MIRA INFORM REPORT

 

 

Report No. :

327462

Report Date :

17.06.2015

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE INFRASTRUCTURE LIMITED (w.e.f.28.04.2008)

 

 

Formerly Known As :

RELIANCE ENERGY LIMITED

 

BOMBAY SUBURBAN ELECTRIC SUPPLY LIMITED

 

 

Registered Office :

H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400710, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

01.10.1929

 

 

Com. Reg. No.:

11-001530

 

 

Capital Investment / Paid-up Capital :

Rs. 2630.300 Million

 

 

CIN No.:

[Company Identification No.]

L99999MH1929PLC001530

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Generation, Transmission and Distribution of Electrical Power and also Engineering, Procurement, Construction (EPC) and Contracts.

 

 

No. of Employees :

10000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (66)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

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

Fairly Large

 

 

Maximum Credit Limit :

USD 605000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is the flagship company of the Reliance Group. It is a well-established company having fine track record.

 

For the financial year ended 2015, company has reported sound operational performance but topline growth of company has declined by 7.22%. However, company has maintained decent profitability margins at 14.55%.

 

Rating takes into consideration company’s adequate financial risk profile supported by sound networth base and strong support that company receives from Reliance Group. 

 

Trade relations are reported as fair. Payments are reported to be regular and as per commitment.

 

In view of being part of Reliance Group, the company can be considered good for normal business dealings at usual trade terms and conditions. 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term Rating = A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

May 22, 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 31-03-2013.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Madhukar Khanchand Moolwaney

Designation :

Chief Financial Officer

Contact No.:

91-22-30386290

Date :

16.06.2015

 

 

LOCATIONS

 

Registered Office :

H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai – 400710, Maharashtra , India

Tel. No.:

91-22-30386290/ 30098181

Fax No.:

91-22-30376633/ 30098128

E-Mail :

helpdesk@rel.co.in

rinfra.investor@relianceada.com

priti.padte@relianceada.com

rinfra.mcafiling@relianceada.com

Website :

www.rel.co.in

www.rinfra.com

 

 

Corporate Office :

Reliance Energy Center, Santacruz (East), Mumbai – 400055 Maharashtra India

Tel. No.:

91-22-30099999/ 26639999

Fax No.:

91-22-30099763/ 26639741

 

 

Power Plant :

Dahanu Power Plant

BSES Nagar, Dahanu Road, Thane – 401602, Maharashtra, India

 

Goa Power Plant

Opposite Sancoale, Industrial Estate, Zuarinagar- 403 726, Sancoale Mormugao Goa, Maharashtra, India

 

Samalkot Power Plant

Industrial Development Area, Peddapuram Mandal, Samalkot- 533440, Andhra Pradesh, India

 

Wind Farm

Near Almangala, Chitradurga – 577558, Karnataka, India

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Anil Dhirajlal Ambani

Designation :

Chairman

Address :

Sea Wind, 39, Cuffe Parade, Colaba Mumbai – 400005, Maharashtra, India 

Date of Birth/Age :

04.06.1959

Date of Appointment :

18.01.2003

DIN No. :

00004878

 

 

Name :

Mr. Sateesh Seth

Designation :

Vice Chairman

Address :

4th Floor, Summer Villa, 7th Road, Santa Cruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

13.08.1955

Date of Appointment :

24.11.2000

DIN No. :

00004631

 

 

Name :

Mr. Vijay Kumar Chaturvedi

Designation :

Director

Address :

901, Tower 10, Sea Breeze CHS. Limited, Palm Beach Road, Nerul – 16, Navi Mumbai – 400706, Maharashtra India

Date of Birth/Age :

01.01.1943

Date of Appointment :

21.04.2012

DIN No. :

01802454

 

 

Name :

Mr. Rana Ranjit Rai

Designation :

Director

Address :

A/5, Jeevan Jyot, Nepean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

09.08.1950

Date of Appointment :

10.05.2011

DIN No. :

01625853

 

 

Name :

