MIRA INFORM REPORT
|
Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
PTC INDIA LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, NBCC Tower, 15,Biikaji Cama Place, New Delhi
- 110066 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.04.1999 |
|
|
|
|
Com. Reg. No.: |
55-099328 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2960.080 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40105DL1999PLC099328 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP10371E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP7947F |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s Shares
are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading of power and other related activities. |
|
|
|
|
No. of Employees
: |
Information denied 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 |
|
Maximum Credit Limit : |
USD 93000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by
adequate liquidity position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
03.10.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (Tel No.: 91-11-41659500)
LOCATIONS
|
Registered Office : |
2nd Floor, NBCC Tower, 15,Biikaji Cama Place, New Delhi
– 110066, India |
|
|
Tel. No.: |
91-11-41659500/ 127/ 128/ 260/ 508/ 149/ 138/ 132/ 154/ 141/
46484292/ 41657129/ |
|
|
Fax No.: |
91-11-41659144 |
|
|
E-Mail : |
||
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Deepak Amitabh |
|
Designation : |
Chairman cum Managing Director, PTC |
|
Date of Birth / Age : |
52 Years |
|
Qualification : |
Degree in Physics and Ex- IRS officer. |
|
|
|
|
Name : |
Mr. S.N. Goel |
|
Designation : |
Whole- Time Director, PTC |
|
Date of Birth / Age : |
10.08.1954 |
|
Qualification : |
B.E. (Electrical) + M.B.A. (Finance) |
|
|
|
|
Name : |
Mr. Anil Razdan |
|
Designation : |
Director, PTC |
|
|
|
|
Name : |
Mr. Dhirendra Swarup |
|
Designation : |
Director, PTC |
|
|
|
|
Name : |
Mr. Dipak Chatterjee |
|
Designation : |
Director, PTC |
|
Date of Birth / Age : |
24.06.1944 |
|
Qualification : |
IAS Officer |
|
|
|
|
|
|
|
Name : |
Mr. H.L. Bajaj |
|
Designation : |
Director, PTC |
|
|
|
|
Name : |
Mr. Hemant Bhargava |
|
Designation : |
ED, LIC |
|
Date of Birth / Age : |
20.07.1953 |
|
Qualification : |
Master in Economics |
|
Directorship in other Companies
: |
NEDFi Limited |
|
|
|
|
Name : |
Mr. I. J. Kapoor |
|
Designation : |
Director, NTPC |
|
Date of Birth / Age : |
05.10.1956 |
|
Qualification : |
Graduate in Mechanical Engineering and Master in
Business Administration (Marketing) |
|
Directorship in other Companies
: |
|
|
|
|
|
Name : |
Mr. M.K. Goel |
|
Designation : |
Director, PFC |
|
|
|
|
Name : |
Mr. M.S. Babu |
|
Designation : |
ED, NHPC |
|
Date of Birth / Age : |
18.05.1960 |
|
Qualification : |
B.Sc. (Engg) Electrical |
|
|
|
|
|
|
|
Name : |
Mr. Ravi P. Singh |
|
Designation : |
Director, POWERGRID |
|
|
|
|
Name : |
Mr. S. Balachandran, |
|
Designation : |
Director, PTC |
|
|
|
|
Name : |
Mr. Ved Jain |
|
Designation : |
Director, PTC |
|
Date of Birth / Age : |
15.12.1953 |
|
Qualification : |
Chartered Accountant |
|
Directorship in other Companies
: |
|
KEY EXECUTIVES
|
Name : |
Mrs. Rita Acharya |
|
Designation : |
Joint Secretary, MOP |
|
|
|
|
Name : |
Mr. Rajiv Maheshwari |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
48000000 |
16.22 |
|
|
48000000 |
16.22 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
48000000 |
16.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
45054069 |
15.22 |
|
|
28797359 |
9.73 |
|
|
59165496 |
19.99 |
|
|
53373409 |
18.03 |
|
|
186390333 |
62.97 |
|
|
|
|
|
|
22119344 |
7.47 |
|
|
|
|
|
|
30217543 |
10.21 |
|
|
7130427 |
2.41 |
|
|
2150674 |
0.73 |
|
|
2095098 |
0.71 |
|
|
55576 |
0.02 |
|
|
61617988 |
20.82 |
|
Total Public shareholding (B) |
248008321 |
83.78 |
|
Total (A)+(B) |
296008321 |
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) |
296008321 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of power and other related activities. |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors
