MIRA
INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE POWER LIMITED |
|
|
|
|
Registered
Office : |
H Block, 1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.01.1995 |
|
|
|
|
Com. Reg. No.: |
11-084687 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 28051.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40101MH1995PLC084687 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR07195G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Generation of Power on
Commencement of Project. |
|
|
|
|
No. of Employees
: |
Information declined by Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Reliance Anil Dhirubhai Ambani group a well-known
industrial house in the country. It is an established company having fine track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing 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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of the
global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term debt programme = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
February 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co- operative
Contact No.: 91-22-22842384
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai –
400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386010/30373333 |
|
Fax No.: |
91-22-30376633/30385169 |
|
E-Mail : |
reliancepower.ipo@relianceada.com |
|
Website : |
|
|
|
|
|
Corporate Office : |
Maker Chamber IV, 3rd Floor, 222 Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-22842384/22842929 |
|
Fax No.: |
91-22-22826076 |
|
|
|
|
Investor Service Centre : |
G Block, Ground Floor, Dhirubgai Ambani Kowledge City, Navi Mumbai 400
710, Maharashtra, India |
|
Tel. No.: |
91-22-30385565 |
|
Fax No.: |
91-22-30385169 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Anil Dhirubhai Ambani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. J. L. Bajaj |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Yogendra Narain |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. V. K. Chaturvedi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ramaswami Kalidas |
|
Designation : |
Company Secretary and Manager |
|
Name : |
Mr. J. P. Chalasani |
|
Designation : |
Chief Executive Officer |
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2212425 |
0.08 |
|
|
2101182579 |
74.92 |
|
|
2103395004 |
75.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2103395004 |
75.00 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
14099020 |
0.50 |
|
|
15808787 |
0.56 |
|
|
385600 |
0.01 |
|
|
117706455 |
4.20 |
|
|
180700800 |
6.44 |
|
|
328700662 |
11.72 |
|
|
|
|
|
|
47994639 |
1.71 |
|
|
|
|
|
|
291874095 |
10.41 |
|
|
24944128 |
0.89 |
|
|
7632713 |
0.27 |
|
|
7632713 |
0.27 |
|
|
372445575 |
13.28 |
|
Total Public
shareholding (B) |
701146237 |
25.00 |
|
|
|
|
|
Total (A)+(B) |
2804541241 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
585225 |
0.00 |
|
|
585225 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
2805126466 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER
AND PROMOTER GROUP"
|
Sr.No. |
Name
of the Shareholder |
Details
of Shares
held |
Encumbered
shares
(*) |
|
|||
|
No.
of Shares held |
As
a % of grand total (A)+(B)+(C) |
No |
As
a percentage |
As
a % of |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
||
|
1 |
Reliance Infrastructure Limited |
1,18,39,98,193 |
42.21 |
187500000 |
15.84 |
6.68 |
42.21 |
|
2 |
AAA Project Ventures Private Limited |
53,73,87,901 |
19.16 |
0.00 |
0.00 |
0.00 |
19.16 |
|
3 |
AAA International Capital Private Limited |
26,77,76,331 |
9.55 |
0.00 |
0.00 |
0.00 |
9.55 |
|
4 |
Reliance Enterprises & Ventures
Private Limited |
10,77,76,331 |
3.84 |
0.00 |
0.00 |
0.00 |
3.84 |
|
5 |
Reliance Capital Limited |
41,17,823 |
0.15 |
0.00 |
0.00 |
0.00 |
0.15 |
|
6 |
Kokila D Ambani |
9,16,461 |
0.03 |
0.00 |
0.00 |
0.00 |
0.03 |
|
7 |
Anil D Ambani |
4,65,792 |
0.02 |
0.00 |
0.00 |
0.00 |
0.02 |
|
8 |
Jai Anmol A Ambani |
4,17,439 |
0.01 |
0.00 |
0.00 |
0.00 |
0.01 |
|
9 |
Tina A Ambani |
4,12,708 |
0.01 |
0.00 |
0.00 |
0.00 |
0.01 |
|
10 |
Rel Utility Engineers Limited |
1,25,000 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
11 |
Reliance Innoventures Private Limited |
1,000 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
12 |
Shri Jai Anshul A Ambani |
25 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
Total |
2,10,33,95,004 |
74.98 |
187500000 |
8.91 |
6.68 |
74.98 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
|
Sr.
