MIRA INFORM REPORT
|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIABULLS POWER LIMITED |
|
|
|
|
Registered
Office : |
M-62 and 63, First Floor, Connaught Place, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.10.2007 |
|
|
|
|
Com. Reg. No.: |
55-169082 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 26427.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40102DL2007PLC169082 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in power generation and the setting up of power projects for generating, transmitting and supplying all forms of electrical energy and to undertake allied / Incidental activities. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 210000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of INDIABULLS GROUP. It is having moderate track
record. There appears losses recorded by the company during the financial year
2013. External borrowing of the company has increased over a previous year. However, the company is getting good support from its holding company.
General financial position of the company appears to be fair. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealing on with caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new government
will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT or
tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Fund Based Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
12.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-11-30252900)
LOCATIONS
|
Registered Office : |
M-62 and 63, First Floor, Connaught Place, New Delhi- 110
001, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
Indiabulls House, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-61891740 |
|
|
|
|
Corporate Office 2 : |
“Indiabulls House”, 448-451, Udyog Vihar, Phase V, Gurgaon
– 122 016, Haryana, India |
|
Tel. No.: |
91-124-3989555 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sameer Gehlaut |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Rattan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saurabh Kumar Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shamsher Singh Ahlawat |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prem Prakash Mirdha |
|
Designation : |
Director |
|
|
|
|
Name : |
Brig. Labh Singh Sitara |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Toshkhani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Particulars |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1404050000 |
53.13 |
|
|
202500000 |
7.66 |
|
|
202500000 |
7.66 |
|
|
1606550000 |
60.79 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1606550000 |
60.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6102466 |
0.23 |
|
|
8017672 |
0.30 |
|
|
71184079 |
2.69 |
|
|
428362342 |
16.21 |
|
|
513666559 |
19.44 |
|
|
|
|
|
|
101692853 |
3.85 |
|
|
|
|
|
|
111447907 |
4.22 |
|
|
137378719 |
5.20 |
|
|
16000 |
0.00 |
|
|
171977915 |
6.51 |
|
|
5853749 |
0.22 |
|
|
134236116 |
5.08 |
|
|
1161580 |
0.04 |
|
|
30726470 |
1.16 |
|
|
522513394 |
19.77 |
|
Total Public shareholding (B) |
1036179953 |
39.21 |
|
Total (A)+(B) |
2642729953 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2642729953 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in power generation and the setting
up of power projects for generating, transmitting and supplying all forms of
electrical energy and to undertake allied / Incidental activities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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|||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||
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|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th- 32nd Floor, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400 013, Maharashtra, India |
|
|
|
|
Holding Company : |
Indiabulls Infrastructure and Power Limited (upto June 20, 2012) |
|
|
|
|
Subsidiary
Companies : |
|
|
|
|
|
Enterprise over
which Key Management Personnel have significant influence : |
IIC Limited (formerly known as Indiabulls Infrastructure Company Limited) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2642729953 |
Equity Shares |
Rs.10/- each |
Rs.26427.300 Millions |
|
|
|
|
|
a) Reconciliation of the number of shares
outstanding at the beginning and at the end of the year
|
Equity Shares |
No. of shares |
Amount IN Millions |
|
As at the beginning of the year |
2,227,322,946 |
22273.229 |
|
Add: Issued during the year |
|
|
|
- Under ESOS |
- |
- |
|
- Under the Schemes of Arrangement (m| & (iv| |
415,407,007 |
4154.070 |
|
Balance as at the end
of the year |
2,642,729,953 |
26427.300 |
b) Terms/ Rights
attached to Equity Shares
The company has only one class of equity shares with voting rights, having a par value of Rs. 10 per share. Each shareholder of equity shares is entitled to one vote per share held. Each share is entitled to dividend, if declared, in Indian Rupees. The dividend, if any, proposed by Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. 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.
