MIRA INFORM REPORT
|
Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADANI POWER LIMITED |
|
|
|
|
Registered
Office : |
Shikhar Building, 9th Floor, Near Mithakali Six Roads,
Navrang Pura, Ahmadabad – 380009, Gujarat, India |
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|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
22.08.1996 |
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|
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|
Com. Reg. No.: |
04-030533 |
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Capital
Investment / Paid-up Capital : |
Rs.23932.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40100GJ1996PLC030533 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
AHMA01102D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA2957L |
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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
: |
Power Generation and Power Transmission |
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|
|
|
No. of Employees
: |
1383 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 186000000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Company has incurred loss from its operation in the year 2013. However, rating continue to draw strength from
wide experience of promoters of AEL In global trading business and
diversified operation of the group. Rating also takes into consideration unconditional and irrevocable
corporate guarantee provided by Adani Enterprises Limited (AEL). Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for 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
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 |
CARE |
|
Rating |
Long Term Bank Facilities = A (So) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
31.03.2014 |
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 BY
|
Name : |
Mr. Nalin |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-79-25557555 |
|
Date : |
02.06.2014 |
INFORMATION DENIED BY
|
Name : |
Mr. Nalin |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-79-25557555 |
|
Date : |
02.06.2014 |
LOCATIONS
|
Registered Office : |
Shikhar Building, 9th Floor, Near Mithakali Six Roads,
Navrang Pura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26565555/ 25555795/ 255507134 |
|
Fax No.: |
91-79-26565500/ 25555608/ 6161/ 25557177 |
|
E-Mail : |
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|
Website : |
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|
|
|
Corporate Address: |
7th Floor, Sambav Building (Sambav Press), Judges Bunglow
Road, Bodakdev, Ahmedabad - 380015, Gujarat, India |
|
Tel No.: |
91-79-25556927/ 6985 |
|
Fax No.: |
91-79-26873335 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Gautham S. Adani |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
“Shantivan”, B.h Karnavt Club, Gandhinagar- Srkhej Highway,
Ahmedabad-380057, Gujarat, India |
|
Date of Birth/Age : |
24.06.1962 |
|
Date of Appointment : |
26.12.2005 |
|
|
|
|
Name : |
Mr. Rajesh S Adani |
|
Designation : |
Managing Director |
|
Address : |
15, Suryaja Bunglows, B/h Sunrise Park, Near Amaltas Bunglow,
Vastrapur, Ahmdebad-380054, Gujarat, India |
|
Date of Birth/Age : |
07.12.1964 |
|
Date of Appointment : |
12.06.2007 |
|
|
|
|
Name : |
Mr. Vneet S Jaain |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. B.B. Tandon |
|
Designation : |
IAS (Retd) |
|
|
|
|
Name : |
Mr. Vijay Ranchan |
|
Designation : |
IAS (Retd) |
|
|
|
|
Name : |
Mr. C. P. Jain |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul C. Shah |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2025356085 |
70.52 |
|
|
2025356085 |
70.52 |
|
|
|
|
|
|
57700000 |
2.01 |
|
|
70878997 |
2.47 |
|
|
128578997 |
4.48 |
|
Total
shareholding of Promoter and Promoter Group (A) |
2153935082 |
75.00 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
489721 |
0.02 |
|
|
16037132 |
0.56 |
|
|
196503978 |
6.84 |
|
|
213030831 |
7.42 |
|
|
|
|
|
|
12020225 |
0.42 |
|
|
|
|
|
|
66394617 |
2.31 |
|
|
12030161 |
0.42 |
|
|
414511194 |
14.43 |
|
|
9648 |
0.00 |
|
|
2024715 |
0.07 |
|
|
1316900 |
0.05 |
|
|
406376252 |
14.15 |
|
|
75880 |
0.00 |
|
|
4707799 |
0.16 |
|
|
504956197 |
17.58 |
|
Total
Public shareholding (B) |
717987028 |
25.00 |
|
Total
(A)+(B) |
