MIRA INFORM REPORT

 

 

Report Date :

11.10.2014

 

IDENTIFICATION DETAILS

 

Name :

TORRENT POWER LIMITED

 

 

Registered Office :

Torrent House, Off Ashram Road, Ahmedabad – 380 009, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

29.04.2004

 

 

Com. Reg. No.:

04-044068

 

 

Capital Investment / Paid-up Capital :

Rs.4724.500 Millions

 

 

CIN No.:

[Company Identification No.]

L31200GJ2004PLC044068

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMT02435G

 

 

PAN No.:

[Permanent Account No.]

AACCT0294J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in the business of power generation, transmission and distribution of electricity.

 

 

No. of Employees :

6800 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (65)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 170000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a part of TORRENT GROUP. It is an established company having fine track record.

 

There appears drastic dip in profit of the company during the financial year 2014.

 

However, over all fundamentals of the company appears to be strong and healthy.

 

Directors are reported to be experienced and respectable businessmen.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

N E W S

 

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

 

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

 

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

 

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

 

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

 

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

 

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

 

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating = AA

Rating Explanation

High degree of safety and low credit risk.

Date

16.10.2014

 

Rating Agency Name

CRISIL

Rating

Short Term Rating = A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

16.10.2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

INFORMATION DECLINED BY

 

Management Non Co-operative (91-79-26583060)

 

LOCATIONS

 

Registered/ Corporate Office :

Torrent House, Off Ashram Road, Ahmedabad – 380 009, Gujarat, India

Tel. No.:

91-79-26583060/ 5090/ 2658

Fax No.:

91-79-26582326

E-Mail :

srinivaskotra@torrentpower.com

investorservice_ahd@torrentpower.com

rajivashah@torrentpower.com

cs@torrentpower.com

Website :

http://www.torrentpower.com

 

 

Plants :

  • Power House, Sabarmati, Ahmedabad – 380 005, Gujarat, India

 

  • Vatva Gas Power Station, Vatva, Ahmedabad – 382 445, Gujarat, India

 

  • SUGEN Mega Power Project, Off National Highway No. 8, Taluka Kamrej, Surat – 394 115, Gujarat, India

 

 

Zonal Office :

Located at:

 

  • Ahmedabad
  • Gandhinagar
  • Surat

 

 

Distribution Divisions :

  • Electricity House, Lal Darwaja,  Ahmedabad -380 001, Gujarat, India

 

  • Torrent House, Station Road, Surat -395 003, Gujarat, India

 

  • Old Agra Road, Anjur Phata, Bhiwandi - 421 302, Haryana, India

 

  • 6, Raghunath Nagar, Suresh Plaza Market, Opposite, Sanjay Place, M. G. Road, Agra – 282002, Uttar Pradesh, India

 

 

IRECTORS

 

As on 31.03.2014

 

Name :

Mr. Sudhir Mehta

Designation :

Executive Chairman

 

 

Name :

Mr. Pankaj Patel

Designation :

Director

 

 

Name :

Mr. Samir Barua

Designation :

Director

 

 

Name :

Mr. Kiran Karnik

Designation :

Director

 

 

Name :

Mr. Keki M. Mistry

Designation :

Director

 

 

Name :

Mr. D. J. Pandian, IAS

Designation :

Director

 

 

Name :

Mr. R. Ravichandran

Designation :

Executive Vice Chairman

 

 

Name :

Mr. Samir Mehta

Designation :

Whole-time Director

 

 

Name :

Mr. Markand Bhatt

Designation :

Whole-time Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Srinivas Kotra

Designation :

Company Secretary

 

 

Name :

T. P. Vijayasarathy

Designation :

Executive Director - Corporate Affairs & CFO

 

 

Audit Committee:
  • Keki M. Mistry Chairman
  • Samir Barua
  • Kiran Karnik
  • Jinal Mehta

 

 

Stakeholders Relationship Committee
  • Pankaj Patel Chairman
  • Samir Mehta
  • Markand Bhatt

 

 

Nomination and Remuneration Committee
  • Kiran Karnik Chairman
  • Sudhir Mehta
  • Pankaj Patel
  • D. J. Pandian, IAS

 

 

Committee of Directors
  • Samir Mehta Chairman
  • Markand Bhatt
  • Jinal Mehta

 

 

Corporate Social Responsibility Committee
  • Samir Barua
  • Samir Mehta
  • Jinal Mehta

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

21007

0.00

http://www.bseindia.com/include/images/clear.gifBodies Corporate

252438986

53.43

http://www.bseindia.com/include/images/clear.gifSub Total

252459993

53.44

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

252459993

53.44

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

17070646

3.61

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

653600

0.14

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

7057896

1.49

http://www.bseindia.com/include/images/clear.gifInsurance Companies

79512030

16.83

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

11854349

2.51

http://www.bseindia.com/include/images/clear.gifSub Total

116148521

24.58

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

51951231

11.00

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

33230410

7.03

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

13537606

2.87

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

5120547

1.08

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

3860000

0.82

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1088310

0.23

http://www.bseindia.com/include/images/clear.gifTrusts

172237

0.04

http://www.bseindia.com/include/images/clear.gifSub Total

103839794

21.98

Total Public shareholding (B)

219988315

46.56

Total (A)+(B)

472448308

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

472448308

0.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of power generation, transmission and distribution of electricity.