No. |
Name
of the Shareholder |
No.
of Shares held |
Shares
as % of Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation Of India |
113045638 |
4.03 |
4.03 |
|
|
|
Total |
113045638 |
4.03 |
4.03 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 5% OF THE TOTAL NO. OF SHARES
|
Sr. No. |
Name(s)
of the shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % of Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Nil |
0 |
0.00 |
0.00 |
|
|
|
Total |
0 |
0.00 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation of Power on
Commencement of Project. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by Management
|
|
|
|
|
Bankers : |
|
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1: |
Chaturvedi and Shah Chartered Accountants |
|
|
|
|
Name 2: |
Price Waterhouse Chartered Accountants |
|
|
|
|
Subsidiaries (Direct and step-down subsidiaries) : |
· Sasan Power Limited (SPL) · Rosa Power Supply Company Limited (RPSCL) · Maharashtra Energy Generation Limited (MEGL) · Vidarbha Industries Power Limited (VIPL) · Tato Hydro Power Private Limited (THPPL) · Siyom Hydro Power Private Limited (SHPPL) · Chitrangi Power Private Limited (CPPL) · Urthing Sobla Hydro Power Private Limited (USHPPL) · Kalai Power Private Limited (KPPL) · Coastal Andhra Power Limited (CAPL) · Reliance Coal Resources Private Limited (RCRPL) · Erstwhile Sasan Power Infrastructure Limited (Erstwhile SPIL) · Erstwhile Maharashtra Energy Generation Infrastructure Limited (Erstwhile MEGIL) (Refer Note 15 (C) (iii) (c)) · Amulin Hydro Power Private Limited (AHPPL) · Emini Hydro Power Private Limited (EHPPL) · Mihundon Hydro Power Private Limited (MHPPL) · Jharkhand Integrated Power Limited (JIPL) · Reliance Clean Gen Limited (RCGL) · Rajasthan Sun Technique Energy Private Limited (RSTEPL) · Erstwhile Reliance Clean Energy Private Limited (Erstwhile RCEPL) Dahanu Solar Power Private Limited (DSPPL) · Solar Generation Company (Rajasthan) Private Limited (SGCPL) (upto 03.03.2012) · Bharuch Power Limited (BPL) · Samalkot Power Limited (SMPL) · Reliance Prima Limited (RPrima) · Atos Trading Private Limited (ATPL) · Atos Mercantile Private Limited (AMPL) · Coastal Andhra Power Infrastructure Limited (CAPIL) · Reliance Power Netherlands BV (RPN) · PT Heramba Coal Resources (PTH) · PT Avaneesh Coal Resources (PTA) · Reliance Natural Resources Limited (RNRL) · Erstwhile Reliance Fuel Resources Limited ( Erstwhile RFRL) · Reliance Natural Resources (Singapore) Pte Limited (RNRL- Singapore) · Reliance Renewable Power Private Limited (RRPPL) (upto 03.03.2012) · Reliance Biomass Power Private Limited (RBPPL) (upto 03.03.2012) · Reliance Solar Resources Power Private Limited (RSRPPL) · Reliance Clean Power Private Limited (RCPPL) · Reliance Tidal Power Private Limited (RTPPL) (upto 03.03.2012) · Reliance Geothermal Power Private Limited (RGTPPL) (upto 03.03.2012) · Reliance Wind Power Private Limited (RWPPL) · Reliance Green Power Private Limited (RGPPL) (upto 03.03.2012 and w.e.f. 11.08.2012) · PT Sumukha Coal Services (PTS) · PT Brayan Bintang Tiga Energi (BBE) · PT Sriwijiya Bintang Tiga Energi (SBE) · Shangling Hydro Power Private Limited (SPPL) · Sumte Kothang Hydro Power Private Limited (SKPL) · Teling Hydro Power Private Limited (TPPL) · Lara Sumta Hydro Power Private Limited (LHPPL) · Purthi Hydro Power Private Limited (PHPPL) |
|
|
|
|
Major investing parties/promoters having significant influence on the
Company directly or indirectly : |
|
|
|
|
|
Others : |
·
BSES Kerala Power Limited (BKPL), subsidiary of R
Infra ·
Reliance Infocomm Infrastructure Private Limited
(RIIPL) ·
Reliance General Insurance Company Limited
(RGICL) ·
Reliance Communication Infrastructure Limited
(RCIL) ·
Reliance Capital Limited (RCL) ·
Reliance Communication Limited (RCom) |
CAPITAL STRUCTURE
AS ON: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110000.000 Millions |
