1. Summary Information
|
Country |
|
||
|
Company Name |
TORRENT POWER LIMITED |
Principal Name 1 |
Mr. Sudhir Mehta |
|
Status |
Good |
Principal Name 2 |
Mr. Samir Barua |
|
Registration # |
04-044068 |
||
|
Street Address |
Torrent House, Off |
||
|
Established Date |
29.04.2004 |
SIC Code |
-- |
|
Telephone# |
91-79-26583060 |
Business Style 1 |
Generator |
|
Fax # |
91-79-26582326 |
Business Style 2 |
Distributor |
|
Homepage |
Product Name 1 |
Electricity |
|
|
# of employees |
7077 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.4,724,500,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group - 53.44% Public shareholding - 46.56 % |
Banking |
Not Available |
|
Public Limited Corp. |
Yes |
Business Period |
9 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (65) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
-- |
Torrent Power Grid Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
23,757,500,000 |
Current Liabilities |
23,217,400,000 |
|
Inventories |
2,442,800,000 |
Long-term Liabilities |
44,925,800,000 |
|
Fixed Assets |
72,776,200,000 |
Other Liabilities |
7,805,400,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
75,948,600,000 |
|
Invest& other Assets |
37,875,000,000 |
Retained Earnings |
56,178,400,000 |
|
|
|
Net Worth |
60,902,900,000 |
|
Total Assets |
136,851,500,000 |
Total Liab. & Equity |
136,851,500,000 |
|
Total Assets (Previous Year) |
118,297,800,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
82,699,700,000 |
Net Profit |
80,196,600,000 |
|
Sales(Previous yr) |
3,849,600,000 |
Net Profit(Prev.yr) |
12,374,600,000 |
MIRA INFORM REPORT
|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TORRENT POWER LIMITED |
|
|
|
|
Registered
Office : |
Torrent House, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.04.2004 |
|
|
|
|
Com. Reg. No.: |
04-044068 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4724.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31200GJ2004PLC044068 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT02435G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT0294J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of power generation, transmission and distribution of electricity. |
|
|
|
|
No. of Employees
: |
7077 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 240000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of TORRENT GROUP. It is an established company
having fine track record. There appears slight dip in profit of the company during the financial
year 2013. However, over all fundamentals of the company appears to be strong and
healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
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 |
CRISIL |
|
Rating |
AA- (Long Term Rating) |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
10.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
10.07.2013 |
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 Cooperative. (91-79-26583060)
LOCATIONS
|
Registered/ Corporate Office : |
Torrent House, Off |
|
Tel. No.: |
91-79-26583060/ 5090/ 2658 |
|
Fax No.: |
91-79-26582326 |
|
E-Mail : |
srinivaskotra@torrentpower.com |
|
Website : |
|
|
|
|
|
Plants : |
|
|
|
|
|
Zonal Office : |
Located at:
|
|
|
|
|
Distribution Divisions : |
|
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Samir Barua |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kiran Karnik |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keki Mistry |
|
Designation : |
Director |
|
|
|
|
Name : |
D. J. Pandian, IAS |
|
Designation : |
Director |
|
|
|
|
Name : |
V. K. Kukreja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pankaj Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Samir Mehta |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Mr. Markand Bhatt |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Murli Ranganathan |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. T. P. Vijayasarathy |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Jinal Mehta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Srinivas Kotra |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee |
Mr. Keki M.
Mistry (Chairman) Mr. Samir Barua Mr. Kiran Karnik Mr. T. P. Vijayasarathy |
|
|
|
|
Shareholders’
Grievances Committee: |
Mr. Pankaj Patel
(Chairman) Mr. Markand Bhatt Mr. Samir Mehta |
|
|
|
|
Nomination and
Remuneration Committee |
Mr. Kiran Karnik
(Chairman) Mr. Sudhir Mehta Mr. Pankaj Patel |
|
|
|
|
Committee of
Directors |
Mr. Samir Mehta
(Chairman) Mr. Markand Bhatt Mr. Murli
Ranganathan Mr. T. P. Vijayasarathy Mr. Jinal Mehta |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21007 |
0.00 |
|
|
252438986 |
53.43 |
|
|
252459993 |
53.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
252459993 |
53.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
21170218 |
4.48 |
|
|
1978355 |
0.42 |
|
|
7057896 |
1.49 |
|
|
82672201 |
17.50 |
|
|
7412335 |
1.57 |
|
|
120291005 |
25.46 |
|
|
|
|
|
|
49630467 |
10.50 |
|
|
|
|
|
|
31463851 |
6.66 |
|
|
13589803 |
2.88 |
|
|
5013189 |
1.06 |
|
|
3860000 |
0.82 |
|
|
999495 |
0.21 |
|
|
153694 |
0.03 |
|
|
99697310 |
21.10 |
|
Total Public shareholding (B) |
219988315 |
46.56 |
|
Total (A)+(B) |
472448308 |
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) |
472448308 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of power generation, transmission and distribution of electricity. |
GENERAL INFORMATION
|
No. of Employees : |
7077 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off |
|
Tel. No.: |
91-79-27582542/ 27582543/ 66073100 |
|
Fax No.: |
91-79-27582551 |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Enterprises
controlled by the Company: |
|
|
|
|
|
Holding Company /
enterprises controlled by the holding Company: |
|
|
|
|
|
Enterprises
controlled by key management personnel / relatives of key management
personnel: |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,00,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47,24,48,308 |
Equity Shares |
Rs.10/- each |
Rs.4724.500
Millions |
|
|
|
|
|
- Reconciliation of the shares outstanding at the beginning and at
the end of the reporting year
|
Particulars |
No. of shares As at 31st March, 2013 |
|
At the beginning of the year |
47,24,48,308 |
|
Issued during the year |
- |
|
Outstanding at the end
of the year |
47,24,48,308 |
2. 25,24,38,986 equity shares (24,94,48,986 equity shares as at 31st March, 2012) of Rs. 10 each fully paid up are held by holding company - Torrent Private Limited.