: |
|
|
Name
: |
K. G. Somani and Company Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Ravi Rajan and Company Chartered Accountants |
|
|
|
|
Subsidiary : |
|
|
|
|
|
Joint Venture : |
|
|
|
|
|
Associate : |
|
|
|
|
|
Significant
Influence : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs.7500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
296008321 |
Equity Shares |
Rs.10/- each |
Rs.2960.080 Millions |
Reconciliation of number of equity shares outstanding at
the beginning and at the end of the year is as under:–
|
Equity Shares |
Number
of Shares |
|
Equity shares outstanding at the beginning of the year |
294973571 |
|
Equity shares issued during the year |
1034750 |
|
Equity shares outstanding at the end of the year |
296008321 |
During the year, 1034750 equity shares of Rs.10/– each
were issued under the Company’s Employee Stock Option Scheme.
The Company has only one class of equity shares having a
face value of Rs.10 each. Each shareholder of equity share is entitled to one
vote per share.
Shareholders holding more than 5% shares of the Company*
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Life Insurance Corporation
of India Limited |
52819312 |
17.84% |
|
HDFC Standard Life Insurance Company Limited |
19799291 |
6.69% |
|
Reliance Capital Trustee Company Limited |
15071917 |
5.09% |
* Inclusive of shares held by shareholders through various
schemes/its various folios
Shares reserved for
issue
|
Equity Shares |
Number
of Shares |
|
|
|
|
Equity shares for Employee stock options |
732805 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2,960.080 |
2,949.740 |
2,949.740 |
|
(b) Reserves & Surplus |
20,296.720 |
19,551.410 |
18,852.060 |
|
(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) |
23,256.800 |
22,501.150 |
21,801.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
62.790 |
74.460 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
18.530 |
22.480 |
24.660 |
|
Total Non-current
Liabilities (3) |
18.530 |
85.270 |
99.120 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
11,009.520 |
12,581.880 |
5,262.080 |
|
(c) Other
current liabilities |
371.490 |
361.050 |
440.730 |
|
(d) Short-term
provisions |
557.330 |
590.400 |
517.700 |
|
Total Current
Liabilities (4) |
11,938.340 |
13,533.330 |
6,220.510 |
|
|
|
|
|
|
TOTAL |
35,213.670 |
36,119.750 |
28,121.430 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
322.300 |
334.930 |
371.330 |
|
(ii)
Intangible Assets |
4.700 |
6.270 |
9.020 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9,129.770 |
8,235.030 |
7,776.530 |
|
(c) Deferred tax assets (net) |
42.360 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
84.330 |
71.870 |
26.130 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9,583.460 |
8,648.100 |
8,183.010 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
115.120 |
0.410 |
2,750.180 |
|
(b)
Inventories |
183.120 |
414.500 |
0.000 |
|
(c) Trade
receivables |
21,421.120 |
25,810.060 |
9,778.910 |
|
(d) Cash
and cash equivalents |
3,534.550 |
458.240 |
6,877.380 |
|
(e)
Short-term loans and advances |
373.100 |
788.160 |
431.290 |
|
(f) Other
current assets |
3.200 |
0.280 |
100.660 |
|
Total
Current Assets |
25,630.210 |
27,471.650 |
19,938.420 |
|
|
|
|
|
|
TOTAL |
35,213.670 |
36,119.750 |
28,121.430 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
88,568.680 |
76,502.750 |
89,985.870 |
|
|
|
Other Income |
118.570 |
504.960 |
615.240 |
|
|
|
TOTAL (A) |
88,687.250 |
77,007.710 |
90,601.110 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of electricity |
81,366.060 |
74,388.970 |
87,461.400 |
|
|
|
Rebate on sale of power |
791.250 |
376.950 |
909.410 |
|
|
|
Fuel Cost |
2,723.060 |
0.000 |
0.000 |
|
|
|
Operating Expense |
1,639.870 |
0.000 |
0.000 |
|
|
|
Employee benefits expense |
129.740 |
119.000 |
69.580 |
|
|
|
Other expenses |
218.640 |
164.100 |
132.760 |
|
|
|
Exceptional items |
(16.900) |
1.220 |