 

 

Products :

Not Available

 

 

Brand Names :

--

 

 

Agencies Held :

-

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Not Available

 

 

Customers :

Not Available

 

 

No. of Employees :

6800 (Approximately)

 

 

Bankers :
  • Axis Bank Limited
  • HDFC Bank Limited

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

10.35% Series 1 Non-Convertible Debentures

5500.000

5500.000

10.10% Series 2A, 2B & 2C Non-Convertible Debentures

3000.000

3000.000

Term loans From banks

33132.900

23449.800

Term loans From financial institutions

13906.800

12540.300

Total

55539.700

44490.100

 

NOTES:

 

1 Amount of Term Loans of Rs. 2554.000 Millions (31st March, 2013 Rs. 40220.700 Millions) from financial institutions and banks and Non Convertible Debenture of Rs. 8500.000 Millions (31st March, 2013 Rs. 8500.000 Millions) are secured / to be secured by way of first pari passu charge by way of mortgage and hypothecation over the entire fixed assets, present and future of the Company and second pari passu charge by way of hypothecation over entire current assets, present and future of the Company.

 

2 The future annual repayment obligations on principal amount for the above long-term borrowings are as under:

(Rs. in Millions)

Financial year

Term Loans

Non Convertible Debentures

Financial year

Term Loans

Non Convertible Debentures

2014-2015

5552.500

-

2021-2022

3198.500

2833.300

2015-2016

6086.800

-

2022-2023

3140.800

2833.400

2016-2017

6253.500

-

2023-2024

3083.100

-

2017-2018

6253.500

-

2024-2025

2916.800

-

2018-2019

6203.500

-

2025-2026

1684.900

-

2019-2020

6260.100

-

2026-2027

107.000

-

2020-2021

3248.600

2833.300

 

 

 

 

 

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380014, Gujarat, India

Tel. No.:

91-79-27582542/ 27582543/ 66073100

Fax No.:

91-79-27582551

 

 

Associates :
  • AEC Cements and Constructions Limited
  • Tidong Hydro Power Limited

 

 

Subsidiaries :
  • Torrent Power Grid Limited
  • Torrent Pipavav Generation Limited
  • Torrent Energy Limited

 

 

Enterprises controlled by the Company
  • TPL (Ahmedabad) Gratuity Trust
  • TPL (Ahmedabad) Superannuation Fund
  • TPL (Surat) Gratuity Trust
  • TPL (Surat) Superannuation Fund
  • TPL (SUGEN) Gratuity Trust
  • TPL (SUGEN) Superannuation Fund

 

 

Holding Company / enterprises controlled by the holding Company :
  • Torrent Private Limited
  • Torrent Pharmaceuticals Limited
  • Torrent Cables Limited
  • Gujarat Lease Financing Limited
  • Torrent Power Services Private Limited
  • Torrent Power Bhiwandi Limited
  • Heumann Pharma GmbH and Company Generica KG
  • Torrent Do Brasil Ltda.
  • Zao Torrent Pharma
  • Torrent Pharma GmbH.
  • Torrent Pharma Inc.
  • Torrent Pharma Philippines Inc.
  • Torrent Australasia Pty Limited
  • Laborotrios Torrent SA de CV
  • Torrent Pharma Canada Inc.
  • Torrent Pharma (Thailand) Co. Limited
  • Norispharm GmbH.
  • Heunet Pharma GmbH.
  • Torrent Pharma (UK) Limited
  • Torrent Pharma S.R.L.
  • Laboratories Torrent (Malaysia) Sdn. Bhd.
  • Torrent Financiers
  • Torrent Pharmaceuticals Sikkim
  • Torrent Fincorp Private Limited
  • Opening Pharma, France

 

 

Enterprises controlled by key Management personnel / relatives of key management personnel
  • U. N. Mehta Charitable Trust
  • Shardaben Mehta Charitable Trust
  • Dushyant Shah Charitable Trust
  • D N Modi Charitable Trust
  • Tsunami Tours and Travels Private Limited
  • Torrel Cosmetics Private Limited
  • Zeal Pharmachem India Private Limited
  • Diamond Infrastructure Private Limited
  • U.N. Mehta Institute of Cardiology & Research Centre
  • Munjal Bhatt and Associates

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,00,00,00,000

Equity Shares

Rs.10/- each

Rs.20000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

47,24,48,308

Equity Shares

Rs.10/- each

Rs.4724.500 Millions

 

 

 

 

 

 

  1. Reconciliation of the shares outstanding at the beginning and at the end of the reporting year

 

Particulars

No. of shares As at 31st March, 2014

At the beginning of the year

47,24,48,308

Issued during the year

-

Outstanding at the end of the year

47,24,48,308

 

 

2. 25,24,38,986 equity shares (24,94,48,986 equity shares as at 31st March, 2013) of Rs. 10 each fully paid up are held by holding company - Torrent Private Limited.

