MIRA INFORM REPORT

BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	POWER GRID CORPORATION OF INDIA LIMITED	Principal Name 1	MR. R. N. NAYAK
Status	EXCELLENT	Principal Name 2	MR. I. S. JHA
		Registration #	55-038121
Street Address	B-9, QUTAB INSTITUTIONAL AREA, KATWARIA SARAI, NEW DELHI – 110 016
Established Date	23.10.1989	SIC Code	--
Telephone#	91-11-26560112/ 26560115 / 26560193/26564892	Business Style 1	TRANSMISSION OF POWER
Fax #	91-11-26560054/ 26601081	Business Style 2	--
Homepage	www.powergridindia.com	Product Name 1	--
# of employees	9347 (APPROXIMATELY)	Product Name 2	--
Paid up capital	RS.46,297,253,530/-	Product Name 3	--
Shareholders	PROMOTER AND PROMOTER GROUP – 57.90% PUBLIC SHAREHOLDING – 42.10%	Banking	INDIAN OVERSEAS BANK
Public Limited Corp.	YES	Business Period	25 YEARS
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	Aa (76)
Related Company
Relation	Country	Company Name	CEO
JOINT VENTURE	--	POWERLINKS TRANSMISSION LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	114,940,600,000	Current Liabilities	129,301,200,000
Inventories	5,515,300,000	Long-term Liabilities	650,762,700,000
Fixed Assets	614,006,400,000	Other Liabilities	68,877,000,000
Deferred Assets	0,000	Total Liabilities	848,940,900,000
Invest& other Assets	376,873,300,000	Retained Earnings	216,097,400,000
		Net Worth	262,394,700,000
Total Assets	1,111,335,600,000	Total Liab. & Equity	1,111,335,600,000
Total Assets (Prev.yr)	922,160,800,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	127,578,500,000	Net Profit	42,345,000,000
Sales (Previous yr)	100,353,300,000	Net Profit (Prev.yr)	32,549,500,000

MIRA INFORM REPORT

Report Date :

04.04.2014

IDENTIFICATION DETAILS

Name :	POWER GRID CORPORATION OF INDIA LIMITED

Registered Office :	B-9, Qutab Institutional Area, Katwaria Sarai, New Delhi – 110 016

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	23.10.1989

Com. Reg. No.:	55-038121

Capital Investment / Paid-up Capital :	Rs.46297.300 millions

CIN No.: [Company Identification No.]	L40101DL1989GOI038121

TAN No.: [Tax Deduction & Collection Account No.]	DELP06685A

PAN No.: [Permanent Account No.]	AAACP0252G

Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is engaged in the transmission of power.

No. of Employees :	9347 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

Maximum Credit Limit :	USD 1049580000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is a Government of India company. It is a well-established company having fine track record. Financial position of the company is sound and healthy. Performance capability of the company is good. The company maintain a robust financial risk profile. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered 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 – December 1, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AAA (Long Term Rating)
Rating Explanation	Highest degree of safety it carry lowest credit risk.
Date	09.01.2014

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Strongest degree of safety and carry lowest credit risk.
Date	09.01.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rajgopalan
Designation :	Deputy Manager
Contact No.:	91-9910378142
Date :	19.03.2014

LOCATIONS

Registered Office :	B-9, Qutab Institutional Area, Katwaria Sarai, New Delhi – 110 016, India
Tel. No.:	91-11-26560112 / 26560115 / 26560193 / 26564892
Mobile No.:	91-9910378142 (Mr. Rajgopalan) 91-9910378145 (Mr. Gulati)
Fax No.:	91-11-26560054 / 26601081
E-Mail :	dtandon@powergridindia.com
Website :	http://www.powergridindia.com

Corporate Office 1 :	89, Nehru Place, Hemkunt Chambers, New Delhi – 110 019, India
Tel. No.:	91-11-2642 8808
Fax No.:	91-11-2642 8357 / 2647 6133
E-Mail :	pgcil@vsnl.com

Corporate Office 2 :	“Saudamini”, Plot No.2, Sector 29, Near IFFCO Chowk, Gurgaon – 122 001, Haryana, India
Tel No.:	91-124-2571700 through 2571719
Fax No.:	91-124-2571760 / 2571761

Factory / Regional Office :	Northern Region Transmission System-I Regional Head Quarter, SCO 84-85, Sector-16 (Near Sagar Cinema), Faridabad – 121 002, Haryana, India Contact Person: Mr. U. C. Mishra, General Manager Northern Region Transmission System-II Regional Head Quarter, Vikas Bhawan, Rail Head Commercial Complex, Railway Road, Jammu – 180 004, Jammu and Kashmir, India Contact Person: Mr. S. K. Dobe, General Manager Tel. No. 91-191-2430723 / 2430995 Fax No. 91-191-2435293 Telegram: NATGRID Eastern Region Transmission System Regional Head Quarter, Alankar Place (5^th and 6^th floor), Boring Road, Patna – 800 001, Bihar, India Contact Person: Mr. Mr. B. K. Banerjee, Executive Director Tel. No. 91-612-2230440 (Office) Fax No. 91-612-2228984 Telegram: NATGRID North Eastern Region Transmission System Regional Head Quarter, Old A. P. Secretariate Building, G. S. Road, Shillong – 793 001, Meghalaya Contact Person: Mr. Mr. A. R. Agarwal, Executive Director Tel. No. 91-364-2228621 / 2220149 Fax No. 91-2364-223985 Telegram: NATGRID Southern Region Transmission System Regional Head Quarter, M. C. H. Commercial Complex, R. P. Road, Secunderabad – 500 003, Andhra Pradesh, India Contact Person: Mr. S. G. Bire, General Manager Tel. No. 91-40-2780 1522 (Office) / 2775 1715 (Res.) Fax No. 91-40-2780 8481 Telegram: NATGRID Western Region Transmission System Regional Head Quarter, Sampriti Nagar, P. O. Uppalwadi, Nagpur – 440 026, Maharashtra, India Contact Person: Mr. D. K. Nandi, Executive Director Tel. No. 91-712-2641470 (Office) / 2641471(Res.) Fax No. 91-712-2641366 Telex: 0715-7356 Telegram: NATGRID

Branch Office :	FE498 S/1, Kolkata - 700 091, West Bengal, India R and C (1972), Administration Building, J. Jeejibhai Marg, Mumbai Central, Mumbai, Maharashtra, India Tel. No. 91-22-23739188

DIRECTORS

AS ON 31.03.2013

Name :	Mr. R. N. Nayak
Designation :	Chairman and Managing Director

Name :	Mr. I. S. Jha
Designation :	Director (Projects)

Name :	Mr. R. T. Agarwal
Designation :	Director (Finance)

Name :	Mr. Ravi P. Singh
Designation :	Director (Personnel)

Name :	Mr. R.P. Sasmal
Designation :	Director (Operations)

Name :	Ms. Rita Acharya
Designation :	Government Nominee

Name :	Mr. Santosh Saraf
Designation :	Independent Director

Name :	Ms. Rita Sinha
Designation :	Independent Director

Name :	Mr. R.K. Gupta
Designation :	Independent Director

Name :	Dr. K. Ramalingam
Designation :	Independent Director

Name :	Mr. Ajay Kumar Mittal
Designation :	Independent Director

Name :	Mr. R. Krishnamoorthy
Designation :	Independent Director

Name :	Mr. Mahesh Shah
Designation :	Independent Director

KEY EXECUTIVES

Name :	Ms. Divya Tandon
Designation :	Company Secretary and Compliance Officer

Name :	Mr. Parvez Hyatt
Designation :	Chief Vigilance Officer

SHAREHOLDING PATTERN

AS ON 31.12.2013

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	3028835198	57.90
Sub Total	3028835198	57.90
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3028835198	57.90
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	111635121	2.13
Financial Institutions / Banks	133468583	2.55
Insurance Companies	203819985	3.90
Foreign Institutional Investors	1327408071	25.37
Sub Total	1776331760	33.95
(2) Non-Institutions
Bodies Corporate	142774932	2.73
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	227450971	4.35
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	12787431	0.24
Qualified Foreign Investor	35	0.00
Any Others (Specify)	43409321	0.83
Trusts	3818944	0.07
Non Resident Indians	3458602	0.07
Clearing Members	15265590	0.29
Employees	6142709	0.12
Foreign Corporate Bodies	14723476	0.28
Sub Total	426422690	8.15
Total Public shareholding (B)	2202754450	42.10
Total (A)+(B)	5231589648	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5231589648	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the transmission of power.

