||
|
31.03.2013 |
31.012.2012 |
31.03.2013 |
|||
|
|
|
|
|
|
|
|
|
(A) |
|
|
|
|
|
|
1. |
Generation |
3,366 |
3,873 |
15,770 |
|
|
2. |
Sales |
3,542 |
3,998 |
16,002 |
|
|
1. |
Income
from operations |
|
|
|
|
|
|
a) Revenue from power supply and transmission charges |
17419.100 |
20396.9 |
79478.900 |
|
|
|
A Income to be recovered in future
tariff determination (net) |
1654.700 |
2782.300 |
10287.200 |
|
|
|
Add: IncIncome to be recovered in
future tariff determination (net) in respect of earlier |
|
|
|
|
|
|
years
(Refer Note 4) |
1270.000 |
1300.000 |
1047.200 |
|
|
|
Net
Revenue |
20343.800 |
24479.200 |
90813.300 |
|
|
|
b)
Other operating income (net of excise duty) |
1798.900 |
1011.900 |
4859.500 |
|
|
|
Total
income from operations (net) |
22142.700 |
25491.100 |
95672.800 |
|
|
2. |
Expenses |
|
|
|
|
|
|
a) Cost of power purchased |
1731.500 |
1970.900 |
6233.900 |
|
|
|
b) Cost of fuel |
9686.500 |
13778.800 |
52444.000 |
|
|
|
c) Cost of components, materials and services in
respect of contracts |
586.500 |
284.700 |
1507.500 |
|
|
|
d) Employee benefits expense |
1345.200 |
1428.500 |
5476.000 |
|
|
|
e) Depreciation and amortisation expense (Refer Note
5) |
(744.200) |
1281.100 |
3641.000 |
|
|
|
f) Other
expenses |
2999.800 |
2343.100 |
9494.600 |
|
|
|
Total
expenses |
15605.300 |
21087.100 |
78797.000 |
|
|
3. |
Profit
from operations before other income, finance costs and tax (1-2) |
6537.400 |
4404.000 |
16875.800 |
|
|
4. |
Other Income |
|
|
|
|
|
|
a) (Loss)/Gain on exchange (net) |
(294.900) |
(420.800) |
(276.200) |
|
|
|
b) Others |
1498.700 |
739.000 |
7216.700 |
|
|
5. |
Profit
before finance costs and tax (3+4) |
7741.200 |
4722.200 |
23816.300 |
|
|
6. |
Finance costs |
1965.400 |
178,840.000 |
6782.500 |
|
|
7. |
Profit
before tax (5-6) |
5775.800 |
2933.800 |
17033.800 |
|
|
8. |
Tax expense |
3775.500 |
770.000 |
6786.900 |
|
|
9. |
Net
profit after tax (7-8) |
2000.300 |
2163.800 |
10246.900 |
|
|
10. |
Paid-up equity share capital |
|
|
|
|
|
|
(Face Value: ? 1/- per share) |
23733.300 |
2373.300 |
2373.300 |
|
|
11. |
Reserves excluding Statutory Reserves and
Revaluation Reserves |
|
|
108034.600 |
|
|
12. |
Basic Earnings per Share (not annualised for
quarters) (in |
0.66 |
0.71 |
3.44 |
|
|
13. |
Diluted Earnings per Share
(not annualised for quarters) (In t) |
0.66 |
0.71 |
3.44 |
|
|
14. |
Debt Service Coverage Ratio
(no. of times) |
|
|
2.62 |
|
|
15. |
Interest Service Coverage Ratio (no. of times) |
|
|
3.53 |
|
|
16. |
Final
Dividend (FY13- Proposed) |
|
|
|
|
|
|
Rate
per share |
|
|
1.15 |
|
|
|
Amount |
|
|
2731.700 |
|
Particulars |
Quarter Ended |
Year to date ended |
|||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|||
|
|
(C) |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1. |
Public shareholding |
|
|
|
|
|
|
No. of shares |
1526099350 |
1543067750 |
1526099350 |
|
|
|
% of shareholding @ |
64.31 |
67.19 |
64.31 |
|
|
|
Excludes no.