Mr. Surinder Singh Kohli

Designation :

Director

Address :

J-170, Rajouri Garden, New Delhi – 110027, India

Date of Birth/Age :

10.04.1945

Date of Appointment :

14.02.2012

DIN No. :

00169907

 

 

Name :

Mr. Krishnaswamy Ravi Kumar

Designation :

Director

Address :

277, Asian Games Village, New Delhi – 110049, India

Date of Birth/Age :

15.06.1949

Date of Appointment :

14.08.2012

DIN No. :

00119753

 

 

KEY EXECUTIVES

 

Name :

Mr. Ramesh Ganpati Shenoy

Designation :

Company Secretary and Manager

Address :

E-115, Bussa Apartments, B M Bhargava Marg, Santa Cruz (West) Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

07.10.1949

Date of Appointment :

22.07.1994 (Company Secretary)

21.04.2012 (Manager)

PAN No.:

AHEPS6351D

 

 

Name :

M S Mehta

Designation :

Chief Executive Officer

 

 

Name :

Mr. Madhukar Khanchand Moolwaney

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholders

 

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

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

 

 

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

663424

0.26

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

126963612

49.22

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

127627036

49.48

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

 

 

Total shareholding of Promoter and Promoter Group (A)

127627036

49.48

(B) Public Shareholding

 

 

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

 

 

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

767173

0.30

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

1070746

0.42

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

130865

0.05

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

43428751

16.84

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

51600990

20.01

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

96998525

37.61

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

 

 

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

3556440

1.38

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

27137851

10.52

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

1186744

0.46

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

1432818

0.56

http://www.bseindia.com/include/images/clear.gifNRIs/OCBs

1432818

0.56

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

33313853

12.92

Total Public shareholding (B)

130312378

50.52

Total (A)+(B)

257939414

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

5050586

0.00

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

5050586

0.00

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

262990000

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Generation, Transmission and Distribution of Electrical Power and also Engineering, Procurement, Construction (EPC) and Contracts.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

Cash and Credit (30 Days, 60 Days and 90 Days)

 

 

Purchasing :

Cash and Credit (30 Days, 60 Days and 90 Days)

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

 

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Maximum Limit Dealt:

Experience :

Remarks :

 

 

Customers :

End Users and OEMs

 

Reference:

 

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Maximum Limit Dealt:

Experience :

Remarks :

 

 

No. of Employees :

10000 (Approximately)

 

 

Bankers :

Bank Name:

 

 

 

 

 

 

NOT DIVULGED

Branch:

Name of the Person (with Designation):

Contact Number:

Name of Account Holder:

Account Number:

Account Since (Date/ Year of A/c Opening):

Average Balance Maintained (Optional):

Credit Facilities Enjoyed (CC/OD/Term Loan):

Account Operation:

Remarks:

 

·         Bank of Maharashtra, LJ Road Mahim Branch, Mangeerish Society, Mahim (West), Mumbai - 400016, Maharashtra, India

 

·         Canara Bank, Prime Corporate Branch - II, Canara Bank Building, Adi Marzban Street, Ballard Estate, Mumbai - 400001, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Non-Convertible Debentures (NCD) (redeemable at par)

40525.000

19750.000

Term Loans from banks

17611.500

10917.600

SHORT TERM BORROWINGS

 

 

Working Capital Loans from banks

6373.800

7481.600

Buyers' Credit - in foreign currency from banks

43052.500

36242.900

 

 

 

Total

107562.800

74392.100

 

 

 

 

Financial Institution :

IDBI Trusteeship Services Limited, Asian Building, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

 

 

Auditor 1 :

[As on 31.03.2014]

 

Name :

Pathak H D and Associates

Chartered Accountants

Address :

814/815, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAFP1031C

 

 

Auditor 2 :

[As on 31.03.2014]

 

Name :

Haribhakti and Company

Chartered Accountants

Address :

42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai – 400021, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAFH2010F

 

 

Subsidiaries (Including step down Subsidiaries):

[As on 31.03.2014]

