IRA INFORM REPORT

 

 

Report No. :

319408

Report Date :

24.04.2015

 

IDENTIFICATION DETAILS

 

Name :

ADANI POWER LIMITED

 

 

Registered Office :

Shikhar Building, 9th Floor, Near Mithakali Six Roads, Navrang Pura, Ahmadabad – 380009, Gujarat

Tel No. :

91-79-2656555

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.08.1996

 

 

Com. Reg. No.:

04-030533

 

 

Capital Investment / Paid-up Capital :

Rs. 28.719 Million

 

 

CIN No.:

[Company Identification No.]

L40100GJ1996PLC030533

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA01102D

 

 

PAN No.:

[Permanent Account No.]

AABCA2957L

 

 

Legal Form :

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

 

 

Line of Business :

Power Generation and Power Transmission

 

 

No. of Employees :

1493  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track.

 

The ratings continue to draw strength from wide experience of promoters of AEL In global trading business and diversified operation of the group.

 

Rating also takes into consideration unconditional and irrevocable corporate guarantee provided by Adani Enterprises Limited (AEL).

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings at usual trade terms and conditions. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = A (So)

Rating Explanation

Adequate degree of safety and low credit risk

Date

26.03.2015

 

 

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

 

Management non co-operative (91-79-26565555)

 

LOCATIONS

 

Registered Office :

Shikhar Building, 9th Floor, Near Mithakali Six Roads, Navrang Pura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26565555/ 25555795/ 255507134

Fax No.:

91-79-26565500/ 25555608/ 6161/ 25557177

E-Mail :

info@adanigroup.com

rcshah@adanigrup.com

ipo.power@adanipower.com

digish.shah@adanipower.com

Website :

http://www.adanipower.com

 

 

Corporate Address:

7th Floor, Sambav Building (Sambav Press), Judges Bunglow Road, Bodakdev, Ahmedabad - 380015, Gujarat, India

Tel No.:

91-79-25556927/ 6985

Fax No.:

91-79-26873335

 

 

Corporate Office :

Achalraj, Opposite Mayor Bunglow, Ahmedabad, India

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Gautham S. Adani

Designation :

Chairman Cum Managing Director

Address :

“Shantivan”, B.h Karnavt Club, Gandhinagar- Srkhej Highway, Ahmedabad-380057, Gujarat, India

Date of Birth/Age :

24.06.1962

Date of Appointment :

26.12.2005

 

 

Name :

Mr. Rajesh S Adani

Designation :

Managing Director

Address :

15, Suryaja Bunglows, B/h Sunrise Park, Near Amaltas Bunglow, Vastrapur, Ahmdebad-380054, Gujarat, India

Date of Birth/Age :

07.12.1964

Date of Appointment :

12.06.2007

 

 

Name :

Mr. Vneet S Jaain

Designation :

Executive Director

 

 

Name :

Mr. B.B. Tandon

Designation :

IAS (Retd)

 

 

Name :

Mr. Vijay Ranchan

Designation :

IAS (Retd)

 

 

Name :

Mr. C. P. Jain

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Rahul C. Shah

Designation :

Company Secretary

 

 

 SHAREHOLDING PATTERN

 

As on 31.03.2015

 

 

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.gifBodies Corporate

2025356085

70.52

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

2025356085

70.52

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

57700000

2.01

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

70878997

2.47

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

128578997

4.48

Total shareholding of Promoter and Promoter Group (A)

2153935082

75.00

(B) Public Shareholding

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

 

 

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

3177368

0.11

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

16216899

0.56

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

213380683

7.43

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

232774950

8.11

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

 

 

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

29244755

1.02

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

106924585

3.72

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

23113025

0.80

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

325918736

11.35

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

132993

0.00

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

3830176

0.13

http://www.bseindia.com/include/images/clear.gifForeign Nationals

1316900

0.05

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

319107182

11.11

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

70880

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

1460605

0.05

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

485201101

16.90

Total Public shareholding (B)

717976051

25.00

Total (A)+(B)

2871911133

100.00

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

 

 

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)

2871911133

100.00

 

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl.No

Name of the Shareholder

Details of Shares held

 

 

No. of Shares held

As a % of grand total (A)+(B)+(C)

1

Adani Enterprises Limited

1,98,12,90,000

68.99

2

Adani Properties Private Limited

4,40,66,085

1.53

3

Ventura Power Investments Private Limited

7,08,78,997

2.47

4

Adani Vinodbhai Shantilal

5,77,00,000

2.01

 

Total

2,15,39,35,082

75.00

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Sl.No

Name of the Shareholder

Details of Shares held

 

 

No. of Shares held

As a % of grand total (A)+(B)+(C)

1

Opal Investment Private Limited

213236910

7.42

2

3i Power Investments A1 Limited

73329272

2.55

 

Total

286566182

9.98

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

 

Sl.No

Name of the Shareholder

Details of Shares held

 

 

No. of Shares held

As a % of grand total (A)+(B)+(C)

1

Opal Investment Private Limited

213236910

7.42

 

Total

213236910

7.42

 

 

BUSINESS DETAILS

 

Line of Business :

Power Generation and Power Transmission

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

1493  (Approximately)

 

 

Bankers :