of shares held by custodians of GDR |
|
|
|
|
|
|
@ Excludes % of shareholding held by custodians of
GDR |
|
|
|
|
|
2. |
Promoters and Promoter Group shareholding |
|
|
|
|
|
|
a) Pledged/encumbered |
|
|
|
|
|
|
No. of shares |
|
|
|
|
|
|
% of shares to total shareholding of promoter and
promoter group |
52050000 |
52050000 |
52050000 |
|
|
|
% of shares to total share capital of the Company |
6.76 |
6.91 |
6.76 |
|
|
|
b) Non-encumbered |
2.19 |
2.19 |
2.19 |
|
|
|
No. of shares |
718487290 |
701487290 |
718487290 |
|
|
|
% of shares to total shareholding of promoter and
promoter group |
93.24 |
93.09 |
93.24 |
|
|
|
% of shares to total share
capital of the Company |
30.28 |
29.56 |
30.28 |
|
INVESTOR COMPLAINTS |
31.03.2013 |
|
Pending at the beginning of the quarter |
7 |
|
Received during the quarter |
16 |
|
Disposed off during the quarter |
19 |
|
Remaining
unresolved at the end of the quarter (since closed) |
4 |
STANDALONE SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. in
Millions
|
Particulars |
Quarter Ended |
Year to date ended |
|||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|||
|
|
|
|
|||
|
|
|
Segment Revenue |
|
|
|
|
|
|
Power Business |
20548.000 |
24732.300 |
91579.600 |
|
|
|
Others |
1594.700 |
758.800 |
4093.200 |
|
|
|
Total Segment Revenue |
22142.700 |
25491.100 |
95672.800 |
|
|
|
Less: Inter segment revenue |
|
|
|
|
|
|
Revenue / income from operations (net) |
22142.700 |
25491.100 |
95672.800 |
|
|
|
Segment Results [Profit
before Finance Costs and Tax] |
|
|
|
|
|
|
Power Business |
6349.000 |
4418.900 |
16811.300 |
|
|
|
Others |
306.200 |
80.900 |
448.900 |
|
|
|
Total Segment Results |
6655.200 |
4499.800 |
17260.200 |
|
|
|
Less: Finance Costs |
1965.400 |
1788.400 |
6782.500 |
|
|
|
Add / (Less): Unallocable Income / (Expense) (Net) |
1086.000 |
222.400 |
6556.100 |
|
|
|
Profit Before Tax |
5775.800 |
2933.800 |
17033.800 |
|
|
|
Capital Employed |
|
|
|
|
|
|
Power Business |
114645.500 |
109732.000 |
114640.500 |
|
|
|
Others |
1460.500 |
1095.100 |
1460.500 |
|
|
|
Unallocable |
20680.3000 |
27693.700 |
20680.300 |
|
|
|
Capital Employed |
136786.300 |
138520.800 |
136786.300 |
Types of products and services in each business
segment :
Generation,
Transmission and Distribution of Electricity. Others -Defence Electronics,
Project Contracts / Infrastructure Management Services, Coal Bed Methane and
Property Development.