Products/ Services :	Power Transmission Consultancy Services Electric Power

Exports :
Products :	Finished Goods
Countries :	Sri Lanka Nepal Dubai Bangladesh Afghanistan Myanmar Ethiopia Kenya

Imports :
Products :	Equipments
Countries :	UK Germany France China Sweden

GENERAL INFORMATION

No. of Employees :

9347 (Approximately)

Bankers :

Indian Overseas Bank
Bank of Baroda
State Bank of Patiala
Canara Bank
State Bank of India
Punjab National Bank
Union Bank of India
State Bank of Hyderabad
HDFC Bank Limited
ICICI Bank Limited
Central Bank of India
Dena Bank
IDBI Bank Limited
Andhra Bank
Axis Bank Limited
Corporation Bank
Kotak Mahindra Bank
Yes Bank
Bank of India
Indian Bank
Jammu and Kashmir Bank Limited
Oriental Bank of Commerce
State Bank of Travancore
Allahabad Bank
State Bank of Bikaner and Jaipur
State Bank of Mysore
Vijaya Bank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Bonds (Taxable, Redeemable, Non-Cumulative, Non-Convertible)	403397.900
Term Loans from Banks	15916.700
Foreign Currency Loans	175997.800
Term Loan from Others (Rupee Loans)	1136.400
Total	596448.800

Secured Loans	31.03.2012 (Rs. in millions)
LONG-TERM BORROWINGS
BONDS
Secured (Taxable, Redeemable, Non-Cumulative, Non-Convertible) XXXVI Issue- 9.35% Bonds of Rs.15.000 Millions each consisting of 15 STRPPs of Rs.1.000 Million each redeemable at par in 15 (fifteen) equal annual instalments w.e.f. 29.08.2016 Secured by way of Registered Bond Trust Deed an king pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in district Valsad Gujarat and floating charge on the assets of the Company.	30900.000
Bonds of Rs.15.000 Millions each consisting of 12 STRPPs of Rs.1.250 Millions each redeemable at par in 12 (twelve) equal annual instalments. Secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in district Valsad Gujarat and floating charge on the assets of the company.
XXXVII Issue- 9.25% redeemable w.e.f 26.12.2015	19950.000
XXXV Issue- 9.64% redeemable w.e.f 31.05.2015	19575.000
XXXIV Issue- 8.84% redeemable w.e.f 21.10.2014	34875.000
XXXIII Issue- 8.64%% redeemable w.e.f 08.07.2014	28800.000
XXXII Issue- 8.84% redeemable w.e.f 29.03.2014	10350.000
XXXI Issue- 8.90% redeemable w.e.f 25.02.2014	20475.000
XXX Issue- 8.80% redeemable w.e.f 29.09.2013	23325.000
XXIX Issue- 9.20% redeemable w.e.f 12.03.2013	11893.700
XXVIII Issue- 9.33% redeemable w.e.f 15.12.2012	22000.000
XXVII Issue- 9.47% redeemable w.e.f 31.03.2012	5875.000
XXVI Issue- 9.30% redeemable w.e.f 07.03.2012	8325.000
XXV Issue- 10.10% redeemable w.e.f 12.06.2011	8875.000
XXIV Issue- 9.95% redeemable w.e.f 26.03.2011	5996.300
XXIII Issue- 9.25% redeemable w.e.f 09.02.2011	2306.300
XXII Issue- 8.68% redeemable w.e.f 07.12.2010	5175.000
XXI Issue- 8.73% redeemable w.e.f 11.10.2010	3825.000
XX Issue- 8.93% redeemable w.e.f 07.09.2010	11250.000
XIX Issue- 9.25% redeemable w.e.f 24.07.2010	3712.500
XVIII Issue- 8.15% redeemable w.e.f 09.03.2010	6660.000
Bonds of Rs.10.000 Millions each consisting of 10 STRPPs of Rs.100.000 Millions each redeemable at par in 10 (ten) equal annual instalments. Secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in district Valsad Gujarat and floating charge on the assets of the Company.
XVII Issue- 7.39% redeemable w.e.f 22.09.2009	6000.000
XVI Issue- 7.10% redeemable w.e.f 18.02.2009	3750.000
XV Issue-6.68% Bonds of Rs.15.000 Millions each consisting of 12 STRPPs of Rs.1.250 Millions each redeemable at par in 12 (twelve) equal annual instalments w.e.f. 23.02.2008	4500.000
Secured by way of Registered Bond Trust Deed anking pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in district Valsad Gujarat and floating charge on the assets of the Company. XIII issue-8.63% Bonds of Rs.15.000 Millions each consisting of 12 STRPPs of Rs.1.250 Millions each redeemable at par in 12 (twelve) equal annual instalments w.e.f 31.07.2006 Secured by way of Registered Bond Trust Deed ranking pari-passu on immovable property situated at Mouje Ambheti Taluka Kaparada in District Valsad Gujarat and mortgage and hypothecation on assets of Kishenpur Moga and Dulhasti Contingency Transmission System	3375.000
XII issue-.9.70% Bonds of Rs.15.000 Millions each consisting of 12 STRPPs of Rs.1.250 Millions each redeemable at par in 12 (twelve) equal annual instalments w.e.f. 28.03.2006 Secured by way of Registered Bond Trust Deed ranking pari-passu on immovable property situated at Mouje Ambheti Taluka Kaparada in District Valsad Gujarat and mortgage and hypothecation on assets of Kayamkulam and Ramagundam Hyderabad Transmission System	615.000
XI issue-9.80% Bonds of Rs.30.000 Millions each consisting of 12 STRPPs of Rs.2.500 Millions each redeemable at par in 12 (twelve) equal annual instalments w.e.f. 07-12-2005 Secured by way of Registered Bond Trust Deed ranking pari-passu on immovable property situated at Mouje Ambheti Taluka Kaparada in District Valsad Gujarat and mortgage and hypothecation on assets of Anta,Auriya, Moga-Bhiwani, Chamera-Kishenpur, Sasaram-Allahabad, LILO of Singraulli- Kanpur and Allahabad Sub-Station	1810.000
VIII issue-10.35% Bonds of ` 1000/-each redeemable at par in 10(Ten) equal annual instalments w.e.f. 27.04.2005 Secured by floating charge over the Fixed Assets of the Company	40.000
XIV issue-6.10% Bonds of Rs.15.000 Millions each consisting of 12 STRPPs of Rs.1.250 Millions each redeemable at par in 12 (twelve) equal annual instalments w.e.f. 17.07.2004 Secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in district Valsad Gujarat and floating charge on the assets of the company.	1747.500
X issue-10.90% Bonds of Rs.1.200 Millions each redeemable at par in 12 (twelve) equal annual instalments w.e.f. 21.06.2004 Secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in District Valsad Gujarat and mortgage and hypothecation of the assets of CTP-IFarakka and Chamera Transmission system	1903.800
IX issue-12.25% Bonds of Rs.0.100 Million each redeemable at par in 10 (Ten) equal annual instalments w.e.f. 22^nd August, 2003 Secured by way of Registered Bond Trust Deed on immovable property situated at Mouje Ambheti Taluka Kaparada in District Valsad Gujarat and mortgage and hypothecation of the assets of Transmission lines and Sub-stations of parts of NJTL system.	0.000
Taxable, Secured, Redeemable, Non-Cumulative, Non-Convertible Bonds of Rs.1.000 Million each. To be secured by way of Registered Bond Trust Deed ranking pari passu on immovable property situated at Mouje Ambheti Taluka Kaparada in district Valsad Gujarat and floating charge on the assets of the company.
XXXIX Issue- 9.40% redeemable at par on 29.03.2027	18000.000
XXXVIII Issue- 9.25% redeemable at par on 09.03.2027	8550.000
Term Loans From Banks
Secured by a floating charge on the fixed assets of the Company
Indian Overseas Bank	0.000
Corporation Bank	50.000
Punjab National Bank-Loan-I	0.000
Punjab National Bank-Loan-II	750.000
Oriental Bank of Commerce	625.000
ICICI Bank Limited.(Secured by first pari passu charge over the assets of the Company)	0.000
Foreign Currency Loans
Bank of India Cayman Islands (Secured by a Floating charge on the immovable properties of the company)	2717.300
Secured by pari passu interest in the liens created on the assets as security for the debts.
Asian development Bank (ADB)-I	2620.500
ADB-II	9190.200
ADB-III	17686.300
Loan from International Bank for Reconstruction and Development, USA (Guaranteed by Govt. of India)
Secured by equitable mortgage of immovable properties and hypothecation of movable properties of Vindhyachal and Rihand Transmission system. PSDP I	700.600
Secured by pari passu interest in the liens created on the assets as security for the debts.
PSDP-II	15423.300
PSDP-III	18598.100
PSDP-IV	26850.600
PSDP-IV	14868.100
PSDP-V	8789.100
Term Loan (LOC) from State Bank of India To be secured by way of par passu charge on assets of the Company except investments, land and buildings and current assets	10000.000
Foreign Currency Loans (Pending creation of security by way of pari passu interest in the liens created on the assets as security for the debts)
ADB-IV	13487.400
ADB-V	3401.400
Loan under NIB Loan no. PIL 5120	4701.900
Secured by a floating charge on the fixed assets of the Company
Life Insurance Corporation of India-II	1711.000
Life Insurance Corporation of India-III	99.100
Total	486705.000