·         Allahabad Bank

·         Andhra Bank

·         Axis Bank

·         Bank of Baroda

·         Bank of India

·         Bank of Maharashtra

·         Banque Des Mascareignes Ltee

·         Canara Bank

·         Central Bank of India

·         China Development Bank

·         Corporation Bank

·         Dena Bank

·         Deutsche Bank

·         Development Credit Bank

·         First Gulf Bank

·         HDFC Bank

·         ICICI Bank

·         Indusind Bank

·         Industrial Development Bank of India

·         ING Vysya Bank

·         Jammu and Kashmir Bank

·         Life Insurance Corporation of India

·         Mega International Commercial Bank

·         Power Finance Corporation

·         Punjab National Bank

·         Punjab and Sind Bank

·         Royal Bank of Scotland

·         Rural Electrification Corporation

·         SBI (Mauritius)

·         State Bank of Bikaner and Jaipur

·         State Bank of Hyderabad

·         State Bank of India

·         State Bank of Mysore

·         State Bank of Patiala

·         State Bank of Travancore

·         Standard Chartered Bank

·         Syndicate Bank

·         UCO Bank

·         Union Bank of India

·         United Bank of India

·         Yes Bank

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loans

 

 

From Banks

136205.500

128568.400

From Others

5025.000

2000.000

Trade Credits

 

 

From Banks

0.000

22681.900

 

 

 

SHORT TERM BORROWING

 

 

Trade Credits

 

 

From Banks

13706.900

17386.600

 

 

 

Total

154937.400

170636.900

 

 

Notes:

 

Long Term Borrowings

 

  1. The security details for the balances as at 31 March, 2014 :

 

  1. Rupee Term Loans from Banks aggregating to Rs. 9,6039.400 Million (Previous Year Rs. 8,522.5.600 Million), Rupee Term Loans from Others aggregating to Rs. 6625.000 Million (Previous Year Rs. 2800.000 Million), Foreign Currency Loans from Banks aggregating to Rs. 6,2003.000 Million (Previous Year Rs.  5,8508.400 Million) and Trade Credits from Banks aggregating to Rs. NIL (Previous Year Rs. 2,7884.000 Million) are secured / to be secured by first charge on respective immovable and movable assets of the Company on paripassu basis.

 

  1. Rupee Term Loan from Bank aggregating to Rs. NIL (Previous Year Rs.1000.000 Million) and Foreign Currency Loan from Banks aggregating to ` 4823.300 Million (Previous Year Rs. 4885.700 Million) are secured / to be secured by first charge on receivables of the Company and second charge on respective immovable and movable assets of the Company on paripassu basis.

 

  1. Rupee Term Loan from Banks and Trade Credits aggregating to ` 7,272.91 Crores (Previous Year Rs. 8,2001.700 Million) are further secured / to be secured by pledge of 22,31,41,107 Equity Shares of the Company held by the holding company, Adani Enterprises Limited as First charge.

 

  1. The Classification of loans between current liabilities and non-current liabilities continues based on repayment schedule under respective agreements unless loans have been recalled due to non-compliance of conditions under any of the loan agreements. This is in accordance with the guidance issued by the Institute of Chartered Accountants of India on Revised Schedule VI to the Companies Act, 1956.

 

 

  1. Repayment schedule for the balances as at 31 March, 2014 :

 

  1. The term loans from banks and from Others aggregating to Rs.  11,0470.900 Million (Previous Year Rs.10,5291.400 Million) and Rs. 200.000 Million (Previous Year Rs. 280.000 Million) respectively are repayable over a period of next 12 years in 519 instalments structured on quarterly to yearly basis.
  2. The term loan from banks aggregating to Rs. 4,9394.800 Million (Previous Year Rs. 3,6828.300 Million), from others aggregating to Rs. 4625.000 Million (Previous Year Rs. NIL) and Trade Credits (to be converted into term loans) aggregating to Rs. NIL (Previous Year Rs. 2,1571.800 Crores Million) are repayable in 666 equal quarterly instalments.
  3. The term loan from a bank aggregating to Rs. 3000.000 Million (Previous Year Rs. 7500.000 Million) is repayable in 2 quarterly instalments on April 2014 & July 2014.
  4.  Trade Credits (to be converted into term loans) aggregating to Rs. NIL (Previous Year Rs. 1110.100 Million) are repayable in structured instalments ranging from quarterly to yearly.
  5. Trade Credits (not to be converted into term loans) aggregating to Rs. NIL (Previous Year Rs. 5202.100 Million) are repayable on due date and shown under current maturities of long term borrowings (Refer Note 11).
  6. Unsecured term loan from banks of Rs. 3000.000 Million (Previous Year Rs. NIL) is repayable in 22 equal quarterly instalments starting from February 2015.
  7. Unsecured loan from related party of Rs. 3,1904.600 Million (Previous Year Rs. 5,3117.900 Million) are repayable on mutually agreed dates after a period of 12 months from the balance sheet date.