0.090 |
|
|
|
Prior period items |
(0.260) |
(2.660) |
(1.670) |
|
|
|
TOTAL (B) |
86,851.460 |
75,047.580 |
88,571.570 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,835.790 |
1,960.130 |
2,029.540 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.150 |
259.720 |
11.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,826.640 |
1,700.410 |
2,018.310 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.050 |
44.630 |
50.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1,784.590 |
1,655.780 |
1,967.970 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
497.150 |
452.120 |
582.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1,287.440 |
1,203.660 |
1,385.190 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1722.230 |
1393.910 |
938.520 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
386.230 |
361.100 |
415.560 |
|
|
|
Dividend |
554.100 |
514.240 |
514.240 |
|
|
BALANCE CARRIED TO
THE B/S |
2069.340 |
1722.230 |
1393.910 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF value of coal |
1943.290 |
385.850 |
0.000 |
|
|
TOTAL IMPORTS |
1943.290 |
385.850 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
4.36 |
4.08 |
4.70 |
|
|
|
Diluted |
4.36 |
4.07 |
4.68 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
2,7704.600 |
3,1401.600 |
2,7514.700 |
|
Total Expenditure |
2,7364.200 |
3,0723.000 |
2,6358.600 |
|
PBIDT (Excl OI) |
340.400 |
678.600 |
1156.100 |
|
Other Income |
81.100 |
189.100 |
153.600 |
|
Operating Profit |
421.500 |
867.700 |
1309.700 |
|
Interest |
3.600 |
3.300 |
2.300 |
|
Exceptional Items |
0.100 |
(0.100) |
42.100 |
|
PBDT |
418.000 |
864.300 |
1349.500 |
|
Depreciation |
10.500 |
10.900 |
10.100 |
|
Profit Before Tax |
407.500 |
853.400 |
1339.400 |
|
Tax |
114.000 |
235.000 |
431.600 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
293.400 |
618.400 |
907.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
3.200 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
296.700 |
618.400 |
907.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.45 |
1.56 |
1.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.01 |
2.16 |
2.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.40 |
8.14 |
9.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03 |
3.21 |
3.21 |
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 |
2949.740 |
2949.740 |
2960.080 |
|
Reserves & Surplus |
18852.060 |
19551.410 |
20296.720 |
|
Net
worth |
21801.800 |
22501.150 |
23256.800 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
89,985.870 |
76,502.750 |
88,568.680 |
|
|
|
(14.984) |
15.772 |
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
|
89,985.870 |
76,502.750 |
88,568.680 |
|
Profit |
1,385.190 |
1,203.660 |
1,287.440 |
|
|
1.54% |
1.57% |
1.45% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
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 |
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 |
PERFORMANCE
AND FINANCIAL HIGHLIGHTS
The
Company has completed another innovative year of its operations, wherein it has
sustained and maintained its leadership position in the industry. The trading
volumes were higher by 17.56% this year at 28,597 MUs as against 24,325 MUs
during the previous year. With a turnover of Rs.88689.000 Millions (including
other income) for the year 2012-2013 as against Rs.77011.000 Millions
(Including other income) in the Financial Year 2011-12, the Company has earned
a Profit After Tax of Rs.1287.000 Millions million as against Rs.1204.000
Millions in the previous year. The Company has two subsidiaries, namely PTC
India Financial Services Limited (60% owned) and PTC Energy Limited (Wholly
Owned). The consolidated turnover of the group is Rs.92133 million for the
current Financial Year as against Rs.81105.000 Millions for the Financial Year
2011-12. The Consolidated Profit After Tax of the Group is Rs.1983.000 Millions
for the current Financial Year as against Rs.2041.000 Millions for the
Financial Year 2011-12.