AUDITED
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
Rs in Millions
|
Sr |
Particulars |
Audited |
|
No |
31.03.2013 |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders Fund |
|
|
1 a |
Share Capital |
2373.300 |
|
b |
Reserves and Surplus (Refer
note 4) |
108034.600 |
|
|
Sub-total |
110407.900 |
|
|
|
|
|
2. |
Unsecured perpetual
securities |
15000.000 |
|
3. |
Statutory consumer reserves |
6042.300 |
|
4. |
Special appropriation
towards project |
5336.100 |
|
5. |
Service line contribution |
822.200 |
|
|
|
|
|
2 |
Non-current liabilities |
|
|
a |
Long - Term Borrowings |
84525.700 |
|
|
Deferred tax Liabilities |
8054.900 |
|
b |
Other long term liabilities |
998.100 |
|
c |
Long - Term Provisions |
4131.900 |
|
|
Sub-total |
97710.600 |
|
3 |
Current Liabilities |
|
|
a |
Short - Term Borrowings |
11721.500 |
|
b |
Trade Payables |
9235.500 |
|
c |
Other Current Liabilities |
20276.400 |
|
d |
Short - Term Provisions |
4376.100 |
|
|
Sub-total |
45809.500 |
|
|
Total |
280928.600 |
|
B |
ASSETS |
|
|
1 |
Non Current Assets |
|
|
a |
Fixed Assets |
84893.200 |
|
b |
Non Current Investments |
108596.800 |
|
c |
Long term loans and advances |
21900.600 |
|
d |
Other non-current assets |
27586.700 |
|
|
Sub-total |
242977.300 |
|
2 |
Current Assets |
|
|
|
Current Investment |
2585.600 |
|
|
Inventories |
7610.900 |
|
|
Trade Receivables |
13000.600 |
|
|
Cash and Bank balances |
4131.700 |
|
|
Short term loans and
advances |
9550.900 |
|
e |
Other current Assets |
1071.600 |
|
|
Sub-total |
37951.300 |
|
|
Total |
280928.600 |
NOTES :
1. The above results were
reviewed by the Audit Committee and approved by the Board of Directors at
its meeting held on 30th May, 2013.
2. In respect of the Standby Charges
dispute with Reliance Infrastructure Limited. (R-lnfra) for the period from 1st
April, 1999 to 31st March, 2004, the Appellate Tribunal for Electricity (ATE)
set aside the Maharashtra Electricity Regulatory Commission (MERC) Order dated
31st May, 2004 and directed the Company to refund to R-lnfra, as on 31st March,
2004, Rs. 3540.000 Millions (including interest of Rs. 151.400 Millions) and pay interest at 10% p.a. thereafter.
As at 31st March, 2013, the accumulated interest is Rs. 1847.600 Millions. On
appeal, the Hon'ble Supreme Court has stayed the ATE Order and, as directed,
the Company has furnished a bank guarantee of Rs. 2270.000 Millions and also
deposited Rs. 2270.000 Millions with the Registrar General of the Court, which
amount has been withdrawn by R-lnfra on furnishing the required undertaking to
the Court.
Further, in terms of the ATE Order dated 20th
December, 2006, no adjustment has been made for the reversal of Standby Charges
credited in previous years, estimated at Rs. 5190.000 Millions. The aggregate
of Standby Charges credited in previous years will be adjusted wholly by a
withdrawal/set off from certain Statutory Reserves as allowed by MERC. No
provision has been made in the accounts towards interest that may be finally
determined as payable to R-lnfra. However, since 1st April, 2004, the Company
has accounted for Standby Charges on the basis determined by the respective
MERC Tariff Orders.
The Company is of the view, supported by legal
opinion, that the ATE's Order can be successfully challenged. Hence,
adjustments, if any, including consequential adjustments to the Deferred Tax
Liability Fund and the Deferred Tax Liability Account, will be recorded by the
Company based on the final outcome of the matter.
3. Coastal Gujarat Power Limited
("CGPL"), a wholly owned subsidiary, has implemented the 4000 MW
Ultra Mega Power Project at Mundra ("the Project").
The Management has reviewed and reassessed the
recoverability of the carrying amount of the assets at Mundra considering the
fuel cost, exchange rate variation and other operating costs that would impact
future cash flows and has concluded that a provision for impairment loss of Rs.
850 Millions for the year ended 31st March, 2013 (Rs. 0.002 Millions for the
year ended 31st March, 2012) in CGPL is necessary on this account. The amounts
for the quarters ended 31st March, 2013, 31st December, 2012 and 31st March,
2012 are Rs. Nil, Rs. 6000.000 Millions and Rs. 8150.000 Millions respectively.
In view of the estimation uncertainties, the assumptions will be monitored on a
periodic basis by the Management and adjustments will be made if conditions
relating to the assumptions indicate that such adjustments are appropriate.
In order to provide protection to CGPL and to support
its cash flows, the Management has committed to a future restructuring under
which the Company will transfer atleast 75% of its equity interests in the
Indonesian Coal Companies to CGPL, subject to Regulatory and other approvals,
which are being pursued and will continue to evaluate other alternative
options. A valuation of the equity interests in the Indonesian Coal Companies
has been carried out on the basis of certain assumptions, including legal
interpretation that there is reasonable certainty that the mining leases would
be extended without significant cost.