 

 

Short Term Borrowings

 

  1. Trade Credits from banks aggregating to Rs. NIL Crores (Previous Year Rs. 2235.400 Million) are secured by Fixed Deposit Cash Margin.
  2.  Trade Credits for Working Capital from banks of Rs. 1,3706.900 Million (Previous Year Rs. 1,5151.200 Million) are secured / to be secured by first mortgage and charge on respective immovable and movable assets of the Company.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Institutions : 

Infrastructure Development Finance Company

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

Heritage, 3rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

  • Adani Enterprises Limited

 

 

Related parties where control exist

Subsidiaries and step down subsidiaries:
  • Adani Power Maharashtra Limited
  • Adani Power Rajasthan Limited
  • Adani Transmission (India) Ltd.(w.e.f. 2 December, 2013)

(Formerly known as Adani Transmission (Gujarat) Limited)

  • Adani Transmission (Maharashtra) Limited  (w.e.f. 4 December, 2013)
  • Adani Power Dahej Limited (up to 27 September, 2013)
  • Adani Pench Power Limited (up to 27 September, 2013)
  • Kutchh Power Generation Ltd (up to 27 September, 2013)

 

 

Ultimate Controlling Entity Fellow subsidiaries :
  • Shantilal Bhudhermal Adani Family Trust (SBAFT)
  • Adani Power Dahej Limited (w.e.f. 28 September, 2013)
  • Adani Pench Power Limited (w.e.f. 28 September, 2013)
  • Kutchh Power Generation Ltd (w.e.f. 28 September, 2013)
  • Maharashtra Eastern Grid Power Transmission Company Limited
  • Adani Hazira Port Private Limited
  • Adani Mining Private Limited
  • Adani Shipping Pte Limited
  • Adani Welspun Exploration Limited
  • Adani Infra (India) Limited
  • Adani Gas Limited
  • Chemoil Adani Private Limited
  • Adani Ports and Special Economic Zone Limited

(Formerly known as Mundra Port and Special Economic Zone Limited)

  • MPSEZ Utilities Private Limited
  • Karnavati Aviation Private Limited
  • Adani Global Pte Limited
  • Adani Kandla Bulk Terminal Private Limited

 

 

Entities on which one or more Key

Management Personnel have a significant influence / controls
  • Adani Wilmar Limited
  • Adani Wilmar Limited
  • Shanti Builders - Partnership firm
  • Adani Foundation
  • Adani Advisory LLP

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3500000000

Equity Share

Rs.10/- each

Rs.35000.000 Million

500000000

Cumulative Compulsorily Convertible Participatory Preference Shares

Rs.10/- each

Rs.5000.000 Million

 

Total

 

Rs.40000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2871922110

Equity Shares

Rs.10/- each

Rs. 28719.200 Million

 

 

 

 

 

Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Rs. In Million

At the beginning of the year

2393272110

2393.27

Issued during the year on account of Amalgamation Scheme

--

--

Outstanding at the end of the year

478650000

478.65

 

 

b. 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. In the event of Iiquidation of the Company the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferenial amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

c. Shares held by holding company

 

Equity Shares

Rs In Million

Out of equity shares issued by the Company, shares held by its

holding company are as under:

 

Adani Enterprises Limited :

 

1981290000 Equity Shares of Rs.10 each fully paid

19812.900

 

 

  1. Details of equity shares held by shareholders holding more than 5% shares:

 

Name of Shareholder

Number of Shares

% holding

Adani Enterprises Limited, Holding Company

1984290000

68.99%

3i Power Investments A1 Limited

160598342

5.59%

OPAL Investment Private Limited

213236910

7.42%

 

 

e. During the year, Company has allotted 44,98,50,000 Equity Shares of Rs. 10 each with premium of Rs.  43.11 per share to Adani Enterprises Limited and 2,88,00,000 Equity Shares of Rs.  10 each with premium of Rs.  43.11 per share to Mr. Vinod S. Adani. These equity shares were issued on preferential basis under section 81(1A) of the Companies Act, 1956.

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)ShareholdersRs. Funds

 

 

 

(a) Share Capital

28719.200

23932.700

21800.400

(b) Reserves & Surplus

49152.400

22565.000

38487.500

(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)

77871.600

46497.700

60287.900

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

176031.600

207528.000

185454.400

(b) Deferred tax liabilities (Net)

0.000

10606.300

6023.100

(c) Other long term liabilities

3968.400

0.000

0.000

(d) long-term provisions

2515.500

1634.600

2174.700

Total Non-current Liabilities (3)

182515.500

219768.900

193652.200

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

47140.400

39412.600

62580.400

(b) Trade payables

29151.600

26028.600

7906.700

(c) Other current liabilities

47522.800

44852.500

33924.200

(d) Short-term provisions

3588.200

3188.700

2730.000

Total Current Liabilities (4)

127403.000

113482.400

107141.300

 

 

 

 

TOTAL

387790.100

379749.000

361081.400

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

244637.700

241497.300

146935.400

(ii) Intangible Assets

30.700

13.900

15.800

(iii) Capital work-in-progress

1464.000

6131.000

94875.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

49159.700

49160.700

23250.400

(c) Deferred tax assets (net)

46101.800

40787.400

41648.100

(d)  Long-term Loan and Advances

5554.900

167.400

1567.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

346948.800

337757.700

308291.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.200

123.600

8164.200

(b) Inventories

9014.800

12632.500

4491.900

(c) Trade receivables

2752.300

6745.800

30302.300

(d) Cash and cash equivalents

4127.900

14860.100

4528.800

(e) Short-term loans and advances

2888.800

2473.200

5302.500

(f) Other current assets

22057.300

5156.100

0.000

Total Current Assets

40841.300

41991.300

52789.700

 