2871922110 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
2871922110 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholders |
No. of Shares |
Percentage
of Holding |
|
Adani
Enterprises Limited |
1981290000 |
68.99 |
|
Adani
Agro Private Limited |
44066085 |
1.53 |
|
Ventura
Power Investments Private Limited |
70878997 |
2.47 |
|
Adani
Vinodbhai Shantilal |
57700000 |
2.01 |
|
Total |
2153935082 |
75.00 |
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
|
Name of
Shareholders |
No. of Shares |
Percentage
of Holding |
|
Opal
Investment Private Limited |
213236910 |
7.42 |
|
3i
Power Investments A1 Limited |
160598342 |
5.59 |
|
Total |
373835252 |
13.02 |
Details of Locked-in Shares
|
Name of
Shareholders |
No. of Shares |
Percentage
of Holding |
|
Adani
Enterprises Limited |
449850000 |
15.66 |
|
Adani
Vinodbhai Shantilal |
28800000 |
1.00 |
|
Total |
478650000 |
16.67 |
BUSINESS DETAILS
|
Line of Business : |
Power Generation and Power Transmission |
GENERAL INFORMATION
|
No. of Employees : |
1383 (Approximately) |
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|
Bankers : |
·
Allahabad Bank ·
Andhra Bank ·
Axis Bank ·
Bank of Baroda ·
Bank of India ·
Bank of Maharashtra ·
Banque Des Mascareignes Ltee ·
Canara Bank ·
Central Bank of India ·
China Development Bank ·
Corporation Bank ·
Dena Bank ·
Deutsche Bank ·
Development Credit Bank ·
First Gulf Bank ·
HDFC Bank ·
ICICI Bank ·
Indusind Bank ·
Industrial Development Bank of India ·
ING Vysya Bank ·
Jammu and Kashmir Bank ·
Life Insurance Corporation of India ·
Mega International Commercial Bank ·
Power Finance Corporation ·
Punjab National Bank ·
Punjab and Sind Bank ·
Royal Bank of Scotland ·
Rural Electrification Corporation ·
SBI (Mauritius) ·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
State Bank of India ·
State Bank of Mysore ·
State Bank of Patiala ·
State Bank of Travancore ·
Standard Chartered Bank ·
Syndicate Bank ·
UCO Bank ·
Union Bank of India ·
United Bank of India ·
Yes Bank |
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|
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Facilities : |
Notes: Long Term
Borrowings
a. The security
details for the balances as at 31 March, 2013 :
b. The security
details for the balances as at 31 March, 2012 :
Short Term Borrowings 1.
Bills discounted under letters of credit from
banks aggregating to Rs.2235.400 Millions (as at 31 March, 2012 Rs.9250.700
Millions) are secured by Fixed Deposit Cash Margin. 2.
Bills Discounted under Letters of Credit (
Working Capital Facilities ) from banks of Rs.1,2746.500 Millions (as at 31
March, 2012 Rs.13001.500 Millions) are secured / to be secured by first
mortgage and charge on all immovable and movable assets, both present and
future of Phase I, II & III and Transmission Line Project, on paripassu
basis. 3.
Bills Discounted under Letters of Credit (Working
Capital Facilities) from banks of Rs.2404.700 Millions are secured / to be
secured by first mortgage and charge on all immovable and movable assets,
both present and future of Phase IV project, on paripassu basis. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Infrastructure Development Finance Company |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith, Off Ashram
Road, Ahmedabad-380014, Gujarat, India |
|
|
|
|
Holding Company
: |
|
|
|
|
|
Fellow
Subsidiaries : |
|
|
|
|
|
Other parties
which are significantly influenced by the Group (either individually or with other) |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000000 |
Equity Share |
Rs.10/- each |
Rs.35000.000 Millions |
|
500000000 |
Cumulative Compulsorily Convertible Participatory
Preference Shares |
Rs.10/- each |
Rs.5000.000 Millions |
|
|
Total |
|
Rs.40000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2393272110 |
Equity Shares |
Rs.10/- each |
Rs.23932.700 Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
Shares outstanding at the beginning of the year |
2180035200 |
21800.400 |
|
Issued during the year on account of Amalgamation Scheme |
213236910 |
2132.300 |
|
Shares
outstanding at the end of the year |
2393272110 |
23932.700 |
Terms/rights attached
to equity shares
The Company has
only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is
entitled to vote per share
