MIRA INFORM REPORT
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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
THE TATA POWER COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.09.1919 |
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Com. Reg. No.: |
11-000567 |
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Capital
Investment / Paid-up Capital : |
Rs.2373.300 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1919PLC000567 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00252A |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
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Generation, Transmission and Bulk distribution of
electrical energy. |
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No. of Employees
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3653 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Tata Group Company,
it is involved in the business of generation, distribution and transmission
of power. It has a license for bulk supply of electricity in the city of
Mumbai. It is a well-established company having fine track record. The rating reflects healthy financial risk profile marked
by strong financial flexibility of the company arising from being part of the
Tata Group and decent liquidity position of the
company. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slowly
on talks over coal supply contracts, uncertainty over cancellation of blocks
weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation
arrested Manumeethi Cholan
after he accepted Rs 10 lakhs
as bribe from M a M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central
Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The
lay-offs follow a spate of senior-level exits over the past two years, starting
with of its founder. The overall lay-offs could number around 600 and are
driven by the need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Rating = AA |
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Rating Explanation |
High degree of safety and very low credit
risk |
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Date |
07.11.2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.:91-22-66658867)
LOCATIONS
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Registered
/ Correspondence Office : |
Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400001, Maharashtra,
India |
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Tel. No.: |
91-22-66658282 |
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Fax No.: |
91-22-66658801/ 66658867 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Corporate Centre, 34, Sant Tukaram Road, Carnac Bunder, Mumbai - 400009, Maharashtra, India |
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Tel. No.: |
91-22-67171000 |
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Thermal Power Stations : |
i.
Trombay
Generating Station, Mahul Road, Chembur,
Mumbai, Maharashtra, India ii.
Jojobera
Power Plant, Jojobera, Jamshedpur,
Jharkhand, India iii.
Belgaum
Power Plant, Plot Nos.1234 to 1240 and 1263 to 1297, KIADB, Kanbargi Industrial Area, Auto Nagar,
Belgaum, Karnataka, India iv.
Haldia
Power Plant, HFC COMPLEX, Patikhali, Haldia, East Medinipur, West
Bengal, India
v.
Mundra
Ultra Mega Power Plant, Tunda-Vandh Road, Village Tunda Village, Taluka Mundra, Kutchh Gujarat, India
(Owned by Coastal Gujarat Power, Limited., a wholly owned subsidiary) vi.
Maithon Right
Bank Thermal Power Plant Dambhui, PO Barbindia Thana Nirsa, District Dhanbad Jharkhand, India (Owned by Maithon
Power Limited., a subsidiary) |
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Hydro Generating Stations : |
i.
Generating Station, Bhira, P O Bhira, Taluka Mangaon, District Raigad, Maharashtra, India ii.
Generating Station, Bhivpuri, P O Bhivpuri Camp, Taluka Karjat, District Raigad, Maharashtra, India iii.
Generating Station, Khopoli, P O Khopoli Power
House, District Raigad, Maharashtra,
India |
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Wind Farms : |
i.
Village Shahjahanpur
and Pimpalgaon, Taluka Parner, District Ahmednagar, Maharashtra, India ii.
Village Khandke,
Taluka and District Ahmednagar,
Maharashtra, India iii.
Taluka Sakri, District Dhulia, Maharashtra, India iv.
Jamjodhpur, Sadodar, Motapanch devda Samana, Jamnagar District, Gujarat, India
v.
Hosur, Kanavi, Mulgund, Shiroland Harti, Gadag District, Karnataka, India vi.
Taluka – Sadawagapur, District Satara, Maharashtra, India vii.
Village Anikaduvu,
Mongilphuluvu and Illupunagaram
Taluka Khatav, Taluka Madathukulam, Tamilnadu, India viii.
Village Kannarwadi,
Hiwarwadi and Agaswadi Taluka Patan, District Satara, Maharashtra, India ix. Village Sawarghar and Niwade, Taluka Patan, District Satara, Maharashtra, India x. Visapur Wind Farm, Village Kokrale and Visapur, Taluka Khatav, District Satara, Maharashtra, India
xi.
Dalot Wind Farm,
Village Raipur, Jungle, Khanpur,
Talabkheda Karaikhede, Taluka Arnod, District Pratapgarh, Rajasthan, India (Owned by Tata Power Renewable Energy Limited, a wholly owned
subsidiary) |
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Transmission Division : |
Shil Road, Netivli,
Kalyan, District Thane, Maharashtra,
India |
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Distribution Division : |
Senapati Bapat
Marg, Lower Parel,
Mumbai, Maharashtra, India |
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Solar Plants : |
i) Mulshi (Khurd) Post Male, Taluka Mulshi, District Pune, Maharashtra, India ii) C/o Tata Chemicals Township, Plot B Survey No. 78, Mithapur District Jamnagar, Gujarat, India (Owned by Tata Power Renewable Energy Limited., a wholly owned subsidiary) |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. Cyrus P. Mistry |
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Designation : |
Chairman |
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Name : |
Mr. Anil Sardana |
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Designation : |
Managing Director |
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Name : |
Mr. R. Gopalakrishnan |
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Designation : |
Director |
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Date
of Birth : |
25.12.1945 |
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Date
of Appointment : |
15.01.1999 |
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Qualification
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Graduate
in Physics from Calcutta University and in Engineering from IIT, Kharagpur |
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Name : |
Dr. Homiar S. Vachha |
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Designation : |
Director |
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Name : |
Mr. Nawshir H. Mirza |
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Designation : |
Director |
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Date
of Birth : |
04.04.1950 |
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Date
of Appointment : |
29.09.2006 |
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Qualification
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Fellow
of The Institute of Chartered Accountants of India. |
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Name : |
Mr. Deepak M. Satwalekar |
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Designation : |
Director |
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Name : |
Mr. Piyush G. Mankad, IAS (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Ashok K. Basu,
IAS (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Thomas Mathew T., LIC Nominee |
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Designation : |
Director |
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Date
of Birth : |
03.06.1953 |
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Date
of Appointment : |
07.08.2009 |
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Qualification
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Post
Graduate in Economics, Bachelor’s Degree in Law and a Post Graduate Diploma
in Management from the International Institute of Advanced Marketing. |
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Name : |
Ms. Vishakha V. Mulye |
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Designation : |
Director |
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Date
of Birth : |
04.02.1969 |
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Date
of Appointment : |
28.02.2013 |
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Qualification
: |
Graduate
in Commerce, Fellow of The Institute of Chartered Accountants of India. |
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Name : |
Mr. S. Padmanabhan |
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Designation : |
Executive Director |
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Name : |
Mr. Ashok S. Sethi |
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Designation : |
Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Hanoz M. Mistry |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
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Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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892944806 |
33.07 |
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656240 |
0.02 |
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656240 |
0.02 |
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893601046 |
33.09 |
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Total shareholding of Promoter and Promoter Group (A) |
893601046 |
33.09 |
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(B) Public Shareholding |
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37126348 |
1.37 |
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15274087 |
0.57 |
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643045 |
0.02 |
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553467942 |
20.50 |
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770842453 |
28.55 |
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22760 |
0.00 |
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22760 |
0.00 |
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1377376635 |
51.01 |
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26496574 |
0.98 |
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370406127 |
13.72 |
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25790260 |
0.96 |
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6514512 |
0.24 |
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5200096 |
0.19 |
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10400 |
0.00 |
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1304016 |
0.05 |
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429207473 |
15.90 |
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Total Public shareholding (B) |
1806584108 |
66.91 |
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Total (A)+(B) |
2700185154 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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4440100 |
0.00 |
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4440100 |
0.00 |
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Total (A)+(B)+(C) |
2704625254 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name of
Shareholder |
No. of
Shares |
Percentage
of Holding |
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Tata
Sons Limited |
82,18,99,682 |
30.39 |
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Tata
Steel Limited |
3,91,22,725 |
1.45 |
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Tata
Industries Limited |
2,24,35,200 |
0.83 |
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Tata
Investment Corporation Limited |
68,47,842 |
0.25 |
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Ewart
Investments Limited |
22,29,657 |
0.08 |
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Sir Dorabji Tata
Trust |
5,72,880 |
0.02 |
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Chemical Terminal Trombay
Limited |
4,00,580 |
0.01 |
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Sir Ratan Tata
Trust |
70,160 |
0.00 |
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J R D Tata Trust |
13,200 |
0.00 |
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Sheba Properties Limited |
9,120 |
0.00 |
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Total |
89,36,01,046 |
33.04 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
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Name of
Shareholder |
No.