 

 

 

TOTAL

387790.100

379749.000

361081.400

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

107144.300

63329.800

39512.700

 

Other Income

5901.300

5351.100

2430.000

 

TOTAL (A)

113045.600

68680.900

41942.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Fuel cost

61557.800

46988.800

21215.500

 

Employees benefits expense

1568.900

1350.900

525.100

 

Other expenses

11076.600

6802.000

5377.800

 

Exceptional Items

0.000

(515.900)

0.000

 

TOTAL (B)

74203.300

54625.800

27118.400

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

38842.300

14055.100

14824.300

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

30236.100

16454.100

9346.000

 

 

 

 

 

 

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

8606.200

(2399.000)

5478.300

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

11878.300

10121.200

5514.500

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

(3272.100)

(12520.200)

(36.200)

 

 

 

 

 

Less

TAX (I)

(9224.700)

7000.100

2903.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

5952.600

(19520.300)

(2939.200)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

 (15542.200)

 3978.100

6917.300

 

 

 

 

 

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

(9589.600)

(15542.200)

3978.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

Fuel

52085.000

34697.200

9444.5

 

Components and Stores parts

552.900

252.500

29196.8

 

Capital Goods

49.300

2879.700

235.3

 

TOTAL IMPORTS

52687.200

37829.400

38876.600

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2.62

(7.15)

(1.35)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

5.56

(30.82)

(7.44)

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

36.25

22.19

37.52

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(1.12)

(4.41)

(0.02)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.04)

(0.27)

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.87

5.31

4.11

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.32

0.37

0.49

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

21800.400

23932.700

28719.200

Reserves & Surplus

38487.500

22565.000

49152.400

Net worth

60287.900

46497.700

77871.600

 

 

 

 

long-term borrowings

185454.400

207528.000

176031.600

Short term borrowings

62580.400

39412.600

47140.400

Total borrowings

248034.800

246940.600

223172.000

Debt/Equity ratio

4.114

5.311

2.866

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

39512.700

63329.800

107144.300

 

 

60.277

69.185

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

39512.700

63329.800

107144.300

Profit

(2939.200)

(19520.300)

5952.600

 

(7.44%)

(30.82%)

5.56%

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

As on

31.03.2012

LONG TERM BORROWING

 

 

 

Term Loans

 

 

 

From Banks

26660.200

21051.300

13593.300

From Others

1600.000

800.000

900.000

Trade Credits

 

 

 

From Banks

0.000

5202.100

6900.600

 

 

 

 

SHORT TERM BORROWING

 

 

 

Trade Credits

 

 

 

From Banks

136.400

0.000

0.000

 

 

 

 

Trade Credits

 

 

 

From Banks

1247.100

6927.300

0.000

Total

29643.700

33980.700

21393.900

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------

26]

Buyer visit details

----------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

Litigation Details :

 

HIGH COURT OF GUJARAT

CIVIL APPLICATION No. 5810 of 2011

In SPECIAL CIVIL APPLICATION / 11023 / 2010 ( PENDING )

Status : PENDING

( Converted from : CAST/4773/2011)

CCIN No : 001003201105810

 

Last Listing Date: 25/02/2015

 

Coram

HONOURABLE MR.JUSTICE R.M.CHHAYA

 

Not Before :

HONOURABLE MR.JUSTICE K.M.THAKER

HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1

MAHESH HIMMATLAL PUJ

MR.D K.PUJ for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
MS VIDHI J BHATT 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

6

7

8

9

10

STATE OF GUJARAT THROUGH CHIEF SECRETARY
PRINCIPLE SECRETARY
PRINCIPAL SECRETARY ENERGY AND PETROLEUM DEPT.,
PRINCIPAL SECRETARY
DEPUTY CONSERVATOR OF FOREST
COLLECTOR
DEPUTY COLLECTOR
MAMLATDAR
SUPERINTENDENT OF LAND
DISTRICT INSPECTOR LAND

RULE SERVED for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 - 14
GOVERNMENT PLEADER for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 - 5 , 7 - 11
MS PAURAMIB SHETH for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 13
M/S TRIVEDI & GUPTA for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 14
MR PR NANAVATI for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 6

 

 

Presented On

: 13/09/2010

Registered On

: 13/09/2010

Bench Category

: - SINGLE BENCH

District

: KACHCHH

Case Originated From

:THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 84 times

 

Office Objection

 

 

Stage Name

FOR FINAL HEARING

Filing Stage

WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

Classification

SJ - LAND LAWS - BOMBAY LAND REVENUE CODE, 1879 - PENALTY FOR UNAUTHORISED OCCUPATION OF LAND (S.61)

Act

BOMBAY LAND REVENUE CODE, 1894

 

Office Details

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

15/08/2010

VAKALATNAMA

MR PR NANAVATI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 6

4

MR PR NANAVATI:6

2

15/08/2010

VAKALATNAMA

MS PAURAMIB SHETH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

4

MS PAURAMI B SHETH:13

3

15/08/2010

APPEARANCE NOTE

GOVERNMENT PLEADER 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

GOVERNMENT PLEADER:1-5,7-11

4

15/08/2010

VAKALATNAMA

M/S TRIVEDI & GUPTA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

M/S TRIVEDI & GUPTA:14

5

15/08/2010

VAKALATNAMA

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

-

MR.D K.PUJ:1

6

15/08/2010

VAKALATNAMA

MS VIDHI J BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MS VIDHI J BHATT:1