Banking Relations :	--

Financial Institutions :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India

Statutory Auditors :
Name 1 :	S.K. Mehta and Company Chartered Accountants
Address :	2682/2, Beadon Pura, Ajamal Khan Market, Karol Bagh, New Delhi – 110 005, India
E-Mail :	rohitmehta@skmehta.co.in

Name 2 :	Chatterjee and Company Chartered Accountants
Address :	153, Rash Behari Avenue, 3rd Floor, Kolkata – 700 029, West Bengal, India
E-Mail :	chatterjee.ca@rediffmail.com

Name 3 :	Sagar and Associates Chartered Accountants
Address :	H. No.6-3-244/5, Sarada Devi Street, Prem Nagar, Hyderabad – 500 004, Andhra Pradesh, India
E-Mail :	vvidyasagarbabu@yahoo.co.in

Cost Auditor :
Name 1 :	Jugal Kishore Puri Cost Accountant
Address :	K-19, NDSE Part II, New Delhi – 110 049, India
E-Mail :	jugalpuri@gmail.com

Name 2 :	K.G. Goyal and Associates Cost Accountants
Address :	289, Mahaveer Nagar-II, Maharani Farms, Durgapura, Jaipur – 302 018, Rajasthan, India
E-Mail :	rajeshgoyaljaipur@yahoo.co.in

Subsidiaries – Wholly Owned :	Power System Operation Corporation Limited (POSOCO) Powergrid NM Transmission Limited Powergrid Vemagiri Transmission Limited

Joint Ventures:	Powerlinks Transmission Limited Torrent Power Grid Limited Jaypee Powergrid Limited Parbati Koldam Transmission Company Limited Teestavalley Power Transmission Limited North East Transmission Company Limited National High Power Test Laboratory Private Limited Energy Efficiency Services Limited Bihar Grid Company Limited (w.e.f. 04.01.2013) Kalinga Bidyut Prasaran Nigam Private Limited (w.e.f. 31.12.2012) Cross Border Power Transmission Company Limited (w.e.f. 11.08.2012)

CAPITAL STRUCTURE

AS ON 19.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000000	Equity Shares	Rs.10/- each	Rs.100000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5231589648	Equity Shares	Rs.10/- each	Rs.52315.896 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000000	Equity Shares	Rs.10/- each	Rs.100000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4629725353	Equity Shares	Rs.10/- each	Rs.46297.300 millions

Notes:

Reconciliation of Number and amount of share capital outstanding at the beginning and at the end of the reporting period

Particulars	For the year ended 31^st March, 2013
Particulars	No. of Shares	Amount (Rs. in millions)
Shares outstanding at the beginning of the year	4629725353	46297.300
Shares Issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	4629725353	46297.300

The holders of equity shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

The Government of India holds 3214024212 equity shares representing 69.42% of the total equity shares of the Company and no other shareholder of the Company holds more than 5% of the equity shares in the current year and in the preceding year.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2013
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital			46297.300
(b) Reserves & Surplus			216097.400
(c) Money received against share warrants			0.000

(2) Share Application money pending allotment			0.000
Total Shareholders’ Funds (1) + (2)			262394.700

(3) Deferred Revenue			37176.000

(4) Non-Current Liabilities
(a) Long-term borrowings			630762.700
(b) Deferred tax liabilities (Net)			19591.600
(c) Other long term liabilities			9899.300
(d) Long-term provisions			4426.300
Total Non-current Liabilities (3)			664679.900

(5) Current Liabilities
(a) Short term borrowings			20000.000
(b) Trade payables			2467.300
(c) Other current liabilities			116934.600
(d) Short-term provisions			7683.100
Total Current Liabilities (4)			147085.000

TOTAL			1111335.600

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets			608776.900
(ii) Intangible Assets			5229.500
(iii) Capital work-in-progress			189213.000
(iv) Intangible assets under development			1936.200
(b) Construction stores			157086.200
(c) Non-current Investments			9642.400
(d) Deferred foreign currency fluctuation asset			17162.900
(e) Deferred tax assets (net)			0.000
(f) Long-term Loan and Advances			59634.000
(g) Other Non-current assets			0.000
Total Non-Current Assets			1048681.100

(2) Current assets
(a) Current investments			1832.600
(b) Inventories			5515.300
(c) Trade receivables			14340.900
(d) Cash and cash equivalents			16619.700
(e) Short-term loans and advances			5950.300
(f) Other current assets			18395.700
Total Current Assets			62654.500

TOTAL			1111335.600

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		46297.300	46297.300
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		188580.500	167372.700
4] (Accumulated Losses)		0.000	0.000
NETWORTH		234877.800	213670.000
LOAN FUNDS
1] Secured Loans		486705.000	363250.700
2] Unsecured Loans		20986.900	45577.000
TOTAL BORROWING		507691.900	408827.700
DEFERRED TAX LIABILITIES		16008.800	11467.400
DEFERRED REVENUE		22831.000	23473.800
DEFERRED INCOME/(EXPENDITURE) FROM FOREIGN CURRENCY FLUCTUATION		4931.700	0.000

TOTAL		786341.200	657438.900

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		476623.000	372239.800
Capital work-in-progress		154998.900	129636.800
Construction Stores and Advance		736.100	136609.100

INVESTMENT		12844.500	13650.500
DEFERRED TAX ASSETS		0.000	0.000
CONSTRUCTION STORES		126100.400	0.000
DEFERRED FOREIGN CURRENCY FLUCTUATION ASSET		13166.700	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4403.100	3815.100
	Sundry Debtors	23153.700	31620.900
	Cash & Bank Balances	23368.800	36800.600
	Other Current Assets	6281.100	4994.900
	Loans & Advances	80484.500	27939.800
Total Current Assets		137691.200	105171.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2033.500	18367.800
	Other Current Liabilities	98927.200	52770.300
	Provisions	34858.900	28754.600
Total Current Liabilities		135819.600	99892.700
Net Current Assets		1871.600	5278.600

MISCELLANEOUS EXPENSES		0.000	24.100

TOTAL		786341.200	657438.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	127578.500	100353.300	83887.000
		Other Income	5708.900	7496.800	6708.800
		Provision written back	0.000	0.000	402.200
		TOTAL (A)	133287.400	107850.100	90998.000

Less	EXPENSES
		Purchases of stock-in-trade	635.000	0.000	0.000
		Employee Benefits Expenses	8864.000	8429.700	7458.900
		Transmission Administration and Other Expenses	8715.400	8099.800	5856.500
		Prior Period Items (Net)	(247.000)	186.600	43.700
		Provisions	0.000	0.000	39.800
		Deferred Revenue Expenditure written off	0.000	0.000	18.600
		TOTAL (B)	17967.400	16716.100	13417.500

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		115320.000	91134.000	77580.500

Less	FINANCIAL EXPENSES (D)		25352.200	19432.600	17339.300

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89967.800	71701.400	60241.200

Less/ Add	DEPRECIATION/ AMORTISATION (F)		33519.200	25725.400	21993.900

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		56448.600	45976.000	38247.300

Less	TAX (H)		14103.600	13426.500	11278.400

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		42345.000	32549.500	26968.900