3. Terms / Rights attached to equity shares: The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case interim dividend. Dividend amount per share recognized as distributions to equity shareholders is Rs. 2.00 per equity share during the year ended 31st March, 2013 (Previous year : Rs. 6.50 per equity share). 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 preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
4. Details of
shareholders holding more than 5% shares in the Company:
|
Name of the
Shareholder |
As at 31st March, 2013 |
|
|
|
No. of shares |
% holding |
|
Torrent Private Limited |
25,24,38,986 |
53.43% |
|
Gujarat State Investment Limited |
4,68,71,621 |
9.92% |
|
Life Insurance Corporation of India |
4,33,38,349 |
9.17% |
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 |
|
4724.500 |
4724.500 |
|
(b) Reserves & Surplus |
|
56178.400 |
52754.300 |
|
(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) |
|
60902.900 |
57478.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
44925.800 |
31832.700 |
|
(b) Deferred tax liabilities (Net) |
|
5747.200 |
4635.500 |
|
(c) Other long term
liabilities |
|
7183.600 |
5083.000 |
|
(d) long-term
provisions |
|
656.400 |
869.500 |
|
Total Non-current
Liabilities (3) |
|
58513.000 |
42420.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
6320.900 |
6763.900 |
|
(c) Other
current liabilities |
|
9712.900 |
9240.000 |
|
(d) Short-term
provisions |
|
1401.800 |
2394.400 |
|
Total Current
Liabilities (4) |
|
17435.600 |
18398.300 |
|
|
|
|
|
|
TOTAL |
|
136851.500 |
118297.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
72627.600 |
70781.700 |
|
(ii)
Intangible Assets |
|
148.600 |
179.600 |
|
(iii)
Capital work-in-progress |
|
20720.200 |
13341.800 |
|
(iv)
Intangible assets under development |
|
26.500 |
30.400 |
|
(b) Non-current Investments |
|
13891.300 |
10448.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1068.300 |
973.900 |
|
(e) Other
Non-current assets |
|
5.200 |
6.600 |
|
Total Non-Current
Assets |
|
108487.700 |
95762.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
3237.000 |
2253.800 |
|
(b)
Inventories |
|
2442.800 |
2995.500 |
|
(c) Trade
receivables |
|
7308.900 |
6459.600 |
|
(d) Cash
and cash equivalents |
|
10963.700 |
5734.200 |
|
(e)
Short-term loans and advances |
|
2148.300 |
2067.400 |
|
(f) Other
current assets |
|
2263.100 |
3024.700 |
|
Total
Current Assets |
|
28363.800 |
22535.200 |
|
|
|
|
|
|
TOTAL |
|
136851.500 |
118297.800 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
4724.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
43146.800 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
47871.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
28185.100 |
|
|
2] Unsecured Loans |
|
|
2409.900 |
|
|
TOTAL BORROWING |
|
|
30595.000 |
|
|
Other Fund |
|
|
|
|
|
Service Line and Security Deposits from Consumers |
|
|
4659.200 |
|
|
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
|
|
3582.900 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
86708.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
66142.300 |
|
|
Capital work-in-progress |
|
|
5377.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
9641.600 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Interest accrued on Investments |
|
|
1440.500
|
|
|
Inventories |
|
|
5429.400
|
|
|
Sundry Debtors |
|
|
11714.300
|
|
|
Cash & Bank Balances |
|
|
2.700
|
|
|
Loans & Advances |
|
|
7351.100
|
|
Total
Current Assets |
|
|
19630.300
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
7986.600
|
|
|
Other Current Liabilities |
|
|
783.200
|
|
|
Provisions |
|
|
9427.700
|
|
Total
Current Liabilities |
|
|
14082.900
|
|
|
Net Current Assets |
|
|
5547.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
86708.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation |
81298.700 |
79156.100 |
65356.400 |
|
|
|
Net Income/ Loss of Services Division |
0.000 |
0.000 |
(2.100) |
|
|
|
Other Income |
1401.000 |
1040.500 |
3915.900 |
|
|
|
TOTAL |
82699.700 |
80196.600 |
69270.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Electrical Energy Purchased |
35528.900 |
22827.200 |
14758.600 |
|
|
|
Employee benefits expense |
2490.000 |
2417.100 |
- |
|
|
|
Generation, Distribution, Administrative
& Other Expenses |
- |
- |
32907.600 |
|
|
|
Operation and other expenses |
30289.300 |
31381.300 |
- |
|
|
|
Transfer from Service line Contribution, APDRP
Grant and others |
- |
- |
(217.200) |
|
|
|
Transfer from service line contribution, APDRP grant and others |
(241.100) |
(185.600) |
- |
|
|
|
TOTAL |
68067.100 |
56440.000 |
47449.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
14632.600 |
23756.600 |
21821.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4084.800 |
3119.700 |
3389.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10547.800 |
20636.900 |