Shares held by
holding company
|
Equity Shares |
Rs
In Millions |
|
Out of equity shares issued by the Company, shares held by its holding company are as under: |
|
|
Adani Enterprises Limited : |
|
|
1531440000 Equity Shares of Rs.10 each fully paid |
15314.400 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Adani Enterprises Limited, Holding Company |
1531440000 |
63.99% |
|
3i Power Investments A1 Limited |
160598342 |
6.71% |
|
OPAL Investment Private Limited |
213236910 |
8.91% |
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 |
23,932.700 |
21,800.400 |
21,800.400 |
|
(b) Reserves & Surplus |
22,565.000 |
38,487.500 |
41,426.700 |
|
(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) |
46,497.700 |
60,287.900 |
63,227.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
207,528.000 |
185,454.400 |
145,735.100 |
|
(b) Deferred tax liabilities (Net) |
10,606.300 |
6,023.100 |
3,120.100 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
9,444.200 |
|
(d) long-term
provisions |
2,915.200 |
2,174.700 |
738.500 |
|
Total Non-current
Liabilities (3) |
221,049.500 |
193,652.200 |
159,037.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
39,412.600 |
62,580.400 |
20,042.300 |
|
(b) Trade
payables |
26,428.600 |
7,906.700 |
3,549.200 |
|
(c) Other
current liabilities |
44,335.200 |
33,924.200 |
9,673.600 |
|
(d) Short-term
provisions |
4,791.500 |
2,730.000 |
758.000 |
|
Total Current Liabilities
(4) |
114,967.900 |
107,141.300 |
34,023.100 |
|
|
|
|
|
|
TOTAL |
382,515.100 |
361,081.400 |
256,288.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
241,497.300 |
146,935.400 |
78,083.900 |
|
(ii)
Intangible Assets |
13.900 |
15.800 |
9.100 |
|
(iii)
Capital work-in-progress |
6,131.000 |
94,875.000 |
122,603.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
49,160.800 |
23,250.400 |
16,705.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43,553.400 |
41,648.100 |
17,947.300 |
|
(e) Other
Non-current assets |
167.400 |
1,567.000 |
2,306.000 |
|
Total Non-Current
Assets |
340,523.800 |
308,291.700 |
237,655.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
123.600 |
0.000 |
0.000 |
|
(b)
Inventories |
12,632.500 |
8,164.200 |
2,763.300 |
|
(c) Trade receivables |
6,745.800 |
4,491.900 |
449.800 |
|
(d) Cash
and cash equivalents |
14,860.100 |
30,302.300 |
6,262.600 |
|
(e)
Short-term loans and advances |
2,473.200 |
4,528.800 |
4,718.300 |
|
(f) Other
current assets |
5,156.100 |
5,302.500 |
4,438.300 |
|
Total
Current Assets |
41,991.300 |
52,789.700 |
18,632.300 |
|
|
|
|
|
|
TOTAL |
382,515.100 |
361,081.400 |
256,288.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Power Supply |
63,329.800 |
39,512.700 |
21,064.300 |
|
|
|
Other Income |
5,351.100 |
2,430.000 |
878.500 |
|
|
|
TOTAL (A) |
68,680.900 |
41,942.700 |
21,942.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Fuel Cost |
46,988.800 |
21,215.500 |
6,764.300 |
|
|
|
Employee Benefits Expense |
1,373.900 |
525.100 |
296.200 |
|
|
|
Transmission, Selling, Administration and Staff Cost |
6,994.900 |
5,377.800 |
1,594.000 |
|
|
|
Exceptional Items |
(515.900) |
0.000 |
78.700 |
|
|
|
TOTAL (B) |
54,841.700 |
27,118.400 |
8,733.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13,839.200 |
14,824.300 |
13,209.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17,391.800 |
9,346.000 |
3,168.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3,552.600) |
5,478.300 |
10,041.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11,384.500 |
5,514.500 |
1,803.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(14,937.100) |
(36.200) |
8,237.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4,583.200 |
29,03.000 |
3,000.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(19,520.300) |
(2,939.200) |
5,237.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3978.100 |
6917.300 |
1679.800 |
|
|
|
|
|
|
|
|
|
Less |
LOSS ON ACCOUNT OF
AMALGAMATION |
0.200 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(15542.400) |
3978.100 |
6917.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2879.700 |
9444.500 |
64580.600 |
|
|
|
Raw Materials |
34697.200 |
29196.800 |
10000.300 |
|
|
|
Stores & Spares |
252.500 |
235.300 |
1194.200 |
|
|
TOTAL IMPORTS |
37829.400 |
38876.600 |
