MIRA INFORM REPORT
|
Report No. : |
347532 |
|
Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TORRENT POWER LIMITED |
|
|
|
|
Registered
Office : |
Torrent House, Off Ashram Road, Ahmedabad – 380 009, Gujarat |
|
Tel. No.: |
91-79-26583060 / 5090 / 2658 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
29.04.2004 |
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|
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Com. Reg. No.: |
04-044068 |
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Capital
Investment / Paid-up Capital : |
Rs.4724.483 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L31200GJ2004PLC044068 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT02435G |
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PAN No.: [Permanent Account No.] |
AACCT0294J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of power generation,
transmission and distribution of electricity. |
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|
No. of Employees
: |
Information declined by the management |
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Slow and Occasionally delayed |
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Litigation : |
Exist |
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Comments : |
Subject is a part of TORRENT GROUP having fine track. It is an old and well-established company incorporated in the year
1996 and is engaged in the business of power generation, transmission and
distribution of electricity. As per FY 2015 records, the company possesses sound financial position
backed by its healthy net worth base, strong debt protection metrics along
with good profitability recorded during a year under a review. Further, rating also takes into consideration company’s proven track
record and dominant market position in the power generation and distribution
business. Moreover, company’s board of directors are reported to be qualified
and well-experienced businessman. Trade relations are trustworthy. Business is active. Payments are
reported to be slow and occasionally delayed. In view of long track records and established market position, 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.
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 Bank Facilities = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
June 1, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
June 1, 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Ms. Dipshika Singhal |
|
Designation : |
Secretarial Department |
|
Contact No.: |
91-79-26583060 |
|
Date : |
30.10.2015 |
|
|
|
|
Name : |
Mr. Hemant Shah |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-79-26583060 |
|
Date : |
28.10.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
Torrent House, Off |
|
Tel. No.: |
91-79-26583060/ 5090/ 2658 |
|
Fax No.: |
91-79-26582326 |
|
E-Mail : |
srinivaskotra@torrentpower.com |
|
Website : |
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Plants : |
1. SUGEN &
UNOSUGEN Off National Highway No. 8, Taluka Kamrej, District Surat-394155 (Gujarat), India 2. AMGEN Ahmedabad-380005 (Gujarat), India 3. DGEN* Plot no Z-9, Dahej SEZ, Taluka Vagra, Dist. Bharuch – 392130 (Gujarat), India |
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Zonal Office : |
Located at:
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Distribution Divisions : |
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DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Jinal Sudhirbhai Mehta |
|
Designation : |
Whole-Time Director |
|
Address : |
Akalpya,, S.G. Road, Ahmedabad - 380058, Gujarat, India |
|
Date of Appointment : |
19.10.2011 |
|
DIN No.: |
02685284 |
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|
|
|
Name : |
Mr. Samir Uttamlal Mehta |
|
Designation : |
Managing Director |
|
Address : |
Akalpya Opp.Jain Temple, Sarkhej Gandhinagar Highway, Ahmedabad -380058, Gujarat, India |
|
Date of Appointment : |
29.04.2004 |
|
DIN No.: |
00061903 |
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|
|
|
Name : |
Mr. Markand Induprasad Bhatt |
|
Designation : |
Whole-Time Director |
|
Address : |
2 Panchsheel Enclave, Near Sundervan Satellite Road, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
16.09.2006 |
|
DIN No.: |
00061955 |
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Name : |
Mr. Bhavna Gautam Doshi |
|
Designation : |
Director |
|
Address : |
402 Hamilton Court Tagore Road, Santacruz West, Mumbai - 400054, Maharashtra, India |
|
Date of Appointment : |
04.08.2015 |
|
DIN No.: |
00400508 |
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|
Name : |
Mr. Prem Kumar Taneja |
|
Designation : |
Additional Director |
|
Address : |
Md's Bungalow , Fertilizernagar Township, Po, Fertilizernagar, Vadodara - 391750, Gujarat, India |
|
Date of Appointment : |
04.08.2015 |
|
DIN No.: |
00010589 |
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|
|
|
Name : |
Mr. Ravichandran Ramamoorthy |
|
Designation : |
Director |
|
Address : |
Qtr. No. D - 401, Jeevan Vihar, Lic Hod Quarters,, Near Indira Park, Gandhinagar, Hyderabad - 500080, Andhra Pradesh, India |
|
Date of Appointment : |
29.10.2013 |
|
DIN No.: |
06737497 |
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|
|
|
Name : |
Mr. Pankaj Ramanbhai Patel |
|
Designation : |
Director |
|
Address : |
16. Azad Society, Ambawadi, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
29.06.2006 |
|
DIN No.: |
00131852 |
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|
|
|
Name : |
Mr. Samirkumar Barua |
|
Designation : |