18432.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4320.400 |
3844.400 |
4144.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6227.400 |
16792.500 |
14288.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2377.800 |
4417.900 |
3631.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
3849.600 |
12374.600 |
10657.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12416.800 |
8621.200 |
4994.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Contingency Reserve |
10.000 |
10.000 |
10.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
238.100 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
288.700 |
5000.000 |
4000.000 |
|
|
|
Interim Dividend |
0.000 |
1417.300 |
0.000 |
|
|
|
Dividend Distribution Tax on Interim Dividend |
0.000 |
229.900 |
0.000 |
|
|
|
Proposed Dividend |
944.900 |
1653.500 |
2598.500 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
421.500 |
|
|
|
Dividend Distribution Tax on Proposed Dividend |
160.600 |
268.300 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
14624.100 |
12416.800 |
8621.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Gross proceeds from carbon credits |
449.900 |
3249.900 |
29.600 |
|
|
TOTAL EARNINGS |
449.900 |
3249.900 |
29.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
1627.900 |
2507.400 |
707.500 |
|
|
|
Capital Goods |
1211.400 |
4011.100 |
1812.600 |
|
|
TOTAL IMPORTS |
2839.300 |
6518.500 |
2520.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.15 |
26.19 |
22.56 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Net Sales |
|
|
21749.800 |
|
Total Expenditure |
|
|
19634.200 |
|
PBIDT (Excl OI) |
|
|
2115.600 |
|
Other Income |
|
|
551.800 |
|
Operating Profit |
|
|
2667.400 |
|
Interest |
|
|
1511.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1156.400 |
|
Depreciation |
|
|
1322.800 |
|
Profit Before Tax |
|
|
(166.400) |
|
Tax |
|
|
(65.400) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(101.000) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(101.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.65
|
15.43 |
15.38
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.66
|
21.21 |
21.86
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.09
|
17.77 |
16.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.29 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74
|
0.55 |
0.64
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.22 |
1.39
|
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 |
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 |
Yes |
|
23] |
Banking Details |
No |
|
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 |
LITIGATION
DETAILS:
HIGH COURT OF GUJARAT
|
CIVIL APPLICATION No. 6409 of 2010 |
|
In LETTERS PATENT APPEAL/ 1387/ 2010 (
PENDING ) |
|
Status : PENDING |
( Converted from
: CAST/7633/2010 ) |
CCIN No :
001003201006409 |
|
Next Listing Date: |
06/12/2013 |
|
Coram |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL |
Not Before : |
HONOURABLE MR.JUSTICE K.A.PUJ |
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
ARVIND LIMITED |
MR AMAR N BHATT for: Petitioner(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
STATE OF GUJARAT |
GOVERNMENT PLEADER for :Respondent(s) |
|
|
|||
|
Presented On |
: 18/06/2010 |
Registered On |
: 18/06/2010 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 38 times |
|
Stage Name |
: FOR FINAL HEARING |
||
|
|
|
||
|
Act |
|
||
|
OFFICE DETAILS |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
18/06/2010 |
APPLICATION |
MR AMAR N BHATT ADVOCATE |
20 |
MR AMAR N BHATT:1 |
|
2 |
08/07/2010 |
APPEARANCE NOTE |
GOVERNMENT PLEADER |
- |
GOVERNMENT PLEADER:1-2,4 |
|
3 |
15/08/2010 |
VAKALATNAMA |
MR KB PUJARA ADVOCATE |
4 |
MR KB PUJARA:3 |
|
4 |
15/08/2010 |
APPEARANCE NOTE |
GOVERNMENT PLEADER |
- |
GOVERNMENT PLEADER:1-2,4 |
|
5 |
15/08/2010 |
VAKALATNAMA |
MR AMAR N BHATT ADVOCATE |
- |
MR AMAR N BHATT:1 |
|
6 |
27/08/2010 |
APPEARANCE NOTE |
MR KB PUJARA ADVOCATE |
- |
MR KB PUJARA:3 |
|
COURT PROCEEDINGS |
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
05/11/2012 |
2 |
97 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
|
2 |
11/12/2012 |
2 |
63 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
|
3 |
26/12/2012 |
2 |
63 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA |
|
4 |
11/01/2013 |
2 |
37 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE S.G.SHAH |
|
5 |
12/02/2013 |
2 |
44 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE S.G.SHAH |
|
6 |
14/02/2013 |
2 |
51 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE S.G.SHAH |
|
7 |
03/04/2013 |
2 |
55 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE S.G.SHAH |
|
8 |
13/06/2013 |
3 |
75 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL |
|
9 |
05/07/2013 |
3 |
64 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL |
|
10 |
06/08/2013 |
3 |
62 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL |
|
11 |
03/09/2013 |
3 |
66 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL |
|
12 |
01/10/2013 |
51 |
81 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL and HONOURABLE MR.JUSTICE R.D.KOTHARI |
|
13 |
25/10/2013 |
3 |
57 |
FOR FINAL HEARING |
NEXT DATE |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL and HONOURABLE MR.JUSTICE R.D.KOTHARI |
|
14 |
06/12/2013 |
3 |
57 |
FOR FINAL HEARING |
undefined |
HONOURABLE MR.JUSTICE RAVI R.TRIPATHI HONOURABLE MR.JUSTICE MOHINDER PAL |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans From Government of India under Accelerated Power Development and Reform Programme (APDRP) |
435.700 |
473.900 |
|
Total |
435.700 |
473.900 |
FINANCE
During
the year, the Company raised long term loans from various Financial Institutions
and Banks to the tune of Rs. 10796.000 Millions (including Rs. 4206.000
Millions for UNOSUGEN Project) and issued Non-Convertible Debentures (NCDs) of
Rs. 8500.000 Millions. The Company liquidated buyers' credit of $ 41.30 Million
during the year. Outstanding amount towards long term loans, NCDs and APDRP
loans as on 31st March, 2013 were Rs. 49194.600 Millions (Previous year Rs.
37039.500 Millions). A total of Rs. 5206.800 Millions (Previous year Rs.
4441.700 Millions) were repaid by the Company during the year (excluding
liquidation of buyers' credit and refinancing of loan). The Company's long term
loans, cash credit and NCDs are rated at AA/Stable by CRISIL, indicating high
degree of safety with regard to timely payment of financial obligations.
Letters of credit / bank guarantees of the Company is rated A1+ indicating high
degree of safety regarding timely discharge of the obligations.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY AND POWER
SECTOR
ECONOMY
Indian
policy makers, in FY 2012-13, found themselves in the midst of a challenging
task - managing growth-inflation dynamics. After a strong economic performance
until FY 2010-11, the Indian GDP growth rate slipped to 6.2% in FY 2011-12 and
then to 9 year low of 5.0% in FY 2012-13. Inflationary pressures remained
persistent, despite headline inflation easing to 7.8% in FY 2012-13 from the
high of 9% over the last two years.
The
major challenges of low growth and high inflation are significantly impacted by
high twin deficits viz. Current Account Deficit (CAD) and Fiscal Deficit (FD).
CAD,
which is the difference between the outflow and inflow of foreign currency, is
expected to touch a record high of 5.0% for FY 2012-13. The high volume of gold
imports coupled with sharp increase in its prices and high international oil
prices, contributed to the high import bill and widening of the trade deficit.
Further, import demand has gone up over the years due to consumption led growth
and lower domestic production. Higher foreign investment income outflow also
put pressure on CAD. On the other hand, global slowdown and internal
uncertainties led to decline in a) exports b) overseas remittances and c) fresh
foreign inflows. All this led to eventual depreciation of rupee which
consequently impacted inflation.
Furthermore,
India's expansionary fiscal policy (increase in government spending) to fight
the 2008 global financial crisis led to a dramatic deterioration in the
country's fiscal situation. Government spending in the form of several social
programmes (particularly the MNREGA) and the high fuel, fertilizer and food
subsidy outgo has strained the government's budget position, causing the
overall fiscal deficit to widen from 2.5% in FY 2007-08 to 5.1% in FY 2012-13.
Since India's high fiscal deficit and interest on such deficits is funded
primarily by domestic banks/financial institutions and other non-financial
institutions, it dampened investment activity on account of reduced
availability of credit for private firms. This ultimately reduced domestic
savings and consequently investments. Such dampening of investment activities
adversely affected the production leading to lower GDP growth rate. This also
led to supply side constraints and consequently high inflation. High inflation
and low growth feed on each other in a vicious circle.
Standard
and Poor's recent affirmation of negative outlook on India and warning about
further chances of downgrade once again have brought forth the hard fact that
Indian economy is still not out of woods. There is a fairly high risk of
slippages of estimates for FY 2013-14; be it GDP growth rate of 6.0%, inflation
at 5.5%, fiscal deficit at 4.8% or CAD below 5.0%.
INFRASTRUCTURE
The
growth rate of eight core infrastructure industries reduced to 2.6% during FY
2012-13 from 5.0% in FY 2011-12. The decline was mainly on account of negative
growth witnessed in the production of natural gas and fertilizers. Allocation
of natural resources on the basis of arbitrary policies also plagued the
sector.