 

3. 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 one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case interim dividend. Dividend amount per share recognized as distributions to equity shareholders is Rs. 2.00 per equity share during the year ended 31st March, 2013 (Previous year : Rs. 6.50 per equity share). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

 

4. Details of shareholders holding more than 5% shares in the Company:

 

Name of the Shareholder

As at

31st March, 2014

 

No. of shares

% holding

Torrent Private Limited

25,24,38,986

53.43%

Gujarat State Investment Limited

4,68,71,621

9.92%

Life Insurance Corporation of India

4,33,38,349

9.17%

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

4724.500

4724.500

4724.500

(b) Reserves & Surplus

57041.100

56178.400

52754.300

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

61765.600

60902.900

57478.800

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

55937.100

44925.800

31832.700

(b) Deferred tax liabilities (Net)

6993.400

5747.200

4635.500

(c) Other long term liabilities

10605.200

7183.600

5083.000

(d) long-term provisions

649.000

656.400

869.500

Total Non-current Liabilities (3)

74184.700

58513.000

42420.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

6330.900

5879.500

6763.900

(c) Other current liabilities

10218.300

10154.300

9240.000

(d) Short-term provisions

443.200

1401.800

2394.400

Total Current Liabilities (4)

16992.400

17435.600

18398.300

 

 

 

 

TOTAL

152942.700

136851.500

118297.800

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

92839.800

72627.600

70781.700

(ii) Intangible Assets

139.300

148.600

179.600

(iii) Capital work-in-progress

1181.500

20720.200

13341.800

(iv) Intangible assets under development

0.000

26.500

30.400

(b) Non-current Investments

21143.400

13891.300

10448.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

221.500

1068.300

973.900

(e) Other Non-current assets

7.600

5.200

6.600

Total Non-Current Assets

115533.100

108487.700

95762.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

4975.400

3237.000

2253.800

(b) Inventories

2834.000

2442.800

2995.500

(c) Trade receivables

7835.900

7308.900

6459.600

(d) Cash and cash equivalents

15270.400

10963.700

5734.200

(e) Short-term loans and advances

2046.500

2148.300

2067.400

(f) Other current assets

4447.400

2263.100

3024.700

Total Current Assets

37409.600

28363.800

22535.200

 

 

 

 

TOTAL

152942.700

136851.500

118297.800

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

85756.200

81298.700

79156.100

 

 

Other Income

2418.400

1401.000

1040.500

 

 

TOTAL                                     (A)

88174.600

82699.700

80196.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Electrical Energy Purchased

41861.200

35528.900

22827.200

 

 

Employee benefits expense

2703.300

2490.000

2417.100

 

 

Operation and other expenses

29028.700

30289.300

31381.300

 

 

TOTAL                                     (B)

73593.200

68308.200

56625.600

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

14581.400

14391.500

23571.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

6771.800

4084.800

3119.700

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

7809.600

10306.700

20451.300

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

5345.200

4079.300

3658.800

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

2464.400

6227.400

16792.500

 

 

 

 

 

Less

TAX                                                                  (H)

1516.000

2377.800

4417.900

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

948.400

3849.600

12374.600

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

14624.100

12416.800

8621.200

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to Contingency Reserve

10.000

10.000

10.000

 

 

Transfer to Debenture Redemption Reserve

238.100

238.100

0.000

 

 

Transfer to General Reserve

0.000

288.700

5000.000

 

 

Interim Dividend

0.000

0.000

1417.300

 

 

Dividend Distribution Tax on Interim Dividend

0.000

0.000

229.900

 

 

Proposed Dividend

236.200

944.900

1653.500

 

 

Dividend Distribution Tax on Proposed Dividend

40.200

160.600

268.300

 

BALANCE CARRIED TO THE B/S

15048.000

14624.100

12416.800

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Gross proceeds from carbon credits

0.000

449.900

3249.900

 

 

Refund of premium

3.200

0.000

0.000

 

TOTAL EARNINGS

3.200

449.900

3249.900

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Components, Stores, Fuel and Spare Parts

1388.100

1627.900

2507.400

 

 

Capital Goods

1552.800

1211.400

4011.100

 

TOTAL IMPORTS

2940.900

2839.300

6518.500

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.01

8.15

26.19

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.11

4.74

15.63

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

17.00

17.70

29.78

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.89

6.09

17.77

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.10

0.29

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.91

0.74

0.55

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.20

1.63

1.22

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

4724.500

4724.500

4724.500

Reserves & Surplus

52754.300

56178.400

57041.100

Net worth

57478.800

60902.900

61765.600

 

 

 

 

long-term borrowings

31832.700

44925.800

55937.100

Short term borrowings

0.000

0.000

0.000

Total borrowings

31832.700

44925.800

55937.100

Debt/Equity ratio

0.554

0.738

0.906

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

79156.100

81298.700

85756.200

 

 

2.707

5.483

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

79156.100

81298.700

85756.200

Profit

12374.600

3849.600

948.400

 

15.63%

4.74%

1.11%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

Yes

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

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS:

 

HIGH COURT OF GUJARAT

CIVIL APPLICATION (FOR DIRECTION) No. 6 of 2010

In SPECIAL CIVIL APPLICATION / 13933 / 2009 ( DISPOSED ) On : 26/04/2011

 

Status : PENDING

( Converted from : CAST/9/2010 )

CCIN No : 001003201000006

 

Last Listing Date:

16/02/2010

Coram

HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA

HONOURABLE MR.JUSTICE ANANT S. DAVE

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1

MAIYANI GROUP OF INDUSTRIES

MR BM MANGUKIYA for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondant

Advocate On Record

1
2
3
4
5

UNION OF INDIA
STATE OF GUJARAT - THROUGH PRINCIPAL SECRETARY
TORRENT POWER LIMITED THROUGH MANAGING DIRECTOR AND OR
SATISH NAYAK - MANAGER (RPC) TORRENT POWER LIMITED
POLICE INSPECTOR

GOVERNMENT PLEADER for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2 , 5
MR KB PUJARA for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

 

Presented On

: 04/01/2010

Registered On

: 04/01/2010

Bench Category

: DIVISION BENCH

District

: SURAT

Case Originated From

: THROUGH ADVOCATE

Listed

: 7 times

StageName

: ADMISSION (FRESH MATTERS)

Act

CIVIL PROCEDURE CODE, 1908

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

04/01/2010

APPLICATION

MR BM MANGUKIYA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 , 1

20

-

2

06/01/2010

APPEARANCE NOTE

MR KB PUJARA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

-

-

3

09/02/2010

APPEARANCE NOTE

GOVERNMENT PLEADER 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 5

-

-

4

15/08/2010

VAKALATNAMA

MR KB PUJARA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

4

MR KB PUJARA:3

5

15/08/2010

APPEARANCE NOTE

GOVERNMENT PLEADER 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

-

GOVERNMENT PLEADER:2,5

6

15/08/2010

VAKALATNAMA

MR BM MANGUKIYA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MR BM MANGUKIYA:1

 

COURT PROCEEDINGS

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

16/02/2010

1

-

ADMISSION (SECOND BOARD - CA)

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA 

HONOURABLE MR.JUSTICE ANANT S. DAVE

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

CIVIL APPLICATION/6/2010

HONOURABLE MR.JUSTICE K.M.THAKER

07/01/2010

N

ORDER

-

Y

Download

 

 

 

UNSECURED LOAN

Rs. In Millions

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

Term loans From Government of India under Accelerated Power Development and Reform Programme (APDRP)

397.400

435.700

Total

397.400

435.700

 

 

FINANCE

During the year, the Company raised long term loans from various Financial Institutions and Banks to the tune of Rs.16987.400 Millions (including Rs.1987.400 Millions for SUGEN 40). Outstanding amount towards long term loans, NCDs and APDRP loans as on 31st March, 2014 was Rs.61489.600 Millions (Previous Year Rs.49194.600 Millions). An amount of Rs.4692.400 Millions (Previous Year Rs.5206.800 Millions) was repaid by the Company during the year. The Company’s long term loans, cash credit and NCDs are rated at AA/Negative by CRISIL, indicating high degree of safety with regard to timely servicing of financial obligations. Letters of credit / bank guarantees of the Company is rated A1+ indicating very strong degree of safety regarding timely servicing of the financial obligations.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

ECONOMY AND POWER SECTOR

 

ECONOMY

 

The Indian economy continued to deal with persistent challenges of high inflation and low growth during FY 2013- 14. The surge in inflation particularly in food prices owing primarily to supply side constraints was one of the biggest challenges faced by the Indian economy during the year which affected common man the most. The GDP growth rate recovered marginally from 4.4% in FY 2012-13 to 4.9% in FY 2013-14 owing to revival in agriculture on the back of a steady monsoon and robust growth in financial and business services.

 

A reason to cheer during the year was the narrowing down of Current Account Deficit (CAD). Rise in exports mainly due to improved growth of developed markets aided by rupee depreciation and reduced gold imports helped in narrowing down the trade deficit. This supplemented by rise in net invisibles ultimately reduced the CAD to 2% during the year. These factors along with increase in FII inflows, in expectation of a stable government, helped the recovery of the exchange rate that breached the level of Rs.68 per USD in August 2013 to Rs.60 per USD in March 2014.

 

Fiscal deficit for FY 2013-14 is estimated to be at 4.6% of GDP against 4.9% in FY 2012-13 mainly due to reduction in Plan and Non-Plan revenue expenditure and revenue inflows coming from spectrum auctions, divestments, dividends and advance tax receipts.

 

Standard and Poor while continuing with the negative outlook on India stated that post election political developments and policy actions could determine the sustainability of its investment grade.

 

INFRASTRUCTURE

 

The growth in infrastructure sector which consists of eight core industries dropped to 2.6% in FY 2013-14 against 6.5% in FY 2012-13 due to reduction in coal, natural gas and petroleum refinery production; the lowest growth in over a decade. High policy rates, dearer forex and various other bottlenecks have impacted the economies of investment in infrastructure; thus turning many projects into non-performing assets and significantly affecting investment-growth multiplier effect. The new and stricter Land Acquisition Act alongwith non-extension of tax holiday under Section 80IA may further impede the investment climate.

 

RENEWABLE ENERGY

 

The total installed capacity of renewable energy stood at 31,692 MW as on 31st March, 2014 with wind power dominating at 21,136 MW. GBI re-introduction with overall cap increased to Rs.10.000 Millions from earlier Rs.6.200 Millions contributed to 2,083 MW wind power installations in FY 2013-14 vis-à-vis 1,699 MW in FY 2012-13, an increase of ~23%. Due to the supportive policies, solar power installations also registered a steep growth of ~28% from 754 MW in FY 2012-13 to 962 MW in FY 2013-14. The installed capacity of solar power was 2,647 MW as on 31st March, 2014.