Director |
|
Address : |
House No. 421, Iim Campus, Vastrapur, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
29.01.2008 |
|
DIN No.: |
00211077 |
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|
|
|
Name : |
Ms. Kiran Sharadchandra Karnik |
|
Designation : |
Director |
|
Address : |
S-315,Second Floor,, Panchsheel Park, New Delhi - 110017, India |
|
Date of Appointment : |
30.07.2009 |
|
DIN No.: |
00542951 |
|
|
|
|
Name : |
Mr. Keki Minoo Mistry |
|
Designation : |
Director |
|
Address : |
Flat No. 2603, 26th Floor, Vivarea, B-Wing, S G Marg, Mahalaxmi (East), Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
28.01.2010 |
|
DIN No.: |
00008886 |
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|
|
|
Name : |
Mr. Sudhir Uttamlal Mehta |
|
Designation : |
Managing Director |
|
Address : |
Akalpya Farm House Opp.Jain Temple, Sarkhej Gandhinagar Highway, Ahmedabad - 380058, Gujarat, India |
|
Date of Appointment : |
29.04.2004 |
|
DIN No.: |
00061871 |
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|
|
|
Name : |
Mr. Renu Challu |
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Designation : |
Director |
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Audit Committee: |
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Stakeholders
Relationship Committee |
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Nomination and
Remuneration Committee |
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Committee of
Directors |
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Executive
Director Corporate Affairs and Chief Financial Officer : |
T. P. Vijayasarathy |
KEY EXECUTIVES
|
Name : |
Ms. Dipshika Singhal |
|
Designation : |
Secretarial Department |
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|
|
|
Name : |
Mr. Hemant Shah |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Vijayasarathy Parthasarathy Tirupachur |
|
Designation : |
Chief Executive Officer |
|
Address : |
61, Vrundavan Bungalow, 132 Feet Ring Road, Satellite, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
12.05.2014 |
|
PAN No.: |
ABDPT4773D |
|
|
|
|
Name : |
Mr. Darshan Hasmukhbhai Soni |
|
Designation : |
Secretary |
|
Address : |
Flat No.2, Plot No. 627, Sector 8 B, Gandhinagar - 382008, Gujarat, India |
|
Date of Appointment : |
04.08.2015 |
|
PAN No.: |
BNZPS8593R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
21007 |
0.00 |
|
|
252438986 |
53.43 |
|
|
252459993 |
53.44 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
252459993 |
53.44 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
20857792 |
4.41 |
|
|
538294 |
0.11 |
|
|
7057896 |
1.49 |
|
|
69185238 |
14.64 |
|
|
19856825 |
4.20 |
|
|
117496045 |
24.87 |
|
|
|
|
|
|
50911765 |
10.78 |
|
|
|
|
|
|
30041532 |
6.36 |
|
|
13546918 |
2.87 |
|
|
7992055 |
1.69 |
|
|
1054600 |
0.22 |
|
|
155599 |
0.03 |
|
|
2921856 |
0.62 |
|
|
3860000 |
0.82 |
|
|
102492270 |
21.69 |
|
Total
Public shareholding (B) |
219988315 |
46.56 |
|
Total
(A)+(B) |
472448308 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
472448308 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of power generation,
transmission and distribution of electricity. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidhyapith, Off |
|
Tel. No.: |
91-79-27582542 / 27582543 / 66073100 |
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Fax No.: |
91-79-27582551 |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
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Associates : |
·
AEC Cements and Constructions
Limited
|
|
|
|
|
Joint Venture Company : |
Tornascent Care Institute |
|
|
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|
Subsidiaries : |
·
Torrent Power Grid Limited, ·
Torrent Pipavav Generation
Limited, ·
Torrent Energy Limited, ·
Torrent Solargen Limited (Formerly
known as Torrent Power Bhiwandi Limited) |
|
|
|
|
Enterprises controlled by the
Company : |
·
TPL (Ahmedabad) Gratuity Trust ·
TPL (Ahmedabad) Superannuation
Fund ·
TPL (Surat) Gratuity Trust ·
TPL (Surat) Superannuation Fund ·
TPL (SUGEN) Gratuity Trust ·
TPL (SUGEN) Superannuation Fund |
|
|
|
|
Holding company / enterprises
controlled by the holding company : |
·
Torrent Private Limited (Holding
Company) ·
Torrent Pharmaceuticals Limited ·
Torrent Cables Limited ·
Gujarat Lease Financing Limited ·
Torrent Power Services Private
Limited ·
Heumann Pharma GmbH and Co.
Generica KG ·
Torrent Do Brasil Ltda. ·
Zao Torrent Pharma ·
Torrent Pharma GmbH. ·
Torrent Pharma Inc. ·
Torrent Pharma Philippines Inc. ·
Torrent Australasia Pty Limited ·
Laboratorios Torrent ·
S.A. De C.V. ·
Torrent Pharma Canada Inc. ·
Torrent Pharma (Thailand) Co.
Limited ·
Norispharm GmbH. ·
Heunet Pharma GmbH. ·
Torrent Pharma (UK) Limited ·
Torrent Pharma S.R.L. ·
Laboratories Torrent ·
(Malaysia) Sdn.Bhd. ·
Torrent Financiers ·
Torrent Pharmaceuticals (Sikkim) ·
Torrent Fincorp Private Limited ·
Torrent Pharma France S.A.S. ·
Aptil Pharma Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
472448308 |
Equity Shares |
Rs.10/- each |
Rs.4724.483
Million |
|
|
|
|
|
- Reconciliation of the shares outstanding at the beginning and at the
end of the reporting year
|
Particulars |
No. of shares As at 31st March, 2015 |
|
At the beginning of the year |
47,24,48,308 |
|
Issued during the year |
- |
|
Outstanding at the
end of the year |
47,24,48,308 |
2 25,24,38,986 equity shares (25,24,38,986 equity shares as at 31st March, 2014) of `10 each fully paid up are held by holding company - Torrent Private Limited.