Foreign direct investors have been deterred by the poor investment climate in India and vexing tax issues. Also, banks have started adopting restrictive approach for infrastructure lending. Domestic savings have fallen by 6.0% over the years due to high consumption and lower GDP growth. The result of these was lesser investments. Many positive steps proposed in the Union Budget 2013 are expected to give fillip to the infrastructure sector. These include introduction of Infrastructure Debt Funds allowing low-cost long term debt and credit enhancement for infrastructure projects, tax free bonds of Rs. 500000.000 Millions and announcement of Projects encompassing industrial corridors, smart cities and ports. The setting up of the Cabinet Committee on Investment (CCI) is another welcome step
RENEWABLE ENERGY (RE)
The
total installed capacity reached 27,542 MW as on 31st March, 2013 with Wind
Power at 19,051 MW (69%) being the largest component and Solar Power at 1,686
MW (6%).
Wind
Power installation registered steep de-growth of 47% (from 3,197 MW in FY
2011-12 to 1,699 MW in FY 2012-13) due to withdrawal of Accelerated
Depreciation, expiry of Generation Based Incentive (GBI) and delays associated
with project approvals. Hon'ble CERC with a view to strengthen the REC market,
wherein recently supply exceeded demand manifold, has extended the validity of
RECs from 365 days to 730 days from the date of its issuance; for RECs issued
on or after 1st November, 2011.
Factors
such as poor financial condition of Discoms, absence of vibrant REC market,
lack of incentives, high capital investment and low returns and delays in
project approvals prevent Wind Power Projects from realizing their true
potential.
Solar
Power installations registered a steep growth of 81% (from 932 MW in March 2012
to 1,686 MW in March 2013) under various supportive central and state policies.
Under the National Solar Mission, GoI has announced the Phase-II of Jawaharlal
Nehru National Solar Mission with a target of 10,000 MW installations during
the 12th Plan. Further, Ministry of New and Renewable Energy (MNRE) released
draft guidelines for setting up of 750 MW Grid Solar PV power projects under
Viability Gap Funding scheme, wherein 30% of the project cost will be financed
by MNRE. Many states have also announced various policy measures to promote
solar power generation. However, nascent technology, lack of on-ground
experience of developers and higher per unit cost of generation present
formidable challenges for meaningful participation of solar power in overall
energy basket.
In
order to improve the acceptability of Wind and Solar Power in the grid, Hon'ble
CERC has issued an order directing implementation of Renewable Regulatory Fund
mechanism w.e.f. 1st July, 2013, wherein the wind and solar generators shall be
responsible for forecasting their generation.
To
spur investment in the renewable energy sector, the following were announced in
the Union Budget 2013:
- Re-introduction of the GBI for Wind Power Projects, with
allocation of Rs. 8000.000 Millions; and
- Low interest bearing funds from the National Clean
Energy Fund to Indian Renewable Energy Development Agency to on-lend to
viable renewable energy projects.
FUTURE OUTLOOK AND
OPPORTUNITIES
Indian
power sector is currently in a transition phase wherein it faces evolution from
a controlled environment to a competitive market driven regime. Certain
measures to heal the ailing power sector both announced and in the works are as
follows:
- Considerations of change in priority of allocation of
domestic gas as well as pooling price of imported and domestic gas are
welcome moves. With massive shale gas reserves in US and China and Japan
ready to re-start its nuclear plants, the LNG prices are anticipated to
get rationalized and ultimately drop. India's long term imported LNG
supply contracts, upcoming LNG regasification capacities and a total of
~24,000 km existing plus upcoming natural gas pipelines would ensure
adequate supply and flow of gas across the nation. Also, with the new
supplies coming from ONGC and GSPC and Reliance revamping its KG-D6 basin,
the current domestic shortfalls are expected to reduce considerably.
- The restructuring of CIL, as reported, would step up
its production and enable it to meet at least 65% of the linkage quantity
to the power projects. The de-allocated blocks are likely to be
re-allocated through competitive bidding route, which will ensure
transparency.
- The MoP is working on a peaking power policy for gas
that will encourage Discoms to invite bids from generation utilities for
meeting power shortages during peak consumption hours which will help the
stranded gas based projects to sell peak power based on LNG.
- Private sector participation in transmission is
inevitable and therefore going ahead, they may see development of more
projects through Public Private Partnerships/JVs. Development of smart
grids will reduce the TandD losses and prevent blackouts.
- In the context of reasonable tariff hikes and Fuel and
Power Purchase Cost adjustment (FPPCA) allowance in 2011 and 2012 by SERCs
subsequent to ruling by Hon'ble Appellate Tribunal for Electricity
(APTEL), Power sector expects more Regulatory support in quantum of tariff
hikes, the manner in which regulatory assets are proposed to be recovered,
timelines in terms of filing the tariff petitions and finalization of
tariff orders.
- The approval of Debt Restructuring Scheme for Discoms by Cabinet Committee of Economic Affairs, GOI is a welcome step. The follow up measures which are part of this scheme to ensure that the current situation does not recur are noteworthy and include a) commitment to the performance linked measures (particularly annual tariff revision, pass-through of FPPCA on quarterly basis and reduction in distribution loss levels) and b) timely cash collections from government departments as well as timely subsidy receipt from State Governments.