c) Shares held by the
company having substantial interest/ (Previous year - holding company)
|
Particular
|
March 31, 2013 Rs. in Millions |
|
Indiabulls Infrastructure and Power Limited and |iv) |
|
|
1,185,000,000(iv| (Previous Year 1,185,000,000) equity shares of Rs.10 each fully paid |
1185.000 (iv) |
d) Shareholders holding more than 5% shares in
the company
|
|
As at March 31, 2013 |
|
|
Particular |
No. of shares |
% holding |
|
Equity Shares of ? 10 each fully paid |
|
|
|
Indiabulls Infrastructure and Power Limited, |
|
|
|
Holding Company (iv) |
1,185,000,000 |
44.84% |
|
Indiabulls Real Estate Limited |
219,050,000 |
8.29% |
|
FIM Limited |
393,273,458 |
14.88% |
|
LNM India Internet Ventures Limited |
134,236,116 |
5.08% |
|
IPL - PPSL Scheme Trust |
202,500,000 |
7.66% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
26427.300 |
22273.229 |
|
(b) Reserves & Surplus |
|
27132.065 |
20975.025 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
53559.365 |
43248.254 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
27469.643 |
12436.278 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
6.055 |
|
(c) Other long term
liabilities |
|
2415.925 |
8931.826 |
|
(d) long-term
provisions |
|
28.414 |
22.557 |
|
Total Non-current
Liabilities (3) |
|
29913.982 |
21396.716 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
250.550 |
293.400 |
|
(b) Trade
payables |
|
0.000 |
0.000 |
|
(c) Other
current liabilities |
|
21558.147 |
12670.222 |
|
(d) Short-term
provisions |
|
3.310 |
66.497 |
|
Total Current
Liabilities (4) |
|
21812.007 |
13030.119 |
|
|
|
|
|
|
TOTAL |
|
105285.354 |
77675.089 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1094.534 |
1091.828 |
|
(ii)
Intangible Assets |
|
2.036 |
3.068 |
|
(iii)
Capital work-in-progress |
|
47650.574 |
30102.106 |
|
(iv)
Intangible assets under development |
|
30.283 |
17.170 |
|
(b)Expenditure during construction pending capitalization |
|
11652.501 |
5487.872 |
|
(c) Non-current Investments |
|
20520.220 |
16914.720 |
|
(d) Deferred tax assets (net) |
|
18.622 |
0.000 |
|
(e) Long-term Loan and Advances |
|
19208.162 |
16998.796 |
|
(f) Other
Non-current assets |
|
424.739 |
181.965 |
|
Total Non-Current
Assets |
|
100601.671 |
70797.525 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
1986.000 |
|
(b)
Inventories |
|
129.312 |
0.000 |
|
(c) Trade
receivables |
|
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
|
2544.423 |
3608.438 |
|
(e)
Short-term loans and advances |
|
1980.852 |
1203.678 |
|
(f) Other
current assets |
|
29.096 |
79.448 |
|
Total
Current Assets |
|
4683.683 |
6877.564 |
|
|
|
|
|
|
TOTAL |
|
105285.354 |
77675.089 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
20229.327 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
19081.357 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
39310.684 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5724.288 |
|
|
2] Unsecured Loans |
|
|
210.100 |
|
|
TOTAL BORROWING |
|
|
5934.388 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.195 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45246.267 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1094.794 |
|
|
Capital work-in-progress |
|
|
15613.247 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
16186.211 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
Expenditure during construction pending capitalization |
|
|
2146.660 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
1977.871 |
|
|
Other Current Assets |
|
|
65.685 |
|
|
Loans & Advances |
|
|
17372.589 |
|
Total
Current Assets |
|
|
19416.145 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
6147.456 |
|
|
Provisions |
|
|
18.334 |
|
Total
Current Liabilities |
|
|
6165.790 |
|
|
Net Current Assets |
|
|
13250.355 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45246.267 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
11.500 |
7.500 |
|
|
|
Other Income |
346.823 |
728.171 |
296.462 |
|
|
|
TOTAL (A) |
346.823 |
739.671 |
303.962 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefits Expenses |
17.000 |
82.528 |
101.396 |
|
|
|
Others Expenses |
629.169 |
52.553 |
72.263 |
|
|
|
TOTAL (B) |
646.169 |
135.081 |
173.659 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(299.346) |
604.590 |
130.303 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
34.190 |
9.023 |
12.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(333.536) |
595.567 |
117.872 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.185 |
11.263 |
8.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(345.721) |
584.304 |
109.279 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(82.888) |