7

15/08/2010

DOCUMENT

RULE SERVED 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

RULE SERVED:1,12-14

8

13/09/2010

VAKALATNAMA

MS VIDHI J BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MS VIDHI J BHATT:1

9

13/09/2010

MEMO OF APPEAL/PETITION/SUIT

MS VIDHI J BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MS VIDHI J BHATT:1

10

06/10/2010

VAKALATNAMA

M/S TRIVEDI & GUPTA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

M/S TRIVEDI & GUPTA:14

11

07/10/2010

VAKALATNAMA

MR PR NANAVATI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 6

5

MR PR NANAVATI:6

12

11/10/2010

APPEARANCE NOTE

GOVERNMENT PLEADER 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

GOVERNMENT PLEADER:1-5,7-11

13

15/10/2010

VAKALATNAMA

MS PAURAMIB SHETH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MS PAURAMI B SHETH:13

14

25/10/2010

AFFIDAVIT IN REPLY

M/S TRIVEDI & GUPTA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

M/S TRIVEDI & GUPTA:14

15

09/05/2011

AFFIDAVIT

GOVERNMENT PLEADER 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

GOVERNMENT PLEADER:1-5,7-11

16

12/09/2011

VAKALATNAMA

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

5

MR.D K.PUJ:1

 

Linked Matters

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

CIVIL APPLICATION/5810/2011

PENDING

-

-

HONOURABLE MR.JUSTICE R.M.CHHAYA

1

2

CIVIL APPLICATION/9523/2011

PENDING

-

-

HONOURABLE MR.JUSTICE R.M.CHHAYA

2

3

MISC.CIVIL APPLICATION/2188/2011

PENDING

-

-

HONOURABLE MR.JUSTICE R.M.CHHAYA

3

 

Court Proceedings

 

S. No.

Notified Date

Court

Code

Board Sr. No.

Stage

Action

Coram

1

16/01/2013

10

1-8

FOR FINAL HEARING

NEXT DATE

HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

2

28/02/2013

10

117

FOR FINAL HEARING

NEXT DATE

HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

3

06/03/2013

10

120

FOR FINAL HEARING

NEXT DATE

HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

4

11/03/2013

10

127

FOR FINAL HEARING

NEXT DATE

HONOURABLE MS.JUSTICE HARSHA DEVANI

5

25/04/2013

10

229

FOR FINAL HEARING

NEXT DATE

HONOURABLE MS.JUSTICE HARSHA DEVANI

6

13/06/2013

10

-

FOR FINAL HEARING

NEXT DATE

HONOURABLE MS.JUSTICE HARSHA DEVANI

7

04/07/2013

10

112

FOR FINAL HEARING

NEXT DATE

HONOURABLE MS.JUSTICE HARSHA DEVANI

8

24/07/2013

10

115

FOR FINAL HEARING

NEXT DATE

HONOURABLE MS.JUSTICE HARSHA DEVANI

9

21/08/2013

9

95

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE ANANT S. DAVE 

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT and HONOURABLE MS.JUSTICE HARSHA DEVANI

10

12/09/2013

9

59

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

11

07/10/2013

9

47

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

12

19/11/2013

15

110

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT 

HONOURABLE MR.JUSTICE RAJESH H.SHUKLA and HONOURABLE MR.JUSTICE R.M.CHHAYA

13

05/12/2013

15

69

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

14

16/01/2014

16

35

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA 

HONOURABLE MR.JUSTICE G.B.SHAH

15

10/02/2014

16

32

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

16

07/03/2014

16

52

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

17

04/04/2014

16

47

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

18

08/05/2014

16

26

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE G.B.SHAH

19

30/06/2014

14

-

FOR FINAL HEARING

 

HONOURABLE MR.JUSTICE RAJESH H.SHUKLA 

HONOURABLE MR.JUSTICE G.B.SHAH

20

01/07/2014

14

96

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

21

25/07/2014

14

161

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

22

05/09/2014

14

151

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

23

26/09/2014

14

155

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

24

28/11/2014

15

148

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

25

15/01/2015

15

84

FOR FINAL HEARING

NEXT DATE

HONOURABLE MR.JUSTICE R.M.CHHAYA

26

25/02/2015

15

-

FOR FINAL HEARING

 

HONOURABLE MR.JUSTICE R.M.CHHAYA

           

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

 

1

SPECIAL CIVIL APPLICATION/11023/2010

HONOURABLE MR.JUSTICE KS JHAVERI

14/09/2010

N

ORDER

-

Y

Download

2

SPECIAL CIVIL APPLICATION/11023/2010

HONOURABLE MR.JUSTICE KS JHAVERI

26/10/2010

N

ORDER

-

Y

Download

3

SPECIAL CIVIL APPLICATION/11023/2010

HONOURABLE MR.JUSTICE KS JHAVERI

29/10/2010

N

ORDER

-

Y

Download

4

SPECIAL CIVIL APPLICATION/11023/2010

HONOURABLE MR.JUSTICE M.R. SHAH

21/04/2011

N

ORDER

-

Y

Download

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loans

 