REVIEW OF COMPANY
BUSINESS
The
Company is an integrated utility engaged in the business of power generation,
transmission and distribution of electricity with operations in the states of
Gujarat, Maharashtra and Uttar Pradesh.
GENERATION:
SUGEN Mega Power
Plant near Surat
The 1147.5 MW gas based SUGEN Mega Power Plant is located near Surat in Gujarat. During the year, SUGEN achieved a higher Plant Availability Factor (PAF) of 94.32% (Previous Year - 89.29%) due to major Hot Gas Path Inspections carried out in previous year. PLF reduced to 41.21% (Previous Year - 75.99%) due to decline and ultimate stoppage of domestic gas supply from RIL's KG-D6 basin and reluctance of beneficiaries to off-take power based on expensive LNG. Consequently, it dispatched 4,018 MUs (Previous Year - 7,430 MUs).
The
Company has filed an appeal objecting to the applicability of Provisional
Initial Tariff Order issued by Petroleum and Natural Gas Regulatory Board in
September 2012 for high pressure gas grid of GSPL with retrospective effect
from November 2008. Hon'ble APTEL passed an Interim Order on 19th February,
2013, as per which GSPL would raise bills only from date of grant of
authorization i.e. 27th July, 2012 till the time the appeal of the Company is
pending.
The
382.5 MW gas based power plant - an expansion of SUGEN Mega Power Plant
(UNOSUGEN), has been put into commercial operation on 4th April, 2013. This
project is expected to meet 278 MW demand of Ahmedabad and Surat Distribution
under a long term arrangement. Long term PPA for 35 MW capacity has been
executed with MP Power Management Company through PTC India Limited for which
in-principle open access approval has been obtained. Tariff petition has been
filed with Hon'ble CERC with Project Cost of Rs. 1,858 Millions. The Project
has been submitted to United Nations Framework Convention on Climate Change
(UNFCCC) for registration under Clean Development Mechanism (CDM).
AMGEN in Ahmedabad
The
erstwhile Ahmedabad Electricity Company Limited (AEC), the merged constituent
of the Company, has completed 100 years of successful operations. The
generating unit, now known as AMGEN has an installed capacity of 500 MW, of
which 400 MW is coal based and 100 MW is gas based. The uprating of F station
to 121 MW from existing 110 MW has been completed and the station has been
synchronized with the Grid on
30th
April, 2013.
During
the year, AMGEN achieved PAF of 89.62% (Previous Year - 95.38%), PLF of 67.84%
(PreviousYear - 77.80%) and dispatched 2,698 MUs (Previous Year - 3,128 MUs). PAF
was lower as compared to the previous year due to F station uprating during the
year whereas PLF was lower mainly due to non-availability of domestic gas and
application of merit order dispatch.
Wind Power Plant at
Lalpur
The 49.6 MW Lalpur Wind Power Plant, in Jamnagar, Gujarat has completed first year of its operations in March 2013. The Plant achieved PAF of 96.49% and dispatched 106 MUs during the year. The Project has been registered under CDM with UNFCCC.
DISTRIBUTION:
i. Ahmedabad and Surat
The
sales were higher at 9,300 MUs in FY 2012-13 as against 8,804 MUs during the
previous year, registering a growth of 5.64%. TandD loss reduced marginally to
6.52% in FY 2012-13 from 6.84% during the previous year and is one of the
lowest in the country. The consumer base for both the areas as on 31st March,
2013 was 22.08 lacs (Previous Year - 21.56 lacs). The overall peak system
demand for Ahmedabad was 1,300 MW in FY 2012-13 as compared to 1,309 MW in
Previous Year. The overall peak system demand for Surat was 569 MW in FY
2012-13 as compared to 554 MW in Previous Year. To cater to the shortage
following the unwillingness to off-take LNG based power available from SUGEN
and AMGEN (due to reduction in domestic gas supply), which is expensive and also
the increased demand of Ahmedabad and Surat, the Company entered into various
RTC and Peak short term power purchase agreements for FY 2012-13 and FY
2013-14.
GERC
(Multi Year Tariff) Regulations provide for truing up of previous years
expenses and revenue based on audited accounts vis-a-vis the approved Annual
Revenue Requirement. The tariff order for FY 2012-13 was issued by Hon'ble GERC
allowing a tariff hike of 10 paise per kWh (~ 2%) for all consumers, except BPL
and agricultural consumers, on 2nd June, 2012 for Ahmedabad and Surat
Distribution effective from 1st June, 2012. The tariff order for FY 2013-14 has
also been issued by Hon'ble GERC on 16th April, 2013 for Ahmedabad and Surat
Distribution allowing an average tariff hike of 29.5 paise per kWh (~ 6%) for
all consumers, except BPL consumers, effective from 1st April, 2013.