of Shares |
Percentage
of Holding |
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Life Insurance Corporation of India |
334930644 |
12.38 |
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Matthews Pacific Tiger Fund |
157795436 |
5.83 |
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National Westminster Bank PLC as depositary of
first State GlobalEmerging Markets Leaders
Fund a Sub fund of first state investments ICVC |
87845474 |
3.25 |
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New India Assurance Company Limited |
69127805 |
2.56 |
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General Insurance Corporation of India |
68176404 |
2.52 |
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National Westminster Bank PLC as depositary of first
State Asia PacificLeaders Fund a sub Fund of
First State Investment ICVC |
63118683 |
2.33 |
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Aberdeen Global Indian Equity Mauritius Limited |
44598000 |
1.65 |
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Total |
825592446 |
30.53 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Name of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Life InsuranceCorporation
of India |
334930644 |
12.38 |
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Matthews Pacific Tiger Fund |
157795436 |
5.83 |
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Total |
492726080 |
18.22 |
Details of Depository Receipts (DRs)
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Type
of Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of Total No. of Shares |
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GDR Held Citibank NA |
1,543 |
13,88,800 |
0.05 |
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The Bank Of New York |
3,05,130 |
30,51,300 |
0.11 |
BUSINESS DETAILS
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Line of Business : |
Generation, Transmission and Bulk distribution of
electrical energy. |
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Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
3653 (Approximately) |
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Bankers : |
· Axis Bank Limited · Bank of America · Citibank N.A. · Deutsche Bank AG · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Induslnd Bank Limited · Kotak Mahindra Bank Limited · Standard Chartered Bank Limited · State Bank of India · The Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
Notes: LONG TERM BORROWING Security i)
The Debentures mentioned in (a) have
been secured by a charge on movable properties and assets of the Company at Agaswadi and Visapur in Satara District of Maharashtra
and Poolavadi in Tirupur
District of Tamil Nadu. ii)
The Debentures mentioned in (b) have
been secured by a pari passu charge
on the assets of the wind farms situated at Samana
and Gadag in Gujarat and Karnataka. iii)
The Debentures mentioned in (c) have
been secured by a charge on the land situated at Village Takve
Khurd (Maharashtra). iv)
The Debentures mentioned in (d) and
(e) have been secured by a pari passu charge on land in Village Takve Khurd (Maharashtra) and moveable and immovable properties in and
outside Maharashtra, except assets of windmill
projects, present and future. v)
(The Debentures mentioned in (f) have
been secured by land in Village Takve Khurd (Maharashtra), moveable
and immovable properties in and outside Maharashtra,
as also all transmission stations/lines, receiving stations and sub-stations
in Maharashtra, except assets of windmill projects,
present and future. vi)
The loans from HDFC Bank, ICICI Bank
and IDBI Bank, mentioned in (g), (h) and (i)
respectively have been secured by a pari passu charge on all moveable Fixed
Assets (excluding land and building), present and future (except assets of
all wind projects both present and future) including moveable machinery,
machinery spares, tools and accessories. vii)
The loan from Kotak
Mahindra Bank mentioned in (j) has been secured by
a pari passu charge
on all movable Fixed Assets (excluding land and building), present and future
(except assets of wind projects, both present and future, situated at Khandke, Brahmanvel and Supa in Maharashtra) including
moveable machinery, machinery spares, tools and accessories. viii)
The loans from Asian Development Bank
and Industrial Renewable Energy Development Agency mentioned in (k) and (l)
respectively have been secured by a first charge on the tangible moveable
properties, plant & machinery and immovable properties situated at Khandke, Brahmanvel and Sadawaghapur in Maharashtra. ix)
The loan from Infrastructure
Development Finance Company Limited mentioned in (m) have been secured by a
charge on the moveable assets except assets of all windmill projects present
and future more particularly situated in Supa, Khandke, Brahmanvel, Sadawaghapur, Gadag and Samana in Maharashtra,
Karnataka and Gujarat. x)
The loan from Export Import Bank of
India mentioned in (m) has been secured by receivables (present and future),
book debts and outstanding monies. xi)
The loan mentioned in (n) has been
secured by hypothecation of specific assets (vehicles) taken on finance
lease. Redemption i)
The Debentures mentioned in (a) are
redeemable at par in fourteen annual installments of Rs.160.000 Millions and
one installment of Rs.260.000 Millions commencing from 18th September, 2011. ii)
The Debentures mentioned in (b) are
redeemable at par in ten annual installments of Rs.250.000 Millions each and
five annual installments of Rs.200.000 Millions each commencing from 23rd
July, 2011. iii)
The Debentures mentioned in (c) are
redeemable at par at the end of 10 years from the respective date of
allotment viz., 28th December, 2022. iv)
The Debentures mentioned in (d) and
(e) are redeemable at par at the end of 10 years from the respective dates of
allotment viz. 25th April, 2018 and 20th June, 2018. v)
The Debentures mentioned in (f) are redeemable at
premium in three installments amounting to Rs.1800.000 Millions, Rs 2400.000 Millions and Rs.
1800.000 Millions each at the end of 9th, 10th and 11th year respectively
from 18th October, 2004. vi)
The first loan from HDFC Bank mentioned in (g) is
redeemable at par in 36 quarterly installments of Rs.
75.000 Millions each commencing from 1st June, 2010 and 4 quarterly
installments of Rs. 825.000 Millions each
commencing from 30th June, 2020 and, The second loan from HDFC Bank mentioned
in (g) is redeemable at par in 40 quarterly installments of Rs.56.300
Millions each commencing from 16th November, 2015 and 4 quarterly
installments of Rs.187.5000 Millions each commencing from 16th November,
2025. vii)
The loan from IDBI Bank of Rs.3000.000 Millions
mentioned in (h) is redeemable at par in 46 quarterly installments of
Rs.37.500 Millions each commencing from 1st October, 2010 and one installment
of Rs.1275.000 Millions on 1st April, 2022 and, The second loan from IDBI
Bank of Rs.4000.000 Millions mentioned in (h) is redeemable at par in 36
quarterly installments of Rs.50.000
Millions each commencing from 1st April, 2011 and one installment of
Rs.2200.000 Millions on 1st April,
2020. viii)
The first loan from Kotak
Mahindra Bank mentioned in (i)
is redeemable at par in 8 quarterly installments of Rs.77.500 Millions each
commencing from 31st October, 2012, 4 quarterly installments of
Rs.50.000 Millions each commencing
from 31st October, 2014 and 4 quarterly installments of Rs.15.000 Millions
each commencing from 31st October, 2015. and, The second loan from Kotak Mahindra Bank mentioned
in (i) is redeemable at par in 40 quarterly
installments of Rs.56.300 Millions each commencing from 14th November, 2015
and 4 quarterly installments of Rs.187.500 Millions each commencing from 14th
November, 2025. ix)
The loan from Asian Development Bank mentioned in
(j) is redeemable at par in 26 semi-annual installments commencing from 15th
December, 2007. x)
The loan from Indian Renewable Energy Development
Agency Limited of Rs.950.000 Millions
mentioned in (k) is redeemable at par in 26 semi-annual installments
commencing from 15th December, 2007 and, The second loan from Indian
Renewable Energy Development Agency Limited of Rs.4500.000 Millions mentioned in (k) is redeemable at
par in 24 semi-annual installments of Rs.146.300 Millions each commencing
from 30th June, 2012 and two semi-annual installments of Rs.49.50 Millions
each commencing from 30th June, 2024. xi)
The first loan from Infrastructure Development
Finance Company Limited of Rs.4500.000
Millions mentioned in (l) is redeemable at par in 35 quarterly
installments of Rs.56.500 Millions each commencing from 1st October, 2009 and
one installment of Rs.2522.500 Millions commencing from 15th July, 2018 and
The second loan from Infrastructure Development Finance Company Limited of
Rs.1500.000 Millions mentioned in (l)