·         Reliance Power Transmission Limited (RPTL)

·         Western Region Transmission (Gujarat) Private Limited (WRTG)

·         Western Region Transmission (Maharashtra) Private Limited (WRTM)*

·         Talcher – II Transmission Company Limited (TTCL)

·         North Karanpura Transmission Company Limited (NKTCL)

·         BSES Kerala Power Limited (BKPL)

·         Reliance Energy Trading Limited (RETL)

·         Mumbai Metro One Private Limited (MMOPL)

·         Parbati Koldam Transmission Company Limited (PKTCL)

·         CBD Tower Private Limited (CBDTPL)

·         Tulip Realtech Private Limited (TRPL)

·         DS Toll Road Limited (DSTL)

·         NK Toll Road Limited (NKTL)

·         SU Toll Road Private Limited (SUTL) up to September 29, 2013

·         TD Toll Road Private Limited (TDTL) up to September 29, 2013

·         TK Toll Road Private Limited (TKTL) up to September 29, 2013

·         GF Toll Road Private Limited (GFTL)

·         KM Toll Road Private Limited (KMTL)

·         PS Toll Road Private Limited (PSTL)

·         HK Toll Road Private Limited (HKTL)

·         DA Toll Road Private Limited (DATL)

·         Reliance Cement Company Private Limited(RCPL)

·         Reliance Cement and Infra Private Limited (RCIPL)

·         Reliance Cement Corporation Private Limited (RCCPL)

·         Reliance Cement Works Private Limited (RCWPL)*

·         Utility Infrastructure & Works Private Limited (UIWPL)

·         Reliance Concrete Private Limited ( RCoPL)

·         Reliance Airport Developers Private Limited (RADPL)

·         Latur Airport Private Limited (LAPL)

·         Baramati Airport Private Limited (BAPL)

·         Nanded Airport Private Limited (NAPL)

·         Yavatmal Airport Private Limited (YAPL)

·         Osmanabad Airport Private Limited (OAPL)

·         Reliance Sealink One Private Limited (RSOPL)

 

 

Associates (Including Subsidiaries of Associates) :

[As on 31.03.2014]

·         Reliance Power Limited (RePL)

·         Urthing Sobla Hydro Power Private Limited (USHPPL)

·         Rosa Power Supply Company Limited (ROSA)

·         Sasan Power Limited (SPL)

·         Vidarbha Industries Power Limited (VIPL)

·         Chitrangi Power Private Limited (CPPL)

·         Coastal Andhra Power Limited (CAPL)

·         Samalkot Power Limited (SaPoL)

·         Rajasthan Sun Technique Energy Private Limited (RSTEPL)

·         Dhursar Solar Power Private Limited (DSPPL) (earlier known as Dahanu Solar Power Private Limited)

·         Reliance Clean Gen Limited (RCGL)

·         JR Toll Road Private Limited (JRTL)

·         Mumbai Metro Transport Private Limited (MMTPL)

·         Metro One Operation Private Limited(MOOPL)

·         Delhi Airport Metro Express Private Limited (DAMEPL)

·         SU Toll Road Private Limited (SUTL) w.e.f. September 30, 2013

·         TD Toll Road Private Limited (TDTL) w.e.f. September 30, 2013

·         TK Toll Road Private Limited (TKTL) w.e.f. September 30, 2013

·         Siyom Hydro Power Private Limited (SHPPL)

·         Coastal Andhra Power Infrastructure Limited (CAPIPL)

 

 

Joint Ventures :

[As on 31.03.2014]

·         BSES Rajdhani Power Limited (BRPL)

·         BSES Yamuna Power Limited (BYPL)

·         Tamilnadu Industries Captive Power Company Limited (TICAPCO)

·         Utility Powertech Limited (UPL)

 

 

Investing Party :

[As on 31.03.2014]

AAA Project Ventures Private Limited (AAAPVPL)

 

 

Other Related Parties :

[As on 31.03.2014]

·         Reliance Innoventures Private Limited(REIL)