75775.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.16) |
(1.35) |
2.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(28.420 |
(7.01) |
23.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.59) |
(0.09) |
39.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.56) |
(0.01) |
7.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32) |
0.00 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.31 |
4.11 |
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.37 |
0.49 |
0.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
21800.400 |
21800.400 |
23932.700 |
|
Reserves & Surplus |
41426.700 |
38487.500 |
22565.000 |
|
Net
worth |
63227.100 |
60287.900 |
46497.700 |
|
|
|
|
|
|
long-term borrowings |
145735.100 |
185454.400 |
207528.000 |
|
Short term borrowings |
20042.300 |
62580.400 |
39412.600 |
|
Total
borrowings |
165777.400 |
248034.800 |
246940.600 |
|
Debt/Equity
ratio |
2.622 |
4.114 |
5.311 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
21,064.300 |
39,512.700 |
63,329.800 |
|
|
|
87.581 |
60.277 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
21,064.300 |
39,512.700 |
63,329.800 |
|
Profit |
5,237.500 |
(2,939.200) |
(19,520.300) |
|
|
24.86% |
(7.44%) |
(30.82%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current
maturities of long term debt |
|
|
|
|
Term Loans |
|
|
|
|
From Banks |
21051.300 |
13593.300 |
5112.400 |
|
From financial institutions |
800.000 |
900.000 |
1115.000 |
|
Total |
21851.300 |
14493.300 |
6227.400 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Bills discounted under letters of credit |
1159.800 |
7585.900 |
|
From holding company - Adani Enterprises Limited |
53117.900 |
13296.200 |
|
Short Term
Borrowings |
|
|
|
From banks |
0.000 |
18577.000 |
|
Bills discounted under letters of credit |
4107.300 |
10407.500 |
|
Bills discounted under letters of credit (working capital facilities) |
2228.500 |
6458.400 |
|
Other Loans and Advances |
10636.800 |
0.000 |
|
From holding company - Adani Enterprises Limited |
2905.300 |
0.000 |
|
From related parties - Adani Ports & Special Economic Zone Limited |
736.700 |
0.000 |
|
Bank Overdraft |
1411.400 |
2415.300 |
|
Total |
76303.700 |
58740.300 |
CORPORATE INFORMATION
The Company is a
public company domiciled in India and incorporated under the provisions of
Companies Act, 1956. The Company together with its subsidiaries currently has
six power projects with a combined installed capacity of 16500 MW, out of which
5280 MW has been commissioned. The Company intends to sell the power generated
from these projects under a combination of long term Power Purchase Agreements
and on merchant basis. The Company gets synergetic benefit of the integrated
value chain of Adani group.
During the year,
the Company's two Power Generating Units of 660 MW each (Previous Year - Total
1320 MW) commenced commercial operations resulting into total power generating
capacity to 4620 MW and commissioned 500 KVA high voltage direct current
transmission line with a capacity to wheel upto 2,500 MW of power, from Mundra,
Gujarat to Mohindergarh, Haryana.
OPERATIONAL HIGHLIGHTS:
The Company
together with its subsidiaries is currently developing various power projects
with a combined installed capacity of 9,240 MW, out of which 5,940 MW is
operational, 3,300 MW is under implementation. The Company along with its
subsidiaries has completed implementation of transmission line projects of
about 1,600 km length.
The Company
intends to sell the power generated from these projects under a combination of
long term Power
Purchase
Agreements and on merchant basis.
The detailed
Operational Performance of the Company has been comprehensively discussed in
the Management
Discussion and Analysis Report which forms part of Directors' Report.
SCHEME OF AMALGAMATION
During the year,
Growmore Trade and Investment Private Limited, Mauritius was amalgamated into
the Company in terms of the Scheme of Amalgamation sanctioned by the Hon'ble
High Court of Gujarat vide order dated
th st 18
September, 2012. The Scheme of Amalgamation has become effective from the
appointed date i.e.1 April, 2011. In view of the said amalgamation, Adani Power
Maharashtra Limited has become wholly owned subsidiary of the Company.
