MIRA
INFORM REPORT
|
Report No. : |
338599 |
|
Report Date : |
26.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
NUCLEAR POWER CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
16th Floor, Centre - 1, World Trade Centre, Cuffe Parade, Colaba,
Mumbai - 400005, |
|
Tel No.: |
91-22-22182171 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
03.09.1987 |
|
|
|
|
Com. Reg. No.: |
11-149458 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 101743.300 Million |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
CIN No.: [Company Identification
No.] |
U40104MH1987GOI149458 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN09769E / PNEN03855F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN3164F / AAACM3154F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Generation of Power. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Government Organization. It is an established company incorporated during the year 1987 having an excellent track record. Available financial indicates company strong financial risk profile marked by healthy net worth position with low borrowings and favorable gap between trade payable and trade receivable. Further, the rating also takes into consideration decent profitability margin of the company. Fundamentals of the company are healthy. Performance capability of the company is high. Promoters are reported to be well experienced and respectable businessman. It can be regarded as a promising business partner in medium to long run Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered good 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: AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
21.07.2015 |
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 (91-22-22182171)
LOCATIONS
|
Registered Office : |
16th Floor, Centre - 1, World Trade Centre, Cuffe Parade,
Colaba, Mumbai - 400005, Maharashtra,
India |
|
Tel. No.: |
91-22-22182171/ 22182177 |
|
Fax No.: |
91-22-22180109 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Nabhikiya Urja Bhavan, Anushakti Nagar, Mumbai - 400094, Maharashtra,
India |
|
Tel. No.: |
91-22-25993000/ 25991000 |
|
Fax No.: |
91-22-25994020/ 25563350 |
|
|
|
|
Power Station / Power Projects : |
Located at: Ø Thane Ø Rajasthan Ø Kancheepuram Ø Uttar Pradesh Ø Gujarat Ø Tamilnadu Ø Karwar |
|
|
|
|
Offices Outside Mumbai : |
Located at: Ø New Delhi Ø Chennai Ø Hyderabad |
|
|
|
|
Quality Surveillance / Assurance Offices : |
Located at: Ø Baroda Ø Bangalore Ø Haridwar Ø Hyderabad Ø Bhopal Ø Chennai Ø Gujarat Ø Uttar Pradesh Ø Tiruchirapally Ø Walchandnagar Ø Kolkata Ø Pune |
|
|
|
|
Overseas Offices : |
Located at: Ø Moscow Ø St. Petersburg Ø Austria Ø
Tokyo Ø France |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Kailash Chandra Purohit |
|
Designation : |
Managing director |
|
Address : |
9-A, Zerlina, Litte Gibbs Road, Malabar Hillas, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
10.05.1954 |
|
Date of Appointment : |
27.11.2009 |
|
DIN No.: |
02903715 |
|
|
|
|
Name : |
Mr. Shivaputra Mallappa Jaamdar |
|
Designation : |
Director |
|
Address : |
F-1, BG, 14th BMN, HSR BDA L/O, Bangalore – 560034,
Karnataka, India |
|
Date of Birth/Age : |
20.05.1952 |
|
Date of Appointment : |
28.06.2013 |
|
DIN No.: |
02250143 |
|
|
|
|
Name : |
Balasatya Venkataramana Chitta |
|
Designation : |
Nominee director |
|
Address : |
6-A, Zerlina, Little Gibbs Road, Malabar Hillas, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
29.09.1955 |
|
Date of Appointment : |
10.05.2013 |
|
DIN No.: |
03179171 |
|
|
|
|
Name : |
Mr. Preman Dinaraj |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 2-B, Zerlina Smt Khadija Shafti Tyabji Marg 1, Malabhar
Hills, Mumbai – 400006, Maharashtra, India
|
|
Date of Birth/Age : |
18.07.1957 |
|
Date of Appointment : |
10.01.2012 |
|
DIN No.: |
05190963 |
|
|
|
|
Name : |
Mr. Sekhar Basu |
|
Designation : |
Director |
|
Address : |