3 Terms / Rights
attached to equity shares :
The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
Dividend amount per share recognised as distributions to equity shareholders is Rs.1.50 per equity share during the
year ended 31st March, 2015 (Previous year : Rs.0.50 per equity share).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
4. Details of
shareholders holding more than 5% shares in the Company:
|
Name of the
Shareholder |
As at 31st March, 2015 |
|
|
|
No. of shares |
% holding |
|
Torrent Private Limited |
25,24,38,986 |
53.43% |
|
Gujarat State Investment Limited |
4,68,71,621 |
9.92% |
|
Life Insurance Corporation of India |
3,80,29,637 |
8.05% |
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 |
4724.500 |
4724.500 |
4724.500 |
|
(b) Reserves & Surplus |
64362.100 |
57041.100 |
56178.400 |
|
(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) |
69086.600 |
61765.600 |
60902.900 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
50189.400 |
55937.100 |
44925.800 |
|
(b) Deferred tax liabilities
(Net) |
8384.700 |
6993.400 |
5747.200 |
|
(c) Other long term
liabilities |
10589.800 |
10605.200 |
7183.600 |
|
(d) long-term provisions |
712.800 |
649.000 |
656.400 |
|
Total
Non-current Liabilities (3) |
69876.700 |
74184.700 |
58513.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
6210.800 |
6330.900 |
5879.500 |
|
(c) Other current liabilities |
11094.700 |
10218.300 |
10154.300 |
|
(d) Short-term provisions |
2288.400 |
443.200 |
1401.800 |
|
Total
Current Liabilities (4) |
19593.900 |
16992.400 |
17435.600 |
|
|
|
|
|
|
TOTAL |
158557.200 |
152942.700 |
136851.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
90930.100 |
92839.800 |
72627.600 |
|
(ii) Intangible Assets |
74.900 |
139.300 |
148.600 |
|
(iii) Capital work-in-progress |
1659.900 |
1181.500 |
20720.200 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
26.500 |
|
(b) Non-current Investments |
21954.400 |
21143.400 |
13891.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
141.800 |
221.500 |
1068.300 |
|
(e) Other Non-current assets |
18.900 |
7.600 |
5.200 |
|
Total
Non-Current Assets |
114780.000 |
115533.100 |
108487.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4621.700 |
4975.400 |
3237.000 |
|
(b) Inventories |
2531.000 |
2834.000 |
2442.800 |
|
(c) Trade receivables |
8743.100 |
7835.900 |
7308.900 |
|
(d) Cash and cash equivalents |
15803.400 |
15270.400 |
10963.700 |
|
(e) Short-term loans and
advances |
7741.200 |
2046.500 |
2148.300 |
|
(f) Other current assets |
4336.800 |
4447.400 |
2263.100 |
|
Total
Current Assets |
43777.200 |
37409.600 |
28363.800 |
|
|
|
|
|
|
TOTAL |
158557.200 |
152942.700 |
136851.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
102739.000 |
85756.200 |
81298.700 |
|
|
Other Income |
3230.200 |
2418.400 |
1401.000 |
|
|
TOTAL
(A) |
105969.200 |
88174.600 |
82699.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Electrical energy purchased |
46496.600 |
41861.200 |
35528.900 |
|
|
Exceptional items |
229.900 |
0.000 |
0.000 |
|
|
Employees benefits expense |
3381.500 |
2703.300 |
2490.000 |
|
|
Operation and other expenses |
32229.300 |
29028.700 |
30289.300 |
|
|
TOTAL
(B) |
82337.300 |
73593.200 |
68308.200 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
23631.900 |
14581.400 |
14391.500 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7061.600 |
6771.800 |
4084.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16570.300 |
7809.600 |
10306.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5479.800 |
5345.200 |
4079.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
11090.500 |
2464.400 |
6227.400 |
|
|
|
|
|
|
|
Less |
TAX (H) |
3669.900 |
1516.000 |
2377.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
7420.600 |
948.400 |
3849.600 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
15048.000 |
14624.100 |
12416.800 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Contingency
Reserve |
10.000 |
10.000 |
10.000 |
|
|
Transfer to Debenture
Redemption Reserve |
238.100 |
238.100 |
238.100 |
|
|
Transfer to General Reserve |
0.000 |
0.000 |
288.700 |
|
|
Proposed Dividend |
708.700 |
236.200 |
944.900 |
|
|
Dividend Distribution Tax on
Proposed Dividend |
144.300 |
40.200 |
160.600 |
|
|
Total
(M) |
1101.100 |
524.500 |
1642.300 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
21367.500 |
15048.000 |
14624.100 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Gross proceeds from Certified
Emission Reduction (CERs) |
17.600 |
0.000 |
449.900 |
|
|
Refund of premium |
0.000 |
3.200 |
0.000 |
|
|
Other income |
147.700 |
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
165.300 |
3.200 |
449.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components, stores, fuel and
spare parts |
2936.900 |
1388.100 |
1627.900 |
|
|
Capital Goods |
69.700 |
1552.800 |
1211.400 |
|
|
TOTAL
IMPORTS |
3006.600 |
2940.900 |
2839.300 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
15.71 |
2.01 |
8.15 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
6104.000 |
5552.500 |
4268.800 |
|
Cash generated from operations |
17397.200 |
12906.100 |