60.080 |
12.637 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(262.833) |
524.224 |
96.642 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
390.458 |
1679.017 |
1582.375 |
|
|
|
|
|
|
|
|
|
|
Pursuant to the Scheme of Arrangement |
1567.963 |
0.000 |
0.000 |
|
|
|
Adjustment pursuant to the Scheme of Arrangement |
(2921.408) |
0.000 |
0.000 |
|
|
|
Adjustment on Merger of Subsidiary |
0.000 |
(1812.783) |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
(1225.820) |
390.458 |
1679.017 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.103) |
0.251 |
0.048 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(75.78)
|
70.87 |
31.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
5080.90 |
1457.053 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.36)
|
2.32 |
0.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.01 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.52
|
0.29 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.21
|
0.53 |
3.15 |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
Borrowings |
|
|
|
Inter Corporate Deposits from Holding Company |
250.550 |
293.400 |
|
Total |
250.550 |
293.400 |
BUSINESS REVIEW AND
DEVELOPMENTS
Rapid growth of the economy places a heavy demand on electric power. Reforms in the power sector, for making it efficient and more competitive, have been under way for several years and while there has been some progress, shortage of power and lack of access continues to be a major constraint on economic growth. Given the challenges enumerated above, they are pleased to say that the company is well placed with land, fuel linkage, water, financial closure etc to face the challenges in Power Sector and is on course of building a leadership position in Indian Power Sector.
This year the company successfully commissioned 1st Unit of 1350 MW Amravati Phase-I and the unit has been synchronized with the grid and achieved Full Load on 25th March, 2013. As per the power purchase agreement with MSEDCL, the company was committed to begun supplies from April 2014. However, since the company has managed to commission 1st unit of Amravati Phase-I ahead of its supply commitment under PPA, supplies under the power purchase agreement were preponed and accordingly the commercial operation of the Unit-1 has begun in June 2013. Further, boiler light up of Unit-2 of Amravati Phase-I and Unit-1 of Nashik Phase-I has already been achieved. This reaffirms the strength of the company in executing the projects.
Government of Maharashtra has approved purchase of 950 MW from Nashik Phase-I by Maharashtra State Electricity Distribution Company Limited (MSEDCL) and BEST. MERC has approved purchase of 650 MW from Nashik Phase-I by MSEDCL and PPA for 300 MW with BEST is expected shortly.
The company has signed Fuel Supply Agreement with SECL for Amravati Thermal Power Project Phase-I and regular coal supply has commenced with effect from 24th June, 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC SCENARIO
India’s economic growth has slowed down in last year which is attributable to both external as well as domestic causes. The stimulus given post financial crisis in 2008 led to stronger growth in 2009-10 and 2010-11. But increased consumption coupled with supply side constraints, led to higher inflation. This has led RBI to tighten monetary policy, even as external headwinds to growth increased. The consequent slowdown, especially in 2012-13, has been across the board, with all sectors in economy getting affected. Macroeconomic conditions have remained weak, hamstrung by infrastructure bottlenecks, supply constraints, lackluster domestic demand and subdued investment sentiment. Inflation has moderated as projected. Wholesale price index (WPI) inflation has been coming down in recent months. But due to higher food inflation, CPI inflation has remained close to double digits. Further the slowdown has also resulted in lower thantargeted tax and non-tax revenues. With the subsidies bill, particularly that of petroleum products; increasing, there is a real possibility that fiscal deficit targets may be breached in the current year. The situation warranted steps to reduce government spending so as to contain inflation. Also required were steps to facilitate corporate and infrastructure investment so as to ease supply. Several measures announced in recent months are aimed at restoring the fiscal health of the government and shrinking the CAD as also improving the growth rate. With the global economy likely to recover somewhat in 2013, these measures should help in improving the Indian economy’s outlook for 2013-14.