|
5000000000 |
Preference Shares |
Rs. 10/- each |
Rs. 50000.000 Millions |
|
|
TOTAL |
|
Rs. 160000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2805126466 |
Equity Shares |
Rs. 10/- each |
Rs. 28051.300 Millions |
Terms/ rights attached to equity shares
The Company has
only one class of equity shares having par value of Rs.10 per share. Each holder
of the equity share is entitled to one vote per share. In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company, after distribution of all
preferential amounts
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the Company
|
Particulars |
No. of Shares |
Percentage of share holding |
|
Reliance Infrastructure Limited |
1024448193 |
36.52 |
|
AAA International Capital Private Limited |
267776331 |
9.55 |
|
Reliance Enterprises and Ventures Private Limited |
267776331 |
9.55 |
|
AAA Project Ventures Private Limited |
537387901 |
19.16 |
|
Total |
2097388756 |
74.78 |
Aggregate number of bonus shares issued and shares issued for
consideration other than cash during the five years immediately preceding the
reporting date
·
During the year ended March 31, 2009, the Company had
issued 136,800,000 equity shares of Rs.10 each as fully paid bonus shares by
capitalization of Rs. 1368.000 Millions from securities premium account.
·
During the year ended March 31, 2011, the Company
had issued 408,282,606 equity shares of Rs.10 each fully paid to the
shareholders of Reliance Natural Resources Limited as consideration for
transfer of business undertaking from Reliance Natural Resources Limited under
the composite scheme of arrangement sanctioned by High Court of Bombay on
October 15, 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
28051.300 |
28051.300 |
28051.300 |
|
(b) Reserves & Surplus |
140200.600 |
134567.000 |
130914.300 |
|
(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 (1) + (2) |
168251.900 |
162618.300 |
158965.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
30.400 |
17.500 |
27.700 |
|
Total Non-current Liabilities (3) |
30.400 |
17.500 |
27.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
18777.800 |
0.000 |
2150.000 |
|
(b) Trade payables |
86.100 |
275.700 |
320.900 |
|
(c) Other current
liabilities |
322.800 |
169.800 |
14224.800 |
|
(d) Short-term provisions |
7.000 |
4.400 |
5.600 |
|
Total Current Liabilities (4) |
19193.700 |
449.900 |
16701.300 |
|
|
|
|
|
|
TOTAL |
187476.000 |
163085.700 |
175694.600 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
823.400 |
854.700 |
849.700 |
|
(ii) Intangible Assets |
17.400 |
25.200 |
2.600 |
|
(iii) Capital
work-in-progress |
0.000 |
90.100 |
394.100 |
|
(iv)
Intangible assets under development |
4.100 |
32.100 |
4.000 |
|
(b) Non-current Investments |
146571.800 |
94439.400 |
61611.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16499.900 |
41244.900 |
38983.800 |
|
(e) Other Non-current assets |
1495.700 |
1603.800 |
2491.600 |
|
Total Non-Current Assets |
165412.300 |
138290.200 |
104337.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
50.000 |
1751.800 |
24171.800 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
19.200 |
191.500 |
122.000 |
|
(d) Cash and cash
equivalents |
5568.200 |
2059.500 |
9857.500 |
|
(e) Short-term loans
and advances |
15489.300 |
18766.900 |
36047.300 |
|
(f) Other current
assets |
937.000 |
2025.800 |
1158.800 |
|
Total Current Assets |
22063.700 |
24795.500 |
71357.400 |
|
|
|
|
|
|
TOTAL |
187476.000 |
163085.700 |
175694.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Income
|
120.100 |
661.200 |
363.800 |
|
|
|
Other Income |
6460.900 |
4657.300 |
4351.500 |
|
|
|
TOTAL (A) |
6581.000 |
5318.500 |
4715.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Cost |
476.300 |
386.500 |
606.000 |
|
|
|
Administrative Expenses |
718.900 |
736.300 |
905.600 |
|
|
|