is redeemable at par in 36 quarterly installments of Rs.18.800 Millions each
commencing from 15th May, 2010 and 4 quarterly installments of Rs.206.300 Millions
each commencing from 15th May, 2019 and The third loan from Infrastructure
Development Finance Company Limited of Rs.8000.000 Millions mentioned in (l) is redeemable at
par in 40 quarterly installments of Rs.150.000 Millions each commencing from 15th October,
2013 and 4 quarterly installments of Rs.500.000 Millions each commencing from 15th October,
2023. xii)
The loan from Export Import Bank of India
mentioned in (m) is redeemable at par in 18 semi-annual installments of USD
372,200 each commencing from 29th September, 2006 and last instalment of USD 50,400. xiii)
The 10.75% Redeemable and Non-convertible
Debentures mentioned in (o) are redeemable at par at the end of 60 years from
the respective date of allotment viz. 21st August, 2072. The Company has the call
option to redeem the same at the end of 10 years from 21st August, 2022 and
at the end of every year thereafter. xiv)
8.50% Euro
Notes mentioned in (p) is repayable fully on 19th August, 2017. xv)
The loan from ICICI Bank mentioned in (r) is
redeemable at par in 10 semi-annual installments commencing from 1st April,
2012. xvi)
The loan from J P Morgan Chase Bank mentioned in
(s) is repayable fully on 28th November, 2016. xvii)
The loan
from BNP Paribas mentioned in (t) is repayable fully on 29th December, 2016. xviii)
Sales Tax Deferral mentioned in (u) is repayable
in 150 installments commencing from April, 2013 and repayable in full by
2022. SHORT-TERM BORROWINGS Cash Credit from banks is secured against first pari passu charge on all current assets including goods, book debts, receivables and other moveable current assets of the Company. The Cash Credit is repayable on demand. Buyer's Line of Credit is secured against first pari passu charge on all current assets including goods, book debts, receivables and other moveable current assets of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
· Af-Taab Investment Company Limited (AICL) · Chemical Terminal Trombay Limited (CTTL) · Tata Power Trading Company Limited (TPTCL) · Powerlinks Transmission Limited (PTL) · NELCO Limited (NELCO) · Maithon Power Limited (MPL) · Industrial Energy Limited (IEL) · Tata Power Delhi Distribution Limited (TPDDL) · Coastal Gujarat Power Limited (CGPL) · Bhira Investments Limited (BIL) · Bhivpuri Investments Limited (BHIL) · Khopoli Investments Limited (KIL) · Trust Energy Resources Pte. Limited (TERL) · Energy Eastern Pte. Limited ** (EEL) · Industrial Power Utility Limited (IPUL) · Tatanet Services Limited** (TNSL) · Tata Power Renewable Energy Limited (TPREL) · PT Sumber Energi Andalan Tbk. ** (SEA) · Tata Power Green Energy Limited ** (TPGEL) · NDPL Infra Limited ** (NDPLIL) · Dugar Hydro Power Limited (DHPL) · Tata Power Solar Systems Limited (TPSSL) · Tata Power Jamshedpur Distribution Limited (TPJDL) · Tata Power International Pte. Limited (TPIPL) (from 5th April, 2013) · AES Saurashtra Windfarms Limited ** (AESSWL) (from 24th February, 2014) ** Through Subsidiary Companies |
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Associates : |
· Tata Projects Limited (TPL) · Yashmun Engineers Limited (YEL) ** Fellow Jointly Controlled Entities |
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Joint Ventures –
Jointly Controlled Entities : |
· Tubed Coal Mines Limited (TCML) · Dagachhu Hydro Power Corporation Limited (DHPCL) · OTP Geothermal Pte. Limited ** (OTPGL) · PT Antang Gunung Meratus ** (PTAGM) · Adjaristsqali Georgia LLC ** (AGL) · Cennergi Pty. Limited ** (CPL) · Mandakini Coal Company Limited (MCCL) |
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Promoters holding together with its Subsidiary more than 20% |
· Tata Sons Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Re.1/- each |
Rs.3000.000 Millions |
|
22900000 |
Equity Shares |
Rs.100/- each |
Rs.2290.000 Millions |
|
|
Total |
|
Rs.5290.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2429470840 |
Equity Shares |
Re.1/- each |
Rs.2429.500 Millions |
Subscribed and
Paid up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2373072360 |
Equity Shares |
Re.1/- each |
Rs.2373.100 Millions |
|
|
Less : Calls in Arrears |
|
Rs.0.400 Millions |
|
1652300 |
Add : Equity shares forfeited - Amount paid |
|
Rs.0.600 Millions |
|
|
Total |
|
Rs.2373.300
Millions |
a.
Reconciliation of the shares
outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
|
|
|
|
At the beginning and at the
end of the year. |
2374724660 |
2373.300 |
b.
Terms/rights
attached to Equity Shares
The Company has issued only one class of Equity Shares having a Par Value of Re.1/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March, 2014, the amount of per share dividend recognized as distribution to equity shareholders was Re.1.25 per share of Face Value of Re.1/- each (31st March 2013 - Rs.1.15 per 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 all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
c. Details of shareholders holding more than
5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Tata
Sons Limited |
707511570 |
29.81 |
|
Life Insurance Corporation of
India |
299367181 |
12.62 |
|
Matthews Pacific Tiger Fund |
127560510 |
5.38 |
d. In an earlier year, the Company issued 3,000 1.75% Foreign Currency Convertible Bonds (FCCB) with Face Value of USD 100,000 each aggregating to USD 300 million. The bondholders have an option to convert these Bonds into Equity Shares, at an initial conversion price of Rs.145.6125 per share at a fixed rate of exchange on conversion of Rs.46.81 = USD 1.00, at any time on and after 31st December, 2009, upto11th November, 2014. The conversion price is subject to adjustment in certain circumstances. The FCCB may be redeemed, in whole but not in part, at the option of the Company at any time on or after 20th November, 2011 subject to satisfaction of certain conditions. Unless previously converted, redeemed or repurchased and cancelled, the FCCB fall due for redemption on 21st November, 2014 at 109.47% of their principal amount together with accrued and unpaid interest.
e. The Company, vide its Letter of Offer dated 19th March, 2014, offered up to 332230130 Equity Shares of Face Value of Re.1/- each at a price of Rs.60/- per Equity Share (including Share Premium of Rs.59/- per Equity Share) for an amount aggregating to Rs.19933.800 Millions to the existing Equity Shareholders of the Company on rights basis in the ratio of 7 Equity Shares for every 50 Equity Shares held by the Equity Shareholders on the record date i.e. 20th March, 2014. The issue opened on 31st March, 2014 and closed on 15th April, 2014. On 25th April, 2014 the Company has allotted 331552894 Equity Shares, balance Equity Shares being kept in abeyance.
The Equity Shares issued vide the said Rights Issue have not been considered for computing Earnings per Share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2373.300 |
2373.300 |
2373.300 |
|
(b) Reserves and Surplus |
116487.400 |
108034.600 |
103888.200 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds |
118860.700 |
110407.900 |
106261.500 |
|
|
|
|
|
|
Unsecured perpetual securities |
15000.000 |
15000.000 |
15000.000 |
|
Statutory reserves |
6132.300 |
6042.300 |
5972.300 |
|
Special appropriation towards project cost. |
5336.100 |
5336.100 |
5336.100 |
|
Service line contributions from consumers |
944.500 |
822.200 |
640.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
71759.900 |
84525.700 |
68750.500 |
|
(b) Deferred tax liabilities (Net) |
8811.400 |
8054.900 |
4190.200 |
|
(c) Other long term liabilities |
861.000 |
998.100 |
937.000 |
|
(d) long-term provisions |
1642.300 |
4131.900 |
4805.200 |
|
Total Non-current Liabilities |
83074.600 |
97710.600 |
78682.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
15795.300 |
11721.500 |
7580.600 |
|
(b) Trade payables |
10576.800 |
9235.500 |
10615.500 |
|
(c) Other current
liabilities |
43059.900 |
20276.400 |
15862.500 |
|
(d) Short-term provisions |
6610.100 |
4376.100 |
3861.400 |
|
Total Current Liabilities |
76042.100 |
45609.500 |
37920.000 |
|
|
|
|
|
|
TOTAL |
305390.300 |
280928.600 |
249813.000 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
85328.100 |
77444.100 |
71542.100 |
|
(ii) Intangible Assets |
658.200 |
301.100 |
185.900 |
|
(iii) Capital
work-in-progress |
6844.900 |
6414.600 |
5853.700 |
|
(iv)
Intangible assets under development |
906.000 |
733.400 |
249.000 |
|
(b) Non-current Investments |
123610.900 |
108596.800 |
92085.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28987.900 |
21900.600 |
12309.500 |
|
(e) Other Non-current assets |
23699.400 |
27586.700 |
17321.500 |
|
Total Non-Current Assets |
270035.400 |
242977.300 |
199547.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
13.600 |
2585.600 |
5841.400 |
|
(b) Inventories |
7106.700 |
7610.900 |