10-B, Zerlina, Little Gibbs Road, Malabar Hillas, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
20.09.1952 |
|
Date of Appointment : |
26.09.2012 |
|
DIN No.: |
06411329 |
|
|
|
|
Name : |
Mr. Sunil Govindrao Ghadge |
|
Designation : |
Whole-time director |
|
Address : |
66, Shantiniketan, Anushakti Nagar, Mumbai – 400094, Maharashtra,
India |
|
Date of Birth/Age : |
17.09.1953 |
|
Date of Appointment : |
01.07.2013 |
|
DIN No.: |
06628123 |
|
|
|
|
Name : |
Mr. Nalinish Nagaich |
|
Designation : |
Whole-time director |
|
Address : |
2 D, Malaya Giri, Anushakti Nagar, Mumbai - 400094,
Maharashtra, India |
|
Date of Appointment : |
24.07.2015 |
|
DIN No.: |
06994184 |
|
|
|
|
Name : |
Mr. Rohit Ashis Banerjee |
|
Designation : |
Whole-time director |
|
Address : |
1504, Sector-20, Hawre Splendor, Kharghar, Owe, Raigarh
- 410210, Maharashtra, India |
|
Date of Appointment : |
24.07.2015 |
|
DIN No.: |
07245621 |
|
|
|
|
Name : |
Mr. Satish Kumar Sharma |
|
Designation : |
Whole-time director |
|
Address : |
Type 6/01, Anupratap Colony,, PO: Bhabhanagar,, Rawatbhata
Via Kota - 323307, Rajasthan, India |
|
Date of Appointment : |
24.07.2015 |
|
DIN No.: |
07245726 |
|
|
|
|
Name : |
Mr. Rajeev RA |
|
Designation : |
Nominee director |
|
Address : |
Municipal Commissioner's Bunglow, Patlipada, Near
Hiranandani Estate, Ghodbunder Road, Thane - 400607, Maharashtra, India |
|
Date of Appointment : |
24.10.2014 |
|
DIN No.: |
03125952 |
KEY EXECUTIVES
|
Name : |
Mr. Srikar Radhakrishna Pai |
|
Designation : |
Secretary |
|
Address : |
D-8, Ajanta, Anushakti Nagar, Mumbai - 400094, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1961 |
|
Date of Appointment : |
08.03.2007 |
|
PAN No.: |
AEAPP2451G |
|
|
|
|
Name : |
Mr. Manaskumar Birendrakumar Dass |
|
Designation : |
Chief Finance Officer |
|
Address : |
C-604/605, Aspen, Adhiraj Gardens, Plot-32, Sector-5, Kharghar,
Navi Mumbai - 410210, Maharashtra, India |
|
Date of Appointment : |
25.02.2015 |
|
PAN No.: |
ACHPD4929Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.07.2013
|
Names of Shareholders |
No. of Shares |
|
President of India |
101743311 |
|
Ratan Sinha |
10 |
|
Kailash Chandra Purohit |
1 |
|
Preman Dinaraj |
1 |
|
Apurwa Prakash Joshi |
1 |
|
Sadasivam R Vindlachervu |
1 |
|
Arun Srivastava |
1 |
|
Niranjan Kumar |
1 |
|
Total |
101743327 |
Equity Share Break up (Percentage of Total Equity)
As on 05.07.2013
|
Category |
Percentage |
|
Government (central and state) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Generation of Power. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Nuclear Energy |
MW |
Not Applicable |
4680* |
|
Wind Energy |
MW |
Not Applicable |
10 |
Note: Installed Capacity excluding KKNPP Unit – 1 of 1000 MW
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Information declined by the management
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· State Bank of India, Export Finance And Public Sector Division, Overseas Branch, Cuffe Parade, Mumbai - 400005,Maharashtra, India · Bank of India, Nariman Point Branch, Air India Building, Nariman Point, Mumbai - 400021, Maharashtra, India ·
State Bank of Hyderabad, 11-C, Mittal Towers,
120, Nariman Point, Mumbai - 400021, Maharashtra, India ·
Canara Bank, Ground Floor, Mittal Tower, 'C'
Wing, Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Vyas and Vyas Chartered Accountants |
|
Address : |
8, Kalptru Building, Dr. S.S.Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Tel. No.: |
91-22-24101882 |
|
Mobile No.: |
91-9820307815 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFV4050F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venture Company : |
L and T Special Steels and Heavy Forgings Private Limited |
|
|
|
|
Subsidiaries : |
Ø Anushakti
Vidhyut Nigam Limited [U40300MH2011GOI212727] Ø NPCIL -
Indianoil Nuclear Energy Corporation Limited [U40104MH2011GOI215870] Ø NPCIL-Nalco
Power Company Limited [U40300MH2012GOI227632] |
CAPITAL STRUCTURE
AFTER 13.08.2014
Authorised Capital : Rs.