Purchase of coal rejects |
0.000 |
68.900 |
43.300 |
|
|
|
Fuel handling and service charges |
0.000 |
384.700 |
189.100
|
|
|
|
TOTAL (B) |
1195.200 |
1576.400 |
1744.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5385.800 |
3742.100 |
2971.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
220.600 |
603.400 |
423.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5165.200 |
3138.700 |
2547.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
31.400 |
29.300 |
11.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5133.800 |
3109.400 |
2536.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.500) |
0.800 |
(209.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5139.300 |
3108.600 |
2745.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12022.316 |
8913.716 |
6168.216 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
17161.616 |
12022.316 |
8913.716 |
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANG
EARNING |
142.000 |
67.900 |
28.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.83 |
1.11 |
1.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
204.88 |
58.44
|
58.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4274.60 |
470.26
|
697.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.55 |
4.54
|
2.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.02
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11 |
0.00
|
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
55.11
|
4.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT/EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
28,051.300 |
28,051.300 |
28,051.300 |
|
Reserves & Surplus |
130,914.300 |
134,567.000 |
140,200.600 |
|
Net
worth |
158,965.600 |
162,618.300 |
168,251.900 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
2,150.000 |
0.000 |
18,777.800 |
|
Total
borrowings |
2,150.000 |
0.000 |
18,777.800 |
|
Debt/Equity
ratio |
0.014 |
0.000 |
0.112 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
363.800 |
661.200 |
120.100 |
|
|
|
81.748 |
(81.836) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
363.800 |
661.200 |
120.100 |
|
Profit After Tax |
2,745.500 |
3,108.600 |
5,139.300 |
|
|
754.67% |
470.15% |
4279.18% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBTS : NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
--------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
--------- |
|
22] |
Litigations that the firm / promoter involved in |
--------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
--------- |
|
26] |
Buyer visit details |
--------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL
PERFORMANCE
During the year,
the total Income of the Company was Rs.6581.000 Millions against Rs.5318.500
Millions in the previous year on a standalone basis. The Company has earned a
Profit after tax of Rs.5139.300 Millions compared to Rs.3108.600 Millions in
the previous year on a standalone basis.
BUSINESS OPERATIONS
The Company is in the business of setting up and
operating power projects and in the development of coal mines either directly
or through its Subsidiaries. The Company has a large portfolio of power
projects and is also developing coal mines in India and Indonesia. Of the power
projects which the Company is developing through its Subsidiaries, 2,200 MW are
already operational while the other power projects are under various stages of
development. The first 660 MW unit of the 6X660 MW Ultra Mega Power Project
(UMPP) being developed by its Subsidiary, Sasan Power Limited was commissioned
towards the close of the financial year. The Sasan Project is the largest
integrated power project in the world with its own captive coal mines to cater
to the fuel requirements of the Plant. The first Unit (300MW) of the Power
Plant at Butibori being developed by its Subsidiary, Vidarbha Industries Power
Limited commenced commercial operations in April 2013.