8544.700 |
|
(c) Trade receivables |
13201.000 |
13000.600 |
10033.700 |
|
(d) Cash and cash
equivalents |
678.600 |
4131.700 |
10373.500 |
|
(e) Short-term loans and
advances |
8730.800 |
9550.900 |
13576.800 |
|
(f) Other current assets |
5624.200 |
1071.600 |
1895.800 |
|
Total Current Assets |
35354.900 |
37951.300 |
50265.900 |
|
|
|
|
|
|
TOTAL |
305390.300 |
280928.600 |
249813.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
86,270.400 |
95,672.800 |
84,958.400 |
|
|
|
Other Income |
6,557.600 |
7,216.700 |
9,834.600 |
|
|
|
TOTAL (A) |
92,828.000 |
102,889.500 |
94,793.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Power Purchased |
7,899.700 |
6,233.900 |
6,475.300 |
|
|
|
Cost of Fuel |
33,509.100 |
52,444.000 |
46,368.900 |
|
|
|
Transmission Charges |
4,679.600 |
2,334.300 |
5,126.500 |
|
|
|
Cost of Components Consumed |
1,789.900 |
1,507.500 |
0.000 |
|
|
|
Employee Benefits Expense |
5,449.500 |
5,476.000 |
0.000 |
|
|
|
Other Expenses |
10,035.100 |
7,374.900 |
9,141.400 |
|
|
|
TOTAL (B) |
63,362.900 |
75,370.600 |
67,112.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29,465.100 |
27,518.900 |
27,680.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8,682.100 |
6,844.100 |
5,148.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20,783.000 |
20,674.800 |
22,532.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5,871.400 |
3,641.000 |
5,703.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
14,911.600 |
17,033.800 |
16,828.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5,370.800 |
6,786.900 |
5,131.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9,540.800 |
10,246.900 |
11,697.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30760.000 |
28193.800 |
26496.500 |
|
|
|
|
|
|
|
|
|
Add |
REVERSAL OF
ADDITIONAL INCOME TAX ON DIVIDEND IN RESPECT OF EARLIER YEAR |
285.400 |
0.000 |
190.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Distribution on Unsecured Perpetual Securities |
1,128.800 |
1,712.000 |
1,136.100 |
|
|
|
Income-tax reversal on distribution on Unsecured Perpetual Securities in respect of earlier year |
0.000 |
284.200 |
0.000 |
|
|
|
Proposed Dividend |
3,384.500 |
2,731.700 |
2,969.200 |
|
|
|
Additional Income-tax on Dividend |
247.200 |
285.400 |
397.500 |
|
|
|
Transfer to Contingencies Reserve Fund |
90.000 |
70.000 |
79.300 |
|
|
|
Transfer to Debenture Redemption Reserve |
1,328.500 |
1,572.700 |
3,107.900 |
|
|
|
Transfer to General Reserve |
954.100 |
1,024.700 |
2,500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
33,453.100 |
30,760.000 |
28,193.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Interest |
313.300 |
349.900 |
822.500 |
|
|
|
Export on FOB Basis |
382.400 |
46.600 |
88.300 |
|
|
|
Guarantee commission from
Subsidiary |
132.600 |
102.400 |
75.000 |
|
|
|
Dividend |
2389.600 |
2965.500 |
5320.900 |
|
|
|
Others |
138.600 |
134.000 |
11.100 |
|
|
TOTAL EARNINGS |
3356.500 |
3598.400 |
6317.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1890.500 |
286.400 |
2326.000 |
|
|
|
Components & Spare Parts |
801.300 |
854.400 |
590.000 |
|
|
|
Fuel |
13551.000 |
22024.900 |
20718.900 |
|
|
TOTAL IMPORTS |
16242.800 |
23165.700 |
23634.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.50 |
3.44 |
45.30 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd Quarter |
|
Net Sales |
|
23284.500 |
20346.500 |
|
Total Expenditure |
|
18231.900 |
15450.800 |
|
PBIDT (Excl OI) |
|
5052.600 |
4895.700 |
|
Other Income |
|
2645.200 |
2634.000 |
|
Operating Profit |
|
7697.800 |
7529.700 |
|
Interest |
|
2521.200 |
2559.200 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
5176.600 |
4970.500 |
|
Depreciation |
|
1416.000 |
1458.100 |
|
Profit Before Tax |
|
3760.600 |
3512.400 |
|
Tax |
|
1201000 |
449.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
2559.600 |
3063.300 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
2559.600 |
3063.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
11.06 |
10.71 |
13.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
34.15 |
28.76 |
32.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.57 |
10.31 |
11.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74 |
0.87 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46 |
0.83 |
1.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Share Capital |
2373.300 |
2373.300 |
2373.300 |
|
Reserves & Surplus |
103888.200 |
108034.600 |
116487.400 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
106261.500 |
110407.900 |
118860.700 |
|
|
|
|
|
|
long-term borrowings |
68750.500 |
84525.700 |
71759.900 |
|
Short term borrowings |
7580.600 |
11721.500 |
15795.300 |
|
Total
borrowings |
76331.100 |
96247.200 |
87555.200 |
|
Debt/Equity
ratio |
0.718 |
0.872 |
0.737 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Sales |
84,958.400 |
95,672.800 |
86,270.400 |
|
|
|
12.611 |
-9.828 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Sales
|
84,958.400 |
95,672.800 |
86,270.400 |
|
Profit |
11,697.300 |
10,246.900 |
9,540.800 |
|
|
13.77% |
10.71% |
11.06% |
LOCAL AGENCY FURTHER INFORMATION
Rs. In
Millions
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long-term Debt |
23246.700 |
4439.400 |
2729.000 |
|
Total |
23246.700 |
4439.400 |
2729.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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
|
Case Details |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Lodging No.:- |
NMWL/433/2012 |
Filing Date:- |
15/09/2012 |
Reg. No.:- |
NMW/344/2012 |
Reg. Date:- |
01/10/2012 |
|||
|
Main Matter |
||||||||||
|
Lodging No.:- |
Reg No.:- |
PIL/87/2006 |
||||||||
|
Petitioner:- |
BOMBAY ENVIRONMENTAL ACTION GROUP AAND ANR |
Respondent:- |
THE STATE OF MAHARASHTRA AND ORS AND TATA
POWER COMPANY LIMITED |
|||||||
|
Petn.Adv:- |
A R Malhotra (I3164) |
Resp. Adv.: |
0 (0) |
|||||||
|
District:- |
MUMBAI |
|||||||||
|
Bench:- |
DIVISION |
|||||||||
|
Status:- |
Pre-Admission |
Category:- |
NOTICE OF MOTION (DIRECTION) |
|||||||
|
Next Date:- |
03/12/2014 |
Stage:- |
NOTICE OF MOTION FOR HEARING |
|||||||
|
Coram:- |
HON'BLE THE CHIEF JUSTICE HON'BLE SHRI JUSTICE B.P. COLABAWALLA |
|||||||||
|
Last Date:- |
29/01/2013 |
Stage:- |
PRODUCTION AT 11.00 AM |
|||||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE A.M. KHANWILKAR HON'BLE SHRI JUSTICE K.K. TATED |
|||||||||
|
Act :- |
Public Interest Litigation |
|||||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Redeemable
Non-Convertible Debentures |
|
|
|
10.75% Series 2073 |
15000.000 |
15000.000 |
|
Bonds |
|
|
|
8.50% Euro Notes (2017) |
3566.800 |
3239.300 |
|
1.75% Foreign Currency
Convertible Bonds (2014) |
0.000 |
16317.000 |
|
Term
Loans |
|
|
|
From
Banks |
|
|
|
ICICI Bank |
87.000 |
145.000 |
|
JP Morgan Chase Bank |
2000.000 |
0.000 |
|
BNP Paribas |
2100.000 |
0.000 |
|
Deferred
Payment Liabilities |
|
|
|
Sales Tax Deferral |
681.300 |
764.500 |
|
From
Banks |
|
|
|
Buyer's Line of Credit |
993.300 |
5300.500 |
|
Loans from Banks |
4680.000 |
0.000 |
|
From
Others |
|
|
|
Inter-corporate Deposit |
50.700 |
50.700 |
|
Commercial Paper |
6500.000 |
0.000 |
|
Total |
35659.100 |
40817.000 |
COMPANY’S PERFORMANCE
Standalone
On a Standalone basis, the Operating Revenue was lower at Rs.86270.400 Millions, as against Rs.95672.800 Millions in FY13, a decrease of 10%. However, the Company earned a higher Operating Profit compared to the previous year, but owing to forex losses and reversal of MAT credit accrued in earlier years, the Company reported a Profit after Tax (PAT) of Rs.9540.800 Millions, as against Rs.10246.900 Millions for the previous year. Last year, PAT was higher due to onetime adjustment owing to change in depreciation rate.
Power Business
Operating Revenue for Power Business was Rs.81687.000 Millions in FY14 as against Rs.91579.600 Millions in FY13. Lower fuel cost built in the revenue recovery resulted in lower Operating Revenue on a Standalone basis, partly offset by higher transmission charges paid in the Mumbai Regulated business based on the Intra-state transmission order. However, Operating Profit was higher due to favorable Appellate Tribunal Order in Mumbai License Area.
Services Business
Power Services Business had a turnover of Rs.1230.200 Millions as against Rs.1166.300 Millions in FY13, reflecting a growth of 5%.
Strategic Engineering Division
Tata Power Strategic Engineering Division (SED) booked a turnover of Rs.3353.200 Millions in FY14 as against Rs.2926.900 Millions in FY13, with the closing order backlog in excess of Rs.24000.000 Millions as on 31st March, 2014. Other Income Other Income was lower at Rs.6557.600 Millions, as against Rs.7216.700 Millions in the previous year. This was mainly due to lower income from investment in Fixed Deposits and Mutual Funds. It was driven by higher availability of investible funds in the previous year on account of Hybrid issue of Rs.15000.000 Millions during that year.