ECONOMIC OUTLOOK
India's economic
growth and particularly industrial growth moderated in FY13, but it appears to
have bottomed out. Overall economic growth in FY14 is expected to rise to 6.4%
from 5% growth in previous year. Inflation continues to remain high but there
are definite signs that headline WPI (wholesale price index) inflation is
coming down. As inflation comes down, it will create more space for monetary
policy to support growth.
FINANCIAL
PERFORMANCE OF THE COMPANY
Standalone
Financial Performance
During FY13, the
company recorded a total income of Rs.68680.000 Millions, of which income from
operation was Rs.63330.000 Millions and other income were Rs.5350.000 Millions.
For the year FY13,
Earnings Before Interest, Depreciation, Tax and Amortization (EBIDTA) was
Rs.13320.000 Millions.
For the year FY13,
Depreciation was Rs.11380.000 Millions, Interest and Finance charges were
Rs.17390.000 Millions and Profit Before Tax (PBT) was Rs.(1,5450.000) Millions.
Profit After tax (PAT) was Rs.(1,9520.000) Millions, basic Earnings Per Share
(EPS) of Rs.(8.16) and cash Earning Per Share (CEPS) of Rs.(1.25). As on 31
March, 2013 the Networth of the company was Rs.46500.000 Millions. Net Block of
the company was Rs.241510.000 Millions
AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended (Audited) |
Quarter Ended (Unaudited) |
Year Ended ( Audited) |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
43799.300 |
24996.200 |
110018.000 |
|
b) Other operating income |
199.900 |
20.500 |
82.400 |
|
Total
income from Operations(net) |
43999.200 |
25016.700 |
110100.400 |
|
2.Expenditure |
|
|
|
|
a) fuel cost |
16479.500 |
16529.200 |
61557.800 |
|
b) Employees benefit expenses |
509.100 |
384.300 |
1651.700 |
|
c) Depreciation and amortization expenses |
3443.300 |
3614.200 |
14308.200 |
|
d) Other expenditure |
2821.000 |
2605.600 |
8620.800 |
|
e) foreign expenses
(Gain) \ Loss |
379.800 |
173.000 |
2876.600 |
|
Total expenses |
23632.700 |
23306.300 |
89015.100 |
|
3. Profit from operations before other income and
financial costs |
20186.500 |
1710.400 |
21085.300 |
|
4. Other income |
1561.200 |
1621.000 |
5901.300 |
|
5. Profit from ordinary activities before finance costs |
21747.700 |
3331.400 |
26986.600 |
|
6. Finance costs |
|
|
|
|
a)
Finance costs |
8425.900 |
7260.500 |
28302.400 |
|
b)
Derivative (Gain) \ Loss |
(1355.900) |
(978.000) |
3337.800 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
14677.700 |
(2951.100) |
(4653.700) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
14677.700 |
(2951.100) |
(4653.700) |
|
10.Tax expenses |
(13822.300) |
1311.500 |
(10606.300) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
28500.000 |
(4262.600) |
5952.600 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
28500.000 |
(4262.600) |
5952.600 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
28719.200 |
28719.200 |
28719.200 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
- |
- |
22565.00 |
|
16.i) Earnings per share of Rs.10/-each) (not annualised): |
|
|
|
|
(a) Basic and diluted (before
extraordinary items) |
9.92 |
(1.48) |
2.13 |
|
(b) Basic and diluted (after
extraordinary items) |
9.92 |
(1.48) |
2.13 |
|
Particulars |
Quarter Ended (Audited) |
Quarter Ended (Unaudited) |
Year Ended ( Audited) |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
717987028 |
717987028 |
717987028 |
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
415379328 |
294020104 |
415379328 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
19.28% |
13.65% |
19.28% |
|
Percentage of shares (as a % of total share capital of the
company) |
14.46% |
10.24% |
14.46% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
173855754 |
1859914978 |
173855754 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
80.72% |
86.35% |
80.72% |
|
Percentage of shares (as a % of total share capital of the
company) |
60.54% |
64.76% |
60.54% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
0 |
||
|
Receiving during the quarter |
5 |
||
|
Disposed of during the quarter |
5 |
||
|
Remaining unreserved at the end of the quarter |
0 |
||
- Statements of Assets and liabilities as
on 31.03.2014
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2013 Unaudited |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