The
Company has not been fully successful in its efforts to meet its Renewable
Purchase Obligation for FY 2012-13 mainly due to supply constraints and other
factors beyond the control of the Company. Consequently, the Company has filed
a petition with Hon'ble GERC to revise the minimum percentage target to actuals
for purchase from renewable energy sources for FY 2012-13.
Bhiwandi
The
sales were higher at 2,833 MUs in FY 2012-13 as against 2,636 MUs during the
Previous Year, registering a growth of 7.46%. The ATandC loss was higher at
21.68% in FY 2012-13 as against 17.85% during the Previous Year. The consumer
base as on 31st March, 2013 was 2.52 lacs (Previous Year - 2.39 lacs). The peak
system demand for Bhiwandi was 560 MVA during FY 2012-13, which was marginally
higher than 544 MVA in the Previous Year. Pursuant to revision of tariff by
MSEDCL in August 2012 and consequent wide spread agitation against increased
costs by power loom consumers, Collection Efficiency has reduced from 99.33% in
FY 2011-12 to 94.97% in FY 2012-13, which in turn has affected ATandC losses.
Agra
The sales were higher at 1,125 MUs in FY 2012-13 as against 1,054 MUs during the Previous Year, registering a growth of 6.74%. The ATandC loss was lower at 51.26% in FY 2012-13 as against 54.33% during the Previous Year. The consumer base as on 31st March, 2013 was 3.04 lacs (Previous Year - 2.74 lacs). The peak system demand for Agra was 431 MVA during FY 2012-13, which was higher than 383 MVA in the Previous Year.
OVERALL RESULTS:
The
overall sales in FY 2012-13 were at 14,009 MUs as against 14,983 MUs during the
previous year, registering a decline of 6.5%, mainly on account of meagre short
term power sales due to domestic gas non-availability. During the year, there
was substantial reduction in generation in both the generating units viz. SUGEN
and AMGEN mainly on account of reduction in availability of domestic gas and
unwillingness of beneficiaries to off-take power using expensive LNG. The
Company earned gross income of Rs. 449.900 Millions (Previous Year - Rs.
3249.900 Millions) from sale of CERs, of which Rs. 35.400 Millions is payable
to beneficiaries in accordance with CERC guidelines. The average price plunged
from ~ € 3.77 per CER in March 2012
to ~ € 0.32 per CER in March 2013.
Though
GERC (Multi Year Tariff) Regulations provide for 14% post-tax return on equity,
which is lower than that stipulated by the Tariff Policy as well as certain
SERCs, the regulated distribution business comprising Ahmedabad and Surat could
not realize even cost of energy supplied during the year despite increase in
tariff in FY 2012-13. Limitation in pass through of power purchase costs due to
change of mix and consequent postponement of such recovery to true up stage has
impacted profits and cashflows of FY 2012-13 significantly.
The
overall performance in Bhiwandi was better due to increased volumes and tariff
hike. However, the stiff resistance against the tariff hike (net of subsidy)
impacted the collection efficiency of the unit.
Despite
improvement in ATandC loss, though not in line with expectations, and tariff
hike in October 2012, Agra, incurred increased losses in its third year of
operations. Operations are expected to improve in FY 2013-14 with network
augmentation, LT network undergrounding, better meter reading efficiency and
increased collection efficiency.
Depreciation,
during the year, increased mainly due to routine capital expenditure incurred
at Distribution units for meeting load growth, efficiency improvement and
safety requirements.
Deferred
Tax increased marginally due to impact of additional depreciation of 20% on
Plant and Machinery capitalized during FY 2012-13.
In
this context the overall;
- PBDIT decreased by 38.94% from Rs. 23571.000 Millions
to Rs. 14391.500 Millions
- Depreciation increased by 11.49% from Rs. 3658.800
Millions to Rs. 4079.300 Millions
- Interest increased by 30.94% from Rs. 3119.700
Millions to Rs. 4084.800 Millions
- PBT decreased by 62.92% from Rs. 16792.500 Millions to
Rs. 6227.400 Millions
- PAT decreased by 68.89% from Rs. 12374.600 Millions to Rs. 3849.600 Millions.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH JUNE, 2013
(Rs. in Millions)
|
Particulars |
30.06.2013 |
|
|
Un-audited |
|
Income from operations |
|
|
(a) Net sales/income from
operations |
21430.800 |
|
(b) Other operating income |
319.000 |
|
Total income from operations |
21749.800 |
|
|
|
|
Expenses |
|
|
(a) Power purchase |
12327.600 |
|
(b) Fuel cost |
4776.400 |
|
(c) Employee benefits
expense |
694.100 |
|
(d) Depreciation and
amortisation expense |
1322.800 |
|
(e) Other expenses |
1836.100 |
|
Total expenses |
20957.000 |
|
|
|
|
Profit from operations before other income, finance
costs and exceptional Items |
792.800 |
|
Other income |
551.800 |
|
Profit from ordinary activities before finance costs and exceptional
Items |
1344.600 |
|
Finance costs |
1511.000 |
|
Profit / (Loss) from
ordinary activities after finance costs but before exceptional Items |
(166.400) |
|
Exceptional items |
- |
|
Profit / (Loss) from
ordinary activities before tax |
(166.400) |
|
Tax expense |
|
|
- Current Tax |
- |
|
- Deferred tax |
- |
|
- Short / (-) excess
provisions for current tax of earlier years |
(65.400) |
|
Net profit / (Loss) from
ordinary activities after tax |
(101.000) |
|
Extraordinary items |
- |
|
Net profit / (Loss) for the
period |
(101.000) |
|
Paid up equity share capital
(F.V. Rs. 10/- per share) |
4724.500 |
|
Reserves excluding
revaluation reserves as per balance sheet |
|
|
Earnings
per share (before and after extraordinary items) (of Rs. 10/-each) (not
annualised) |
|
|
(a) Basic
(Rs.) |
(0.21) |
|
(b) Diluted (Rs.) |
(0.21) |
SELECT INFORMATION FOR THE QUARTER ENDED 30TH JUNE 2013
|
|
30.06.2013 |
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
Shareholding |
|
|
Number of Shares (in Lacs) |
2,199.88 |
|
Percentage of Shareholding |
46.56% |
|
2. Promoters
and Promoter Group Shareholding |
|
|
a) Pledged
/ Encumbered |
|
|
- Number of shares (in Lacs) |
- |
|
- Percentage of shares( as a % of the total
shareholding of promoter and promoter group) |
- |
|
- Percentage of shares( as a % of the total share
capital of the company) |
- |
|
b.