 

The commercial mechanism of the Renewable Regulatory Fund scheme has been suspended by Hon’ble CERC. However, the forecasting and scheduling of wind generation has been continued till further orders. The recently signed “Green Energy Corridor Scheme” between India and Germany comprising of both inter-state and intra-state schemes for power evacuation from wind and solar projects in eight states is a welcome step. Other developments like attractive preferential tariff, increasing trend of RPO by various SERCs and increasing interest of IPPs and utilities are positive points for the sector. However, factors like delays in obtaining government approvals, weak financial condition of discoms, lack of proper power evacuation infrastructure, non-extension of tax holiday period under section 80IA of the Income Tax Act, 1961 and absence of vibrant REC market continue to pose challenges.

 

 

FUTURE OUTLOOK AND OPPORTUNITIES

 

Certain developments which may bring a positive impact on the power sector are as follows:

 

  • CCEA’s approval of the Rangarajan Committee’s formula for domestic gas pricing is likely to incentivize exploration of new indigenous gas resources and further development of existing ones. Also, proposed investments by RIL in its shale gas ventures and for revamping of KG-D6 basin and ONGC’s plans to raise its natural gas output by over 53% to 100 mmscmd by FY 2017-18 are expected to augment the domestic gas availability.

 

  • On LNG front, Petronet will receive 1.5 million metric tonnes per annum (mmtpa) from FY 2015-16 under its 20-year long term agreement with Australia and GAIL will source 5.8 mmtpa from U.S. starting 2017. Further, Mozambique has agreed to supply gas in significant quantity from one of its largest fields. With LNG terminal capacities nearly doubling in the near term and increase in the natural gas pipelines infrastructure, adequate supply of gas is expected. Massive shale gas reserves in US and China would help in rationalising global LNG prices.

 

  • The revised limit of 65% (earlier 85%) for tying up installed capacity through competitive bidding under the Mega Power Policy is expected to give fresh lease of life to long-stuck coal-based power projects with a combined capacity of 33,000 MW and investments of more than Rs.1.6 trillion.

 

  • The newly announced Case-1 and Case-2 bidding in the context of reasonable compensation for recovery of fuel cost are welcome steps for the power generation segment.

 

  • The Sector provides immense opportunities for several projects through Public Private Partnerships /JVs for capacity creation in generation, transmission and distribution segments.

 

 

REVIEW OF COMPANY’s BUSINESS

 

The Company is an integrated utility engaged in the business of power generation, transmission and distribution of electricity with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.

 

GENERATION:

 

A) SUGEN Mega Power Plant near Surat

 

The 1,147.5 MW gas based SUGEN Mega Power Plant achieved a higher Plant Availability Factor (PAF) of 98.89% (Previous Year - 94.32%) due to extended scheduled Hot Gas Path Inspection in previous year. PLF reduced to 22.87% (Previous Year - 41.21%) due to non-supply of domestic gas from RIL’s KG-D6 basin and reluctance of beneficiaries to off-take power based on expensive LNG. Consequently, it dispatched from its generation, 2,230 MUs (Previous Year - 4,018 MUs).

 

The Company received a favourable order from APTEL in the appeal filed by it against the applicability of Provisional Initial Tariff Order issued by Petroleum and Natural Gas Regulatory Board. The applicability of Tariff Order would now be from the date of authorization of GSPL’s pipeline (i.e. 27th July, 2012) and not from the date of notification of tariff regulations (i.e. 20th November, 2008).

 

The 382.5 MW gas based SUGEN 40, an expansion of SUGEN, was put into commercial operation on 4th April, 2013. The unit achieved PAF of 99.99%, but its capacity remained unutilised throughout the year owing to non-availability of domestic gas and reluctance of beneficiaries to off-take power based on expensive LNG. Tariff for the said unit has been determined by the Hon’ble CERC based on the Project Cost of Rs.1,833 Millions. During the year, the Project was successfully registered with UNFCCC under CDM.

 

B) AMGEN in Ahmedabad

The AMGEN Power Plant comprises of the 422 MW coal based plant at Sabarmati and 100 MW gas based plant at Vatva. The uprating of E station at Sabarmati to 121 MW from 110 MW was successfully completed and the station was synchronized with the Grid on 21st October, 2013. The 100 MW Vatva gas based plant has not been in operation on account of non-availability of gas throughout the year. Consequently, the Company has decided to retire the Vatva plant.

 

During the year, AMGEN’s coal based plant achieved a PAF of 81.69% (Previous Year – 87.13%), PLF of 74.90% (Previous Year – 81.22%) and dispatched 2,463 MUs (Previous Year - 2,580 MUs). PAF was lower as compared to the previous year due to shut down of E and F stations during the year for uprating whereas PLF was lower additionally due to application of merit order dispatch.

 

C) Wind Power Plant at Lalpur, Jamnagar

The 49.6 MW Wind power plant achieved PAF of 97.39% (Previous Year - 96.49%) and dispatched 89 MUs (Previous Year - 106 MUs) during the year due to comparatively lower wind.