28,719.200 |
|
(b) Reserves & Surplus |
|
|
49,152.400 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
77,871.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
176,031.600 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
3,968.400 |
|
(d) long-term provisions |
|
|
2,515.500 |
|
Total Non-current Liabilities (3) |
|
|
182,515.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
47,140.400 |
|
(b) Trade payables |
|
|
29,151.600 |
|
(c) Other current liabilities |
|
|
47,522.800 |
|
(d) Short-term provisions |
|
|
3,588.200 |
|
Total Current Liabilities (4) |
|
|
127,403.000 |
|
|
|
|
|
|
TOTAL |
|
|
387,790.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
246,132.300 |
|
(b) Non-current Investments |
|
|
49,159.800 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan
and Advances |
|
|
46,101.800 |
|
(e) Other Non-current assets |
|
|
5,554.900 |
|
Total Non-Current Assets |
|
|
346,948.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.200 |
|
(b) Inventories |
|
|
9,014.800 |
|
(c) Trade receivables |
|
|
2,752.300 |
|
(d) Cash and cash equivalents |
|
|
4,127.900 |
|
(e) Short-term loans and advances |
|
|
2,888.800 |
|
(f) Other current assets |
|
|
22,057.300 |
|
Total Current Assets |
|
|
40,841.300 |
|
|
|
|
|
|
TOTAL |
|
|
387,790.100 |
- The above standalone and consolidated results
have been reviewed by the Audit Committee and approved by the Board of
Directors In their meetings held
on 15th May. 2014.
- The Statutory
Audited have carried out an
audit of the standalone and consolidated Financial Results for the year
ended on 31% March, 2014.
- The details of electrical energy
generated and sold are as under
(in
Million Units)
|
Particulars |
Quarter Ended (Audited) |
Quarter Ended (Unaudited) |
Year Ended ( Audited) |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
|
|
|
By Adani Power Limited |
7127.000 |
7367.000 |
27125.000 |
|
By Adani Power Limited and its subsidiaries – consolidated |
11808.000 |
11183.000 |
40149.000 |
- The Audit Committee and the Board of Directors
at their meetings held on 28th December. 2013 approved a Scheme of
Arrangement “scheme ") in nature of demerger Under Section 391 to 394
of the Companies Act 1956. The Scheme with an appointed date of 31st March, 2014, entails transfer of
Transmission tine business-of the Company and Adani Power Maharashtra Limited (wholly owned subsidiary of
the Company) Into Adani Transmission (India) Limited (wholly owned
subsidiary of the Company) and In Adanl Transmission (Maharashtra) Limited
a wholly owned subsidiary of Adani
Power Maharashtra Limited.
- In accordance with Accounting Standard
24, 'discontinuing Operations', the financial results of the transmission
line business (discontinuing operations) From standalone results
perspective are as under:
|
Particulars |
As on 31.03.2014 |
|
Revenue |
2956.100 |
|
Expenses |
4337.700 |
|
Profit before tax |
(1381.600) |
|
Tax expense |
- |
|
Profit after tax |
(1381.600) |
- The figures for quarter ended 31st March
2014 and 31st March 2013 are balancing figures between the audited figures
in respect of the full financial year and the published year to date
figures up to the third quarter of the relevant financial year.
- In respect of the Company's standalone financial
results, the Commands activities during the year ended on 31st March, 2014
revolve around power generation
power transmission. Considering the nature of the Company's
business and operating there Is/are no reportable segments (business
and/or geographical) in accordance with the requirements of Accounting
Standard 17 - 'Segment Reporting', prescribed under Company (Accounting
Standards) Rules, 2006.
- The, Company had made an application under Section
of the Electricity Act 2003 to the Central Electricity Regulatory
Commission ("CERC")or evolving a mechanism for regulating and
rev151ng the power tariff on account of lustration and / or occurrence of
'Force Majeure" and / or "Change In Law' events under the long
term Power Purchase Agreements (PPAs)
with Haryana Discoms for 1424
MW and with GUVNL for 1000 MW {the customers) due to the change In
circumstances for the allotment of domestic coal by the Government of
India and the enactment of new coal pricing regulations by Indonesian
Government.