Global growth has been patchy and uneven. Among advanced economies, during Q1 of 2013, growth in US and Japan improved while that in the euro area contracted. Growth in most emerging and developing economies has been relatively resilient, although in some large emerging economies, sluggish external demand and stalled domestic investment are dragging down economic activity. Inflation has been easing in the Advanced Economies due to weak demand conditions. Emerging and Developing Economies, however, present a mixed picture; inflation remains elevated in the BRICS except China. Commodity prices, other than the price of crude, have generally softened in recent months.
INDUSTRY OVERVIEW
Energy is needed for economic growth, for improving the quality of life and for increasing opportunities for development and is the prime need of every economic sector viz. agriculture, industry, transport, commercial, and domestic etc. The broad vision behind India’s integrated energy policy is to reliably meet the demand for energy services of all sectors including the lifeline energy needs of vulnerable households in all parts of the country with safe, clean and convenient energy at the least-cost.
During the Eleventh Five Year Plan, nearly 55,000 MW of new generation capacity was created, yet there continued to be an overall energy deficit in the country. During the year 2012-13 the country faced an energy deficit of 8.7% and peak deficit of 9%.
The average per capita consumption of electricity in India is a mere 814 kWh (2011), compared to the world average of 2,300 kWh providing tremendous opportunity for exponential growth of sector. The other comparable countries, like the other BRIC nations, have significantly higher per capita consumption compared to India.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
|
10446933 |
30/08/2013 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B83987552 |
|
2 |
10438358 |
04/07/2013 |
800,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B80244866 |
|
3 |
10438361 |
04/07/2013 |
550,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B80245384 |
|
4 |
10425082 |
13/05/2013 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B74922725 |
|
5 |
10318194 |
24/10/2011 |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B25528134 |
|
6 |
10311778 |
24/02/2012 * |
294,300,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,
DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - |
B34868349 |
|
7 |
10271389 |
25/03/2011 * |
1,500,000,000.00 |
Bank of India |
Large Corporate Branch, P.T.I Building, 4, Sansad Marg,, New Delhi, Delhi - 110001, INDIA |
B12674719 |
|
8 |
10271516 |
25/03/2011 * |
1,000,000,000.00 |
Canara Bank |
Prime Corporate Branch, 2nd Floor,, World Trade Tower, Barakhamba
Lane, New Delhi, Delhi - 110001, |
B12675823 |
|
9 |
10273116 |
25/03/2011 * |
1,100,000,000.00 |
Punjab National Bank |
Large Corporate Branch, Tolstoy House, Tolstoy Marg, New Delhi, Delhi - 110001, INDIA |
B12675211 |
|
10 |
10204449 |
24/10/2011 * |
51,660,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
B25526914 |
* Date of charge modification
STATEMENT OF STANDALONE
UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2013
Rs. In Millions
|
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1 Income from operations |
|
|
|
|
a) Net sales / income from operations |
1019.639 |
98.664 |
1118.303 |
|
b) Other operating income |
|
|
|
|
Total income from
operations (net) |
1019.639 |
98.664 |
1118.303 |
|
2 Expenses |
|
|
|
|
a) Cost of fuel, power and water consumed |
634.170 |
54.367 |
688.537 |
|
b) Employee benefits expense |
24.904 |
10.656 |
35.560 |
|
c) Depreciation and amortisation expense |
191.591 |
59.632 |
251.223 |
|
d) Other expenses |
103.717 |
235.877 |
339.594 |
|
Total expenses |
954.382 |
360.532 |
1314.914 |
|
3 (Loss) / Profit from operations before
other income, finance costs and exceptional items (1-2) |