 

From Banks

2863.600

0.000

From Related Party

31904.600

53117.900

Trade Credits

 

 

From Banks

32.900

1159.800

 

 

 

SHORT TERM BORROWING

 

 

Trade Credits

 

 

From Banks

1509.500

6335.800

Other Loans and Advances

 

 

From Other Parties

11049.400

10636.800

From Banks

0.000

1411.400

From Related parties

20874.600

3642.000

 

 

 

 

 

 

Total

68234.600

76303.700

 

 

 

CORPORATE INFORMATION

 

Adani Power Limited ("the Company") is a public company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company together with its subsidiaries currently has three power projects with a combined installed capacity of 9240 MW, out of which 8580 MW has been commissioned. The parent company, Adani Power Limited and the subsidiaries (together referred to as "the Group") intends to sell the power generated from these projects under a combination of long term Power Purchase Agreements and on merchant basis. The Group gets synergetic benefit of the integrated value chain of Adani group.

 

FINANCIAL PERFORMANCE

 

Standalone total income (including discontinuing operations) for the year increased by 69% to Rs. 11,6001.700 Million compared to ` 6,8680.000 Million in the same period last year. The standalone EBIDTA increased to `4,129.000 Million as compared to 1,332.000 Million in the same period last year. The standalone net profit is Rs. 595.000 Million.

 

Improved operational efficiencies at Mundra and augmentation of new capacity at Tiroda and Kawai resulted in higher net generation of 40 Billion units as compared to 21 Billion units in FY 2013.

 

Other key developments during the year were:

  • Successful commissioning of FGD system at Mundra
  • HVDC System Licence approval for a ±500 kV High Voltage Direct Current (HVDC) Transmission

Line from Mundra, Gujarat to Mohindergarh, Haryana

  •  Inter-plant coal transfer approved under FSA

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2014

 (Rs. In Million)

Particulars

Quarter Ended

(Audited)

Quarter Ended (Unaudited)

Year Ended

( Audited)

 

31.12.2014

30.09.2014

31.12.2014

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

30435.300

24065.100

81238.200

b) Other operating income

30.900

20.200

72.700

Total income from Operations(net)

30466.200

24085.300

71310.900

2.Expenditure

 

 

 

a) fuel cost

17949.600

12429.200

48725.300

b) Employees benefit expenses

498.900

494.200

1352.700

c) Depreciation and amortization expenses

3239.700

3745.700

9451.700

d) Other expenditure

2937.800

2594.300

7939.100

e) foreign expenses  (Gain) \ Loss

8.400

67.700

271.000

f) Purchase of stock in trade

1791.500

1925.700

4381.400

Total expenses

26425.900

21256.800

72121.200

3. Profit from operations before other income and financial costs

4040.300

2828.500

9189.700

4. Other income

1035.600

1023.000

3136.300

5. Profit from ordinary activities before finance costs

5075.900

3851.500

12326.000

6. Finance costs

 

 

 

a)     Finance costs

6834.500

8007.300

19557.300

b)    Derivative (Gain) \ Loss

(55.700)

(159.100

(122.500)

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

(1702.900)

(4314.900)

(7108.800)

8. Exceptional item

2240.500

--

2240.500

9. Profit from ordinary activities before tax Expense:

537.600

(4314.900)

(4868.300)

10.Tax expenses

--

--

--

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

537.600

(4314.900)

(4868.300)

12.Extraordinary Items (net of tax expense)

--

--

--

13.Net Profit / (Loss) for the period (11 -12)

537.600

(4314.900)

(4868.300)

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

2871.92

2871.92

2871.92

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

 

 

16.i) Earnings per share of Rs.10/-each) (not annualised):

 

 

 

(a) Basic and diluted (before extraordinary items)

0.19

(1.50)

(1.70)

(b) Basic and diluted (after extraordinary items)

0.19

(1.50)

(1.70)

4

 

Particulars

Quarter Ended

(Audited)

Quarter Ended (Unaudited)

Year Ended

( Audited)

 

31.12.2014

30.09.2014

31.12.2014

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

717987028

717987028

717987028

- Percentage of shareholding

25.00%

25.00%

25.00%

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

858347304

688389328

858347304

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

39.85%

31.69%

39.85%

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

29.89%

23.97%

29.89%

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

1295587778

1465545754

1295587778

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

60.15%

68.04%

60.15%

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

45.11%

51.03%

45.11%

 

 

 

 

B. Investor Complaints

3 months ended 31st December, 2014

Pending at the beginning of the quarter

0

Receiving during the quarter

9

Disposed of during the quarter

9

Remaining unreserved at the end of the quarter

0

 

 

Note :

 

  1. The above standalone results have been reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on January 28, 2015.

 

  1. The Statutory Auditors have carried out limited review of the Standalone Financial Results for the quarter and nine month ended on December 31, 2014.

 

  1.  As reported in the previous quarter, Adani Power Limited ("the Company") has entered Into a definitive agreement with the owners of Udupi Power Corporation Limited ("UPCL") for acquiring their entire stake in UPCL for a consideration as may be mutually decided by the Company and the said owners of UPCL. UPCL is located in the state of Karnataka and has operational thermal power generation capacity of 1200 MW with a captive jetty of 4 million tons per annum. The Company has paid advance consideration of Rs. 1250.000 Million and is in discussion with the owners of UPCL to conclude the transaction.