16671.800 |
|
Net cash flow from operating activity |
16247.300 |
12721.000 |
15130.400 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
September 2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
29241.300 |
30923.400 |
|
Total Expenditure |
22243.200 |
23407.200 |
|
PBIDT (Excl OI) |
6998.100 |
7516.200 |
|
Other Income |
550.900 |
1178.300 |
|
Operating Profit |
7549.000 |
8694.500 |
|
Interest |
1664.300 |
3146.200 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
5884.700 |
5548.300 |
|
Depreciation |
1388.200 |
2050.300 |
|
Profit Before Tax |
4496.500 |
3498.000 |
|
Tax |
1404.700 |
1128.300 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
3091.800 |
2369.700 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
3091.800 |
2369.700 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.22 |
1.11 |
4.74 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
23.00 |
17.00 |
17.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.22 |
1.89 |
6.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.04 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.81 |
1.00 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23 |
2.20 |
1.63 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.193.85/- |
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 |
4724.500 |
4724.500 |
4724.500 |
|
Reserves & Surplus |
56178.400 |
57041.100 |
64362.100 |
|
Net
worth |
60902.900 |
61765.600 |
69086.600 |
|
|
|
|
|
|
long-term borrowings |
44925.800 |
55937.100 |
50189.400 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities Of
Long-Term Debts |
4268.800 |
5552.500 |
6104.000 |
|
Total
borrowings |
49194.600 |
61489.600 |
56293.400 |
|
Debt/Equity
ratio |
0.808 |
0.996 |
0.815 |
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 |
81298.700 |
85756.200 |
102739.000 |
|
|
|
5.483 |
19.804 |
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 |
81298.700 |
85756.200 |
102739.000 |
|
Profit |
3849.600 |
948.400 |
7420.600 |
|
|
4.74% |
1.11% |
7.22% |
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 |
No |
|
17 |
Details of sister concerns |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
HIGH COURT OF GUJARAT
CIVIL APPLICATION (FOR DIRECTION) No. 6 of 2010
In SPECIAL CIVIL APPLICATION / 13933 /
2009 (DISPOSED) On : 26/04/2011
|
Status : PENDING |
( Converted from : CAST/9/2010 ) |
CCIN No : 001003201000006 |
|
Last Listing Date: |
16/02/2010 |
|
Coram |
HONOURABLE THE CHIEF JUSTICE MR. S.J.MUKHOPADHAYA HONOURABLE MR.JUSTICE ANANT S. DAVE |
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
CHELBHAI NATHABHAI LUHAR |
HCLS COMMITTEE for: Application (s) MR SAMIR B GOHIL for: Application |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
TORRENT POWER LIMITED VIRAL DINESHCHANDRA MANKODI INDUSTRIAL COURT, AHMEDABAD LABOUR COURT, AHMEDABAD |
M/S TRIVEDI AND GUPTA for :Respondent(s) |
|
Presented On |
: 19.11.2014 |
Registered On |
: 26.11.2014 |
|
|
Bench Category |
: - |
District |
: AHMEDABAD |
|
|
Case Originated
From |
:THROUGH HIS/HER/THEIR ADVOCATE |
Listed |
: 20 times |
|
|
StageName |
: ADMISSION CA |
|||
|
Classification : |
SJ – CIVIL MISC. APLICATION – CODE OF CIVIL PROCEDURE, 1908 – REVIEW / MAODIFICATION / DIRECTION / EXTENSION OF TIME – CLARIFICATION |
|||
|
Act |
CIVIL PROCEDURE CODE, 1908 |
|||
LOWERCOURT DETAILS
|
S. No. |
Lower Court Case
Detail |
Lower Court Name |
Judge Name |
Judgement Date |
|
1 |
APPEAL (I.C./16/2011) |
INDUATRIAL COURT, - AHMEDABAD CITY, - |
|
25.03.2014 |
|
2 |
APPEAL (I.C./18/2011) |
INDUATRIAL COURT, - AHMEDABAD CITY, - |
|
25.03.2014 |
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
20.11.2014 |
APPLICATION NOTE |
MR SAMIR B GOHIL ADVOCATE for PETITIONER (s) |
0 |
HCLS COMMITTEE (4998) for p:1 |
|
2 |
20.11.2014 |
APPEARANCE COPY OF PETITION |
M/S TRIVEDI AND GUPTA ADVOCATE for RESPONDENT (s) |
0 |
M/S TRIVEDI AND GUPTA (949) for r:1 - 2 |
|
3 |
20.11.2014 |
APPEARANCE NOTE |
HCLS COMMITTEE ADVOCATE for PETITIONER (s) |
0 |
MR SAMIR B GOHIL (5718) for p:1 |
|
4 |
20.11.2014 |
MEMO OF PETITION / APPEAL/SUIT |
MR SAMIR B GOHIL ADVOCATE for PETITIONER (s) |
20 |
HCLS COMMITTEE (4998) MR SAMIR B GOHIL (5718) For p: 1 |
|
5 |
26.11.2014 |
ADVANCE COPY OF PETITION |
MR PARITOSH CALLA ADVOCATE for RESPONDENT (s) |
0 |
MR PARITOSH CALLA (2972) for r:3 |
|
6 |
03.12.2014 |
AFFIDAVIT IN REPLY |
M/S TRIVEDI AND GUPTA ADVOCATE for RESPONDENT (s) |
0 |
M/S TRIVEDI AND GUPTA (949) for R:1 - 2 |
|
7 |
11.12.2014 |
AFFIDAVIT IN RE-JOINDER |
MR SAMIR B GOHIL ADVOCATE for PETITIONER (s) |
0 |
MR SAMIR B GOHIL (5718) for P:1 |
TORRENT POWER GETS
SHAREHOLDERS NODE FOR MERGER PROPOSAL
NEW DELHI: Torrent PowerBSE 0.16 % today said its shareholders have approved the amalgamation of Torrent Energy and Torrent Cables with itself.
Majority of the company's shareholders have given their consent to the
composite scheme of amalgamation, Torrent Power said in a regulatory
filing.
Under the scheme, group companies Torrent Energy and Torrent Cables would be
merged with Torrent Power.
Torrent Power is part of Torrent Group, which is worth over Rs 13,000 crore,
according to its website.