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		261.500	411.800	243.300

	Transfer from Bond Redemption Reserve		3855.300	3135.000	2558.100
	Transfer from STOA Reserve		2763.400	2198.800	1412.500
	CSR Activities Reserve		0.000	132.200	0.000
	Dividend Tax Adjusted		0.000	5.000	0.000
			6618.7	5471	3970.6
Less	APPROPRIATIONS
		STOA Reserve	2763.400	2198.800	1412.500
		Bonds Redemption Reserve	11667.900	9694.900	7807.700
		CSR Activities Reserve	260.600	0.000	48.300
		Self Insurance Reserve	528.400	438.500	425.300
		Dividend Tax Adjusted	7.300	0.000	0.000
		General Reserve	19000.000	14500.000	11500.000
		Interim Dividend	7453.900	3703.900	2315.100
		Dividend tax on Interim Dividend	1198.900	600.700	0.000
		Proposed Dividend	5277.900	6065.000	5787.200
		Dividend tax on Proposed Dividend	886.600	969.000	0.000
		Corporate Dividend Tax Paid	0.000	0.000	384.500
		Provision for Corporate Dividend Tax	0.000	0.000	938.800
		LDC Development Reserve	0.000	0.000	151.600
	BALANCE CARRIED TO THE B/S		180.300	261.500	411.800

	EARNINGS IN FOREIGN CURRENCY
		Interest	0.100	0.000	0.100
		Consultancy Fee	74.000	96.500	193.700
		Export of Goods	864.400	0.000	0.000
	TOTAL EARNINGS		938.500	96.500	193.800

	IMPORTS
		Capital Goods	15435.400	21647.000	18203.600
		Spare Parts	56.500	264.900	29.500
	TOTAL IMPORTS		15491.900	21911.900	18233.100

	Earnings/ (Loss) Per Share (Rs.)		9.15	7.03	6.19

Expected Sales (2013-2014): Rs.150000.000 millions

The above information has been parted by Mr. Rajgopalan (Deputy Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	31.77	30.18	29.64

Net Profit Margin (PBT/Sales)	(%)	44.25	45.81	45.59

Return on Total Assets (PBT/Total Assets}	(%)	7.67	7.48	8.01

Return on Investment (ROI) (PBT/Networth)		0.22	0.20	0.18

Debt Equity Ratio (Total Debt/Networth)		2.48	2.16	1.91

Current Ratio (Current Asset/Current Liability)		0.43	1.01	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	83887.000	100353.300	127578.500
		19.629	27.129

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	83887.000	100353.300	127578.500
Profit	26968.900	32549.500	42345.000
	32.15%	32.43%	33.19%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	No
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:

IN THE HIGH COURT OF DELHI AT NEW DELHI

EX.P. 101 of 2012

KLEN AND MARSHALLS MANUFACTURERS AND EXPORTERS LIMITED ..... Decree Holder

Through: Mr. Abhinav Vashisht, Sr. Advocate with Ms. Mohna M. Lal and Mr. Ankit Parhar, Advocates.

Versus

POWER GRID CORPORATION OF INDIA LIMITED ..... Judgment Debtor

Through: Mr. S.B. Upadhyay, Sr. Advocate with Mr. Pranay Kishore Mishra, Advocate.

CORAM: JUSTICE S. MURALIDHAR

ORDER

21.11.2012

1. It is seen that against a common order dated 8th April 2010 passed by this Court in O.M.P. Nos. 88 of 2006 and 262 of 2003, while the Decree Holder has filed FAO (OS) No. 654 of 2010, the Judgment Debtor has filed FAO (OS) No. 460 of 2011. Decisions in both these appeals are awaited.

2. This Court is of the view that the issues raised in this execution petition will have to await the decision of the Division Bench in the aforementioned appeals, and if a challenge is laid to the order of the Division Bench, then till the order of the Supreme Court is passed.

3. Consequently, the present petition is adjourned sine die, with liberty to the parties to revive it after the decision of the Division Bench of the High Court and, thereafter, the order of the Supreme Court, if any.