150000.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 102172.427
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs. 1000/- each |
Rs. 150000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
101,743,327 |
Equity Shares |
Rs. 1000/- each |
Rs.
101743.327 Million |
|
|
|
|
|
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)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
101743.300 |
101743.300 |
101743.300 |
|
(b) Reserves & Surplus |
183790.300 |
167561.900 |
152384.900 |
|
(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) |
285533.600 |
269305.200 |
254128.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
149007.100 |
151603.500 |
144538.900 |
|
(b) Deferred tax liabilities
(Net) |
186.400 |
244.700 |
157.100 |
|
(c) Other long term
liabilities |
847.500 |
437.600 |
132.900 |
|
(d) long-term provisions |
8970.100 |
7949.100 |
5892.800 |
|
Total
Non-current Liabilities (3) |
159011.100 |
160234.900 |
150721.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
5505.200 |
4542.700 |
3751.400 |
|
(c) Other current liabilities |
38917.700 |
25861.300 |
23601.900 |
|
(d) Short-term provisions |
1979.100 |
4284.500 |
3912.800 |
|
Total
Current Liabilities (4) |
46402.000 |
34688.500 |
31266.100 |
|
|
|
|
|
|
TOTAL |
490946.700 |
464228.600 |
436116.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
113618.500 |
120663.300 |
127860.600 |
|
(ii) Intangible Assets |
52.200 |
59.900 |
47.600 |
|
(iii) Capital work-in-progress |
260843.400 |
212316.900 |
175960.900 |
|
(iv) Intangible assets under
development |
6.400 |
6.400 |
6.400 |
|
(b) Non-current Investments |
16390.400 |
16906.700 |
19938.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28256.900 |
25332.800 |
18090.400 |
|
(e) Other Non-current assets |
5015.800 |
5168.200 |
4943.200 |
|
Total
Non-Current Assets |
424183.600 |
380454.200 |
346847.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
6728.100 |
1728.100 |
3978.100 |
|
(b) Inventories |
5048.500 |
4854.000 |
4522.200 |
|
(c) Trade receivables |
18273.400 |
19725.600 |
22352.400 |
|
(d) Cash and cash equivalents |
15173.400 |
34884.600 |
41214.500 |
|
(f) Earmarked Cash and cash equivalents |
12537.400 |
11002.000 |
10391.000 |
|
(g) Short-term loans and
advances |
3340.500 |
2192.600 |
1079.500 |
|
(h)Other current assets |
5661.800 |
9387.500 |
5730.600 |
|
Total
Current Assets |
66763.100 |
83774.400 |
89268.300 |
|
|
|
|
|
|
TOTAL |
490946.700 |
464228.600 |
436116.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
83841.300 |
79615.100 |
79138.100 |
|
|
Other Income |
6685.700 |
6764.600 |
7951.000 |
|
|
TOTAL
(A) |
90527.000 |
86379.700 |
87089.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Fuel and Heavy Water Charges |
27343.100 |
26309.700 |
28788.600 |
|
|
Operation and Maintenance
Expenses |
6554.300 |
6209.700 |
6143.500 |
|
|
Employees benefits expense |
10372.400 |
9951.800 |
9154.800 |
|
|
Administration and Other
expenses |
3122.500 |
2547.900 |
2719.700 |
|
|
Prior Period Adjustments |
4.300 |
28.900 |
127.100 |
|
|
TOTAL
(B) |
47396.600 |
45048.000 |
46933.700 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
43130.400 |
41331.700 |
40155.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4815.100 |
5556.600 |
6724.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38315.300 |
35775.100 |
33431.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
9471.900 |
9629.300 |
9614.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
28843.400 |
26145.800 |
23816.500 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
5851.400 |
5135.900 |
4755.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
22992.000 |
21009.900 |
19061.500 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18700.000 |
17590.000 |
15160.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend |
5700.000 |
3080.000 |
2800.000 |
|
|
Tax on Interim Dividend |
970.000 |
500.000 |
450.000 |
|
|
Proposed Dividend |
1200.000 |
3220.000 |
2920.000 |
|
|
Tax on proposed Dividend |
200.000 |
550.000 |
470.000 |
|
|
Transfer to General Reserve |
10000.000 |
10000.000 |
10000.000 |
|
|
Transfer to Bond Redemption
Reserve |
2330.000 |
2550.000 |
0.000 |
|
|
Transfer to Self Insurance
Fund |
210.000 |
0.000 |
0.000 |
|
|
Balance
Carried to the B/S |
21082.000 |
18699.900 |
17581.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Value of Import based on CIF