65.257 |
(261.868) |
(196.611) |
|
4 Other income |
26.810 |
29.454 |
56.264 |
|
5 (Loss) / Profit from ordinary activities
before finance costs and exceptional items (3+4) |
92.067 |
(232.414) |
(140.347) |
|
6 Finance costs |
377.633 |
116.370 |
494.003 |
|
7 (Loss) / Profit from ordinary activities after
finance costs but before exceptional items (5-6) |
(285.566) |
(348.784) |
(634.350) |
|
8 Exceptional items |
|
|
|
|
9 (Loss) / Profit from ordinary activities
before tax (7-8) |
(285.566) |
(348.784) |
(634.350) |
|
10 Tax expense (including deferred tax and net of MAT Credit entitlement) |
|
18.980 |
18.980 |
|
11 Net (Loss) / Profit from ordinary
activities after tax (9-10) |
(285.566) |
(367.764) |
(653.330) |
|
12 Extraordinary items (net of tax expense Rs Nil) |
|
|
|
|
13 Net (Loss) / Profit for the period (11-12) |
(285.566) |
(367.764) |
(653.330) |
|
14 Paid-up equity share capital (Face Value of Rs 10 per Equity Share) |
26427.300 |
26427.300 |
26427.300 |
|
15 Reserves excluding Revaluation Reserves as per balance sheet |
|
|
|
|
16 (i) Earnings per share (EPS) before extraordinary items (Face Value of Rs 10 per Equity Share) '(EPS for the quarter/six months are not annualised) |
|
|
|
|
-Basic (Rs ) |
(0 108)* |
(0 139)* |
(0 247)* |
|
-Diluted (Rs ) |
(0 108)* |
(0 139)* |
(0 247)* |
|
(ii) Earnings per share (EPS) after extraordinary items (Face Value of Rs 10 per Equity Share) '(EPS for the quarter/six months are not annualised) |
|
|
|
|
-Basic (Rs ) |
(0 108)* |
(0 139)* |
(0 247)* |
|
-Diluted (Rs ) |
(0 108)* |
(0 139)* |
(0 247)* |
|
17 Items exceeding 10% of total expenses |
|
|
|
|
- Legal and professional charges |
26 88 |
6 20 |
33 08 |
|
- Postage and telegram |
28 67 |
0 04 |
28 71 |
|
- Inventory adjusted pursuant to merger |
|
|
|
|
- Deposits written off |
|
2,126 79 |
2,126 79 |
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 Public shareholding |
|
|
|
|
- Number of equity shares |
1,036,179,953 |
1,036,179,953 |
1,036,179,953 |
|
- Percentage of shareholding |
39 21% |
39 21% |
39 21% |
|
2 Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
1,057,091,981 |
1,057,091,981 |
1,057,091,981 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
65 80% |
65 80% |
65 80% |
|
- Percentage of shares (as a % of the total share capital of the company) |
40 00% |
40 00% |
40 00% |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
549,458,019 |
549,458,019 |
549,458,019 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
34 20% |
34 20% |
34 20% |
|
- Percentage of shares (as a % of the total share capital of the company) |
20 79% |
20 79% |
20 79% |
|
|
|
|
|
|
B. INVESTOR COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
- |
|
|
|
Received during the quarter |
5 |
|
|
|
Disposed off during the quarter |
5 |
|
|
|
Remaining unresolved at the end of the quarter |
- |
|
|
Notes to the
Financial Results:
1. The standalone financial results of Indiabulls Power Limited ("IPL", or" the Company") forthe quarter and six months ended September 30, 2013 have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors ("the Board") held on October 24, 2013 The Standalone financial results of the Company have been subjected to a limited review by the Statutory Auditors of the Company
2 Standalone Statement of Assets and
Liabilities
Rs. In Millions
|
Particulars |
As at September 30, 2013 (Unaudited) |
|
A EQUITY AND LIABILITIES |
|
|
1 Shareholders' funds |
|
|
a) Share capital |
26427.300 |
|
b) Reserves and surplus |
26620.267 |
|
Sub-total - Shareholders' funds |
53047.567 |
|
2 Non-current liabilities |
|
|
a) Long-term borrowings |
49539.172 |
|
b) Other long-term liabilities |
3021.832 |
|
c) Long-term provisions |
31.214 |
|
Sub-total - Non-current liabilities |
52592.218 |
|
3 Current liabilities |
|
|
a) Short-term borrowings |
251.650 |
|
b) Other current liabilities |