Earnings per share
During FY14, due to higher earnings after full year’s appropriation on unsecured perpetual securities (Rs.8322.000 Millions against Rs.8180.700 Millions in FY13), Earnings per share (basic) was at Rs.3.50 as against Rs.3.44 in the previous year.
OPPORTUNITIES AND OUTLOOK
Strategic Focus of Tata
Power
The Company plans to remain an integrated player across the power value chain which gives it a differentiation and a competitive edge in the marketplace. The key focus areas will be scaling up of generation capacity and value added businesses viz. services, trading etc. Considering the evolution in the global energy environment, the Company will maintain a portfolio of options for its generation mix. While the deployment of coal based power is expected to continue (given its importance for India and other developing economies), Hydro and Renewables based generation will be given importance in the portfolio to ensure a sustainable generation mix. Tata Power plans to have 20-25% of its generation from Non-Greenhouse Gas sources over the next 8-10 years.
While Indian market continues to remain the primary focus of business for the Company, it has started making investments into projects in select international geographies to strengthen and diversify its portfolio and for greater impetus for growth.
The Company will also focus on the consumer end of the value chain through Distribution and Decentralized Distributed Generation (DDG). The Company will continue to explore strategic investments in fuel to ensure competitiveness of its generation assets.
Domestic
The growth in the domestic market is currently constrained given the uncertainties around fuel supply, fi nancial condition of discoms, challenges of land acquisition, water linkages and environmental clearances. However, it is expected to start looking up with the implementation of reforms which are inevitable as the power sector is a key driver supporting the growth of the nation at large.
INTERNATIONAL PROJECTS
Dagachhu Hydroelectric Power Project, Bhutan
The 126 MW (2 x 63 MW) Dagachhu project is being implemented in Bhutan by Dagachhu Hydro Power Corporation Limited, a JV of the Company (26%), Druk Green Power Corporation Limited (59%) and National Pension and Provident Fund of Bhutan (15%). The excavation of Head Race tunnel has been completed and the lining of the tunnel is in progress. All civil work at the Barrage and Power House has been completed. Electro-mechanical work is in advanced stages of completion. Manufacturing and delivery of the electro mechanical equipment has been completed. Erection of various electro mechanical components at the dam site and in the Power House is under progress. Project is expected to be commissioned in FY15.
Cennergi Projects - Tsitsikamma
and Amakhala
The Company’s JV in South Africa, Cennergi (Proprietary) Limited, achieved financial closure of 134 MW Amakhala Emoyeni Wind Farm and 95 MW Tsitsikamma Community Wind Farm in May 2013 and June 2013 respectively. Currently, engineering and planning activities are in progress.
Georgia Hydro
In June 2013, the Company acquired 40% shares in Adjaristsqali Netherlands BV, which is implementing hydro projects in Georgia through its wholly owned subsidiary, Adjaristsqali Georgia LLC. The construction of 185 MW Shuakhevi Hydro Project has commenced with all major contracts having been awarded. Activities to achieve the fi nancial closure are at an advanced stage. The development of 150 MW Koromkheti Hydro Project has commenced. These projects are being developed in a phased manner on Build, Own and Operate basis. With this JV, the Company now has a presence in Turkey/Georgia and would actively pursue other opportunities in these countries.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
MUs |
MUs |
MUs |
|
A. |
|
|
|
|
Generation |
3123 |
3301 |
6424 |
|
Sales |
3484 |
3778 |
7262 |
|
B. |
|
|
|
|
Income from operations |
|
|
|
|
Revenue from power supply and transmission charges |
19707.600 |
22481.200 |
42188.800 |
|
Add : Income to be recovered in future tariff
determination (net) |
(1030.000) |
(830.000) |
(1860.000) |
|
Add :Income to be recovered in
future tariff determination (net) in respect of earlier years |
290.000 |
45.000 |
335.000 |
|
Net Revenue |
18967.600 |
21696.200 |
40663.800 |
|
Other operating income (net of
excise duty) |
1378.900 |
1588.300 |
2967.200 |
|
Total income from operations
(net) |
20346.500 |
23284.500 |
43631.000 |
|
Expenses |
|
|
|
|
a) Cost of power purchased |
2332.500 |
2458.400 |
4790.900 |
|
b) Cost of fuel |
7008.300 |
10165.100 |
17173.400 |
|
c) Transmission charges |
1081.200 |
1066.100 |
2147.300 |
|
d) Cost of components, materials and services in respect of contracts |
503.400 |
848.200 |
1351.600 |
|
e) Employee benefits expense |
1682.600 |
1562.100 |
3244.700 |
|
f) Depreciation and amortisation expense |
1458.100 |
1416.000 |
2874.100 |
|
g) Other expenses |
2368.700 |
1700.000 |
4068.700 |
|
Total expenses |
16434.800 |
19215.900 |
35650.700 |
|
Profit from operations
before other income, finance costs and tax |
3911.700 |
4068.600 |
7980.300 |
|
Other Income |
|
|
|
|
a) (Loss)/Gain on exchange (net) |
(474.100) |
(432.000) |
(906.100) |
|
b) Others |
2634.000 |
2645.200 |
5279.200 |
|
Profit before finance
costs and tax |
6071.600 |
6281.800 |
12353.400 |
|
Finance costs |
2559.200 |
2521.200 |
5080.400 |
|
Profit before tax |
3512.400 |
3760.600 |
7273.000 |
|
Tax expense |
449.100 |
1201.000 |
1650.100 |
|
Net profit after tax |
3063.300 |
2559.600 |
5622.900 |
|
Paid-up equity share capital (Face Value: Re.1/- per share) |
2704.800 |
2704.800 |
2704.800 |
|
Reserves excluding Statutory Reserves and Revaluation Reserves |
|
|
|
|
Basic Earnings per Share (not annualised
for quarters) (in Rs.) |
1.02 |
0.86 |
1.88 |
|
Diluted Earnings per Share
(not annualised for quarters) (In Rs.) |
1.02 |
0.86 |
1.88 |
|
Debt Service Coverage Ratio
(no. of times) |
|
|
2.00 |
|
Interest Service Coverage Ratio (no. of times) |
|
|
2.78 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1806584108 |
1806584108 |
1806584108 |
|
- Percentage of shareholding |
66.80 |
|
|
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
45550000 |
45550000 |
45550000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
5.10 |
5.10 |
5.10 |
|
Percentage of shares (as a % of total share capital of the
company) |
1.68 |
1.68 |
1.68 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
848051046 |
834051046 |
848051046 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
94.90 |
93.34 |
94.90 |
|
Percentage of shares (as a % of total share capital of the
company) |
31.36 |
30.84 |
31.36 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
21 |
|
|
Receiving during the quarter |
|
28 |
|
|
Disposed of during the quarter |
|
37 |
|
|
Remaining unreserved at the end of the quarter |
|
12 |
|
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
A.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
2704.800 |
|
(b) Reserves & Surplus |
|
|
141725.800 |
|
Sub-total – Shareholders Funds |
|
|
144430.600 |
|
|
|
|
|
|
(2) Unsecured perpetual securities |
|
|
15000.000 |
|
(3) Statutory consumer reserves |
|
|
6182.300 |
|
(4) Special appropriation towards project |
|
|
5336.100 |
|
(5) Service line contribution |
|
|
984.700 |
|
|
|
|
27503.1 |
|
(6)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
73116.800 |
|
(b) Deferred tax liabilities (Net) |
|
|
8740.500 |
|
(c) Other long term liabilities |
|
|
874.800 |
|
(d) long-term provisions |
|
|
1737.100 |
|
Sub-total – Non-current Liabilities |
|
|
84469.200 |
|
|
|
|
|
|
(7) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
13027.200 |
|
(b) Trade payables |
|
|
10736.400 |
|
(c) Other current
liabilities |
|
|
45490.300 |
|
(d) Short-term provisions |
|
|
3111.300 |
|
Sub-total – Current Liabilities |
|
|
72365.200 |
|
|
|
|
|
|
TOTAL – EQUITY AND LIABILITIES |
|
|
328768.100 |
|
|
|
|
|
|
B. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
a) Fixed Assets |
|
|
98043.500 |
|
b) Non Current Investments |
|
|
128252.300 |
|
c) Long term loans and advances |
|
|
30244.100 |
|
d) Other non-current assets |
|
|
25569.700 |
|
Sub
Total – Non-current Assets |
|
|
282109.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
14.600 |
|
(b) Inventories |
|
|
5984.900 |
|
(c) Trade receivables |
|
|
16442.100 |
|
(d) Cash and cash
equivalents |
|
|