Shares of Torrent Power rose marginally to close at Rs 145.95 on the BSE.
MANAGEMENT DISCUSSION
AND ANALYSIS
1. ECONOMY
Indian economy appears to have now gone past the economic slowdown which was caused due to persistent inflation, oscillating value of the rupee, external account imbalances and elevated fiscal deficit. Gross Domestic Product (GDP) growth rate has shown signs of recovery by increasing from 6.9% in FY 2013-14 to 7.4% (advanced estimates) in FY 2014-15. Many factors as described herein below have been in play for the economic pendulum to swing from gloom doom to hope scenario.
Persistent correction in crude oil prices together with softening of the global prices of tradeables and softening of food prices eased the inflationary pressure during FY 2014-15. Greater inflow of Foreign Direct Investment (FDI) and Foreign Institutional Investment in the equity and bond markets during the last one year kept the rupee relatively stable vis-à-vis the currency of peer emerging countries which too had sobering influence on inflation. Current Account Deficit is expected to come down to 0.9% of GDP in FY 2014-15 from 1.7% in FY 2013-14 owing to lower trade deficit. Reaffirming its commitment to fiscal consolidation, Government managed to restrict fiscal deficit for FY 2014-15 at 4.0% of GDP as against 4.5% in FY 2013-14 mainly on account of cut in expenditure.
These favourable factors can also become adverse many a times for reasons beyond our control. It remains to be seen whether the Indian economy has fortified itself in such good times so as not to be affected by an adverse change in any of these factors which are pre-eminently volatile. Possibly, this caution led RBI to being circumspect in its steps on monetary easing.
Standard and Poor’s upgradation of India’s outlook from negative to stable and that of Moody’s from stable to positive create expectations that actions by policy makers will enhance the country’s economic strength and, in turn, financial strength over the coming years.
2. INFRASTRUCTURE
The overall growth in the eight core industries has dropped to 3.5% during FY 2014-15 as compared to 4.2% in FY 2013-14. The Government has recognised the need to revive infrastructure and has been enthusiastic to reverse the declining growth trend. It has rightfully attempted to (a) provide thrust in planning; (b) streamline procedures such as transparent auction of coal and minerals, formation of Expert Committee for preparing draft legislation to replace the need for multiple clearances with a pre-existing regulatory mechanism, proposed revision and revitalization of Public Private Partnership mode for infrastructure development and (c) initiate the reforms such as decontrolled diesel prices, 100% FDI in railways, slated introduction of Goods and Service Tax, proposed auctioning of coal blocks for commercial mining, issuance of tax-free bonds for specific infrastructure projects, creation of a National Investment and Infrastructure Fund, etc. Though the efforts are in the right direction, realisation of gains is dependent upon speed and efficiency of action.
3. POWER SECTOR
Power sector, a part of Infrastructure segment, is the fulcrum of economic development in any country. As evident
from the existing power sector situation which has been adversely affected by domestic fuel shortages, the moot point is that supply side (coal / gas) needs to remain affordable i.e. what the market (consumer) can absorb as a cost. The power sector’s identification as a key sector of focus to promote sustained industrial growth with emphasis on ‘Make in India’ coupled with the Government’s focus to attain ‘Power For All’ is expected to accelerate the power demand in the country which is currently subdued. When this happens, the deficiency in power supply due to the current lull in launching new power projects and non-availability of affordable fuel will be felt with a much greater pinch.
A) DEMAND – SUPPLY
GAP
The energy deficit for the year has reduced to 3.6% against 4.2% in the previous year mainly due to steady rise in power availability.
However, the peak deficit for FY 2014-15 has marginally increased to 4.7% as against 4.5% in FY 2013-14. The total short-term transactions, which form only ~10% of total electricity generated, play an essential role in meeting seasonal or peaking demand. These short-term transactions have shown a decrease of 5.4% from 1,04,636 Mus in FY 2013-14 to 98,987 MUs in FY 2014-15 mainly due to weak demand and fragile health of State discoms.
B) GENERATION
As depicted in the chart below, the installed power generation capacity of India in the last decade has more than doubled from 121 GW to 272 GW as on 31st March, 2015 with coal continuing to remain central in the fuel mix. Additionally, renewable sources gradually displaced hydro in the energy basket.
Against the target installation of 88 GW (excluding renewables) around 61 GW capacity has been added in the first three years of the 12th Five Year Plan. Private sector has contributed a major share of 36 GW whereas the
Central and State sectors could add only 12 GW each.
While the capacity additions are positive, the sector has been continuing to face fuel shortages. The Plant Load Factor (PLF) of thermal power plants has decreased marginally from 63% in FY 2013-14 to 62% in FY 2014-15. However, the overall generation (excluding renewables) at 1,089 BUs in FY 2014-15 has shown an increase of 78
BUs over FY 2013-14, a growth of ~8%.
During the year, out of 218 coal blocks allocated by the Government to various entities between 1993 and 2011, allocation of 214 coal blocks was scrapped by the Supreme Court in a landmark judgement citing the allocation as arbitrary and illegal. 204 of these cancelled coal blocks are to be e-auctioned by the Government, of which 33 blocks have been auctioned in two tranches. However, the Mines and Minerals (Development Regulations) Amendment Act, 2015 and the Coal Mines (Special Provisions) Act, 2015 will enable allocation and auction of coal blocks that have been cancelled by the Supreme Court.
In the Union Budget 2015, effective rate of clean energy cess has been increased from Rs.100/tonne to Rs.200/tonne which will have a bearing on the prices of coal.