4945.310 |
|
c) Short-term provisions |
2.916 |
|
Sub-total - Current liabilities |
5199.876 |
|
TOTAL - EQUITY AND LIABILITIES |
110839.661 |
|
|
|
|
B ASSETS |
|
|
1 Non-current assets |
|
|
a) Fixed assets (including capital work-in-progress) |
56411.537 |
|
b) Expenditure during construction pending capitalisation |
12103.344 |
|
c) Non-current investments |
21981.220 |
|
d) Deferred tax assets (net) |
|
|
e) Long-term loans and advances |
15858.826 |
|
f) Other non-current assets |
417.547 |
|
Sub-total - Non current assets |
106772.474 |
|
2 Current assets |
|
|
a) Inventories |
155.864 |
|
b) Trade Receivables |
502.099 |
|
c) Cash and bank balances |
1183.097 |
|
d) Short-term loans and advances |
1679.464 |
|
e) Other current assets |
546.663 |
|
Sub-total - Current assets |
4067.187 |
|
TOTAL - ASSETS |
110839.661 |
3 Durng the quarter ended September 30, 2013, an aggregate of 535,000 Equity shares of face value Rs 10 each in Indiabulls Realtech Limited, a wholly owned subsidiary of the Company, were issued and allotted in favour of the Company at a premium of Rs 990/- per share
4 Project construction activities are in line with the estimated targets of the Management
5 The Company is engaged in power generation and the setting up of power projects for generating, transmitting and supplying all forms of electrical energy and to undertake allied / Incidental activities Considering the nature of the Company's business and operations, the company has one reportable business segment i e "Power generation and allied activities" and operates in one geographical segment, i e "within India" Hence, no separate information for segment wise disclosure is given in accordance with the requirements of Accounting Standard 17 - 'Segment Reporting', as notified under the Companies (Accounting Standards) Rules, 2006, as amended
6 Previous period / year's figures have been regrouped / reclassified wherever considered necessary
FIXED ASSETS
- Land
- Building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computers
INDIABULLS FINANCIAL
SERVICES MERGES WITH ITS HOME LOAN ARM
Indiabulls is happy to announce the reverse merger of Indiabulls Financial Services Limited (IBFSL) with Indiabulls Housing Finance Limited (IHFL). This is registered as Housing Finance Company (HFC) and is regulated by the National Housing Bank (NHB).
The share swap ratio among the stake holders in the two companies has been fixed at 1:1
Announcing the reverse merger, Mr Gagan Banga, CEO of IHFL said: "The Union Finance Minister's budgetary proposal to allow additional tax deductions for the first time home buyers has given a new impetus to the real estate sector and we see this as a great opportunity for home loan companies to contribute to the nation's growth."
The amalgamation will enable efficient utilization of the company's capital, consolidating it into the Housing Finance Company where most of the incremental mortgages business was being booked. This amalgamation underlines the company's long term commitment to the mortgage finance business.
Going forward IHFL will be planning to offer a wider range of innovative products on Housing Finance, especially for the affordable segment below Rs. 2.500 Millions.
Indiabulls is the second largest Housing Finance Company on profitability and third largest mortgage player in the industry. It has so far assisted nearly one Lakh customers to own a home of their own. As a young new generation housing finance company, it has made rapid strikes in a short span.
For the 9M ending December 31, 2012 the company's assets under management (AUM) stood at Rs. 325510.000 Millions, up from Rs. 275210.000 Millions as on March 31 2012. For the same 9M period the company clocked a PAT of Rs. 8980.000 Millions. The PAT for the entire FY 2012 was Rs. 10060.000 Millions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.