S. MURALIDHAR, J.

NOVEMBER 21, 2012

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10457864	04/10/2013	39,660,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B88469705
2	10447062	04/10/2013 *	31,260,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89831119
3	10447211	04/10/2013 *	2,745,500,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B88594411
4	10447201	04/10/2013 *	12,080,200,000.00	INTERNATIONAL FINANCE CORPORATION	2121, PENNSYLVANIA AVENUE, N.W. WASHINGTON, D.C 2 0433, WASHINGTON - 20433, UNITED STATES OF AMERICA	B89831630
5	10440347	04/10/2013 *	19,900,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89831093
6	10401337	04/10/2013 *	28,425,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89831044
7	10394996	10/06/2013 *	5,708,956,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B79019113
8	10381955	10/06/2013 *	13,196,125,000.00	ASIAN DEVELOPMENT BANK	6 ADB AVENUE, MANDALUYONG CITY, METRO MANILA - 1550, PHILIPPINES	B81347007
9	10388854	27/09/2012	39,975,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B60600525
10	10388861	04/10/2013 *	39,975,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA
11	10377053	10/10/2013 *	50,000,000,000.00	STATE BANK OF INDIA	CAG BRANCH; JAWAHAR VYAPAR BHAWAN, 11&12TH FLOOR 01 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B90545732
12	10364007	10/06/2013 *	6,110,000,000.00	ASIAN DEVELOPMENT BANK	6 ADB AVENUE, MANDALUYONG CITY, METRO MANILA - 1550, PHILIPPINES	B81343253
13	10363935	10/06/2013 *	19,720,000,000.00	ASIAN DEVELOPMENT BANK	6 ADB AVENUE, MANDALUYONG CITY, METRO MANILA - 1550, PHILIPPINES	B81326878
14	10366471	04/10/2013 *	8,550,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89830426
15	10366472	04/10/2013 *	18,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89830640
16	10347465	04/10/2013 *	19,950,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89830145
17	10345398	10/06/2013 *	18,190,000,000.00	INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM ENT	1818, H. STREET, N.W. WASHINGTON D.C. 20433, UNIT ED STATES OF AMERICA, WASHINGTON, - 20433, UNITED STATES OF AMERICA	B81249021
18	10345475	10/06/2013 *	45,480,000,000.00	INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM ENT	1818, H. STREET, N.W. WASHINGTON D.C. 20433, UNIT ED STATES OF AMERICA, WASHINGTON, - 20433, UNITED STATES OF AMERICA	B80297898
19	10323280	04/10/2013 *	30,900,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89830244
20	10308682	04/10/2013 *	19,575,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89829949
21	10266219	04/12/2012 *	34,875,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B66451022
22	10246354	17/08/2013 *	28,800,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B86782539
23	10224103	04/10/2013 *	10,350,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89829428
24	10223862	04/10/2013 *	20,475,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89829345
25	10196810	04/10/2013 *	23,325,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89829857
26	10164479	04/10/2013 *	12,975,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B90553785
27	10154047	10/06/2013 *	29,410,000,000.00	INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM ENT	1818, H. STREET, N.W. WASHINGTON D.C. 20433, UNIT ED STATES OF AMERICA, WASHINGTON, - 20433, UNITED STATES OF AMERICA	B80297245
28	10149071	04/10/2013 *	24,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89829022
29	10140257	04/10/2013 *	7,050,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828834
30	10140256	04/10/2013 *	9,990,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828792
31	10107513	04/10/2013 *	10,650,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828735
32	10096286	04/10/2013 *	493,182,910.00	LIFE INSURANCE CORPORATION OF INDIA	'YOGAKSHEMA', JEEVAN BIMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA	B89831341
33	10099224	10/06/2013 *	5,960,764,808.00	ASIAN DEVELOPMENT BANK	6 ADB AVENUE, MANDALUYONG CITY, METRO MANILA, - 1550, PHILIPPINES	B81250235
34	10099221	10/06/2013 *	9,647,296,513.00	ASIAN DEVELOPMENT BANK	6 ADB AVENUE, MANDALUYONG CITY, METRO MANILA, - 1550, PHILIPPINES	B81252082
35	10099357	10/06/2013 *	16,048,000,000.00	ASIAN DEVELOPMENT BANK	6 ADB AVENUE, MANDALUYONG CITY, METRO MANILA, - 1550, PHILIPPINES	B81254740
36	10074299	04/10/2013 *	3,075,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828610
37	10069792	04/10/2013 *	5,100,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828305
38	10069896	04/10/2013 *	6,900,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828438
39	10071985	04/10/2013 *	7,995,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828701
40	10042253	04/10/2013 *	4,950,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B88594106
41	10042252	04/10/2013 *	9,990,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B88593397
42	10042255	04/10/2013 *	15,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B89828529
43	10026693	10/06/2013 *	17,792,000,000.00	INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM ENT	1818, H. STREET, N.W. WASHINGTON D.C. 20433, UNIT ED STATES OF AMERICA, WASHINGTON, - 20433, UNITED STATES OF AMERICA	B80284243
44	80014867	04/10/2013 *	17,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B88592837
45	80014872	04/10/2013 *	6,990,000,000.00	INDIAN OVERSEAS BANK	10, PARLIAMENT STREET, JEEVAN DEEP BUILDING, CONN AUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B90543497
46	80014873	04/10/2013 *	9,000,000,000.00	INDIAN OVERSEAS BANK	10, PARLIAMENT STREET, JEEVAN DEEP BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B90543687
47	80014886	04/10/2013 *	8,849,700,000.00	LIFE INSURANCE CORPORATION OF INDIA	'YOGAKSHEMA', JEEVAN BIMA MARG,, MUMBAI, MAHARASHTRA - 400021, INDIA	B89831283
48	80014877	04/12/2012 *	1,845,000,000.00	INDIAN OVERSEAS BANK	10, PARLIAMENT STREET, JEEVAN DEEP BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B67049627
49	80014874	04/12/2012 *	8,100,000,000.00	INDIAN OVERSEAS BANK	10, PARLIAMENT STREET, JEEVAN DEEP BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B67033456
50	80014880	04/12/2012 *	5,430,000,000.00	INDIAN OVERSEAS BANK	10, PARLIAMENT STREET, JEEVAN DEEP BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B67049049
51	80014883	04/12/2012 *	7,615,200,000.00	INDIAN OVERSEAS BANK	10, PARLIAMENT STREET, JEEVAN DEEP BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B67031864
52	80014891	10/06/2013 *	2,500,000,000.00	ORIENTAL BANK OF COMMERCE	89, HEMKUNT CHAMBERS, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B80593130
53	90064301	04/10/2013 *	3,000,000,000.00	PUNJAB NATIONAL BANK	7, BHIKAJI CAMA PLACE, AFRICA AVENUE, NEW DELHI, DELHI - 110066, INDIA	B90564741
54	80014906	10/06/2013 *	21,170,000,000.00	INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPM ENT	1818, H. STREET, N.W. WASHINGTON D.C. 20433, UNITED STATES OF AMERICA, WASHINGTON, - 20433, UNITED STATES OF AMERICA	B80283476
55	90064205	04/12/2012 *	200,000,000.00	INDIAN OVERSEAS BANK	10, PARLIAMENT STREET, JEEVAN DEEP BUILDING, CONN AUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B67030932
56	80000444	04/10/2013 *	4,342,000,000.00	BANK OF INDIA	NEW DELHI LARGE CORPORATE BRANCH, 10TH FLOOR, CHANDERLOK BUILDING, JANPATH, NEAR TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B90546474
57	90064051	22/03/2002 *	1,000,000,000.00	BANK OF INDIA	CENTRAL OFFICE, EXPRESS TOWR, MUMBAI, MAHARASHTRA, INDIA	-
58	90063992	22/03/2002 *	2,000,000,000.00	STATE BANK OF INDIA	CAG BRANCH; VIJAYA BUILDING, BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA	-
59	90063873	13/09/1995	1,160,000,000.00	INDIAN OVERSEAS BANK	2; RAJENDRA PLACE, RACHNA BUILDING; PUSA ROAD, NE W DELHI, DELHI - 110008, INDIA	-
60	90063856	31/03/1995	160,000,000.00	STATE BANK OF INDIA	BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA	-
61	90063836	05/12/1994	2,500,000,000.00	INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDIA LT D.	163 BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA, INDIA	-
62	90063820	15/07/1994	1,500,000,000.00	UNIT TRUST OF INDIA	13; VITHAL DASS THAKERSY MARG, NEW MARINE LINES, BOMBAY, MAHARASHTRA - 400020, INDIA	-
63	90063815	31/03/1995 *	20,000,000.00	STATE BANK OF PATIALA	NEHRU PLACE, NEW DELHI, DELHI, INDIA	-
64	90063801	31/03/1995 *	10,000,000.00	CENTRAL BANK OF INDIA	NEHRU PLACE, NEW DELHI, DELHI, INDIA	-
65	90063798	31/03/1995 *	50,000,000.00	STATE BANK OF BIKANER & JAIPUR	NEHRU PLACE, NEW DELHI, DELHI, INDIA	-
66	90063787	28/10/1993	200,000,000.00	BANK OF BARODA	NEHRU PLACE BRANCH, NEW DELHI, DELHI, INDIA	-
67	90063780	31/03/1995 *	100,000,000.00	STATE BANK OF TRAVENCORE	BHIKAJEE CAMA PLACE, NEW DELHI, DELHI, INDIA	-
68	90063772	31/03/1995 *	220,000,000.00	UNION BANK OF INDIA	NEHRU PLACE, NEW DELHI, DELHI, INDIA	-
69	90063750	23/09/2011 *	15,000,000,000.00	STATE BANK OF INDIA	CAG BRANCH; JAWAHAR VYAPAR BHAWAN, 11&12TH FLOOR 01 TOLSTOY MARG, NEW DLEHI, DELHI - 110001, INDIA	B23296676
70	90063725	31/03/1995 *	10,000,000.00	STATE BANK OF HYDERABAD	NEHRU PLACE, NEW DELHI, DELHI, INDIA	-

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in millions)
LONG-TERM BORROWINGS
Redeemable Foreign Currency Bonds 3.875% Foreign Currency Bonds to be redeemed at par on 17.01.2023	27455.000
Foreign currency loans	6858.900
Term Loan from Others
Foreign currency loans	0.000
SHORT TERM BORROWINGS
From Banks	20000.000
Total	54313.900

Unsecured Loan	31.03.2012 (Rs. in millions)
LONG-TERM BORROWINGS
Foreign currency loans
Skandinaviska Enskilda Banken AB(publ) Sweden Loans Guaranteed by Government of India	825.200
Natixis Banque (Formerely Credit National) France	1046.800
Japan International Cooperation Agency (Formerely Japan Bank for International Cooperation ) Japan	1610.900
European Investment Bank Luxembourg	212.900
Foreign Currency Loan
Kreditanstalt fur Wiederaufbau Germany	791.100
SHORT-TERM BORROWINGS
Short Term loans
From Banks	16500.000
Total	20986.900

OPERATIONAL EXCELLENCE:

Transmission assets owned and operated by the Company as on April 1, 2013 has crossed the benchmarking values of 1,00,000 Ckm and 1,50,000 MVA and stands at about 1,00,200Ckm of Extra High Voltage (EHV) transmission lines, 167 EHVAC and High Voltage Direct Current (HVDC) sub-stations and 1,64,763 MVA transformation capacity which spread over the length and breadth of the country. Using this vast transmission network the Company wheels about 50% of the total power generated in the country.

During the year 2012-13, the average availability of these transmission systems was maintained at 99.90% by the Company with the number of trippings per line limited at0.58. This high availability of transmission network is consistently maintained by the Company through deployment of technologically advanced operational techniques such as Hot Line Maintenance, Hotline Washing of Insulators with the use of helicopters, Equipment Condition Monitoring techniques including Dynamic Testing of relays, Thermo-vision Scanning, Frequency Response Analysis (FRA) for transformers and reactors, large scale automation of sub-stations, etc. Presently, 43 sub-stations of the Company are being operated remotely and many new sub-stations are being designed for remote operation.

The establishment of the "National Transmission Asset Management Centre (NTAMC)" for centralised remote monitoring, operation and control of sub-stations is nearing completion which will further improve the efficiency and transparency in the operation of the transmission system in the Country.

The Company has developed for implementing a "Maintenance Service Hub" concept in which specialist manpower is pooled into a hub for undertaking the maintenance of number of sub-stations within a close range. This innovative concept shall enable the Company to enrich the manpower with the multifarious knowledge of its huge network of transmission lines and substations with various types of equipments in terms of makes, technology and ratings.