basis |
7010.000 |
3290.000 |
5116.992 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
225.98 |
206.50 |
187.61 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
28844.800 |
16082.800 |
10126.800 |
|
Cash generated from operations |
40633.800 |
33379.200 |
25800.200 |
|
Net cash from operating activities |
34447.400 |
28485.300 |
23199.200 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin
|
(%) |
27.42 |
26.39 |
24.09 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
51.44 |
51.91 |
50.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.50 |
11.13 |
9.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.10 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.62 |
0.62 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
2.42 |
2.86 |
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 |
101743.300 |
101743.300 |
101743.300 |
|
Reserves & Surplus |
152384.900 |
167561.900 |
183790.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
254128.200 |
269305.200 |
285533.600 |
|
|
|
|
|
|
long-term borrowings |
144538.900 |
151603.500 |
149007.100 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
10126.800 |
16082.800 |
28844.800 |
|
Total
borrowings |
154665.700 |
167686.300 |
177851.900 |
|
Debt/Equity
ratio |
0.609 |
0.623 |
0.623 |
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 |
79138.100 |
79615.100 |
83841.300 |
|
|
|
0.603 |
5.308 |
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 |
79138.100 |
79615.100 |
83841.300 |
|
Profit |
19061.500 |
21009.900 |
22992.000 |
|
|
24.09% |
26.39% |
27.42% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
PERFORMANCE
HIGHLIGHTS
The Company has achieved in the FY 2013-14 higher average capacity factor of 83% as against 80% for the previous FY. The use of imported fuel for nuclear reactors under IAEA safeguards and domestic fuel availability for reactors fuelled by domestic uranium resulted in higher capacity utilization. The year under report recorded the highest ever nuclear power generation by the Company. Electricity generation through nuclear energy in FY 2013-14 was 34228 Million KWh (MUs) as against 32863 MUs in FY 2012-13, thus showing an increase of 4.15%. Electricity generation through wind farm with an installed capacity of 10 MW at Kudankulam in FY 2013-14 was 17 MUs as against 19 MUs in FY 2012-13. The KKNPP Unit-1 was synchronized to grid on 22nd October 2013 and 1106 MUs Electricity was generated in FY 2013-14. The Reactor Power has been raised in stages up to 75% and the various operational tests, in phases, have been completed after obtaining clearance from the Regulatory Authority (i.e. AERB). This is a repetitive commissioning process and has to be continued till the Unit reaches 100% full power level. After the completion of commissioning process, the Unit-1 will be declared to be in Commercial Operation. The electricity generated during the process is being sold to beneficiaries as infirm power and the revenue is being adjusted against the capital cost of the project as per the tariff norms. Accordingly, the results of KKNPP Unit-1 were not included in the results of operation of the Company.
The Company has started collection of Self Insurance Fund (SIF) for Hot Zone Assets of Atomic Power Stations during the year under report, as a part of tariff, based on DAE notification. The purpose of said collection is creation of Self Insurance Corpus to meet out any exigencies of Hot Zone Assets. The Company has successfully recovered an old outstanding of Rs.2347.200 Million (Rs.773.300 Million as principal and Rs.1573.900 Million as delayed payment charge) towards Delhi Electric Supply Undertaking dues during the current FY through vigorous follow up.
The Company has been able to regulate its operational efficiency and achieve profit before tax (PBT) of Rs.28840.000 Million as against Rs.26150.000 Million in the previous FY. Accordingly, there was an increase in the provision for taxation during the FY 2013-14 (i.e. Rs.5850.000 Million as compared to Rs.5140.000 Million in the previous FY). Presently, the Company is being subjected to Minimum Alternate Tax (MAT) @ 20.96% including surcharge and education cess on tax after availing tax holiday benefits and previous MAT credit available under provisions of the Income Tax Act, 1961.