·         Reliance Life Insurance Company Limited (RLICL)

·         Reliance General Insurance Company Limited (RGI)

·         Reliance Capital Limited (RCap)

·         Reliance Tech Services Private Limited (RTSPL)

·         Reliance Infocomm Infrastructure Private Limited (RIIPL)

·         AAA Sons Private Limited (AAASPL)

·         Reliance Securities Limited (RSL)

·         Reliance Money Precious Metals Private Limited (RMPMPL)

·         Reliance Capital Asset Management Company Limited (RAMCPL)

·         Reliance Enterprise and Ventures Private Limited (REVPL)

·         Reliance Infocomm Limited (RInfo)

·         Reliance Infratel Limited (RITL)

·         Reliance Big Private Limited (RBPL)

·         Talenthouse Entertainment Private Limited (THEPL)

·         Reliance Home finance Limited (RHL)

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed and Paid-up Capital : Rs. 2630.300 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

450,060,000

Equity Shares

Rs.10/- each

Rs. 4500.600 Million

8,000,000

Equity Shares with differential rights

Rs.10/- each

Rs. 80.000 Million

1,550,000,000

Redeemable Preference

Rs.10/- each

Rs. 15500.000 Million

42,000,000

Unclassified Shares

Rs.10/- each

Rs. 420.000 Million

 

 

 

 

 

Total

 

Rs. 20500.600 Million

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

265,392,065

Equity Shares

Rs.10/- each

Rs. 2654.000 Million

 

 

 

 

 

 

Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

262,990,000

Equity Shares

Rs.10/- each

Rs. 2629.900 Million

 

Add: 354479 Forfeited Shares- Amounts originally paid up

 

Rs. 0.400 Million

 

Less: 450000 Shares held by R Infra ESOS Trust

 

Rs. 4.500 Million

 

 

 

 

 

Total

 

Rs. 2625.800 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2630.300

2625.800

2630.300

(b) Reserves & Surplus

209243.700

210297.900

199726.200

(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)

211874.000

212923.700

202356.500

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

85463.200

67123.800

38810.400

(b) Deferred tax liabilities (Net)

2973.900

4825.200

5545.200

(c) Other long term liabilities

26271.600

26670.500

29976.000

(d) Long-term provisions

3800.000

3800.000

3800.000

Total Non-current Liabilities (3)

118508.700

102419.500

78131.600

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

70580.200

73461.000

64072.900

(b) Trade payables

38950.900

38563.500

37839.600

(c) Other current liabilities

50084.300

59547.900

56571.700

(d) Short-term provisions

5707.700

4347.700

3122.500

Total Current Liabilities (4)

165323.100

175920.100

161606.700

 

 

 

 

TOTAL

495705.800

491263.300

442094.800

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

77017.400

53941.600

54419.600

(ii) Intangible Assets

0.000

5871.300

14347.700

(iii) Capital work-in-progress

0.000

5277.800

4727.500

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

148753.800

134498.300

104965.700

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4744.000

22509.600

5726.500

(e) Other Non-current assets

38075.100

38575.400

40481.300

Total Non-Current Assets

268590.300

260674.000

224668.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

32313.300

41020.500

28048.600

(b) Inventories

3866.200

3606.000

3672.800

(c) Trade receivables

51906.100

47223.400

32492.500

(d) Cash and cash equivalents

1456.300

2019.700

1186.500

(e) Short-term loans and advances

107660.500

100901.900

130566.900

(f) Other current assets

29913.100

35817.800

21459.200

Total Current Assets

227115.500

230589.300

217426.500

 

 

 

 

TOTAL

495705.800

491263.300

442094.800

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

105355.600

113569.300

143220.300

 

 

Other Income

15626.000

12245.200

10828.200

 

 

TOTAL                                    

120981.600

125814.500

154048.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Electrical Energy Purchased

36851.800

24851.900

24682.500

 

 

Cost of Fuel

10874.500

14889.000

15786.100

 

 

Construction Material Consumed and Sub-Contracting Charges

20360.200

38859.500

66792.600

 