MANAGEMENT
DISCUSSION AND ANALYSIS
Global
economy is yet to recover from the economic recession of 2008-09. Recent data
shows slowing growth in United States and China. Japan announced a massive
stimulus program but the result is unlikely to be felt this year. Many European
countries are still reeling under recession. US politicians avoided a disaster
by not falling in the fiscal cliff. Indian economy grew a shade better in the
last quarter of FY13 but the GDP growth for the whole fiscal slipped to a
decade low of 5%. The fiscal deficit numbers for the year, however, are
impressive at 4.9%, lower than the revised target of 5.2% Although the effect
of slowdown was clearly visible on the power sector too, there were a few
things to cheer about in the past financial year. The generation capacity
addition figure seen in the terminal year of 11th plan was improved during this
year. The country added ~20687 MW of generation capacity in FY13 against a
target of ~17956 MW. Private sector contribution was significant as it exceeded
the target by 55%.
Twelfth
plan capacity addition and other targets have been finalized. New capacities to
the tune of 100 GW (118 GW including power from Renewable sources) are on the
anvil. The National Electricity Policy (NEP) states that a part of new
generating capacities (15%) may be sold outside long term (LT) PPAs to promote
market development. This means that a significant part of the new capacities is
proposed to be available for short-term trading. Some merchant generators are
already selling their power through traders and with gradual full-scale
implementation of Open Access in the States, captive generators will also be
able to sell through traders and
Power
Exchanges. Therefore, we see a positive impact of capacity augmentation on
power trading in the country.
The
grid disturbances of July 30 and 31, 2012 which are recorded as the largest
blackouts in history, were perhaps a low point for the sector. The outage
affected more than 600 million people and more than 20 states. Northern Region,
Eastern Region and North-eastern Region were without electricity until the
electricity supply was restored. However, the Government was quick to
constitute a three member committee which identified the causes of the grid
failure and made several recommendations to prevent further failures including
an audit of the protection systems.
Apart
from this, they have seen serious efforts by the Government to address some of
the critical issues affecting the power sector. To improve the financial health
of the State Utilities, the Government has unveiled a well-designed Financial
Restructuring Package. The scheme takes into consideration the targets
prescribed in Fiscal Responsibility and Budget Management Act 2003. To have
more and more States on board this scheme, the deadline has been extended
twice.
Regular
revision of tariffs is one of the necessary conditions to avail of the above
restructuring package and it is good to note that most of the State Utilities
have revised their tariffs in past one year. During FY 13 there were tariff
increases in 17 States ranging between 5 to 33%. For FY14, 8 States and 1 Union
Territory have already increased tariff ranging from 4% in (Orissa) to 24% in
(Andhra Pradesh).
Appellate
Tribunal for Electricity (APTEL)’s landmark judgment of March 2011 has started
to show its impact.
Administrative
delays have been holding up projects worth nearly Rs.2 lakh Crore in various
infrastructure sectors including coal and power. Poor infrastructure is one of the
biggest obstacles to a more robust economic growth of India. Formation of
Cabinet Committee on Investments (CCI) in Jan’13 to grant necessary approvals
to stalled projects awaiting various clearances will definitely help in this
regard. The committee is headed by the Prime Minister himself and has as its
members all the ministers of infrastructur sectors. Functions of the committee
include identifying key projects involving investments of more than
Rs.10000.000 Millions, expediting required approvals and keeping track of their
progress.