8219.100 |
|
(e) Short-term loans and
advances |
|
|
9617.300 |
|
(f) Other current assets |
|
|
6380.500 |
|
Sub
Total – Current Assets |
|
|
46658.500 |
|
|
|
|
|
|
TOTAL
- ASSETS |
|
|
328768.100 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. Segment Revenue |
|
|
|
|
Power Business |
19245.500 |
21885.400 |
41130.900 |
|
Others |
1101.000 |
1399.100 |
2500.100 |
|
Total Segment Revenue |
20346.500 |
23284.500 |
43631.000 |
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
Revenue/ Income from Operations (Net of Excise Duty) |
20346.500 |
23284.500 |
43631.000 |
|
|
|
|
|
|
2. Segment Result (Profit before Interest
and Tax) |
|
|
|
|
Power Business |
4320.100 |
4228.900 |
4349.800 |
|
Others |
(2.300) |
(80.400) |
200.900 |
|
Total Segment Results |
4317.800 |
4148.500 |
4550.700 |
|
|
|
|
|
|
Less : Finance Costs |
2559.200 |
2521.200 |
1620.000 |
|
Add : Unallocalbe (Expense)/ Income (Net) |
1753.800 |
2133.300 |
539.400 |
|
Profit before Tax |
3512.400 |
3760.600 |
3470.100 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
Power Business |
120009.300 |
117273.500 |
125704.400 |
|
Others |
5402.500 |
5920.200 |
4364.900 |
|
Unallocable |
45537.200 |
44621.800 |
14689.800 |
|
Capital Employed |
170949.000 |
167815.500 |
144759.100 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10516127 |
01/08/2014 |
9,300,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R KAMANI MARG, |
C17498056 |
|
2 |
10514366 |
23/07/2014 |
1,393,800,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C16043994 |
|
3 |
10507099 |
10/06/2014 |
3,500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (W), MUMBAI, MAHARASHTRA - 400013, INDIA |
C09790718 |
|
4 |
10489237 |
28/03/2014 |
9,300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C03627973 |
|
5 |
10445042 |
08/08/2013 |
3,000,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B83060277 |
|
6 |
10445737 |
08/08/2013 |
3,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B83414821 |
|
7 |
10420582 |
21/03/2013 |
2,100,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, KAMANI MARG, B |
B72972979 |
|
8 |
10375729 |
21/08/2012 |
880,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B57787830 |
|
9 |
10311440 |
23/09/2011 |
8,000,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMIL NADU - 600031, INDIA |
B23040918 |
|
10 |
10288283 |
11/05/2011 |
4,500,000,000.00 |
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT
CENTRE1ST FLOOR EAST COURT CORE, 4 |
B13497995 |
|
11 |
10261862 |
30/06/2012 * |
2,340,000,000.00 |
CENTBANK FINANCIAL SERVICES LIMITED |
DEBENTURE TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B43501246 |
|
12 |
10252805 |
19/10/2010 |
3,500,000,000.00 |
CENTBANK FINANCIAL SERVICES LIMITED |
CENTRALBANK MMO
BLDG6TH FLOOR 55 MAHATMA, GANDHI |
A97242713 |
|
13 |
10246122 |
30/09/2010 |
3,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96879572 |
|
14 |
10223199 |
26/05/2010 |
2,000,000,000.00 |
STATE BANK OF INDIA |
12TH FLOOR, JAWAHAR VYAPAR BHAVAN, NEW DELHI, DELHI - 110001, INDIA |
A86769999 |
|
15 |
10213777 |
31/03/2010 |
6,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL |
A83830190 |
|
16 |
10202155 |
10/02/2010 |
1,500,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
ITC CENTRE, 3RD
FLOOR760, ANNA SALAI, CHENNAI - |
A79319836 |
|
17 |
10147730 |
13/03/2009 |
3,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A58632266 |
|
18 |
10114396 |
08/06/2012 * |
5,000,000,000.00 |
CENTRAL BANK OF INDIA |
DEBENTURE TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B42392480 |
|
19 |
10115081 |
08/06/2012 * |
5,000,000,000.00 |
CENTRAL BANK OF INDIA |
DEBENTURE TRUSTEE SECTION, CENTRAL BANK - MMO BLDG , 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B42391342 |
|
20 |
10090308 |
29/02/2008 |
4,000,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A33593435 |
|
21 |
10087454 |
05/10/2012 * |
2,614,500,000.00 |
CENTRAL BANK OF INDIA |
6TH FLOOR, MMO BUILDING, 55, M G ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
B59606632 |
|
22 |
10057317 |
31/08/2010 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A94610441 |
|
23 |
10021014 |
23/09/2011 * |
4,500,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMIL NADU - 600031, INDIA |
B23067499 |
|
24 |
90218587 |
08/06/2012 * |
6,000,000,000.00 |
CENTRAL BANK OF INDIA |
DEBENTURE TRUSTEE SECTION,
CENTRAL BANK - MMO BLDG , 55, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASH |
B42393322 |
|
25 |
90218441 |
26/03/2013 * |
4,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARK, RACE COURCE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
B72971567 |
|
26 |
90219986 |
21/08/2012 * |
18,300,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J N HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B57726978 |
|
27 |
90218403 |
16/04/2001 |
3,215,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, VOLTAS HOUSE; J. N. HEREDIA MARG; BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
28 |
90218401 |
24/01/2001 * |
2,000,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDERMUKHI,
NARIMAN POINT, MUMBAI,MAHARASHTRA |
- |
|
29 |
90218316 |
31/05/2002 * |
500,000,000.00 |
THE CENTRAL BANK OF INDIA. |
CHANDERMUKHI, NARIMAN
POINT, BOMBAY, MAHARASHTRA |
- |
|
30 |
90218284 |
31/05/2002 * |
570,000,000.00 |
THE CENTRAL BANK OF INDIA. |
CHANDERMUKHI,
NARIMAN POINT, BOMBAY, MAHARASHTRA |
- |
|
31 |
90218236 |
31/05/2002 * |
750,000,000.00 |
THE CENTRAL BANK OF INDIA. |
CHANDERMUKHI,
NARIMAN POINT, BOMBAY, MAHARASHTRA |
- |
|
32 |
90218225 |
26/08/2004 * |
3,484,848,480.00 |
ANZ GRINDLAYS BANK LTD. |
90; M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
33 |
90219596 |
15/03/1994 |
34,494,581.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
34 |
90217736 |
03/12/1993 |
560,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
35 |
90217729 |
13/01/1994 * |
24,000,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BAROADA BUILDING, 16; SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
36 |
90217706 |
13/01/1994 * |
500,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 40020, INDIA |
- |
|
37 |
90217649 |
10/02/1993 |
500,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
38 |
90217641 |
07/01/1993 |
200,000,000.00 |
IDBI BANK LTD. |
IDBI TOWER, CUFFE
PARADE, BOMBAY, MAHARASHTRA - 4 |
- |
|
39 |
90217627 |
21/06/1993 * |
1,252,066,500.00 |
THE CENTRAL BANK EXECUTOR & TURSTEE CO. |
JEHANGIR WADIA BUILDING, 51; MAHRATMA GANDHI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
40 |
90217593 |
21/06/1993 * |
5,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI, AHARASHTRA - 400020, INDIA |
- |
|
41 |
90217521 |
21/06/1993 * |
75,000,000.00 |
THE CENTRAL BANK EXECUTOR & TURSTEE CO. |
JEHANGIR WADIA BUILDING, 51; MAHARTMA GANDHI ROAD; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
42 |
90217519 |
26/07/1991 |
98,000,000.00 |
International Bank For Reconstruction & Development |
1818; H STREET; N.W. WASHINGTON, WASHINGTON, , UNITED STATES OF AMERICA |
- |
|
43 |
90217426 |
29/12/1999 * |
6,000,000.00 |
INDUSTRIAL FINANCE CORPORATION |
1818 H STREET, WASHINGTON, , UNITED STATES OF AMERICA |
- |
|
44 |
90217404 |
08/05/1990 |
92,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N.VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
45 |
90219486 |
08/05/1990 |
102,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDAY MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
46 |
90217156 |
22/09/1989 * |
150,000,000.00 |
UNIT TRUST OF INDIA |
SIR. VITHALDAS THACKERSEV MARG, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
47 |
90217091 |
19/12/1986 |
710,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
48 |
90219400 |
19/12/1986 |
710,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDAY MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
49 |
90217088 |
16/03/1988 * |
10,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE J.N. VAIDAY MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
50 |
90219932 |
16/03/1988 * |
15,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE J.N. VAIDAY MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
TATA POWER MAY NOT SOURCE COAL FROM
INDONESIA FOR MUNDRA
The company owns stake in KPC mining
company in
"It (import) could be from any market globally because after the HBA price regime was implemented inIndonesia, we get no advantage at all from ownership," Tata Power Managing Director Anil Sardana told.