 

Employee benefit expenses

9761.900

8231.100

8561.300

 

 

Other expenses

7902.600

7630.800

8262.800

 

 

TOTAL                                    

85751.000

94462.300

124085.300

 

 

 

 

 

 

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

35230.600

31352.200

29963.200

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

15181.400

9962.100

8793.800

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION              

20049.200

21390.100

21169.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

4868.600

3420.700

3920.500

 

 

 

 

 

Add

EXCEPTIONAL ITEMS

0.000

0.000

4183.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX 

15180.600

17969.400

21432.300

 

 

 

 

 

Less

TAX                                                                 

(153.300)

2090.000

1437.100

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

15333.900

15879.400

19995.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Other Income

3.100

0.035

 

 

Derivative Gain (Net) on commodity hedging

 

0.000

0.000

 

TOTAL EARNINGS

NA

3.100

0.035

 

 

 

 

 

 

IMPORTS

 

 

 

 

Fuel Coal

 

3604.100

3523.800

 

 

Components & Spares Parts

 

3.800

5.600

 

 

Capital Goods

 

119.700

925.000

 

 

Other Materials (including EPC contract materials)

 

5961.700

25232.800

 

TOTAL IMPORTS

NA

9689.300

29687.200

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

58.31

60.38

76.03

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2014

30.09.2014

31.12.2014

31.03.2015

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

25359.000

24670.600

27307.700

28018.300

Total Expenditure

21053.700

19860.100

22485.600

22351.600

PBIDT (Excl OI)

4305.300

4810.500

4822.100

5666.700

Other Income

3955.000

4012.500

3880.900

3777.600

Operating Profit

8260.300

8823.000

8703.000

9444.300

Interest

3343.100

3539.600

3647.300

4651.400

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

4917.200

5283.400

5055.700

4792.900

Depreciation

897.500

1203.900

990.700

1776.500

Profit Before Tax

4019.700

4079.500

4065.000

3016.400

Tax

805.000

519.000

6.000

(1483.300)

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

3214.700

3560.500

4059.000

4499.700

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

3214.700

3560.500

4059.000

4499.700

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

14.55

13.98

13.96

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

33.44

27.61

20.92

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.38

5.11

6.45

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.08

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.74

0.66

0.51

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.37

1.31

1.35

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

Rs. 10.00/-

 

 

Market Value

Rs. 357.95/-

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2630.300

2625.800

2630.300

Reserves & Surplus

199726.200

210297.900

209243.700

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

202356.500

212923.700

211874.000

 

 

 

 

Long-term borrowings

38810.400

67123.800

85463.200

Short term borrowings

64072.900

73461.000

70580.200

CURRENT MATURITIES OF LONG-TERM DEBTS

0.000

0.000

0.000

Total borrowings

102883.300

140584.800

156043.400

Debt/Equity ratio

0.508

0.660

0.736

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

143220.300

113569.300

105355.600

 

 

(20.703)

(7.232)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

143220.300

113569.300

105355.600

Profit

19995.200

15879.400

15333.900

 

13.96%

13.98%

14.55%

 

 

 

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

Yes

8

Designation of contact person

Yes

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

Yes

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

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH:- BOMBAY

PRESENTATION DATE:- 12.02.2015

LODGING NO:-

ITXAL/146/2015

FILING DATE:-

12.02.2015

 

 

PETITIONER:-

THE COMMISSIONER OF INCOME TAX

RESPONDENT:-

RELIANCE INFRASTRUCTURE LIMITED

PETN.ADV:-

PRAKASH CHANDRA CHHOTARAY (I3415)

RESP. ADV.:

RAJESH SHAH AND CO. (0)

DISTRICT:-

MUMBAI

BENCH:-

DIVISION

STATUS:-

PRE-ADMISSION

CATEGORY:-

TAX APPEALS

LAST DATE:-

20.02.2015

STAGE:-

--

LAST CORAM:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

 

 