These technological interventions shall also facilitate rationalization of manpower in the field of O&M and this year the Company has achieved more than 1% manpower rationalization on this account.

The Company has taken a proactive step to restrain the trippings of transmission lines caused due to fog and pollution in various parts of the country by replacing the conventional insulators with polymer insulators. Replacement of insulators in the critical lines / stretches in Northern Region has been completed and replacement of insulators inother parts of the country is in progress. This has significantly reduced pollution related trippings in the country. Further, to facilitate optimum selection of insulators for new transmission lines, the Company is conducting pollution mapping in Northern Region and these pollution measurements are being carried out at more than 150 locations of the Company and 108 locations of State Transmission Utilities (STUs). These corrective measures will further minimize the probability of occurrence of flashover in lines passing through pollution affected areas besides optimization of transmission line cost. Pollution mapping of Southern and Eastern Regions are also being taken up by the Company. In addition, advance actions are being taken like cleaning of conventional insulators as apart of winter preparedness in less polluted stretches to avoid pollution related trippings. The Company has placed state-of-the-art Emergency Restoration Systems (ERS) for transmission lines at strategic locations to enable restoration within shortest possible time of collapsed transmission line towers caused by the eventualities of natural calamities such as earthquake, cyclone, landslide, and sabotage, etc. Additionally, to alleviate the similar eventualities in case of substations, the Company is in the process of procuring a mobile 400/220 kV ERS for substation for quick deployment and restoration of 400kV substation in 2to 4 weeks time which otherwise takes several months.

The Company's vast nationwide spread transmission network passes through various geographical areas including tough terrains such as snow bound area, deep forest. In these terrains to monitor the condition of transmission lines, a faster and efficient patrolling system was necessitated. Taking this into consideration, the Company has taken up aerial patrolling of transmission lines using helicopters for identifying visual and thermal defects in transmission lines caused due to environmental stresses and thereby to minimize the breakdown nature of maintenance work. To start with this, award for aerial patrolling through helicopters of about 15,000 route kms of transmission lines has already been placed. Further, the Company is also exploring more contemporary techniques such as Robotic Technology for condition monitoring of conductor, earth wire and hardware, etc.

PROJECT IMPLEMENTATION:

Best efforts are being put in by the Company for implementing its transmission projects within stipulated time frame to derive commercial benefits. The Company has developed the Integrated Project Management and Control System (IPMCS) for effective planning, implementation, monitoring and management of the transmission projects. Further, to optimise the implementation time schedule of the projects, various actions have been undertaken including total project review and monitoring using IPMCS and Project Review Meetings at regular intervals through video conferencing. Pre-emptive measures and advance actions on various project linked activities such as land acquisition, state-of-the-art survey techniques and soil investigations, tender activities, funding tie-up, etc., were also undertaken in parallel with project investment approval process.

These well developed system of implementation process has once again resulted in exceptional output and projects worth about Rs.172130.000 millions were commercialised during the year, adding about 7,156 Ckm, 17 sub-stations and transformation capacity of more than 40,230 MVA in the transmission system. The Company also timely commissioned notable major 765kV and 400kV transmission lines such as 765kV Sasan-Satna-Bina, 765kV Fatehpur-Agra, 765kV Moga-Bhiwani, 765kVJhatikalan-Bhiwani, 400kV D/C Maithon-Koderma, 400kV D/C Mundra-Jetpur, 400kV D/C Chamera Pooling Station-Jallandhar, 400kV D/C Raipur-Wardha inspite of severe constraints faced including challenging terrains, severe Right-of-Way (RoW) problems.

Implementation of High Capacity Power Transmission Corridors (HCPTCs) is progressing as per schedule with completion in a phased manner matching with generation projects. Infact, some of the elements under HCPTCs of Chhattisgarh and Odisha have already been commissioned in FY 2012-13 and balance elements of HCPTCs are expected to be completed progressively by FY 2015-16.

During the year, 24 new projects with an estimated cost of about Rs.125790.000 millions involving about 5,530 Ckt km of transmission lines, 4 new sub-stations and transformation capacity of about 12,730 MVA and supply andinstallation of 5,207 km of OPGW fibre optic cable were approved and taken up for implementation.

FINANCIAL MANAGEMENT:

The Financial performance of the Company in FY 2012-13 has been impeccable, achieving a turnover of Rs.133290.000 millions and Net Profit of Rs.42350.000 millions as compared to Rs.107850.000 millions and Rs.32550.000 millions respectively during FY 2011-12, growth of about 24% in turnover and 30% in Net Profit. The gross asset base of the Company has been enhanced to Rs.806000.000 millions from Rs.633870.000 millions in 2011-12, an increase of about 27%.

The Company continues to show improved performance in all its business areas including Telecom and Consultancy businesses, enhancing the value for the shareholders.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. in millions)	31.03.2012 (Rs. in millions)
Claims against the Company not acknowledged as debt in respect of
Capital Works	1726.000	731.500
Land Compensation cases	25226.400	17650.900
Other Claims-	27.300	117.200
Disputed Tax Matters- Income Tax/Sales Tax/Excise	2948.600	2578.600
Others	897.800	801.600
Bank Guarantee given on behalf of wholly owned subsidiary of POWERGRID towards performance of the work awarded for
- Powergrid NM Transmission Limited	450.000	450.000
- Powergrid Vemagiri Transmission Limited	360.000	0.000
Total	31636.100	22329.800

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2013

(Rs in millions)

Particulars	Quarter ended on		Nine Months ended on
	31.12.2013	30.09.2013	31.12.2013
	(Unaudited)	(Unaudited)	(Unaudited)
1. Income from Operations
a)Transmission Income	34694.400	36948.600	105504.400
b) Consultancy Income – Services	633.800	561.700	1851.400
c) Consultancy Income – Sale of Products	857.500	1571.400	2718.800
d) Telecom Income	647.200	734.700	2112.200
e) Other Operating Income	12.600	178.500	253.200
Total income from Operations	36845.500	39994.900	112440.000
2. Expenses
a) Purchase of stock-in-trade	646.700	1148.900	2025.900
b) Employee benefit expenses	2457.600	2298.800	7074.200
c) Depreciation and amortisation expenses	9902.700	9659.800	29206.500
d) Transmission, Administration and Other expenses	2687.500	2660.400	7808.000
Total Expenses	15694.500	15767.900	46114.600
3. Profit from Operations before other income, finance costs, prior period adjustments and exceptional items (1-2)	21151.000	24227.000	66325.400
4. Other Income	1147.600	1049.400	2937.700
5. Profit from ordinary activities before finance costs, prior period adjustments and exceptional items (3+4)	22298.600	25276.400	69263.100
6. Finance costs
a) Interest & Other Charges	7873.500	8014.100	23486.100
b) Foreign Exchange Rate Variation (including adjustment to Borrowing Cost and net of amount recoverable from beneficiaries): Loss/(Gain)	--	--	--
Total finance costs	7873.500	8014.100	23486.100
7. Profit from ordinary activities after finance costs but before prior period adjustments and exceptional items (5-6)	14425.100	17262.300	45777.000
8. Prior Period Adjustments : Expenses / (Income)	10.200	54.900	4.700
9. Exceptional Items	--	--	--
10. Profit from ordinary activities before Tax (7-8-9)	14414.900	17207.400	45772.300
11. Tax Expenses
a) Current Tax (Minimum Alternate Tax)	2914.600	3494.000	9305.000
b) Deferred Tax	1079.900	1321.400	3251.500
Total Tax Expenses	3994.500	4815.400	12556.500
12. Net Profit from ordinary activities after tax (10-11)	10420.400	12392.000	33215.800
13. Extraordinary Items (net of tax expenses)	--	--	--
14. Net Profit for the period (12-13)	10420.400	12392.000	33215.800
15. Paid up Equity Share Capital (Face Value – Rs.10/- per share)	52315.900	46297.300	52315.900
16. Reserves excluding Revaluation Reserve as per balance sheet	--	--	--
17. Earnings per share (before extraordinary items)(not annuaiised) (Rs./Share of Rs.10 each calculated on Profit after Tax)
(a) Basic	2.20	2.67	7.12
(b) Diluted	2.20	2.67	7.12
18. Earnings per share (after extraordinary items)\|not annuaiised) (Rs./Share of Rs.10 each calculated on Profit after Tax)
(a) Basic	2.20	2.67	7.12
(b) Diluted	2.20	2.67	7.12