Having regard to the overall returns expected from the
Company's investment in CGPL, including the valuation of investments in the
Indonesian Coal Companies and the proposed future restructuring, no provision
for diminution in value is considered necessary in respect of the Company's
long term investment in CGPL.
4. During the quarter and year
ended 31st March, 2012, the Company had provisionally determined the Statutory
Appropriations and the adjustments to be made on Annual Performance Review as
stipulated under the Multi Year Tariff (MYT) Regulations, 2011 for its
operations in respect of the Mumbai Licensed Area. These Regulations supercede
the MERC (Terms and Conditions of Tariff) Regulations, 2005. However, during
the year ended 31st March, 2013, MERC has approved the MYT Business Plan of the
Company's Mumbai Licensed Area for the Second Control Period from FY 2012-13 to
FY 2015-16 and directed the Company to submit its Annual Revenue Requirement
(ARR) for FY 2011-12 as per the previous regulations i.e. MERC (Terms and
Conditions of Tariff) Regulations, 2005.
In view of the above, during the year ended 31st
March, 2013, the Company has reversed revenue amounting to Rs. 1550.000 Millions
accrued in the previous year in respect of its Mumbai Licensed Area, as per the
MYT Regulation.
b. In its true-up Order dated 31st
August, 2012, the ATE allowed the Company's claim regarding certain
expenses/accounting principles, which were disallowed/not recognised by MERC in
earlier years. Accordingly, during the year ended 31st March, 2013, the Company
has treated such expenses as recoverable and has recognised revenue of Rs.
1420.000 Millions. The amounts for the quarters ended 31st March, 2013 and 31st
December, 2012 are Rs. 900.000 Millions and Rs. 520.000 Millions respectively.
c. During the year ended 31st March, 2012, Jharkhand
State Electricity Regulatory Commission (JSERC) had determined the ARR for
Units 2 and 3 at Jojobera for FY 2011-12 by treating the entire capacity as
regulated under JSERC (Terms and Conditions for Determination of Generation
Tariff) Regulations, 2010. On the basis of legal opinions, the Company had
appealed against the disallowances/deviations at the ATE. In its Order dated
20th September, 2012, the ATE has disallowed the Company's claim. Accordingly,
the Company has reversed revenue of ? 43.61 Millions during the year ended 31st
March, 2013 (including f 34.16 Millions accrued upto 31st March, 2012).
d. During the year ended 31st March, 2013, the Company
has provisionally determined the Statutory Appropriations and the adjustments
to be made on Annual Performance Review as stipulated under the MYT for its
operations in respect of the Mumbai Licensed Area.
e. During the year ended 31st March, 2013, pursuant to
the favourable ATE Order dated 31st August, 2012, true-up Order dated 15th
February, 2012 and other favourable orders received by other regulated entities
in the power sector within Maharashtra, the Company has recognised revenue of ?
172 Millions in respect of earlier years towards carrying cost entitlement on
the regulatory assets (net) carried in the books as at 31st March, 2013. The
amounts for the quarters ended 31st March, 2013 and 31st December, 2012 are Rs.
420.000 Millions and Rs. 1300.000 Millions respectively.
f. During the year ended 31st
March, 2012, in respect of the claims of Rs.
1410.000 Millions disallowed by MERC in its true-up Orders dated 14th and 15th
February, 2012, the Company is confident of the ATE upholding its claims based
on the earlier favourable orders of ATE on similar issues and accordingly, the
above disallowances have not been recognised in the financial results.
5. The Company has been providing depreciation on assets
at rates and methodology relating to the electricity business in accordance
with the Central Government notification under the Electricity (Supply) Act,
1948 (repealed).