He said the coal for Mundra project expansion can be sourced from any other country and any other mine because one gets it at the market-determined price.
HBA price of Indonesia is the monthly coal reference rate which is calculated on the monthly average of four international coal indices.
"The expansion was on the assumption that the units will be linked to market phenomenon and we would be using imported coal," Sardana said.
The company plans to expand the capacity of its Mundra project by 1,500 MW by adding two units.
As per the original plan layout prepared by the Central Electricity Authority (CEA) there is space for space for two additional units.
"Since water is there, evacuation is there, every other facility is there and it makes sense for one to generate electricity at a cheaper price," Sardana said, adding that where else can one expect imported coal-based power being generated at less than Rs 3.
On whether the company would go ahead with the proposed expansion of the Mundra despite little clarity on the issue of compensatory tariff, Sardana said, "The compensatory tariff issue is only concerned with UMPP. As far as the two additional units are concerned, they will be at market prices, so therefore the two phases are completely different."
Central Electricity Regulatory Commission earlier this year asked the power procurers to pay Rs 3294.500 Millions as compensatory tariff for the Mundra plant to partly offset escalation in the price of imported coal.
IN ITS 25TH YEAR, TATA POWER SOLAR LOOKS
FOR BREAK-EVEN
Tata Power Solar, India’s oldest solar company, has completed 25 years of existence, the company announced today. The company, formerly known as Tata BP Solar, is a wholly-owned subsidiary of Tata Power Limited, a part of the Tata group.
In a statement, the company has said that in its quarter century of existence it has “touched the lives of over 30 million people and reduced carbon footprint by more than 6.2 million tonnes.”
Tata Power Solar manufactures solar cells and modules (modules are made with cells), as well as a huge range of solar-power based products such as water heaters and lamps. The company’s two plants in Bengaluru can produce 180 MW of cells and 200 MW of modules. Its Chief Executive Officer, Ajay Goel, recently told Business Line that the company would invest in upgrading its manufacturing lines as the market picks up.
In addition to manufacturing, it also builds solar power plants for others.
In June 2012, after the Tatas bought over BP (British Petroleum) 51 per cent stake in the joint venture, Tata BP Solar became Tata Power Solar.
Still loss making
In 2013-14, Tata Power Solar achieved a turnover of Rs. 11030.000 Millions and made a net loss of Rs. 1267.700 Millions, compared with a turnover Rs. 5950.000 Millions and a net loss of Rs. 827.200 Millions in the previous financial year respectively, but the dip in the net loss was mainly on account of an exceptional gain (reversal of provisions no longer needed) and deferred tax assets in 2012-13, which were not available last year. The company’s performance improved in 2013-14—it turned in an operating profit of Rs. 16.33 Millions, compared with an operating loss of Rs.420.000 Millions in the previous year.
Ajay Goel recently said that he expects the company’s fortunes to be on the upswing in tandem with the mood in the solar manufacturing industry, which was swung from despondency last year to making plans for investments now.
TATA POWER'S TROMBAY THERMAL POWER STATION
HONORED WITH THREE NATIONAL AWARDS AT THE 15TH CII NATIONAL AWARD FOR ENERGY
MANAGEMENT 2014
- National, November 04, 2014
Tata Power, India's largest integrated power company has constantly endeavored to deliver exemplary performance across Economic, Environmental and Social dimensions of business. In recognition of this commitment, Tata Power's Trombay Thermal Power Station has been honoured in three prominent categories for the second consecutive time at the 15th CII National Award for Energy Management 2014. These categories include "Excellent Energy Efficient Unit", "Best Innovative Project" and "Most Useful Presentation". The awards ceremony was graced by the Chief Guest, the esteemed Mr. K. Pradeep Chandra, IAS, Special Chief Secretary, Commissioner for Industrial Promotion, Industries and Commerce Department, Government of Telangana in Hyderabad.
The "Excellent Energy Efficient Unit" was awarded to Tata Power - Trombay Thermal Power Station for its strong commitment to the environment which addresses various aspects of resource conservation, energy efficiency, carbon footprint, renewable power generation and biodiversity. The plant also won the single "Silt Curtain" Award which is bestowed upon the Best Innovative project amongst all the Energy Saving projects presented in the Power Sector Category. Emerging triumphant, the Company also secured the "Most Useful Presentation" Award which is adjudged by all the participants in the competition.
Commenting on the achievement, Mr. Anil Sardana, Managing Director and CEO - Tata Power said, "We are very happy to have been awarded with not just one but three exceptional Awards for the second time. This achievement serves as motivation to calibrate our approach, raise the bar and surpass the increasing expectations around sustainable performance. The CII Awards are the most prestigious recognition a Company may receive, and we would like to thank them for this appreciation."
TATA
POWER CELEBRATES 'WORLD ENVIRONMENT WEEK' ACROSS OPERATIONS IN INDIA
- National, June 05, 2014
~Sensitizes over
10,000 Tata Power and Club Enerji
followers on social media platforms~
~ Organises tree plantation drives and environment
awareness sessions~
~Encourages over 4000 employees to go paperless~
Tata Power, India’s largest integrated power
company strongly believes in the importance of environmental conservation and
is committed to the sustainable growth, protection and conservation of nature.
Upholding this moral responsibility, the Company organised
various engaging initiatives across plant locations to celebrate World
Environment Day 2014 keeping with the theme ‘Small Islands and Climate Change’.
The key objective of this initiative was to educate all stakeholders and public
across its areas of operations on the crucial need to conserve our environment
for a greener tomorrow.
The Tata Power Trombay
plant organized World Environment Week from 1st to 5th of June, in celebration
of World Environment Day. The weeklong event was celebrated with special
activities such as tree plantation drives, housekeeping competitions to manage
waste, awareness drives for contractors, inter departmental quizzes and neighbourhood sensitisations.
At the Jojobera plant, tree plantation along
with a special visit by the Jharkhand State Pollution
Control Board (JSPCB) to the Tata Power Jojobera plant was undertaken to educate employees,
contractual workers, vendors and contractors on their responsibility towards
environment.
Abiding by the official slogan, ‘Raise the Voice Not the Sea Level’ for
World Environment Day, Maithon Power Limited
organized a poster making competition for employees and neighbouring
schoolchildren, creative slogan competition and inter-departmental quizzes for
employees and contractors on the central theme of ‘Climate Change’. The ‘Green
Belt’ at Maithon was further extended by planting
trees in the surrounding villages.
The Tata Power Tiruldih
team organized a ‘Maha Rally’ and employees, vendors
and visitors were sensitized across plant premises through posters and banners
on the crucial need to save our planet.
Speaking on the initiatives, Mr. Anil Sardana,
Managing Director, Tata Power stated, “Tata Power is committed to sustainable and responsible
growth, which is demonstrated by our focus on producing clean and green power.
For Tata Power, conservation of the environment is a
constant focus and we endeavour to conserve and
propagate the judicious use of natural resources in all ways possible. This
World Environment Day, we at Tata Power take an oath
to educate the future generations and instill a sense of responsibility towards
Mother Nature. We take pride in spreading this message through our various
initiatives for a greener tomorrow.”
Under its flagship green outreach programme ‘Greenolution’, Tata Power
encouraged close to 4000 employees nationwide to take an oath and go paper-less
by using electronic messages and discontinuing the usage of paper cups in
offices. The Company also joined hands with recycling agencies to recycle paper
used in office and maintain usage at a certain level. Tata
Power utilised this foundation to promote the use of
e-bills among its customers. At various hydros, tree
plantation drives were carried out. Company has also reached out over 10,000
followers on the Tata Power and Club Enerji handles and propagated resource conservation and
energy efficiency messages.
An initiative of United Nations Environment Programme
(UNEP), World Environment Day is an annual event that is aimed at being the
biggest and most widely celebrated global day for positive environmental
action. The official theme for the World Environment Day on June 5, 2014 is
‘Small Islands and Climate Change’.
INDONESIA PRESS-ASTRA SETS UP JV WITH TATA POWER - INVESTOR DAILY
PT Astra International, through its unit PT Astratel Nusantara, has set up a joint venture in Indonesia with India's Tata Power Co Limited, with each owning 50 percent of the venture, said Astra's deputy director Paulus Bambang.
He said Astra is bidding for a 2x200 megawatt steam power plant project in Indonesia. Astra plans a capital expenditure of 17 trillion rupiah ($1.4 billion) for next year, up from this year's 15 trillion rupiah. (Investor Daily)
TATA POWER MUNDRA UMPP BENEFITS VILLAGERS IN GUJARAT BY UNDERTAKING
UNIQUE INITIATIVES FOR COMMUNITY DEVELOPMENT
National, December 16, 2013
· Undertakes more than 50 initiatives for the development of fisherman community
· Strives towards social and economic development of its communities through interventions in health, education, income generation & livelihood restoration, infrastructure development, energy conservation and natural resource management.