The amounts received towards Decommissioning Levy with interest thereon and interest received on Research and Development Fund and Renovation and Modernization Fund have not been considered as income of the Company.
These funds are held by NPCIL on behalf of the DAE and the Decommissioning Levy is being collected from beneficiaries based on a statutory notification issued by the DAE. The Income Tax Appellate Tribunal has decided that the interest earned on these funds be treated as income of the Company. While an appeal has been filed in the Honorable High Court of Maharashtra, Mumbai, the Company has appropriated Rs.390.000 Million from these funds towards the income tax during the year, if finally, payable on these levies / funds. The accumulated deferred tax liability as on 31st March 2014 was Rs.11920.000 Million on account of timing differences between book and tax profits. Out of the deferred tax liability of Rs.11920.000 Million, Rs.11740.000 Million is recoverable from the beneficiaries on account of income from sale of power, since the income tax payable on income from sale of power is recoverable from beneficiaries up to 30th June 2010. The amount of Rs.11740.000 Million of deferred tax is recoverable on becoming a part of the current tax. Therefore, such deferred tax is considered as recoverable and netted from such deferred tax liability / expense. The Company has been able to achieve in the FY 2013-14 a net profit after tax (PAT) of Rs. 22990.000 Million as against Rs.21010.000 Million in the previous FY 2012-13.
MANAGEMENT DISCUSSION
AND ANALYSIS
POWER SECTOR SCENARIO
IN THE COUNTRY
The total electricity generation in the country during the financial year 2013-14 was 967 Billion Units (including import of 5.6 BUs from Bhutan) as compared to 912 BUs during previous fiscal, registering a growth of 9%. The nuclear power contributed about 3.5% of total electricity generation in the country in 2013-14. The per capita electricity consumption in India is still among the lowest in the world at 917 kWh in 2012-13. The persistent shortages of electricity, both for peak power and energy, indicate the need for improving performance of the power sector as well as accelerating addition of generating capacity in the country. In this context, the Integrated Policy (2006) of India projects an installed capacity of about 800 GW by the year 2032.
During the year 2013-14, demand for electricity in India outstripped availability both in terms of energy and peak availability. According to Central Electricity Authority of India, the energy requirement during the year 2013-14 was 1002045 MUs against availability of 959614 MUs, showing a deficit of 4.5% and Peak load demand was 135918 MW as against availability of 129815 GW, with a shortfall of 4.5%.
ROLE OF NUCLEAR POWER
IN INDIA
Nuclear energy could play a critical role in addressing India’s energy challenges, meeting massive energy demand, mitigating carbon emissions and enhancing energy security. India has the capability to achieve the complete fuel cycle – from uranium exploration, mining, fuel fabrication and electricity generation, to reprocessing and waste management. India has modest reserves of uranium and vast reserves of thorium and thus the three stage nuclear power programme is designed to achieve self-reliance by exploiting India’s thorium resources and providing long-term energy security to the country.
India's nuclear power programme comprises of three stages essentially to utilize modest uranium and large thorium reserves in the country for electricity generation. The first stage is based on Pressurised Heavy Water Reactors (PHWRs), using natural uranium as fuel. This stage generates electricity and produces plutonium, a significant component of fuel for second stage of Fast Breeder Reactors (FBRs), which generates more plutonium and an isotope of uranium from thorium used as blanket with plutonium-uranium fuel. In the third stage, advanced power reactors, based on uranium-thorium cycle, are envisaged for deployment.
The fossil fuels used in the energy sector are a major source of Green House Gas (GHG) emissions, in particular CO2. GHG emission from nuclear power plants is very negligible even on a life cycle basis (from mining of ore to waste disposal). Growing awareness and concern on climate change has made nuclear power a preferred option.
COMPANY OVERVIEW
ROLE OF NPCIL
With the formation of Nuclear Power Corporation of India Limited in 1987 as a Central Public Sector Enterprise under the aegis of Department of Atomic Energy in India, the nuclear power generation moved to the commercial domain. The Company is operating the atomic power stations and implementing the atomic power projects for generation of electricity in pursuance of the schemes and programmes of the Government of India. NPCIL has attained maturity in implementation of the first stage of three stage nuclear power programme, with comprehensive capacity in the various facets of nuclear technology viz. siting, design, construction, commissioning, operation and maintenance, upgradation and life extension of Nuclear Power Plants.