The second unit of the Butibori Power Project
(Capacity 300 MW) and the Wind Power Project at Vashpet, Maharashtra (Capacity
45 MW) are also expected to be commissioned during the current financial year
which will make the operational capacity 2545 MW.
The year gone by was significant in that the
Company could make significant additions to its capacity.
The portfolio of projects which the Company is
developing is diversified with regard to location, fuel and off-take. The
projects are spread across various states in India and its coal mines are also
located in Indonesia. A major portion of the power generating capacity would be
based on coal as the primary fuel. The others include gas based power projects,
hydro-electric power projects and power projects based on renewable energy
resources such as solar and wind.
SCHEME OF
AMALGAMATION
Reliance Clean Energy
Private Limited, a wholly owned subsidiary of the Company amalgamated into the
Company with effect from April 20, 2013, in terms of the Scheme of Amalgamation
sanctioned by the Hon’ble High Court of Judicature at Bombay vide order dated
April 5, 2013. The appointed date was January 1, 2013.
Pursuant to
Schemes of Amalgamation approved by the Jurisdictional High Court, Reliance
Fuel Resources Limited and Maharashtra Energy Generation Infrastructure Limited
which were earlier wholly owned Subsidiaries of the Company have been merged
into Vidarbha Industries Power Limited (VIPL) and Dahanu Solar Power Private
Limited (DSPPL) effective from April 18, 2013 and May 10, 2013, respectively
with appointed date being January 1, 2013. Both VIPL and DSPPL continue to
remain subsidiaries of the Company.
OPPORTUNITIES AND THREATS
In the past decade, the government has taken
various initiatives to increase public as well as private investments in the
sector to enhance generation capacity and eliminate power deficit. After
enacting the Electricity Act in 2003, the government has followed up on the
reform agenda with many other policy measures to make power generation
attractive for investors. The Electricity Act, 2003, requires the Central
Electricity Authority (CEA) to lay out the National Electricity Plan once every
five years, revising it from time to time in accordance with the National
Electricity Policy. This Plan serves as a roadmap for accelerated growth of the
power sector. Now 100 per cent Foreign Direct Investment (FDI) is allowed in
generation, transmission and distribution segments. These policy initiatives
have resulted in building up investor confidence in the power sector and
increased participation by the private sector. In order to attract further private
participation in the power sector, the Government of India had announced the
Ultra Mega Power Projects (UMPP) scheme under which the government would
partner with the private sector for developing large power projects. The policy
framework for the power sector encourages developers to put up power projects
to sell power through long term Power Purchase Agreements (PPAs) at attractive
and sustainable returns, and also to sell power through short term contracts
(bilateral contracts) or spot markets (unscheduled interchange, power
exchanges).India needs to substantially bridge the gap between demand and
supply of electricity for sustained economic growth and to kindle hope in the
livesof its people and to accomplish that, the Country needs all sources of power
it can get access to. Clean energy from renewable sources, apart from being an
environmentally friendly source of power, can also contribute to India’s power
needs. The potential for generating energy from renewable sources in India is
enormous. This potential is currently estimated at 48,500 MW for wind
energy and 25,000 MW for solar. Besides, hydroelectric capacity is estimated at
148,700 MW, of which so far only 25 per cent has become operational.India’s
renewable energy capacity has gone up from 7,761 MW 2007 to 27,542 MW now – a
growth of over 250 per cent in just six years. With fuel shortage staring India
in the face, it has become imperative for the Country to have a focused
strategy for renewable energy. The government has initiated steps in this
direction, including:
·
Policy envisaging that
all states should mandatorily meet Renewable Purchase Obligations (RPO) of 5
per cent of total generation.
·
Launch of Jawaharlal
Nehru National Solar Mission (JNNSM), which aims to ensure that solar energy
technologies in the Country achieve grid parity by 2022. It has plans for
deployment of 20 GW of solar power by 2022.