To
liberalize the vital coal sector, government has approved setting up of a
regulatory authority for the coal sector that will monitor the supply and
pricing of the fuel. The Regulator is expected to oversee coal supplies from
Coal India Limited (CIL) and other coal producers to consumers such as power
producers. It could also independently monitor the progress made by state-run
and private companies in extracting coal under government-allocated mining
licenses. The move will bring greater transparency and efficiency in coal
mining operations. The sector is affected due to various uncertainties e.g.
cancellation of allocated mines. There are many power developers which were
given coal and based on that they have been financed. However, the producers
and financers have now become worried wherever such cases are involved. Policy,
procedure, decision which slows down the addition / up gradation of production
capacity of domestic coal quantities will require the gap to be filled by
import of quantities and will impact resultant price of electricity to that
extent. This will also provide a window of opportunity for their subsidiary PTC
Energy Limited (PEL). They have been sourcing coal for Independent Power
Producers (IPPs) on their request and they may see a substantial rise in coal
trading volumes in the coming years.
In a
significant ruling, Central Electricity Regulatory Authority (CERC) allowed for
a ‘compensatory tariff mechanism’ for Adani power’s project and Tata power’s
Ultra Mega Power Project (UMPP) in Mundra.
Indonesia’s move to link its coal prices with international benchmark
rates has led to cost increases for these and many other imported coal based
projects and rendered their contracted tariffs unviable. The compensatory
tariff is to be decided by a separate committee comprising of representatives
of buyers, distribution companies, Generators, financial analyst and a banker.
This development came as a breather for these companies and the sector as a
whole. However, some of the discoms have decided to challenge this order in the
APTEL.
CERC
introduced a new draft regulation on ‘Prevention of Adverse Effect on
Competition’. The company submitted before the commission that since
competition has been increasing in power trading, with new active licensees
coming every couple of months and the share of top five traders decreasing,
this regulation is not required for power trading. There is no market induced
entry barrier for the entry of new trading licensees (the same have grown at a
CAGR of 21% since FY05). Also the new reporting requirements notified by CERC
are quite comprehensive covering almost every aspect of trading which are
sufficient to check any instance of market dominance.
The
Hon’ble Commission also introduced amendments in some other regulations like
CERC (Terms and Conditions of Tariff) (Third Amendment) Regulations, CERC (Open
Access in Inter-State Transmission) (Second Amendment) Regulations etc. The
company has been engaging with stakeholders on such developments to make them
more conducive for power market growth. The Government has been inviting
comments on various amendments in the Electricity Act 2003 as part of the
reform process. For example, on Grid Security Issues, formation of a National Power
Committee is proposed in the draft amendment for coordinating the integrated
operation of the power systems in the country. In their view, more teeth need
to be provided to NPC to make it a successful body.
Similarly,
the Government asked for amendments in rules regarding functioning of FOR,
distribution licensees, code of conduct, rules for distribution licensees,
appointment of Adjudicating Officer under Section 143 etc. The company has been
providing its views on these issues which are acknowledged by the government
and regulator.
As
compared to previous year where not many Case-1 bids were invited by State
Utilities, this year has seen progress on the Case-1 Competitive Bidding
Process, wherein long term and medium term bids were invited by various State
utilities. Uttar Pradesh floated Case-1 bid for procurement of 6000 MW capacity
on long term basis, whereas Tamil Nadu and Rajasthan floated Case-1 bid for
procurement of 1000 MW each on long term basis. Further, Andhra Pradesh, Madhya
Pradesh and Kerala floated Case-1 tender for procurement of 2000 MW, 500 MW and
300 MW capacities respectively on medium term basis. The company had
participated in the above said tenders with cumulative capacity of 4379 MW.