 

  1. During the quarter, the Company has signed a binding term sheet for acquisition of 100% stake in Korba West Power Company Ltd ("KWPCL") which owns a 600 MW Coal based thermal power plant in state of Chhattisgarh, from Avantha Power and Infrastructure Ltd at a consideration to be finalised, upon signing of a share purchase agreement on conclusion of due diligence process by the Company. As at December 31, 2014 the Company has paid advance consideration of Rs. 225 crores.

 

  1. During the quarter ended December 31, 2014, the Company received the necessary approvals for the demerger of the transmission business and transfer of the same to Adani Transmission (India) Limited, a wholly owned subsidiary of the Company with effect from the close of business on March 31, 2014 (Appointed Date). Pursuant to the above, the figures for the quarter and nine month ended December 31, 2014 exclude the operations of the transmission business. The figures for the quarter ended September 30, 2014 are as previously published by the Company and do not consider the effect of the aforesaid demerger and hence are not comparable with the figures for the current quarter ended December 31, 2014.

 

  1. The Audit Committee and the Boards of Directors of the Company, at their meetings held on January 16, 2015 subject to shareholder's approval, approved a divestment of 90.91% equity investment held by the Company in Adani Transmission (India) Ltd. (Subsidiary of the Company) to Adani Transmission Ltd. (Wholly Owned Subsidiary of Adani Enterprises Ltd.) at an aggregating value of Rs. 3119.200 Million determined on the basis of independent valuation report.

 

  1.  Net Sales / Income from operations include:

 

Income from operations for the quarter and nine months ended on December 31, 2014 includes Compensatory Tariff of Rs. 2592.700 Million and Rs. 6704.300 Million, respectively, and Rs. 1,8431.200 Million for the year ended March 31, 2014, with respect to 1000MW Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited and 1424 MW Power Purchase Agreement with Haryana Discoms by the Company.

 


The Appellate Tribunal for Electricity ("APTEL"), in response to the appeals filed by Gujarat Urja Vikas Nigam Limited ("GUVNL") and Haryana Discoms against the Central Electricity Regulatory Commission ("CERC") Order dated February 21, 2014 granting Compensatory Tariff ("CT") with effect from Scheduled Commercial Operation Dates ("SCOD") with respect to aforementioned Power Purchase Agreements (PPAs), passed an interim order dated July 21, 2014 allowing the CT to be paid effective from March, 2014 and staying payment of the CT of earlier periods pending disposal of the appeal. Subsequently, in response to an appeal filed with the Hon. Supreme Court by Haryana Discoms seeking stay for payment of compensatory tariff pursuant to the aforesaid Interim order, the Court, vide its order dated August 25, 2014, has, in view of a statement made by the Company's counsel that the Company would accept the payment in terms of the PPAs without prejudice to its claim since the compensatory tariff related issue is already being heard by the APTEL, rendered the previous orders of the CERC and the APTEL Inoperative and directed the APTEL to dispose of the appeals expeditiously.

 

Consequent to an appeal filled by the Company in Supreme Court against the order of the APTEL rejecting the condonation of delay in filling force measure, change in law and frustration of contract, the Supreme Court has stayed proceeding by the APTEL in this respect.


Whilst, the matter is sub-judice and since as per the assessment by the Management, it would not be unreasonable to expect ultimate collection of CT including for the past periods, as per the schedule given in the CERC order dated February 21, 2014, based on the legal advice that the Company continues to have a good arguable case and, hence, the Company has continued to recognize revenue on account of the CT during the quarter and nine month ended December 31, 2014, and no provision has been considered necessary against the CT recognised during the previous year.


The Statutory Auditors have commented on this matter in their limited review report.

 

 

  1. In respect of the Company's standalone financial results, the Company's activities-relate to power generation business which is the only reportable segment in accordance with the requirement of Accounting Standard 17- 'Segment Reporting'.

 

  1. The figures of previous periods have been regrouped / reclassified wherever necessary.

 

INDEX OF CHARGES

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10490279

29/03/2014

3,000,000,000.00

ICICI BANK LIMITED

Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India

C03813540

2

10378194

09/01/2013 *

3,000,000,000.00

IDBI Trusteeship Services Limited

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

B66413956

3

10369422

29/06/2012

7,500,000,000.00

IDBI Bank Limited

IDBI Complex, Off C. G. Road, Near Lal Bunglow, Ahmedabad, Gujarat - 380006, India