 

DISTRIBUTION:

 

A) Ahmedabad and Surat

 

The sales were lower at 9,235 MUs in FY 2013-14 as against 9,300 MUs during the previous year. The marginal de-growth of 0.71% was mainly on account of reduction in sales due to open access. T&D loss increased marginally to 6.54% in FY 2013-14 from 6.52% during the previous year and is one of the lowest in the country. The consumer base for both the areas as on 31st March, 2014 was 22.76 lacs (Previous Year - 22.08 lacs). The overall peak system demand for Ahmedabad was higher at 1,409 MW in FY 2013-14 as compared to 1,300 MW in the previous year. The overall peak system demand for Surat at 589 MW in FY 2013-14 was higher as compared to 569 MW in the previous year. To cater to the shortage following the unwillingness to off-take expensive spot LNG based power from its gas based generating stations, due to non-availability of domestic gas, the Company entered into various short-term power purchase agreements for FY 2013-14 and FY 2014-15 and also procured from Power Exchanges.

 

Following the option provided in GERC (Multi Year Tariff) Regulations, 2011 to seek Mid-term Review of the Business Plan in FY 2013-14, the Company had filed the petitions for its Regulated Business for FY 2014-15 and FY 2015-16 along with petition for True up of FY 2012-13 and Tariff Determination for FY 2014-15. Hon’ble GERC has vide its orders dated 29th April, 2014 allowed an average increase of 44 paise per kWh, which after reduction of positive difference between incremental base power purchase rate and base FPPPA is ~29 paise per kWh.

 

Despite the genuine efforts made by the Company to meet its Renewable Purchase Obligation (RPO) for FY 2013-14, it has not been fully successful mainly due to supply constraints and other factors beyond the control of the Company. For FY 2012-13, in recognition of the sincere efforts made by the Company, Hon’ble GERC has revised the RPO targets as per actuals. Hon’ble APTEL has also confirmed the ruling of Hon’ble GERC in favour of the Company to revise the RPO for FY 2010-11 at the actual level of compliance.

 

B) Bhiwandi

The sales were lower at 2,760 MUs in FY 2013-14 as against 2,833 MUs during the previous year, registering de-growth of 2.58% mainly due to the 15 days strike by Powerloom Industry. The AT&C loss was higher at 22.68% in FY 2013-14 as against 21.68% during the previous year as the agitation against tariff hike continued during the year. The consumer base as on 31st March, 2014 was 2.58 lacs (Previous Year - 2.52 lacs). The peak system demand for Bhiwandi was 571 MVA during FY 2013-14, which was marginally higher than 560 MVA in the previous year. Collection Efficiency has improved to 97.30% in FY 2013-14 from 94.97% in FY 2012-13.

 

C) Agra

The sales were higher at 1,283 MUs in FY 2013-14 as against 1,125 MUs during the previous year, registering a growth of 14.00%. The AT&C loss was lower at 43.47% in FY 2013-14 as against 51.26% during the previous year. The consumer base as on 31st March, 2014 was 3.36 lacs (Previous Year – 3.04 lacs). The peak system demand for Agra was 409 MVA during FY 2013-14, which was lower than 431 MVA in the previous year.

 

OVERALL RESULTS:

 

The overall sales in FY 2013-14 were at 13,246 MUs as against 14,009 MUs during the previous year registering a de-growth of 5.45%. Sales to various categories of consumers during FY 2013-14 as compared to the previous year are as under:

 

Growth of 5.69% was registered in residential category due to normal load growth and reduction in T&D losses at Agra. However, de-growth of 6.23% was witnessed in HT category of consumers on account of sales loss due to open access. Others reduced by 80.22% due to absence of short term power sales owing to domestic gas non-availability.

 

During the year, there was substantial reduction in generation at its gas based generating stations mainly on account of non-availability of domestic gas and unwillingness of beneficiaries to off-take power using expensive LNG.

 

Though GERC (Multi Year Tariff) Regulations, 2011 provide for 14% post-tax return on equity, which is lower than that stipulated by the Tariff Policy as well as certain SERCs, the regulated distribution business of the Company could not realize even cost of energy supplied during the year despite increase in tariff in FY 2013-14 and correction in the FPPPA mechanism in the later part of the year. TPL-D purchased power through bi-lateral agreements and also from power exchanges owing to lower availability of power from its gas based generating stations which resulted into additional power purchase cost. TPL-D was unable to recover such additional costs fully for a good part of the year resulting into postponement of such recovery to true up stage. Also, pending adoption of the Hon’ble CERC determined tariff of SUGEN 40 by Hon’ble GERC, recovery of its cost is in abeyence. These have impacted profits and cashflows of regulated distribution business for FY 2013-14 significantly.

 

The overall performance in Bhiwandi deteriorated due to increase in the T&D losses. Slowing down of vigilance activities owing to the continuing agitations against the tariff hike has impacted T&D losses significantly.

 

Agra has shown reduction of 7.79% in AT&C losses during the year due to the continuing efforts in the areas of network augmentation, LT network undergrounding, better meter reading efficiency and increased collection efficiency.

 

Capitalisation pursuant to commissioning of SUGEN 40 and uprating of E & F stations at AMGEN led to increase in depreciation and interest cost (net of treasury income).