Vide its notification dated 31st May, 2011, the
Ministry of Corporate Affairs (MCA) has clarified that companies engaged in the
generation and supply of electricity can provide for depreciation at rates and
methodology notified by Central Electricity Regulatory Commission (CERC). The
CERC, under the provisions of The Electricity Act, 2003, notified the rates and
methodology effective 1st April, 2009, under the Terms and Conditions of Tariff
Regulations, 2009. These rates would be applicable for purposes of tariff
determination and accounting in terms of the provisions of National Tariff
Policy notified by Government of India.
Management had sought clarifications and guidance from
the MCA on the applicability of the CERC rates as the Company has both
regulated and non-regulated generating capacity.
The Company has, during the quarter and year ended
31st March, 2013, based on a legal opinion, provided for depreciation in
respect of its electricity business following the rates and methodology
notified by the CERC w.e.f. 1st April, 2009 and at the rates as per the Power
Purchase Agreements (PPA) for capacities covered under PPAs, if higher than
those notified by CERC. Accordingly, depreciation of Rs. 219.80 Millions for
the years 2009-10 to 2011-12 has been written back during the year ended 31st
March, 2013. Further the depreciation charge for the year ended 31st March,
2013 is lower by Rs. 480.200 Millions. As a result, the current tax for the
year ended 31st March, 2013, is higher by Rs. 535.800 Millions and the deferred
tax charge for the year ended 31st March, 2013 is higher by 204.28 Millions.
6. During the year ended 31st March, 2012, in line
with the Notification dated 29th December, 2011 issued by the MCA, the Company
had selected the option given in paragraph 46A of the Accounting Standard-11
"The Effects of Changes in Foreign Exchange Rates". Accordingly, the
depreciated/amortized portion of net foreign exchange (gain)/loss on long term
foreign currency monetary items, for the year ended 31st March, 2013 is Rs.
838.400 Millions and Rs. 390.100 Millions for the year ended 31st March, 2012.
The amounts for the quarters ended 31st March, 2013, 31st December, 2012 and
31st March, 2012 are Rs. 204.800 Millions, Rs. 220.600 Millions, Rs. 128.100
Millions respectively. The unamortized portion carried forward as at 31st
March, 2013 is Rs.253.86 Millions (31st March, 2012 - Rs.213.56 Millions).
7. During the year ended 31st March, 2012, the Company
raised Rs. 0.001 Millions through issue of Unsecured Perpetual Securities.
These Securities are perpetual in nature with no maturity or redemption and are
callable only at the option of the Company and ranked senior only to the Share
Capital of the Company and, therefore, considered to be in the nature of equity
instruments, are not classified as "Debt" and the distribution on
such securities amounting to Rs. 1712.000 Millions for the year ended 31st
March, 2013 and Rs. 1420.300 Millions for the year ended 31st March, 2012, have
been adjusted in Surplus in Statement of Profit and Loss and is not considered
under "Finance Cost". The amounts for the quarters ended 31st March,
2013, 31st December, 2012 and 31st March, 2012 are Rs. 421.700 Millions, Rs.
431.000 Millions and Rs. 425.100 Millions respectively.
8. (a) Debt Service Coverage Ratio
= (Profit before Tax + Interest on Long term loans)/(Interest on Long term
loans + Repayment of Long term loans)
(b) Interest Service Coverage
Ratio = (Profit before Tax + Interest on Long term loans)/(lnterest on Long
term loans) For the purpose of
computation, loans having original maturity of more than 365 days are
considered as Long term loans. Repayment of Long term loans during the year
ended 31st March, 2013 does not include pre-payments.
9. The Company does not have any
Exceptional or Extraordinary items to report for the above periods/years.
10. Figures for the quarters ended
31st March, 2013 and 31st March, 2012 represent the difference between the
audited figures in respect of the full financial years and the published
figures of nine months ended 31st December, 2012 and 31st December, 2011
respectively.
11.Figures
for the previous periods/year are re-classified/re-arranged/re-grouped,
wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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 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. 58.74 |
|
UK
Pound |
1 |
Rs. 91.99 |
|
Euro |
1 |
Rs. 78.70 |
INFORMATION DETAILS
|
Report Prepared by : |
NIS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP
CAPITAL |
1~10 |
9 |
|
OPERATING
SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT
LINES |
1~10 |
9 |
|
--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 |
|
81 |
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.