The CERC has, after considering the recommendations of a committee
appointed for the purpose, vide its order dated 2lst February. 2014, decided
that the Company Is entitled to the Compensatory Tarff from Scheduled
Commercial Operation Date( SCOD), over and above the tariff agreed under the PPAs entered Into with customers for a
limited period till the events which occasioned such compensation exists The
said order states that the Compensatory Tariff till 31st March 2013 aggregating
Rs.8297.500 Millions shall be paid by the customers In equal monthly
installments over a period of
not more than 36 months from the date of the order and the Compensatory Tariff
for the period from Ist April, 2013 onwards shall be determined as per the
formula flexible In the sold order. The amount of Compensatory Tariff from Ist
April. 2013 to 31st March. 2014 shall be paid to the Company In equal monthly
Instalments over a period of not less than 12 months from the date of the order
and the Compensatory Tariff for subsequent periods commencing from 1st April. 2014 shall be paid on
monthly basis based on claims submitted by the Company.
Subsequent to the below CERC order, the customers have Rated appeals
with the Appellate Tribunal for electricity ("APTEL? Challenging the CERC
order and have also requested APTEL to grant a stay on the enforcement of the
order. APTEL has sought replies from the Company and has set the next date of
hearing on May 22, 2014. As of date, APTEL has neither granted the stay nor has
passed an order setting aside the said CERC order. - The Company has been
legally advised that the CERC order is enforceable as on date and Is In operation and that the Company has a good arguable case In support of the
CERC order with respect to the appeals filed by the customers against the said order with APTEL.
In view of the above and the assessment by the Management of the Company
that It would not be unreasonable to expect ultimate collection of the amount
involved as detailed below, the Management has recognized revenue of
Rs.18431.200 Millions comprising lump sum company towards the Compensatory
Tariff till 31st March 2013 and an amount of Rs.10133.700 Millions being the
Compensatory Tariff for the period from 1st April, 2013 to 31st March, 2014 as
revenue from operations. The Statutory Auditors have invited attention to this
Note In their auditors' report.
- The figures of
previous year / period has been regrouped I reclassified wherever
necessary.
INDEX
OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10490279 |
29/03/2014 |
3,000,000,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C03813540 |
|
2 |
10378194 |
09/01/2013 * |
3,000,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B66413956 |
|
3 |
10369422 |
29/06/2012 |
7,500,000,000.00 |
IDBI Bank Limited |
IDBI Complex, Off C. G. Road, Near Lal Bunglow, Ahmedabad, Gujarat - 380006, India |
B45242161 |
|
4 |
10353032 |
15/07/2013 * |
6,750,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B82233784 |
|
5 |
10345633 |
15/07/2013 * |
56,100,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B81377293 |
|
6 |
10314594 |
19/10/2011 |
8,500,000,000.00 |
State Bank of India |
58, Shrimali
Society,, Navrangpura, Ahmedabad, Gu |
B24093304 |
|
7 |
10310793 |
15/07/2013 * |
4,470,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B81744237 |
|
8 |
10296649 |
15/07/2013 * |
22,500,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B82229717 |
|
9 |
10269639 |
15/07/2013 * |
52,330,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B81376865 |
|
10 |
10267941 |
24/06/2011 * |
5,000,000,000.00 |
State Bank of India |
58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat - 380009, India |
B16791519 |
|
11 |
10267939 |
06/01/2011 |
3,000,000,000.00 |
State Bank of India |
58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat - 380009, India |
B05169362 |
|
12 |
10180849 |
23/11/2010 * |
62,290,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B01289172 |
|
13 |
10131213 |
15/07/2013 * |
4,455,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B81801110 |
|
14 |
10067568 |
16/09/2011 * |
5,500,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B22829287 |
|
15 |
10021276 |
16/09/2011 * |
940,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B22828917 |
FIXED ASSETS:
·
Leasehold Land
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Railway Siding
·
Computer
·
Office Equipments
·
Electrical Installation