·
Tata Power, through its wholly-owned subsidiary, Coastal Gujarat Power Limited (CGPL) has always endeavoured towards sustainable development of the community in and around its projects. In line with this philosophy, Tata Power has implemented a systematic strategy that has benefited villagers from Tunda, Vandh, Modhva, Tragadi Bunder, Mota Kandagra, Nana Bhadiya, Nani Khakhar and Moti Khakhar villages in Mundra and Mandvi Taluka.
Tata Power has adopted a multi-dimensional community development program as part of its community engagement initiatives. The major thematic areas of interventions include health, education, income generation & livelihood restoration, infrastructure development, energy conservation and natural resource management.
The programmes and their outcomes are aligned to achieve high level impact on sustenance for the villagers and fishing community in Mundra. Tata Power has undertaken more than 50 initiatives to benefit fisherman community of Modhva, and Tragadi bunder villages in Mandvi. Some of the highly successful initiatives by the Company include Project Sujaan, Project Uttkarsh in Tragadi and Nanabhadiya villages, Kanthi Area Livelihood Programme (Gaushala) at Tunda and Vandh, Project Surya Prakash, Project Shiksha Sarathi in 50 villages covering 84 schools, Self Help Group amongst others.
Under Project Akshay Urja Deep more than 325 fishermen and 100 boat owners have been benefitted by lighting fishing boats using solar energy at Modhva and Tragadi Bunder. This project has enabled the fishermen to go into the sea post sunset and catch fish for long hours in the sea, boosting the quantum of fish caught. These arrangements have also helped avoid collisions with other boats. The scheme has been appreciated by the state government and will now be implemented by the fisheries department directly at subsidized rates
Under project ‘Arogya’ free healthcare treatment is provided to the Tragadi bunder fishermen community at Mandvi. The camp successfully reached out to more than 100 people including adults and children, who received not only free consultation but also free medicines. Health awareness training about personal hygiene and health care was also organized for the community by medical team.
Project Sagarbandhu is an ambitious program designed for the development of the fishermen community through strengthening of village institutions like the Village Development Advisory Council (VDAC) and Community based organisations (CBOs). Activities undertaken include VDAC formation, value chain analysis, revolving fund at the start of the season, roof rain water harvesting, , exposure visits, regular meetings, SHG formation, drinking water and sanitation facilities, and school level interventions, distribution of boat lights, fishing nets and marketing equipment.
The company provides “Livelihood Support” to 467 fishermen of Modhva fishing hamlet to enhance their fish catch through better fishing nets. Fisher folks need to change their nets twice in a season which turns out to be an expensive affair.
Tata Power is also
providing uninterrupted drinking water to the communities of Tragadi Bunder during the fishing
season [avg. 15000 litres/day].
To provide better access to sanitation and maintaining the health and hygiene of the fishing community the company has assessed the need for providing basic sanitation facilities, as the culture of open defecation was prevalent among the community. In order to stop this, the company provided three mobile toilet units and placed it at the temporary settlement of fisher men.
The access to reach the bunder was strengthened by providing a cross over bridge through which the fishermen can directly reach the bunder. The connectivity up to the sand dunes has helped the fisher folks of the bunder in spending less money and labour for transportation to catch fish.
With growing success and the community’s ownership of Sagarbandhu Phase 1, the company is undertaking phase 2. Efforts are being made towards increasing ownership amongst the villagers, of Modhva and Tragadi, for development work by building and strengthening local institutions, formation and grooming of SHGs, VDACdeveloping infrastructure, convergence with ongoing Government scheme and implementation among other efforts.
CGPL has formed a partnership with AKRSP (I) Agakhan Rural Suuport Program
India and Fisheries Management Resource Centre (FishMARC)
to protect and enhance the livelihoods of the traditional marine fishing
communities of Kutch through strengthening and
scaling up the cooperative institution of fish workers. The partnership is all
about for hollistic development of the fisher
community.
Speaking on the initiative, Mr. Anil Sardana,
Managing Director- Tata Power stated, “As part of our Sustainability model, we at Tata Power focus on care for environment and communities
residing in and around its project areas. Our community development initiatives
are in line with the vision of our founder Shri Jamshetji Tata. The Company endeavours to help the fishermen community to be
self-sufficient and economically independent. We aim to increase their
productivity by stimulating their interest, promoting innovative ideas and best
practices, as well as providing them with the necessary support. We would like
to thank all our partners for their support and contribution towards helping
these communities.”
Project Sujaan is aimed towards formalising education system byvalue addition through computer literacy. The project has been successful in educating more than 900 students in Mundra, Kutch.
Project Uttkarsh- A holistic community development program catering to the needs of the community through their active participation. Uttkarsh is giving impetus to Safe drinking water by installing RO plants, rural energy and water management by construction of check dams, creation of Adarsh Anganwadi, and establishment of milk collection centres, activities related to farming and drip irrigation and many more.
Project KALP (Gaushala)- (Cattle Rearing) - Under this initiative, CGPL has provided an innovative and replicable model by establishing Fodder Supply Centres and building Gaushalas (animal shelters) in 2 panchayats of Mundra, Gujarat.
Understanding the need of the villagers for safe and clean drinking water, Project ‘Swach Jal’ was launched. The well has been constructed to benefit more than 275 families in the village.
Project Akshay Urja Deep- Under the project Akshay Urja Deep”, CGPL installed boat lights at a fishermen’s hamlet (Modhva). The target for installation is 131 boats.
Project Shiksha Sarathi – The Company focuses on educational excellence for the children in its communities and focuses on enhancing experience and arranging varied programmes for the school children. The Company has availed opportunity for participating in the ongoing government sponsored programme so that children can get excellent education and secure their future.
Self Help Group (SHG) - Based on this understanding, since 2008, CGPL has been engaged in forming women SHGs in surrounding communities of their operations. The first SHG was formed in Tunda Vandh village and the number of SHGs has now reached 45 SHGs in the 7 villages of Mundra and Mandvi taluka of Kutch. This initiative provides support to 445 women of the villages by initiating micro finance, capacity building activity. CGPL formed bank linkages, offered credit support, provided training and capacity building workshops along with handholding support to these women to start their own ventures
The Company continues to serve its target neighbouring communities under CGPL’s Impact Mitigation and Community Development Plan (Based on the Baseline Social Impact Assessment). Future efforts by the company will help to resolve health, sanitation and educational needs of the local people. Investments will be made to increase community’s access to better quality social services and livelihood options.
The Company is also working in partnership with NGOs, State and Central bodies which has helped them to widen the reach and leverage each partner's individual experience and expertise, thereby making substantial difference in the lives of communities.
TATA POWER
REGISTERS MORE THAN 61% INCREASE IN GENERATION CAPACITY IN H1 FY 14 OVER H1
FY13
National, November 26, 2013
Coastal Gujarat Power Limited (CGPL) and Maithon Power Limited (MPL) contribute 11574 MUs and 2930 respectively~
Tata Power, India’s largest integrated power utility, today announced generating 22738 MUs of power collectively from all its power plants in H1 of the financial year 2013-14 as compared to 14029 MUs in the same period of the previous year. This marks a 61% increase in generation, with the total power generation capacity of Tata Power standing at 8521 MW from various fuel sources: thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery, reinforcing its position as the largest integrated power company in India.
Breaking the previous in generation performance, its subsidiaries CGPL and MPL have continued to contribute significantly to the increase in generation capacity, with 11574 MUs and 2930 MUs respectively for H1FY14. With a strong business presence across the power value chain the company is also one of the largest renewable energy players in the country with significant capacity in wind and solar. The Company continues to pursue avenues to add ‘clean and renewable energy’ generation capacities to increase renewable energy portfolio. The total generation from clean energy sources amounted to 1439 MU’s for H1 FY 14.
Commenting on the performance Mr Anil Sardana,
Managing Director, Tata Power, said, “Tata Power always
strives to achieve new heights and benchmarks through excellence in business
performance. It marks a significant milestone in the history of the Company by
setting an example for the Indian power sector. It gives us great pride to be
the largest integrated power company in India with significant focus on
renewable energy source. ”
The Company also has businesses of generation-both conventional and non-conventional, transmission, distribution, trading, fuel and logistics which pans across Mumbai, Delhi, North, and Eastern regions.
Tata Power is committed to
maintaining a 20-25% share of its generation mix through non- greenhouse gas
sources. Due to large capacity addition through CGPL, the non-GHG capacity
percentage has reduced as compared to last year. With the support of leading
technological innovations, excellence in project execution, world class safety
processes, customer care, and green initiatives, the Company has succeeded in
establishing a strong foothold across the country and overseas.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
UK Pound |
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
69 |
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.