ACT:-

Income Tax Act, 1961

UNDER SECTION:- 260A

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10567886

05/05/2015

4,550,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C52745056

2

10556184

18/03/2015

7,900,000,000.00

AXIS TRUSTEE SERVICES LIMITED

2ND FLOOR,AXIS HOUSE,BOMBAY DYEING MILLS COMPOUND, 
PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C47324827

3

10554080

23/01/2015

19,605,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER 'E', CUFFE PARADE, MUMBAI, MAHAR 
ASHTRA - 400005, INDIA

C46150827

4

10523515

11/09/2014

6,680,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

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

C25175183

5

10518493

15/01/2015 *

7,711,800,000.00

POWER FINANCE CORPORATION LIMITED

'URJANIDHI', 1,BARAKHAMBA LANE, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA

C51085959

6

10518438

28/10/2014 *

19,750,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C33731530

7

10509605

25/08/2014 *

7,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

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

C33061912

8

10504564

27/05/2014

890,000,000.00

AXIS BANK LIMITED

AXIS HOUSE, GROUND FLOOR, WADIA INTERNATIONAL CENTRE, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA

C07664212

9

10493583

10/04/2014 *

6,500,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA

C06497945

10

10512998

10/04/2014 *

1,250,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS 
HTRA - 400025, INDIA

C21404801

11

10504119

03/06/2014 *

2,000,000,000.00

PTC INDIA FINANCIAL SERVICES LIMITED

2ND FLOOR NBCC TOWER 15 BHIKAJI CAMA PLACE, NEW DELHI, DELHI - 110066, INDIA

C09394198

12

10485237

21/03/2014

5,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

C00457739

13

10472305

27/12/2013

2,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

B94140068

14

10448288

06/09/2013

5,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR,, 17, R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

B84208263

15

10406102

01/02/2013

2,500,000,000.00

BANK OF MAHARASHTRA

LJ ROAD MAHIM BRANCH, MANGEERISH SOCIETY, MAHIM (W), MUMBAI, MAHARASHTRA - 400016, INDIA

B68565100

16

10382302

28/09/2012

7,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING., GROUND FLOOR, 17, R.KAMANI MARG, 
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

B60385192

17

10369278

17/07/2012

116,000,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA

B45178902

18

10364616

14/06/2012

3,500,000,000.00

CENTRAL BANK OF INDIA

BALLARD ESTATE, MARSHALL BUILDING, S.V. MARG, MUMBAI, MAHARASHTRA - 400001, INDIA

B43241892

19

10353278

07/05/2012

10,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

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

B38744165

20

10351900

30/03/2012

3,000,000,000.00

CENTRAL BANK OF INDIA

MARSHALL BUILDING, SOORJI VALLABHDAS MARG, MUMBAI, MAHARASHTRA - 400038, INDIA

B38282950

21

10156864

14/05/2009

8,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI- 400 001., MAHARASHTRA - 400001, INDIA

A61986493

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

External Commercial Borrowings in foreign currency

8987.300

8142.800

SHORT TERM BORROWINGS

 

 

Term Loans from banks

7720.000

1500.000

Buyers' Credit - in foreign currency from banks

8564.700

6128.400

Commercial Paper

6000.000

12000.000

Inter Corporate Deposits received

 

 

- from Related Parties

1750.000

470.000

- from Others

0.000

250.000

 

 

 

Total

33022.000

28491.200

 

 

FINANCIAL PERFORMANCE [AS ON 31.03.2014]

 

During the year, the Company earned an income of Rs.125810.000 Million against Rs. 154050.000 Million in the previous year. The Company earned profit after tax of Rs. 15880.000 Million against Rs. 20000.000 Million in the previous year. Shareholders’ equity (Net worth) increased to Rs. 212920.000 Million from Rs. 202360.000 Million in the previous year.

 

 

BUSINESS OPERATIONS [AS ON 31.03.2014]

 

The Company is in the business of generation, transmission and distribution of electricity. The Company is the leading player in the country in the Engineering, Procurement and Construction (EPC) segment of the power and infrastructure sectors. The Company is also engaged in implementation, operation and maintenance of several projects through special purpose vehicles in various infrastructural areas.