The Government approved New Gas Pricing formula on 18th October, 2014 and released New Gas Pricing Guidelines, 2014. The increase in price of domestic gas strikes a fine balance between the expectations of investors and interests of consumers. Also, the Government has finally come out with a scheme to pull the stranded gas based power plants out of the woods. Under the scheme that would function through a reverse e-bidding process, target PLF and target purchase price for discoms would be indicated by the Empowered Pool Management Committee for FY 2015-16 & FY 2016-17. The stranded gas based plants and the plants receiving limited domestic gas would be supplied imported Re-gasified Liquefied Natural Gas (RLNG) upto the target PLF.
However, the success of this new scheme would depend a lot on the ability of discoms to buy such power at the target purchase price.
Action has been taken to remove critical constraints holding up land use by passing ordinances to streamline land acquisition. Further, accessing capital is becoming difficult for the power sector mainly due to the increasing quantum of Non Performing Assets in the power sector, sometimes due to factors beyond the control of the developers. However, the easing of norms by RBI for structuring of existing long-term project loans of over Rs. 5000.000 Million to infrastructure and core industries, by aligning the debt repayment obligations with cash flows generated during their economic life, would ensure long-term viability of the projects. Likewise, the build-own-operate model for UMPP, if re-introduced, and pass-through of fuel cost escalations, if considered favourably, would help the power developers.
C) TRANSMISSION
The Transmission segment plays a key role in transmitting power continuously to various distribution entities across the country. The 12th Five Year Plan envisages an addition of about 1,07,440 ckm of transmission lines and 2,70,000 MVA of transformer capacity. Out of this, 55,956 ckm transmission lines and 1,86,549 MVA of transformer capacity were added upto FY 2014-15. The total length of transmission lines and transformer capacity in the country is 3,13,437 ckm and 5,96,100 MVA respectively as on 31st March, 2015.
The second 765 kV Raichur-Solapur transmission line has been implemented during the year resulting in a pan-
India synchronous grid of 272 GW, one of the largest in the world.
However, transmission segment which is still dominated by public sector could soon see an influx of private sector participation with the Centre planning to award projects worth Rs.262510.000 Million under the tariff-based competitive bidding route. Moreover, operationalization of Power System Development Fund of around Rs.75000.000 Million, for creating necessary transmission systems of strategic importance, for relieving congestion, is expected to improve the transmission segment in India. However, the environmental and land clearance and RoW issues are still the major impediments hampering its augmentation. Nevertheless, the modification of compensatory afforestation guidelines and provision of equal status to private and public sector developers for laying transmission lines is a welcome step.
D) DISTRIBUTION
The Distribution segment continues to be the weakest link in the entire power value chain even after a decade of power sector reforms. Poorly maintained and overburdened distribution networks, inadequate metering and theft of electricity have kept Aggregate Technical and Commercial (AT&C) losses at a high level of around 25%. Huge Regulatory Gaps have resulted into accumulated losses of ~Rs.2.52 trillion. The Financial Restructuring Plan, which was introduced to bailout State discoms, has so far attracted only eight States, which also have failed to meet the requisite performance criteria.
High AT&C losses are expected to reduce through the following reform initiatives undertaken during the year:
• Launch of Deen Dayal Upadhyaya Gram Jyoti Yojana of Rs.430330.000 Million for rural areas involving separation of agriculture and non-agriculture feeders for judicious rostering of supply and augmenting the sub-transmission and distribution infrastructure including metering of power supply;
• Approval of Integrated Power Development Scheme of Rs.326120.000 Million for urban areas, for strengthening the sub-transmission and distribution network and metering of power supply; and
• Increase in budget allocation to the transmission and distribution segment by 26% to Rs.63500.000 Million for FY 2015- 16 as compared to FY 2014-15.
Further, the proposed amendment to Electricity Act, 2003 under which timely tariff revisions are must by SERCs and the proposal to make the provisions of Tariff Policy mandatory for the determination of tariff would rationalize the tariff structure on sound financial principles for the viability of the distribution sector and recovery of revenue requirement of licencees without any gap.
4. RENEWABLE ENERGY
The Government is keen on making electricity from clean sources like sun, wind, water and biomass, a substantial part of the country’s energy mix. With this commitment to keep the environment clean, various incentives offered and promotive measures taken in the Renewable energy segment include generation-based incentives, capital and interest subsidies, viability gap funding, concessional finance, fiscal incentives, Renewable Purchase Obligation (RPO), proposed Renewable Generation Obligation of at least 10% on new thermal generation plants, etc. As on 31st March, 2015, India’s total renewable power capacity reached 35.78 GW with wind energy continuing to lead the fleet with 66% share. During FY 2014-15, capacity of 2.3 GW and 1.1 GW were added in wind energy and solar energy respectively.
To harness the huge amount of untapped wind and solar potential, the Government has revised the target of renewable energy capacity addition to 175 GW till 2022, comprising majorly 100 GW solar and 60 GW wind. The Union Cabinet has approved several projects including the setting up of 25 solar parks each of 500 MW and above and solar UMPP, with a target of over 20,000 MW of solar power installed capacity within a period of 5 years.
The wind and solar energy equipment prices have been falling dramatically due to technological innovation, increasing manufacturing scale and experience curve gains. It is hoped that such renewable energy will be sustainable in the long run on its own economic merit as compared to the current scenario where the renewable energy is highly incentivized through various measures. Needless to state, that despite the welcome developments in the renewable segment, the thermal energy will continue to have a prime place in sustaining the economic development of the country.