 

The impact of additional capitalisation on depreciation during FY 2013-14 has resulted into the increase in deferred tax.

 

The Company did not sell any CERs (Previous Year – Rs.44.99 Millions) on account of low prices of CERs.

 

In this context the overall;

 

  • PBDIT increased by 1.32% from Rs.1,4391.500 Millions to Rs.14581.400 Millions
  • Depreciation increased by 31.03% from Rs.4079.300 Millions to Rs.5345.200 Millions
  • Interest increased by 65.78% from Rs.4084.800 Millions to Rs.6771.800 Millions
  • PBT decreased by 60.43% from Rs.6227.400 Millions to Rs.2464.400 Millions
  • PAT decreased by 75.36% from Rs.3849.600 Millions to Rs.948.400 Millions.

 

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014

(Rs. in Millions)

Particulars

 

For the quarter ended

For half year ended

 

30.09.2014

30.06.2014

30.09.2014

 

Un-audited

Un-audited

Un-audited

Income from operations

 

 

 

(a) Net sales/income from operations

25924.700

24929.000

50853.700

(b) Other operating income

877.600

387.800

405.800

Total income from operations

26802.300

25316.800

22417.700

 

 

 

 

Expenses

 

 

 

(a) Power purchase

12607.400

12800.700

25408.100

(b) Fuel cost

7279.500

6042.500

13322.000

(c) Employee benefits expense

963.900

764.000

1727.900

(d) Depreciation and amortisation expense

1365.700

1372.500

2738.200

(e) Other expenses

2021.400

1710.500

3731.900

Total expenses

24237.900

22690.200

46928.100

 

 

 

 

Profit from operations before other income, finance costs and exceptional Items

2564.400

2626.600

5191.000

Other income

666.100

621.800

1287.900

Profit from ordinary activities before finance costs and exceptional Items

3230.500

3248.400

6478.900

Finance costs

1815.400

1814.700

3630.100

Profit / (Loss) from ordinary activities after finance costs but before exceptional Items

1415.100

1433.700

2848.800

Exceptional items

303.900

--

303.900

Profit / (Loss) from ordinary activities before tax

1111.200

1433.700

2544.900

Tax expense

 

 

 

- Current Tax

239.000

304.200

543.200

- Deferred tax

302.100

326.700

628.800

- Short / (-) excess provisions for current tax of earlier years

--

--

--

Net profit / (Loss) from ordinary activities after tax

570.100

802.800

1372.900

Extraordinary items

--

--

--

Net profit / (Loss) for the period

570.100

802.800

1372.900

Paid up equity share capital (F.V. Rs. 10/- per share)

4724.500

4724.500

4724.500

Reserves excluding revaluation reserves as per balance sheet

--

--

--

Earnings per share (before and after extraordinary items) (of Rs. 10/-each) (not annualised)

 

 

 

(a)        Basic (Rs.)

1.21

1.70

2.91

(b)        Diluted (Rs.)

1.21

1.70

2.91

Debt service Coverage Ratio

--

--

1.35

Interest Service Coverage Ratio

--

--

2.42

 

 

 

 

1. Public Shareholding

 

 

 

Number of Shares (in Lacs)

2,199.88

2,199.88

2,199.88

Percentage of Shareholding

46.56%

46.56%

46.56%

2. Promoters and Promoter Group Shareholding

 

 

 

a) Pledged / Encumbered

 

 

 

- Number of shares (in Lacs)

--

--

--

- Percentage of shares( as a % of the total shareholding of promoter and promoter group)

--

--

--

- Percentage of shares( as a % of the total share capital of the company)

--

--

--

b. Non-encumbered

 

 

 

- Number of shares (in Lacs)

2,524.60

2,524.60

2,524.60

- Percentage of shares ( as a % of the total shareholding of promoter and promoter group)

100.00%

100.00%

100.00%

- Percentage of shares ( as a % of the total share capital of the company)

53.44%

53.44%

53.44%

 

 

 

 

INVESTOR COMPLAINTS

 

 

 

Pending at the beginning of the quarter

5

 

 

Received during the quarter

7

 

 

Disposed of during the quarter

9

 

 

Remaining unresolved at the end of the quarter

0

 

 

 

Note:

1. The figures for the previous periods have been regrouped / reclassified, wherever necessary, to make them comparable with the figures for the current periods.


2. The Board of Directors approved on 12th May 2014, the draft Composite Scheme of Amalgamation of Torrent Energy Limited and Torrent Cables Limited with Torrent Power Limited and their respective shareholders and creditors ("the Scheme") under Sections 391 to 394 and other applicable provisions of the Companies Act, 1956. The Appointed Date of the scheme is 1st April, 2014. The Company has already obtained necessary approval of the Draft Scheme from National Stock Exchange of India Limited and BSE Limited vide their letters dated 26th and 27th August 2014 respectively. The Company will take further actions in respect of seeking consents from the shareholders, creditors as well as other legislature / regulatory authorities. Pending requisite approvals, including approval of High Court of Gujarat / National Company Law Tribunal, fulfillment of conditions mentioned in draft scheme and further actions, the effect of the Scheme has not been considered in the results.