·
Vehicle
NEWS:
ADANI POWER CONSOLIDATED EBIDTA ROSE TO RS 4859 CRORE IN FY14 UP BY
322%
May 15, 2014
Adani Power Consolidated EBIDTA rose to Rs.48590.000 Millions in FY14 up by 322%
Editor’s Synopsis
· Consolidated Total Income for FY14 increased by 133% to Rs.15,7680.000 Millions Vs Rs.6,7790.000 Millions in FY13
· Consolidated EBIDTA for FY14 increased by 323% to Rs.4,8590.000 Millions Vs Rs.1,1500.000 Millions in FY13
· Consolidated Net Loss for FY14 is Rs.2910.000 Millions Vs loss of Rs.2,2950.000 Millions in FY13
· Consolidated Total Income for Q4FY14 increased by 217% to Rs.5,9960.000 Millions Vs Rs.1,8890.000 Millions in Q4FY13
· Consolidated EBIDTA for Q4FY14 increased to Rs.27470.000 Millions Vs Rs.4550.000 Millions in Q4FY13
· Consolidated Net Profit for Q4FY14 is Rs.2,5290.000 Millions, which is largely due to recognition of compensatory
· tariff of the past periods, reassessment of deferred tax liability and improved operational performance
· The Company sold 11.8 billion units during Q4FY14 Vs 6.0 billion units in Q4FY13
·
Adani Power Maharashtra commissioned the fourth
unit of 660 MW. With this, Adani Power has a total commissioned capacity of
8580 MW, making it India’s largest private thermal power producer
· Received favorable orders from Central Electricity Regulatory Commission (CERC) and Maharashtra Electricity Regulatory Commission (MERC) for compensatory tariff over and above PPA tariff
Ahmedabad, May 15, 2014: Adani Power Ltd, a subsidiary of Adani Enterprises Ltd
and a part of Adani Group, today announced the financial results for the fourth
quarter and financial year ended March 31, 2014.
Consolidated total income for the year increased by 133% to Rs 15,7680.000
Millions compared to Rs. 6,7790.000 Millions in the same period last year.
Revenue increased because of improved PLF of 74% at Mundra and addition of new
capacities at Tiroda and Kawai power plants. Revenue was also augmented on
account of recognition of compensatory tariff as per CERC order. The
consolidated EBIDTA increased by 323% to Rs. 4,8590.000 Millions compared to Rs
1,1500.000 Millions in the same period last year. The consolidated net loss
reduced significantly to Rs 2910.000 Millions.
Consolidated total income for the quarter increased by 217% to Rs 59960.000
Millions compared to Rs 1,8890.000 Millions in the same period last year. The
consolidated EBIDTA increased by 504% to Rs 2,7470.000 Millions compared to
Rs.4550.000 Millions in the same period last year. EBIDTA for the quarter and
the year improved due to higher volume of power sold and recognition of
compensatory tariff as per CERC order. As a result of above, the consolidated
net profit is Rs 25290.000 Millions.
Standalone total income for the year increased by 74% to Rs 110100.000 Millions
compared to Rs 6,3330.000 Millions in the same period last year. The standalone
EBIDTA increased to Rs 4,1290.000 Millions as compared to Rs 1,3320.000
Millions in the same period last year. The standalone net profit is Rs 5950.000
Millions.
Standalone total income for the quarter increased by 151% to Rs 4,3820.000
Millions compared to Rs 1,7470.000 Millions in the same period last year. The
standalone EBIDTA increased to Rs 2,5190.000 Millions as compared to Rs
5220.000 Millions in the same period last year. The standalone net profit is Rs
2,8500.000 Millions.
Commenting on the financial performance of the Company Mr. Gautam Adani,
Chairman, Adani Power said, “The past year has been a momentous one for
everyone at Adani Power as our efforts have made us the largest private power
producer in India with an installed capacity of 8580 MW. Further, positive
developments like compensatory tariff order, financial restructuring plan for
SEBs and other initiatives by Government will revive the investment cycle in
the sector. As the largest private sector power producer, we remain committed
to bridge the power deficit in the country.”
Mr. Vneet Jaain, Chief Executive Officer of Adani Power, said, “The overall
result reflects the effect of compensatory tariff awarded by CERC. With
improved domestic coal availability, increased power generation capacity and
its utilization, we are confident of better performance in the ensuing
quarters.”
The company expects to achieve thermal power generation capacity of 9,240 MW
very soon.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
|
UK Pound |
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.