OVERVIEW OF COMPANY’S
BUSINESS during the year
The Company is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the States of Gujarat, Maharashtra and Uttar Pradesh.
1. GENERATION:
A) SUGEN Mega Power
Plant near Surat
The 1,147.5 MW gas based SUGEN Mega Power Plant achieved a Plant Availability Factor (PAF) of 98.12% (Previous Year - 98.89%). PLF increased to 25.70% (Previous Year - 22.87%) due to higher gas supply under its long term contracts and judicious usage of spot LNG. Non-availability of domestic gas and unwillingness of long term buyers to off-take power based on expensive imported LNG resulted in non-operation of two units during the year. Consequently, it dispatched 2,518 MUs (Previous Year - 2,230 MUs).
SUGEN has participated in the “Scheme for utilization of Gas based power generation capacity” by submitting bid for allotment of RLNG up to the target PLF and related Power System Development Fund support from the Government.
SUGEN has received the interim true-up order covering the tariff period 2009-14 and is awaiting the final true-up order.
The Company has filed writ petition before Hon’ble Gujarat High Court against PNGRB’s order dated 11th July, 2014 revising the GSPL’s gas pipeline tariff and the High Court in its interim order stayed the retrospective portion of liability pursuant to which the Company has deposited `20 Crore in addition to the payment made of Rs. 70.000 Million.
B) UNOSUGEN Power
Plant near Surat
The 382.5 MW gas based UNOSUGEN Power Plant achieved PAF of 90.30% (Previous Year – 99.99%) due to forced outage. The capacity of the unit remained unutilised throughout the year owing to non-availability of domestic gas and reluctance of beneficiaries to off-take power based on expensive imported LNG.
UNOSUGEN has participated in the “Scheme for utilization of Gas based power generation capacity” by submitting bid for allotment of RLNG up to the target PLF and related Power System Development Fund support from the Government.
C) DGEN Power Plant
at Dahej SEZ near Bharuch
The 1,200 MW combined cycle gas based DGEN Power Project has been commissioned during the year. The Project has been developed by Torrent Energy Limited (TEL), a wholly owned subsidiary of the Company. TEL holds the status of Co-Developer of Dahej SEZ area granted by the Ministry of Commerce and Industry. The Project is registered with UNFCCC under Clean Development Mechanism.
The final Project cost is Rs.53180.000 Million against the original Project cost of Rs.53250.000 Million reflecting savings of Rs.70.000 Million. Additional works not envisaged during Project conception viz. augmenting water supply system, dedicated gas pipeline, gas receiving station, reactor bay in the switchyard and dedicated effluent disposal line amounting to Rs.1090.000 Million were undertaken (not included in the above Project cost). As per the EPC Contract, the Company has received Rs.7080.000 Million towards the recovery of Liquidated Damages for the time delay and other Project related claims, from Siemens India and Siemens AG which has helped in reducing the Project Cost. On considering the cost of Rs.2720.000 Million of DGEN – Navsari 400 kV transmission line developed by TEL alongwith the above mentioned additional works, the total Project cost stands at Rs.56990.000 Million. The Plant is awaiting gas allocation and is currently under preservation mode.
DGEN has participated in the “Scheme for utilization of Gas based power generation capacity” by submitting bid for allotment of RLNG up to the target PLF and related Power System Development Fund support from the Government.
D) AMGEN Power Plant
at Ahmedabad
The 422 MW coal based AMGEN Power Plant achieved a higher PAF of 90.05% (Previous Year - 81.69%), PLF of 80.69% (Previous Year - 74.90%) and dispatched 2,718 MUs (Previous Year - 2,463 MUs). The improvement in PAF was due to uprating activities of E and F stations carried out in the previous year which also led to improved PLF and dispatch of units.
100 MW Vatva CCPP has been retired and sale order for the Plant has been placed.
E) Wind Power Plant
at Lalpur, Jamnagar
The 49.6 MW Wind Power Plant achieved PAF of 97.60% (Previous Year - 97.39%) and dispatched 87 Mus (Previous Year - 89 MUs) during the year.