A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	2202754450	1415701141	2202754450
- Percentage of shareholding	42.10%	30.58%	42.10%
2. Promoters and Promoter Group Shareholding
(a) Pledged/ Encumbered
- Number of Shares	--	--	--
- Percentage of shares (as % of the total shareholding of promoter and promoter group)	--	--	--
- Percentage of shares (as % of the total share capital of the company)	--	--	--
(b) Non-encumbered
- Number of Shares	3028835198	3214024212	3028835198
- Percentage of shares (as% of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
- Percentage of shares (as % of the total share capital of the company)	57.90%	69.42%	57.90%

Particulars		Quarter ended 31.12.2013
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	3
	Received during the quarter	1645
	Disposed of during the quarter	1572
	Remaining unresolved at the end of the quarter	76

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2013

(Rs in millions)

Particulars	Quarter ended on		Nine Months ended on
	31.12.2013	30.09.2013	31.12.2013
	(Unaudited)	(Unaudited)	(Unaudited)
A. Segment Revenue including Other income
- Transmission	35270.200	37610.000	107233.800
- Consultancy	1477.000	2173.300	4611.000
- Telecom	676.800	768.100	2202.400
Total	37424.000	40551.400	114047.200
Less: Inter Segment Revenue	27.600	27.200	81.500
Total Revenue including Other Income	37396.400	40524.200	113965.700

B. Segment Results
Profit Before Interest and Tax
- Transmission	20990.800	23715.600	65429.800
- Consultancy	505.200	674.800	1624.800
- Telecom	195.700	311.000	791.800
Total Profit Before Interest and Tax	21691.700	24701.400	67846.400
Less :
Unallocated interest and finance charges	7873.500	8014.100	23486.100
Other unallocated expenditure net of unallocated income	(596.700)	(520.100)	(1412.000)
Profit before Tax	14414.900	17207.400	45772.300
Capital Employed (Segment Assets - Segment Liabilities)
- Transmission	692509.900	683121.900	692509.900
- Consultancy	(5265.500)	(5932.100)	(5265.500)
- Telecom	3642.300	3517.300	3642.300
Capital Employed in Segments	690886.700	680707.100	690886.700
- Unallocated Assets Less Liabilities	475129.200	401582.700	475129.200
Total	1166015.900	1082289.800	1166015.900

Notes:

1. The Company has recognized transmission income during the quarter and nine months ended on December 31, 2013, as per the following:

a. Rs.11777.300 millions for the quarter (corresponding previous quarter Rs.13636.800 millions) and Rs.34787.400 millions for the nine months (corresponding previous nine months Rs.29704.600 millions) for which provisional tariff orders have been issued by the Central Electricity Regulatory Commission (CERC) allowing provisional billing of 85% - 95% of the tariff claimed;

b. Rs.24436.400 millions for the quarter (corresponding previous quarter Rs.22052.900 millions) and Rs.68353.100 millions for the nine months (corresponding previous nine months Rs.58569.200 millions) for which final tariff orders have been issued by the CERC.

c. Rs.1894.900 millions for the nine months (corresponding previous nine months Rs.815.200 millions) based on the CERC Tariff norms applicable for the tariff block 2009-14 for which tariff orders are yet to be issued by the CERC. Such transmission income for the quarter has reduced by Rs.1604.300 millions (corresponding previous quarter Rs.3475.900 millions) as compared to such revenue recognized upto September 30, 2013.

d. Rs.85.000 millions for the quarter (corresponding previous quarter Rs.162.700 millions) and Rs.469.000 millions for the nine months (corresponding previous nine months Rs.624.200 millions) recognized provisionally as transmission income on account of Deferred Tax liability (Net) materialized and depicted as recoverable as permissible under CERC regulations.

2. Pursuant to the Further Public Offer (FPO), the Company allotted 601864295 fresh equity shares of Rs.10 each at a premium of Rs.80 each (Rs.75.50 each for retail investors and employees) on December 16, 2013. Further, Company has made an offer for sales of 185189014 equity shares of Rs.10 each for a consideration of Rs.90 each (Rs.85.50 each for retail investors and employees) being disinvestment on behalf of President of India.

Out of the issue proceeds of FPO of Rs.53213.100 millions, the Company has utilised an amount of Rs.9638.100 millions as per the objects of the issue and the balance is kept in the banks as term deposits.

3. a) The Profit before Tax for the quarter and nine months ended December 31, 2012 included onetime income of Rs.1619.700 millions on account of admission of claim by the CERC for the increase in employee cost on account of pay revision for the period from January 01, 2007 to March 31, 2009.

b) The Income from Operations and Profit before Tax for the quarter ended September 30, 2013 included onetime income of Rs.1728.500 millions for the period upto March 31, 2013 on account of tariff for the period from July 01, 2010 to September 30, 2013 attributable to differential revised cost as per CERC tariff norms in respect of one of the transmission systems of the Company.

4. The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors in their respective meetings held on February 05, 2014.

5. The above results have been reviewed by the Statutory Auditors as required under clause 41 of the listing agreements.

6. Previous periods' / year figures have been regrouped / rearranged wherever necessary.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Construction and Workshop equipment

· Electrical Installation

· Vehicles

· Furniture Fixtures

· Office Equipment

· EDP/WP Machines

· Laboratory Equipments

· Workshop and Testing Equipments

· Miscellaneous Assets/ Equipments

Intangible Assets

· Electronic Data Processing Software

· Right of Way-Afforestation Expenses

WEBSITE DETAILS:

PRESS RELEASES

ALSTOM T&D INDIA BAGS EURO 20.1 MN ORDER FROM POWER GRID

March 19, 2014

The turnkey project covers the design, manufacturing, supply, erection, testing and commissioning of air-insulated equipment, etc. along with civil works. The equipment for the project will be manufactured at Alstom T&D India's manufacturing facilities across India

Alstom T&D India has bagged a Euro 20.1 million contract from state-run Power Grid Corporation for supplying equipment at various centres in North India. "Alstom T&D India has secured a Euro 20.1 million (Rs.1610.000 millions) contract from Power Grid for upgrading transmission substations at 14 sites across five Indian states, and reactors at Bhiwani (Haryana)," the company said in a statement.

The expansion will reduce transmission line overloading and improve grid stability in North India, the statement said. "This prestigious and challenging project reaffirms our leadership position in the turnkey substation market. Substations to be upgraded include one at Bhiwani and also substations at Hissar, Allahabad, Kanpur, Singrauli, Kota, Koteshwar, Rajpura, Panchkula, Patiala, Dhuri, Makhu, Mukstar and Nakodar in the northern region of the country," Rathin Basu, Managing Director of Alstom T&D India, said. The turnkey project covers the design, manufacturing, supply, erection, testing and commissioning of air-insulated equipment, etc. along with civil works. The equipment for the project will be manufactured at Alstom T&D India's manufacturing facilities across India, the statement said. The Bhiwani switchyard is centrally connected and feeds power to Punjab, Himachal Pradesh and Uttar Pradesh. This strengthens the Haryana state transmission system and ensures a secure, reliable supply of power across North India, the statement said.

Alstom T&D stock price On April 03, 2014, at 10:18 hrs Alstom T&D India was quoting at Rs.247.45, down Rs.1.9, or 0.76 percent. The 52-week high of the share was Rs.255.00 and the 52-week low was Rs.110.00. The company's trailing 12-month (TTM) EPS was at Rs.4.21 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 58.78. The latest book value of the company is Rs.35.68 per share. At current value, the price-to-book value of the company is 6.94.

'TARIFF REVISION TO WEAKEN MARGINS OF STATE-RUN POWER COS'

March 06, 2014
The Indian regulator's revised tariff norms for 2014-2019 could weaken the margins of state-owned utilities, says a Standard and Poor's Ratings Services' research report. But the extent of the impact will differ among the three state-owned power companies NTPC, NHPC and Power Grid Corp, it adds.

"While we think that the revised regulatory tariff structure is likely to weaken the operating performances of NTPC, NHPC, and Power Grid, it is unlikely to affect the ratings on these companies," said Standard & Poor's credit analyst Rajiv Vishwanathan. "This is because the ratings on these companies incorporate some level of government support, in accordance with our methodology to assess government-related entities."