3. The Company operates only in one business segment viz. Generation and Distribution of Electricity.


4. The Company has decided to close 100 MW Gas-based Combined Cycle Power Plant located at Vatva, Dist. Ahmedabad and consequently the difference of Rs. 303.900 Millions between Net Book Value of fixed assets and estimated Realisable value has been written off and the same has been disclosed as an 'Exceptional item'.

5. The Audit Committee has reviewed the above results and the same have been subsequently approved by the Board of Directors in their respective meetings held on 4th November, 2014. The statutory auditors of the Company have carried out a Limited Review of the financial results for the quarter ended on 30th September, 2014.

6. Formulas for the computation of the Ratios :

  1. Debt Service Coverage Ratio = (Profit after tax + deferred tax + depreciation & amortisation + Interest on term & working capital debt) / (Principal repayment of debt less pre-payments + Interest on term & working capital debt)
  2. Interest Service Coverage Ratio = (Profit after tax + deferred tax + depreciation & amortisation + Interest on term & working capital debt) / (Interest on term & working capital debt)

 

STANDALONE / CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Particulars

As at 30.09.2014

 

Particulars

 

A

EQUITY AND LIABILITIES

 

1

Shareholder’s Funds

 

 

a) Share Capital

4724.500

 

b) Reserves & Surplus

58765.500

 

Sub Total- Shareholders funds

63490.000

2

Share application money pending allotment

--

3

Minority Interest

--

4

Non-current liabilities

 

 

(a) long-term borrowings

53206.700

 

(b) Deferred tax liabilities (Net)

7622.200

 

(c) Other long term liabilities

11707.500

 

(d) long-term provisions

721.200

 

Sub Total- Non Current Liabilities

73257.600

5

Current liabilities

 

 

(a) Short term borrowings

--

 

(b) Trade Payables

8066.100

 

(c) Other current liabilities

11668.100

 

(d) Short term provisions

402.100

 

Sub Total- Current Liabilities

20136.300

 

TOTAL-EQUITY AND LIABILITIES

156883.900

B

ASSETS

 

1

Non-current assets

 

 

(a) Fixed assets

92613.000

 

(b) Long term loans and advances

21153.400

 

(c)  Long-term Loan and Advances

209.300

 

(d) Other Non-current assets

7.600

 

Sub-Total- Non current assets

113983.300

2

Current assets

 

 

a) Current Investments

4691.100

 

b) Inventories

2796.200

 

c) Trade Receivables

11506.000

 

d) Cash and cash equivalents

18194.900

 

(e) Short term loans and advances

1986.800

 

(f) Other current assets

3725.600

 

Sub-Total- current assets

42900.600

 

TOTAL ASSETS

156883.900

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

 

Charge Holder

Address

Service Request Number (SRN)

1

10443714

26/09/2013 *

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR,17 R, KAMANI MARG, BALLARD ESTATE,, MUMBAI, Maharashtra - 400001, INDIA

B87562377

2

10441792

12/07/2013

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, BALLARD ESTATE,, MUMBAI, Maharashtra - 400001, INDIA

B81134678

3

10448617

20/06/2013

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA

B79528337

4

10425900

20/04/2013

7,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA

B75072009

5

10420083

05/08/2013 *

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA

B83284026

6

10408074

08/02/2013

3,612,906,594.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA

B69636769

7

10406043

21/12/2012

5,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA

B66089400

8

10383250

11/09/2013 *

4,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian building, Ground Floor, 17, R, Kamai Marg,
Ballard Estate, Mumbai, Maharashtra - 400001, INDIA

B86387271

9

10378743

19/01/2013 *

1,160,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, INDIA

B69434405

10

10362037

27/12/2012 *

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA

B66450073

11

10362031

27/12/2012 *

4,160,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.K. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, INDIA

B66450842

12

10324835

26/06/2012 *

1,150,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B43575760

13

10296177

14/07/2011

2,800,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B16549057

14

10280031

04/08/2011 *

3,200,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B19337302

15

10280032

04/08/2011 *

3,200,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B19339159

16

10280047

04/08/2011 *

3,630,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B19338383

17

10212065

31/03/2010

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A82976739

18

10202980

04/02/2010

6,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A79593836

19

10170655

04/02/2010 *

1,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A79591103

20

10123153

04/02/2010 *

2,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A79590550

21

10096923

04/02/2010 *

1,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A79587143

22

10094345

13/06/2013 *

7,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B79053070

23

10096455

04/02/2010 *

2,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A79589958

24

10082528

11/09/2013 *

5,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B86386968

25

10053784

04/02/2010 *

1,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

A79594339

26

80040362

19/01/2013 *

8,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B69434082

27

80041901

29/10/2012 *

15,670,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA

B64243827

 

* Date of charge modification

 

 

FIXED ASSETS

 

 

Tangible Assets

 

  • Land – Freehold
  • Land - Leasehold
  • Buildings
  • Railway Siding
  • Plant and Machinery
  • Transmission and Distribution Systems
  • Electrical Fittings and Apparatus
  • Furniture, Fixture and Office Equipments
  • Vehicles

 

Intangible Assets

 

  • Software 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.

UK Pound

1

Rs.

Euro

1

Rs.

 

 

INFORMATION DETAILS

 

Information Gathered by :

 

 

 

Analysis Done by :

 

 

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

65

 

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

 

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

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

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

 

 

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

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