 

 

SCHEME OF AMALGAMATION BETWEEN WRTML AND RCWPL [AS ON 31.03.2014]

 

The Scheme of Amalgamation between two wholly owned subsidiaries of the Company, Reliance Cement Works Private Limited (RCWPL) with Western Region Transmission (Maharashtra) Private Limited (WRTMPL) has been sanctioned by the Hon’ble High Court of Bombay on April 25, 2014, with the Appointed Date April 1, 2013. The Scheme has become effective on WRTMPL filing the Order with the Registrar of Companies, Maharashtra on June 3, 2014, as required under section 394(3) of the Companies Act, 1956. As per the Scheme, the Company would receive 8 per cent non-cumulative non-convertible redeemable preference shares of Rs. 0.200 Million of WRTMPL in lieu of the equity investment of Rs. 0.200 Million in RCWPL held and disclosed under non-current investments as at March 31, 2014.

 

 

SCHEME OF AMALGAMATION ENVISAGING MERGER OF COMPANY’S STEP DOWN SUBSIDIARIES, WESTERN REGION TRANSMISSION (GUJARAT) PRIVATE LIMITED AND WESTERN REGION TRANSMISSION (MAHARASHTRA) PRIVATE LIMITED WITH THE COMPANY [AS ON 31.03.2014]

 

The Scheme of Amalgamation envisaging merger of the Company’s step down subsidiaries, Western Region Transmission (Gujarat) Private Limited and Western Region Transmission (Maharashtra) Private Limited with the Company, with effect from merger Appointed Date of April 1, 2013 (‘Scheme’), was sanctioned by the Hon’ble High Court of Bombay vide Order dated July 15, 2014.The Scheme shall be effective subject to obtaining approval of the Project lenders of WRTGPL and WRTMPL.

 

 

CONTINGENT LIABILITIES (AS ON 31.03.2014)

 

i) Counter guarantees given to banks against guarantees issued by the banks on behalf of the jointly controlled operations aggregate to Rs.  7.900 Millions (Rs.  5.500 Millions) and for subsidiaries and associates Rs.  3689.100 Millions (Rs.  3689.100 Millions). ii) Corporate Guarantees given to banks and other parties aggregating Rs.  19502.800 Millions (Rs.  22072.600 Millions) in respect of subsidiaries /associates/ other body corporates.

 

iii) Claims against the Company not acknowledged as debts and under litigation aggregate to Rs.  11094.500 Millions (Rs.  15196.500 Millions). These include claim from suppliers aggregating to Rs.  2736.300 Millions (Rs.  2485.800 Millions), income tax claims Rs.  4289.000 Millions (Rs.  8476.800 Millions), claims from sales tax authorities aggregating to Rs.  3737.300 Millions (Rs.  3956.800 Millions) out of which claims of Rs.  1223.300 Millions (Rs.  1223.300 Millions), if materialised, will be recovered from the customers and other claims Rs.  331.900 Millions (Rs.  277.100 Millions).

 

iv) The Company’s application for compounding in respect of its ECB of USD 360 million has been deemed by the Reserve Bank of India (RBI) as never to have been made subsequent to the withdrawal of the compounding application. Accordingly, there is no liability in respect of the compounding fee of Rs.  1246.800 Millions earlier specified by RBI. Subsequent to the withdrawal of the compounding application, the matter has been referred to the Enforcement Directorate where the same is still pending.

 

 

FIXED ASSETS

 

Tangible Assets

·         Freehold Land

·         Leasehold Land

·         Buildings   

·         Plant and Equipment

·         Distribution Systems

·         Railway Siding

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computers

·         Electrical Installations

 

Intangible Assets

·         Computer Software

·         Toll Collection Rights

·         Container Trains Licence Fee

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         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. 64.15

UK Pound

1

Rs. 100.04

Euro

1

Rs. 72.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

66

 

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.