F) Solar Power Plant
at Charanka, Patan
51 MW Solar Power Project has been commissioned during the year in a cost effective manner. The Project has been developed by Torrent Solargen Limited (formerly known as Torrent Power Bhiwandi Limited.), a wholly owned subsidiary of the Company. Power generated from the Plant has been tied up for supplying to Company’s Distribution business in Ahmedabad and Surat for fulfilment of solar RPO.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans |
|
|
|
From Government of India under Accelerated Power Development and Reform Programme (APDRP) |
359.200 |
397.400 |
|
Total |
359.200 |
397.400 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10523012 |
06/09/2014 |
45,943,500,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU |
C23524846 |
|
2 |
10509290 |
12/06/2014 |
6,513,500,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Marker Tower "E", Cuffe Parade, Mumbai, Maha |
C11207131 |
|
3 |
10443714 |
26/09/2013 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR,17 R, KAMANI MARG,, BAL |
B87562377 |
|
4 |
10441792 |
12/07/2013 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG,, B |
B81134678 |
|
5 |
10448617 |
20/06/2013 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor,, 17, R. Kamani Marg |
B79528337 |
|
6 |
10425900 |
15/10/2013 * |
7,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian building, Ground Floor, 17, R. Kamani Marg,, |
B88930185 |
|
7 |
10420083 |
05/08/2013 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Buliding, Ground Floor, 17, R, Kamani Marg,, |
B83284026 |
|
8 |
10406043 |
21/12/2012 |
5,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor,, 17, R. Kamani Marg |
B66089400 |
|
9 |
10383250 |
21/08/2014 * |
4,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg.,Ground Floor, 17, R. Kamani Marg,, Ba |
C20909941 |
|
10 |
10378743 |
19/01/2013 * |
1,160,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.K. Kamani Marg,, |
B69434405 |
UNAUDITED FINANCIAL
RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
|
|
Particulars |
quarter ended
30.06.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
Sales/Income from Operations (Gross) |
27845.200 |
|
|
|
b) Other Operating Income |
1396.100 |
|
|
Total Income from
Operations (Net) |
29241.300 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Power Purchase |
12701.400 |
|
|
b) |
Fuel Cost |
6939.900 |
|
|
c) |
Employee benefit expenses |
875.700 |
|
|
d) |
Depreciation and amortization expense |
1388.200 |
|
|
e) |
Other expenses |
1726.200 |
|
|
Total Expenses |
23631.400 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
5609.900 |
|
4 |
Other Income |
550.900 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
6160.800 |
|
|
6 |
Finance Costs |
1664.300 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
4496.500 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
4496.500 |
|
|
10 |
Tax Expense |
|
|
|
|
Current Tax |
967.000 |
|
|
|
Deferred Tax |
437.700 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
3091.800 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
4724.500 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
6.54 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
21998.800 |
|
|
|
- Percentage of Shareholding |
46.56% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
25246.000 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
53.44% |
|
Particulars |
Quarter Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
- The Board of Directors has approved on May 12, 2014, the draft Composite Scheme of Amalgamation of Torrent Energy Limited (TEL) and Torrent Cables Limited (TCL) with Torrent Power Limited (TPL) and their respective shareholders and creditors ("the Scheme") under Sections 391 to 394 and other applicable provisions of the Companies Act, 1956. The Appointed Date of the scheme is April 01, 2014.
TPL has already obtained necessary approval of the Scheme from National Stock Exchange
of India Limited and BSE Limited vide their letters dated 26th & 27th
August, 2014 respectively. Hon'ble Central Electricity Regulatory Commission
(CERC) has also granted its approval to TEL under Section 17 (1) (b) of the
Electricity Act, 2003 for its amalgamation with TPL subject to certain
procedural conditions vide its order dated January 07, 2015. TEL has also
received the approval from Hon’ble Gujarat Electricity Regulatory Commission
(GERC) under section 17 of Electricity Act, 2003 for amalgamation with TPL vide
its order dated 1st April, 2015. Such approval is subject to the decision of
Hon’ble High Court of Gujarat. As per the directions of the Hon’ble High Court
of Gujarat, the meeting of the equity shareholders of TPL & TCL and unsecured
creditors of TCL and TEL were held on April 30, 2015. Further, court convened
meeting of the secured creditors of TCL & TEL were held on 1st May, 2015.
Equity shareholders of TPL & TCL and Secured and Unsecured creditors of TCL
and TEL have approved the scheme in their respective meetings. In accordance
with SEBI circular ClR/CFD/DIL/5/2013 dated February 04, 2013 and
CIR/CFD/DIL/8/2013 dated May 21, 2013, the public shareholders has approved the
said amalgamation. The Company has filed the petition for approval of the
amalgamation with Hon’ble High Court of Gujarat on June 17, 2015 which is
pending.
Pending other requisite approvals, including approval of High Court of Gujarat
I National Company Law Tribunal as applicable, fulfilment of conditions
precedent as mentioned in the Scheme and further actions, the effect of the
Scheme has not been considered in the financial statements.
2. In the context of change in Central Electricity Regulatory Commission (CERC)
Regulations emphasizing Plant Load Factor (PLF) as against Plant Availability
Factor (PAF) for performance incentive which has impacted the financial
results, the Company has accordingly changed the basis similarly for charging
balance operational and maintenance expenses for supply and service agreements
till the end of the contract period w.e.f. April 01, 2014 and consequently
excess amount of Rs. 103.47 Crore accounted in FY 2014-15 is reversed and
credited under the head “Other operating income."
3. The Company operates only in one business segment viz. Generation and
Distribution of Electricity.
4. The figures for the previous periods have been regrouped / reclassified,
wherever necessary, to make them comparable with the figures for the current
periods.
5. The Audit Committee has reviewed the above results and the same have been
subsequently approved by the Board of Directors in their respective meetings
held on August 04, 2015. The statutory auditors of the Company have carried out
a Limited Review of the financial results for the quarter ended on June 30,
2015.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
(i) Letters of credit established and guarantees given by banks on behalf of the Company |
377.800 |
1032.100 |
|
(ii) Disputed income-tax matters |
307.900 |
227.700 |
|
(iii) Disputed custom duty matters |
187.800 |
187.800 |
|
(iv) Disputed excise duty matters |
1.800 |
1.800 |
|
(v) Disputed stamp duty matters |
3.500 |
3.500 |
|
(vi) Disputed VAT liability matters |
21.500 |
0.000 |
|
(vii) Claims not acknowledged as debt |
107.400 |
148.300 |
|
Note In respect of the above, the expected outflow will be determined at the time of final resolution of the dispute. No reimbursement is expected. |
||
FIXED ASSETS
Tangible assets
- Land
(a) Freehold
(b) Leasehold
- Buildings
- Railway siding
- Plant and machinery
(a) Steam station
(b) Others including switchgears and transformers
- Transmission and distribution systems
(a) Overhead
(b) Underground
- Electrical fittings and apparatus
- Furniture and fixtures
- Office equipments
- Vehicles
II. Intangible assets
Software (Acquired)
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 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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
|
--PROFITABILITY |
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 |
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 |
|
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.