The global rating agency expects NTPC's EBITDA to decline 10 percent-12 percent and net income to fall under the new tariff structure—all else being equal. However, it anticipates that the EBITDA contribution from new marginal capacity will offset some of the impact of the tariff changes. As a result, there would be minimal change in NTPC's absolute EBITDA in fiscal 2015 (year ending March 31, 2015) compared with its expectation of about Rs180 billion in fiscal 2014. "We forecast that the company's ratio of funds from operations (FFO) to debt will remain 13 percent-17 percent in fiscals 2015 and 2016," it said.

According to S&P, NTPC's EBITDA and net income will be weaker largely because of two key reasons - the company won't be able to enhance its return on equity as much, given that it will now have to use the 24 percent-26 percent effective tax rate from the 33 percent corporate tax rate that it has been using so far; and incentives will now be based on plant load factor (PLF) from the earlier plant availability factor (PAF).

Furthermore, NTPC's ability to earn incentives will depend on buyers' demand scheduling and actual purchase of power, even though the company is compensated for fixed charges based on its PAF. While NTPC's average PLF is higher than the benchmark of 85 percent, the company may not be able to earn incentives on power plants which operate at a lower PLF, it said.

On the other hand, the revised tariff norms are likely to have a smaller impact on NHPC and Power Grid because both the companies currently apply the minimum alternate tax, which is closer to their effective tax rate.

In addition, Power Grid will continue to earn incentives linked to plant availability. Nevertheless, the regulator has introduced stricter operational parameters for incentives through higher benchmark PLF for NHPC and higher benchmark PAF for Power Grid. These revisions could reduce the companies' EBITDA by less than 5 percent. Consequently, it expects the FFO-to-debt ratio for NHPC to remain 17 percent-21 percent and for Power Grid to stay 8 percent-10 percent.

S&P rates these three companies as follows: NTPC BBB-/Negative/--); NHPC Limited (BBB-/Negative/--); and Power Grid Corp. of India Limited (BBB-/Negative/--).

NTPC stock price

On April 02, 2014, NTPC closed at Rs.122.85, up Rs.1.00, or 0.82 percent. The 52-week high of the share was Rs.162.80 and the 52-week low was Rs.110.90.

The company's trailing 12-month (TTM) EPS was at Rs.14.87 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 8.26. The latest book value of the company is Rs.97.49 per share. At current value, the price-to-book value of the company is 1.26.

POWER GRID BOARD APPROVES PLANS TO INVEST RS.5750.000 MILLIONS

March 3, 2014

NEW DELHI: Central transmission utility Power Grid Corporation today announced investments of over Rs.5750.000 millions for two projects.

"Board of directors of the company have approved the investment approval for Eastern Region Strengthening Scheme at an estimated cost of Rs.1965.800 millions, with commissioning schedule of 24 months from the date of investment approval," Power Grid Corp said in a stock exchange filing.

The company approved an investment of Rs.3787.100 millions for setting up a transmission system associated with the Kakrapar Atomic Power Project, with a commissioning schedule of 32 months.

The state-owned firm plans to invest more than Rs.610000.000 millions in the next three financial years, with a significant chunk of funds to be raised by way of bonds and debentures.

Of the total amount, the company may raise Rs.376410.000 millions through bonds or debentures and Rs.77700.000 millions through multilateral funding or external commercial borrowings.

The remaining amount may come from internal accruals. Power Grid shares traded at Rs.94.05, down 0.58 per cent, on the BSE.

POWER GRID OUT OF PSU ETF; FINMIN FILES OFFER DOCUMENT

February 25, 2014

Power Grid Corporation has been kept out of the proposed CPSE Exchange Traded Fund (ETF), which will now consist of 10 companies, including ONGC, Coal India, GAIL and Indian Oil.

The Finance Ministry has filed the offer document with market regulator SEBI for the Central Public Sector Enterprises ETF, which could fetch the exchequer about Rs.30000.000 millions.

“The offer document for CPSE ETF has been filed last week. It will now consist of 10 scrips, instead of 11, as Power Grid has been kept out of it,” a finance ministry official said.

The ETF is expected to hit the markets next month, the official added.

Other companies in the ETF basket are REC, Oil India, Container Corporation, Power Finance, Engineers India and Bharat Electronics Limited.

The official said Power Grid was excluded because the scrip has a one-year lock-in period since its follow-on public offer in December.

He added that although a share sale in Engineers India took place in February, it would still be included as the offer was made after the Empowered Group of Ministers had approved the CPSE ETF.

The EGoM headed by Finance Minister P Chidambaram last month approved floating the CPSE ETF.

The government has so far raised about Rs.50938.700 millions through stake sales in PSUs. As per the revised estimates in the Interim Budget, the disinvestment target was lowered to Rs.160270.000 millions in this financial year from Rs.400000.000 millions.

“The proposed CPSE ETF will serve as an additional mechanism for the government to monetise its shareholdings in those CPSEs that eventually form part of the ETF basket,” the government had said.

Goldman Sachs is acting as the asset management company for the ETF.

ETF is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.

ETFs were introduced in India in 2001. Currently, there are about 33 ETFs with assets under management of close to Rs.115000.000 millions held by 6.2 lakh investors. Gold ETFs dominate the market in India.

ABB BAGS ORDER WORTH RS.3100.000 MILLIONS FROM POWER GRID

February 21, 2014

Power and automation technology group ABB today said it has won orders worth around Rs.3100.000 millions from Power Grid Corporation (PGCIL). The orders for supplying transformers and shunt reactors to the PSU were bagged between October 2013 and February, the Switzerland-based company said. "ABB has bagged contracts worth Rs.3100.000 millions from PGCIL to supply power transformers and shunt reactors for substations being built to support the country's ultrahigh voltage transmission grid development. The orders were booked in the fourth quarter of 2013 and in the first quarter of 2014," an ABB release said here.

Transformers will be installed at PGCIL's greenfield substations being constructed in Kanpur and Varanasi. These substations will receive power from Jharkhand and West Bengal, and distribute it to Uttar Pradesh to meet growing demand in the region, the release said. ABB will also supply 26 units of 80 MVA and 10 units of 110 VA, 765 kV ultrahigh voltage single-phase shunt reactors for four substations being built in southern and eastern India. "These transformers and shunt reactors will help enhance grid reliability and ensure the highest standards of efficiency with reduced life-cycle costs," ABB Head (Power Products Division) Bernhard Jucker said.

ABB stock price On April 03, 2014, at 10:22 hrs ABB was quoting at Rs.851.10, down Rs4.05, or 0.47 percent. The 52-week high of the share was Rs869.90 and the 52-week low was Rs448.10. The company's trailing 12-month (TTM) EPS was at Rs8.47 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 100.48. The latest book value of the company is Rs126.35 per share. At current value, the price-to-book value of the company is 6.74.

POWER GRID BOARD APPROVES RS.19000.000 MILLIONS INVESTMENT

February 12, 2014

Central transmission utility Power Grid Corporation today said its board has approved investment of over Rs.19000.000 millions for expansion and upgradation works by the middle of 2016.

The board in its meeting earlier this month approved Rs.9080.800 millions and Rs.5398.200 millions for two transmission system strengthening schemes in the northern region, Power Grid said in a stock exchange filing.

The expansion and upgradation of load despatch centres for Rs.561.800 millions was also approved by the Board.

Sub-station work for an NTPC power plant worth Rs.1674.000 millions and system strengthening programme for the southern region for Rs.2435.300 millions also received the approval from the Board, the filing said.

The company last week had reported a net profit of Rs.10420.400 millions in the three months ended December 2013, mainly on account of to higher finance costs and tax expenses.

Turnover jumped to Rs.36845.500 millions in the third quarter of the current financial year from Rs.33689.300 millions in the year-ago period.

Shares of the company closed at Rs.95.70, down 0.16 per cent on the BSE.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.60.12
UK Pound	1	Rs.100.07
Euro	1	Rs.82.74

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	DIV

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		76

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

BUSINESS INFORMATION REPORT

MIRA INFORM REPORT

4403.100

3815.100

23153.700

31620.900

23368.800

36800.600

6281.100

4994.900

80484.500

27939.800

137691.200

105171.300

2033.500

18367.800

98927.200

52770.300

34858.900

28754.600

135819.600

99892.700

1871.600

5278.600

31.77

30.18

29.64

44.25

45.81

45.59

7.67

7.48

8.01

0.22

0.20

0.18

2.48

2.16

1.91

0.43

1.01

1.05

Unit