Short-term
(ST) market grew by a modest 5% YoY to ~99 Billion Units (BUs) in FY13. Much of
this growth was due to growth in volumes on Power Exchanges which registered a
combined growth of 55% in the Day Ahead Market (DAM). Bilateral (traders + Term
Ahead market [TAM]) segment volumes remained almost stagnant but still
constitute 37% of the total ST market. The grid disturbances of July’12 had a
positive impact on ST market as the Unscheduled Interchange (UI) volume dropped
by 11% from last year, it still constitutes 25% of the ST market. Transactions
through UI are expected to further reduce during the year. After being
criticized by system operator and various other bodies for relying on UI,
States resorted to power exchanges and bilateral trade for their immediate/day
ahead demand.
Price
in bilateral market remained slightly higher than Power Exchange (PX) for most
part of the year indicating that buyers are ready to pay premium for certainty
of power. Also bilateral prices were less volatile than PX prices. Average
prices in bilateral market over the year remained in the range of R. 4-4.5 per
unit while on exchanges, prices varied from Rs.2.9-4.5 per unit. Low prices on
exchanges for most part of the year was another reason pulling utilities
towards them for trading. However, in the future, the way things are, there
might be increased demand-supply gap which is expected to harden the prices.
Increased input costs (fuel etc.) are also expected to increase the delivered
price of electricity. This will make bilateral segment more lucrative than
exchanges as buyers will have certainty of getting power.
As
far as performance of the company is concerned, it traded 28.6 BUs of
electricity with a market share of 39% (including cross-border). This
represents a jump of ~18% from last year. Their trade on power exchange grew by
84% to 6.6 Bus. PTC’s tolling project also contributed 952 MUs to the total
volume. Most of the power traded by us was on Round The Clock (RTC) basis – 93%
which is two percentage points less than last year – the remaining power being
Peak and other products.
Their
top 5 suppliers of electricity in FY13 were Government of Himachal Pradesh,
Lanco, SPDCJ and K (Baglihar Hydroelectric Project) Karchham Wangtoo Hydro
Electric Power Station and West Bengal State Electricity Distribution Company
Limited Their top 5 buyers in FY12 were West Bengal, Madhya Pradesh, Himachal
Pradesh, Punjab and Haryana.
Cross-border
trade with Bhutan dropped slightly to 4.8 BUs in FY13 (5.3 Bus in FY12) on
account of increased domestic demand in Bhutan. Nevertheless, the trade with
Bhutan has been more or less stable and has entered its 11th successful year.
It remains an important part of their portfolio. The company also supplied 79
MUs to Nepal, 14% increase YOY. Last year, PTC signed Power Sale Agreement (PSA)
with Nepal Electricity Authority (NEA) for supply of 150 MW coal based thermal
power on LT basis. This power may start flowing in the next 2-3 years.
The
company has also been playing a catalytic role in the up-gradation of Indo-
Nepal transmission interconnections. Bangladesh Power Development Board (BPDB)
has invited bids from Indian Bidders (PTC and NVVN) for supply of 250 MW power
for a period of 3 years starting from August 2013. PTC is actively pursuing
suitable tie-up for sourcing the power and has participated in the tender. PTC
has been working on two tolling projects for quite some time. First unit of one
of the projects has been commissioned in May 2012 followed by commissioning of
the second unit in July, 2012. The company has been souring imported coal to
meet fuel requirements for this project and has been paying a conversion charge
to the developer. The company has successfully sold 952 MUs from this project
in FY 12-13. Another project of 2 x150 MW capacity has been commissioned
recently. The company has contracted 150 MW under tolling arrangement from this
project. In FY12, PTC opened a new Strategic Business Unit PTC-Retail which is
focused for catering to the requirement of industries and commercial units.
Since then, PTC Retail has rapidly spread across various states like Punjab,
Haryana, Rajasthan, Jammu & Kashmir, Gujarat, Himachal Pradesh, Andhra
Pradesh, Tamilnadu, Karnataka, and Kerala, with 100 % market share in Kerala
and Jammu & Kashmir. Within a short span of time PTC Retail has added more
than 200 clients ranging from both public and private sector including clients
like NHPC, Hindustan Copper, Coca-Cola, Binani Zinc, Apollo Tyres, JK Tyres,
Hindustan Copper Limited, DCM Shriram, Grasim and more.