·
Imposition of carbon cess of Rs.50 per tonne
for all domestic and imported coal based projects. The funds raised will be
utilised to drive development in the renewable energy sector.
·
Created a framework for issuance and trading
of Renewable Energy Certificates (RECs) which will allow generators of
renewable energy to obtain additional revenuesby selling these certificates to
the distribution Companies.
With increasing focus on environment related
issues, power projects employing clean and environment-friendly technology
(hydroelectric and other renewable energy sources) are also earning carbon
credits.
UNSECURED LOAN
|
Particulars |
As on 31.03.2013 Rs. in Millions |
As on 31.03.2012 Rs. in Millions |
|
Short term
borrowing |
|
|
|
Loan and advance from related party |
|
|
|
-Inter corporate deposits from subsidiaries (interest free and
repayable on demand. |
4657.800 |
0.000 |
|
--Advance against proposed issue of non – convertible debentures
(carries interist rate of 10 % per annum and repayable within one year from
the date of allotment. |
12000.000 |
0.000 |
|
commercial paper (issued at a discount of 10.5% and is to be settled after 180 days) |
2120.000 |
0.000 |
|
Total |
18777.800 |
0.000 |
MANAGEMENT DISCUSSION AND ANALYSIS
FORWARD LOOKING
STATEMENTS
Statements
in this Management Discussion and Analysis of Financial Condition and Results of
Operations of the Company describing the Company's objectives, expectations or
predictions may be forward looking within the meaning of applicable securities
laws and regulations. Forward looking statements are based on certain
assumptions and expectations of future events.
The
Company cannot guarantee that these assumptions and expectations are accurate
or will be realized. The Company assumes no responsibility to publicly amend,
modify or revise forward-looking statements, on the basis of any subsequent
developments, information or events. Actual results may differ materially from
those expressed in the statement. Important factors that could influence the
Company's operations include cost of fuel, determination of tariff and such
other charges and levies by the regulatory authorities, changes in government
regulations, tax laws, economic developments within the Country and such other
factors.
The
financial statements are prepared under historical cost convention, on accrual
basis of accounting, and in accordance with the provisions of the Companies
Act, 1956 (the Act) and comply with the accounting standards notified under
Section 211 (3C) of the Act read with Companies (Accounting Standards) Rules,
2006. The management of Reliance Power Limited ("Reliance Power" or
"the Company") has used estimates and judgments relating to the
financial statements on a prudent and reasonable basis, in order that the
financial statements reflect in a true and fair manner, the state of affairs
and profit for the year.
The
following discussions on their financial condition and result of operations
should be read together with their audited consolidated financial statements
and the notes to these statements included in the Annual Report. Unless otherwise specified or the context otherwise requires, all
references herein to “they", "them", "the", "the
Company”, “Reliance" or "Reliance Power" are to Reliance Power
Limited and/or its subsidiary Companies.
ECONOMIC OUTLOOK
The year 2012-13 turned
out to be a difficult one for the Indian economy as the GDP growth rate fell to
just 5.0 per cent, the lowest in a decade. The slowdown can be attributed both
to domestic and external factors. High fiscal deficit, dependence on foreign
inflows to finance the current account deficit (CAD), lower savings and lower
investment, a tight monetary policy to contain inflation - all contributed to
lowering growth. Global economic growth also fell from 3.9 per cent in 2011 to
3.2 per cent in 2012primarily because of the Euro crisis and uncertainties in
fiscal policy in the US. This further contributed to lowering India's growth.
There was a widespread concern in almost all sectors which were affected by the
slowdown.
However, recent developments
indicate that 2013-14 could turn out to be better. The government has announced
several measures in the recent months to curb fiscal deficit and improve the
financial health of the Country. Falling crude oil prices should also help in
reducing the Current Account Deficit (CAD). Even the RBI has slowly reduced
interest rates to provide impetus to growth. The global economy has also shown
signs of stabilization with improving financial conditions and investment
environment. Improvements in the housing sector and low unemployment rates in
the US led to the Dow Jones Industrial Average reaching an all-time high in May
2013. Thus, the prospects for 2013-14 look better with projected GDP growth at
5.5 per cent.