B45242161

4

10353032

15/07/2013 *

6,750,000,000.00

IDBI Trusteeship Services Limited

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

B82233784

5

10345633

15/07/2013 *

56,100,000,000.00

IDBI Trusteeship Services Limited

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

B81377293

6

10314594

19/10/2011

8,500,000,000.00

State Bank of India

58, Shrimali Society,, Navrangpura, Ahmedabad, Gu
jarat - 380009, INDIA

B24093304

7

10310793

15/07/2013 *

4,470,000,000.00

IDBI Trusteeship Services Limited

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

B81744237

8

10296649

15/07/2013 *

22,500,000,000.00

IDBI Trusteeship Services Limited

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

B82229717

9

10269639

15/07/2013 *

52,330,000,000.00

IDBI Trusteeship Services Limited

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

B81376865

10

10267941

24/06/2011 *

5,000,000,000.00

State Bank of India

58, Shrimali Society,  Navrangpura, Ahmedabad, Gujarat - 380009, India

B16791519

11

10267939

06/01/2011

3,000,000,000.00

State Bank of India

58, Shrimali Society,  Navrangpura, Ahmedabad, Gujarat - 380009, India

B05169362

12

10180849

23/11/2010 *

62,290,000,000.00

IDBI Trusteeship Services Limited

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

B01289172

13

10131213

15/07/2013 *

4,455,000,000.00

IDBI Trusteeship Services Limited

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

B81801110

14

10067568

16/09/2011 *

5,500,000,000.00

IDBI Trusteeship Services Limited

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

B22829287

15

10021276

16/09/2011 *

940,000,000.00

IDBI Trusteeship Services Limited

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

B22828917

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10490279

29/03/2014

3,000,000,000.00

ICICI BANK LIMITED

Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India

C03813540

2

10378194

09/01/2013 *

3,000,000,000.00

IDBI Trusteeship Services Limited

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

B66413956

3

10369422

29/06/2012

7,500,000,000.00

IDBI Bank Limited

IDBI Complex, Off C. G. Road, Near Lal Bunglow, Ahmedabad, Gujarat - 380006, India

B45242161

4

10353032

15/07/2013 *

6,750,000,000.00

IDBI Trusteeship Services Limited

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

B82233784

5

10345633

15/07/2013 *

56,100,000,000.00

IDBI Trusteeship Services Limited

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

B81377293

6

10314594

19/10/2011

8,500,000,000.00

State Bank of India

58, Shrimali Society,, Navrangpura, Ahmedabad, Gu
jarat - 380009, INDIA

B24093304

7

10310793

15/07/2013 *

4,470,000,000.00

IDBI Trusteeship Services Limited

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

B81744237

8

10296649

15/07/2013 *

22,500,000,000.00

IDBI Trusteeship Services Limited

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

B82229717

9

10269639

15/07/2013 *

52,330,000,000.00

IDBI Trusteeship Services Limited

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

B81376865

10

10267941

24/06/2011 *

5,000,000,000.00

State Bank of India

58, Shrimali Society,  Navrangpura, Ahmedabad, Gujarat - 380009, India

B16791519

11

10267939

06/01/2011

3,000,000,000.00

State Bank of India

58, Shrimali Society,  Navrangpura, Ahmedabad, Gujarat - 380009, India

B05169362

12

10180849

23/11/2010 *

62,290,000,000.00

IDBI Trusteeship Services Limited

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

B01289172

13

10131213

15/07/2013 *

4,455,000,000.00

IDBI Trusteeship Services Limited

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

B81801110

14

10067568

16/09/2011 *

5,500,000,000.00

IDBI Trusteeship Services Limited

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

B22829287

15

10021276

16/09/2011 *

940,000,000.00

IDBI Trusteeship Services Limited

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

B22828917

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Leasehold Land

·         Freehold Land

·         Building

·         Plant and Machinery

·         Furniture and Fixtures

·         Railway Siding

·         Computer

·         Office Equipments

·         Electrical Installation

·         Vehicle

 

 

Press Release

 

Lanco Infra completes Udupi plant sale to Adani Power


Lanco Infratech on Monday announced that it successfully completed the sell-off of its Udupi power plant to Adani Power, making it the largest acquisition in India in the thermal power space.


The Rs 6,3000.000 Million transaction was announced in August 2014, as part of Lanco’s debt restructuring strategy. But the two companies ended in a legal battle after the deal could not meet the closure deadline of December 2014. With the acquisition of the power plant, Adani’s generation capacity stands at 10440 mw.


The Delhi High Court in January directed the two companies to arbitrate the dispute after Adani had moved the court seeking to restrain Lanco and its representatives from selling its shares in Udupi Power Corporation Ltd or creating any third party interest in the unit, saying it would be a violation of a share purchase agreement (SPA) between them. But the deal was completed without commencement of arbitration proceedings.


The power plant has two 600 Mw imported coal based power unit in Karnataka’s Udupi district. It is the country’s first independent power project, which is based on 100 per cent imported coal with a captive jetty of four million tonnes a year and an external coal handling system in the new Mangalore Port Trust. The plant’s facility can be expanded as Udupi has already signed an agreement with the Karnataka government for further expansion of the capacity by 1,320 Mw, said a Lanco statement today.

 

 
Following the completion of the transaction, Lanco Infratech has realised the enterprise value of around Rs 6,300 crore. “The deal helped Lanco to reduce its debt position — long-term and short term debt now at Rs 4,2750.000 Million and Rs 2,147, respectively — and infuse capital in other projects including Lanco Amarkantak Power,” said the statement.


Adani had earlier contended that the conditions of the SPA required Lanco to provide consent to the transaction from all of its secured lenders as well as a consent to release the shares of Udupi pledged with them. Lanco provided “purported consents” from only seven out of 18 secured lenders despite.

 

 

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 records 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.63.18

UK Pound

1

Rs.94.94

Euro

1

Rs.67.66

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY 

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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.