The
company is also playing an increasingly important role in the promotion of
Renewable Energy in the country. They are facilitating sale of solar power
between solar developers and solar power consumers through mutually beneficial
trading arrangements and providing advisory solutions for development/marketing
of solar projects. The company is also facilitating various entities in meeting
their Renewable Purchase Obligations (RPOs) through sale of Renewable Energy
Certificates (RECs) and has traded more than 212000 RECs in FY13 which is more
than 2.5 times the volume traded in FY12 (~60000 RECs).
PFS,
this year, recorded revenue of INR 2865 million compared to INR 3072 million
last year. However, it may be mentioned that during the previous year, the
Company had earned a revenue of Rs.1277.000 Millions by way of profit on sale
of equity investments while no such revenues were earned during the current
year. Excluding such revenue, the revenue increased by about 60% during the
year. The profit before tax and profit after tax for the current financial year
stood at Rs.1553.000 Millions and Rs.1042.000 Millions respectively. Net
interest income recorded an increase of about 124% during the current year.
Earnings per share for the financial year stood at Rs.1.85 per share. During FY
2012-13, PEL imported and sold 0.79 million MT of coal as against Rs.0.420
million MT in FY 2011-12. The coal revenues for the year increased to
Rs.2470.210 Millions compared to Rs.1608.480 Millions during the previous year,
thus recording a growth of 53.57%. The profit before tax has increased by 199%
during the current year to Rs.128.070 Millions from Rs.42.760 Millions in FY
2011-12.
Earnings
per share increased to Rs.1.57 during FY 2012-13 from Rs.0.55 in FY 2011-12. As
dependence on imported coal in the country is expected to grow, PEL is
exploring avenues for adding new suppliers and buyers under its umbrella of
fuel intermediation on competitive basis. From a modest start, PTC has also
been able to make substantial head way in the area of energy efficiency management.
The company has also extended the MOU with BEE for a further period of 5 years
to undertake energy efficiency activities under the PAT (performance, Achieve
& Trade) scheme notified in 2012. These projects would be in line with the
National Mission of Energy Efficiency Enhancement (NMEEE) under one of the
eight Missions of Prime Minister’s National Action plan on Climate Change
(NAPCC). PTC is also contemplating the role of project and Asset Management for
disbursement of Energy Efficient Funds from BEE/EESL under the MOU with BEE. It
further seeks to overcome barriers to financing energy efficiency projects
through risk sharing strategies and capacity up-gradation of financing
institutions.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10335523 |
18/01/2012 |
890,000,000.00 |
Kotak Mahindra Bank Limited |
15-16
Upper Ground Floor, Ambadeep Building, 14, |
B32111346 |
|
2 |
10232555 |
25/06/2010 |
2,000,000,000.00 |
Indian Bank |
66,
Rajaji Salai, Chennai, Tamil Nadu - 600001, India |
A90529876 |
|
3 |
10224644 |
21/05/2010 |
1,200,000,000.00 |
Indusind Bank Limited |
2401
Gen Thimmayya Road, Contonment, Pune, Maharashtra - 411001, India |
A87616934 |
|
4 |
10205501 |
12/01/2010 |
1,500,000,000.00 |
Corporation Bank |
Lodhi
Complex, New Delhi, Delhi - 110003, India |
A80196199 |
|
5 |
10019329 |
21/08/2006 |
1,000,000,000.00 |
State Bank of Travancore |
R K
Puram, Bhikaji Cama Place, New Delhi, Delhi - |
A03670148 |
|
6 |
80029505 |
07/06/2011 * |
1,500,000,000.00 |
Indian Overseas Bank |
Parliament
Street Branch, 10, Parliament Street, New Delhi, Delhi - 110001, India |
B16810996 |
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.98 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
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 |
|
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.