POWER SECTOR
As is widely acknowledged,
there is a very high degree of correlation between power sector growth and
economic growth. Therefore, it is imperative that power sector needs to grow
for sustainable economic growth. The power sector faced a slowdown in
2012-13primarily due to fuel constraints and challenging policy environment.
The growth in electricity generation fell to just 4 per cent in 2012-13
compared to 8.1 per cent in2011-12.
The government is
conscious of the difficulties being faced by the power sector and has
accordingly initiated steps to revive the investment environment in the sector.
A major impediment for the sector has been the undue delay in getting
regulatory clearances due to lengthy decision making process which involve
different ministries both at the Central and State government levels. As a step
towards mitigating these problems, the government has established the Cabinet
Committee on Investment (CCI) which aims to fast track regulatory clearances
and resolve inter-ministerial differences at the Central Cabinet level. This is
expected to significantly reduce the time taken for obtaining clearances.
The government has
recognised that, distribution reforms are also critical for improvement of the
financial condition of the power sector. The government has notified a scheme
for Financial Restructuring of the State Distribution Companies. Once
implemented, this scheme is expected to significantly bolster the financial
health of the distribution companies.
Another major problem
plaguing the sector is availability of fuel - both coal as well as gas for
power generation. The government, at the highest levels, has been considering
various measures for improving fuel availability for power plants including
import of coal and gas till domestic production is ramped up. However, the
critical issue has been the modalities for passing on the increased cost of
fuel. The government has been considering various methods including pooling.
Regulators, at the Central and State levels have also been playing an important
role in providing a framework under which mutually acceptable solutions could
be arrived at for the difficult problems being faced by the power sector. In
view of all these measures it is expected that many of the challenges presently
being faced by the power sector would be addressed.
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10486481 |
26/03/2014 |
600,000,000.00 |
IDBI Bank
Limited |
IDBI Bank
Limited, IDBI Tower World Trade Centre |
C01023209 |
|
2 |
10438810 |
16/07/2013 |
1,500,000,000.00 |
AXIS BANK LTD |
Corporate Banking
Branch, Wadia Intl Centre, P.B. Marg, Worli, Mumbai, Maharashtra - 400025,
India |
B80382955 |
FIXED ASSETS
·
Freehold Land
·
Plant and Machinery
·
Building
·
Furniture and Fixtures
·
Office Equipment
·
Computers
·
Motor Vehicles
WEBSITE DETAILS
MEDIA RELEASE
RELIANCE POWER’S
TOTAL OPERATIONAL CAPACITY REACHES NEARLY 4000 MW
RELIANCE POWER’S
600 MW BUTIBORI POWER PLANT IN MAHARASHTRA IS FULLY OPERATIONAL
POWER BEING
SUPPLIED TO RELIANCE INFRASTRUCTURE LIMITED FOR MUMBAI DISTRIBUTION UNDER LONG-TERM
POWER PURCHASE AGREEMENT FOR 25 YEARS
Mumbai, April 1,
2014: Butibori Power Plant (2 X 300 MW) developed
by Vidharbha Industries Power Limited, a subsidiary of the Reliance Power
Limited, is fully operational. The plant has commenced supplies under the Long
Term Power Purchase Agreement for 25 years with Reliance Infrastructure Limited
– Mumbai Distribution Licensee.
About Reliance
Power:
Reliance Power Limited, a part of the Reliance Group, is India’s leading
private sector power generation company. The company has the largest portfolio
of power projects in the private sector based on coal, gas, hydro and renewable
energy, with an operating portfolio of 3,865 megawatts. The company also has
the largest captive coal reserves in the private sector, estimated at two
billion tonnes. Besides, the company is developing three coal mines in
Indonesia and is also developing coal bed methane blocks in India. For more
information, please visit www.reliancepower.co.in
.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.