At present, NPCIL operates 19 Nuclear Power Plants with an installed capacity of 4680 MW.
GENERATION
PERFORMANCE
Over the years, NPCIL performance has been improving at par with Global nuclear power industry. During the year 2013-14, the Company recorded the highest ever electricity generation of 34228 MUs (excluding 1106 MUs from KKNPP-1) which was higher by 4.15% compared to the previous year generation of 32863 MUs. The Capacity Factor (Plant Load Factor) during the year under report was 83.49% as against 80.06% in the last year. During the year KGS-1 (415 days) and RAPS-5 (606 days) achieved continuous run of more than a year. So far, continuous operation of more than a year has been achieved 14 times by various reactors of NPCIL. KGS-3 also registered about one year of continuous run (342 days) during this financial year.
OUTLOOK
Nuclear power is safe, economically viable and environmentally benign source of energy. It can provide long term energy security to the country in a sustainable manner. With these merits, coupled with growing power demand in the country, the outlook is very bright. However, the public apprehension about nuclear power post Fukushima has generated a new challenge for the growth of nuclear power. Authentic information about safety features of NPPs and radiation aspect are being provided to various sections of society through enhanced outreach programmes to meet these challenges.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From department of Atomic Energy – GDI Russian credit - Loan KK
Project |
47052.400 |
48247.300 |
|
Foreign Currency loan – External commercial borrowing from State Bank
of India, D=Singapore Branch |
15122.500 |
13700.000 |
|
Total |
62174.900 |
61947.300 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10234625 |
24/07/2010 |
2,500,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,
WORLD TRADE CENTRE, CUFFE PARADE |
A91511147 |
|
2 |
10234517 |
24/07/2010 |
10,000,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,
WORLD TRADE CENTRE, CUFFE PARADE |
A91511907 |
|
3 |
10230986 |
28/06/2010 |
2,500,000,000.00 |
DENA BANK |
SHARE BAZAR ROAD
BRANCH, AMBALAL DOSHI MARG, FORT |
A89920797 |
|
4 |
10225723 |
11/06/2010 |
15,000,000,000.00 |
BANK OF INDIA |
NARIMAN POINT
BRANCH, AIR INDIA BUILDING, NARIMAN |
A88198577 |
|
5 |
10211932 |
23/02/2010 |
2,500,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,
WORLD TRADE CENTRE, CUFFE PARADE |
A82720186 |
|
6 |
10201856 |
24/12/2009 |
5,000,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,, WORLD
TRADE CENTRE, CUFFE PARAD |
A78946670 |
|
7 |
10196524 |
09/12/2009 |
5,000,000,000.00 |
BANK OF INDIA |
NARIMAN POINT
BRANCH, AIR INDIA BUILDING, NARIMAN |
A77355972 |
|
8 |
10197562 |
08/12/2009 |
2,500,000,000.00 |
DENA BANK |
SHARE BAZAR BRANCH,
AMBALAL DOSHI MARG, FORT, MUM |
A77760015 |
|
9 |
10045036 |
23/02/2007 |
2,500,000,000.00 |
STATE BANK OF INDIA |
EXPORT FINANCE AND
PUBLIC SECTOR DIVISION, OVERSE |
A13292578 |
|
10 |
10019237 |
25/08/2006 |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
11-C, MITTAL TOWERS,,
120, NARIMAN POINT, MUMBAI, |
A04339214 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Claims against the corporation not acknowledged as debts |
2574.600 |
|
Sales tax/entry tax demands contested in appeals (Amount paid under protest Rs.27.100 Million |
1.400 |
|
Unexpired value of letter f credits/bank guarantees given on behalf of corporation |
4.400 |
|
Income – tax demands contested in appeals net of provision (amount paid under protest Rs. 116.300 Million) |
1932.700 |
FIXED ASSETS
Tangible Assets
· Land
· Building
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
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,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.71 |
|
|
1 |
Rs.105.10 |
|
Euro |
1 |
Rs.77.11 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.