Non-encumbered |
|
|
- Number of shares (in Lacs) |
2,524.60 |
|
- Percentage of shares ( as
a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of shares ( as
a % of the total share capital of the company) |
53.44% |
|
Particulars |
Quarter ended 30.06.2013 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unresolved at the end of the quarter |
NIL |
NOTES:
- The Figures for the corresponding period have been regrouped / reclassified, wherever necessary, to make them comparable with the figures for the current periods.
- The Company operates only in one business segment viz. Generation and Distribution of Electricity.
- During the quarter, the Company has made investment of Rs. 942.000 Millions by way of equity in its subsidiary Torrent Energy Limited.
- The Audit Committee has reviewed the above results and the same have been subsequently approved by the Board of Directors in their respective meetings held on 25th July, 2013. The statutory auditors of the Company have carried out a Limited Review of the financial results for the quarter ended on 30th June,2013.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10443714 |
26/09/2013 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR,17 R, KAMANI MARG, BALLARD ESTATE,, MUMBAI, Maharashtra - 400001, INDIA |
B87562377 |
|
2 |
10441792 |
12/07/2013 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, Maharashtra - 400001, INDIA |
B81134678 |
|
3 |
10448617 |
20/06/2013 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
B79528337 |
|
4 |
10425900 |
20/04/2013 |
7,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
B75072009 |
|
5 |
10420083 |
05/08/2013 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
B83284026 |
|
6 |
10408074 |
08/02/2013 |
3,612,906,594.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA |
B69636769 |
|
7 |
10406043 |
21/12/2012 |
5,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
B66089400 |
|
8 |
10383250 |
11/09/2013 * |
4,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian building, Ground Floor, 17, R, Kamai Marg, |
B86387271 |
|
9 |
10378743 |
19/01/2013 * |
1,160,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA |
B69434405 |
|
10 |
10362037 |
27/12/2012 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
B66450073 |
|
11 |
10362031 |
27/12/2012 * |
4,160,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA |
B66450842 |
|
12 |
10324835 |
26/06/2012 * |
1,150,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B43575760 |
|
13 |
10296177 |
14/07/2011 |
2,800,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B16549057 |
|
14 |
10280031 |
04/08/2011 * |
3,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B19337302 |
|
15 |
10280032 |
04/08/2011 * |
3,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B19339159 |
|
16 |
10280047 |
04/08/2011 * |
3,630,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B19338383 |
|
17 |
10212065 |
31/03/2010 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A82976739 |
|
18 |
10202980 |
04/02/2010 |
6,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A79593836 |
|
19 |
10170655 |
04/02/2010 * |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A79591103 |
|
20 |
10123153 |
04/02/2010 * |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A79590550 |
|
21 |
10096923 |
04/02/2010 * |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A79587143 |
|
22 |
10094345 |
13/06/2013 * |
7,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B79053070 |
|
23 |
10096455 |
04/02/2010 * |
2,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A79589958 |
|
24 |
10082528 |
11/09/2013 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B86386968 |
|
25 |
10053784 |
04/02/2010 * |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A79594339 |
|
26 |
80040362 |
19/01/2013 * |
8,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B69434082 |
|
27 |
80041901 |
29/10/2012 * |
15,670,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B64243827 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
- Land –
Freehold
- Land -
Leasehold
- Buildings
- Railway
Siding
- Plant and
Machinery
- Transmission
and Distribution Systems
- Electrical
Fittings and Apparatus
- Furniture,
Fixture and Office Equipments
- Vehicles
Intangible Assets
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
65 |
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.