MIRA INFORM REPORT
|
Report No. : |
339345 |
|
Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE TATA POWER COMPANY LIMITED |
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|
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Registered
Office : |
Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400001,
Maharashtra |
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Tel. No.: |
91-22-67171000 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
18.09.1991 |
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Com. Reg. No.: |
11-000567 |
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Capital
Investment / Paid-up Capital : |
Rs. 2704.800 Million |
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|
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CIN No.: [Company Identification
No.] |
L28920MH1919PLC000567 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00252A |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The Subject is engaged in to the Business of Generation, Transmission and Distribution of Electricity Energy. |
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No. of Employees
: |
4290 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a Tata Group Company, it is involved in the business of
generation, distribution and transmission of power. It has a license for bulk
supply of electricity in the city of Mumbai. It is a well-established company
having fine track record. The rating reflects healthy financial risk profile marked by strong
financial flexibility of the company arising from being part of the Tata
Group and decent liquidity position of the company. Further , the company has achieved a top line growth of 7.5% along
with decent sales turnover along with profitability margin of 12.8%during the
year ended 2015. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong financial risk profile, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
26.06.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
26.06.2015 |
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 DECLINED BY
|
Name : |
Mr. Ramesh Narayanswamy Subraman |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-67171000 |
|
Date : |
02.09-2015 |
LOCATIONS
|
Registered Office : |
Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-66658282 |
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Fax No.: |
91-22-66658801/ 66658867 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Corporate Centre, 34, Sant Tukaram Road, Carnac Bunder, Mumbai - 400009, Maharashtra, India |
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Tel. No.: |
91-22-67171000 |
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Thermal Power Stations : |
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Hydro Generating Stations : |
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Wind Farms : |
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Transmission Division : |
Shil
Road, Netivli, Kalyan, District Thane, Maharashtra, India |
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Distribution Division : |
Senapati
Bapat Marg, Lower Parel, Mumbai, Maharashtra, India |
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Solar Plants : |
i) Mulshi (Khurd) Post Male, Taluka Mulshi, District Pune, Maharashtra, India ii) C/o Tata Chemicals Township, Plot B Survey No. 78, Mithapur District Jamnagar, Gujarat, India (Owned by Tata Power Renewable Energy Limited., a wholly owned subsidiary) |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Cyrus P. Mistry |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Gopalakrishnan |
|
Designation : |
Director |
|
Date
of Birth : |
25.12.1945 |
|
Date
of Appointment : |
15.01.1999 |
|
Qualification
: |
Graduate
in Physics from Calcutta University and in Engineering from IIT, Kharagpur |
|
|
|
|
Name : |
Dr. Homiar S. Vachha |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Nawshir H. Mirza |
|
Designation : |
Director |
|
Date
of Birth : |
04.04.1950 |
|
Date
of Appointment : |
29.09.2006 |
|
Qualification
: |
Fellow
of The Institute of Chartered Accountants of India. |
|
|
|
|
Name : |
Mr. Deepak M. Satwalekar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Piyush G. Mankad, IAS (Retd.) |
|
Designation : |
Director |
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|
|
Name : |
Mr. Ashok K. Basu, IAS (Retd.) |
|
Designation : |
Director |
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|
|
|
Name : |
Ms. Vishakha V. Mulye |
|
Designation : |
Director |
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Date
of Birth : |
04.02.1969 |
|
Date
of Appointment : |
28.02.2013 |
|
Qualification
: |
Graduate
in Commerce, Fellow of The Institute of Chartered Accountants of India. |
|
|
|
|
Name : |
Mr. Vijay Kumar Sharma |
|
Designation : |
LIC Nominee |
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|
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|
Name : |
Mr. Anil Sardana |
|
Designation : |
Chief Executive Officer and Managing Director |
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|
Name : |
Mr. Ashok S. Sethi |
|
Designation : |
COO and Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh N. Subramanyam |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Hanoz M. Mistry |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
892544226 |
33.05 |
|
|
656240 |
0.02 |
|
|
656240 |
0.02 |
|
|
893200466 |
33.07 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
893200466 |
33.07 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
37933407 |
1.40 |
|
|
15044099 |
0.56 |
|
|
618045 |
0.02 |
|
|
570260001 |
21.12 |
|
|
680437024 |
25.20 |
|
|
79637403 |
2.95 |
|
|
78237776 |
2.90 |
|
|
22760 |
0.00 |
|
|
1376867 |
0.05 |
|
|
1383929979 |
51.24 |
|
|
|
|
|
|
19084762 |
0.71 |
|
|
|
|
|
|
372553433 |
13.79 |
|
|
26945534 |
1.00 |
|
|
4959524 |
0.18 |
|
|
4850601 |
0.18 |
|
|
93574 |
0.00 |
|
|
10400 |
0.00 |
|
|
4949 |
0.00 |
|
|
423543253 |
15.68 |
|
Total Public shareholding (B) |
1807473232 |
66.93 |
|
Total (A)+(B) |
2700673698 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
3955700 |
0.00 |
|
|
3955700 |
0.00 |
|
Total (A)+(B)+(C) |
2704629398 |
100.00 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
As a % |
|
1 |
Tata Sons Limited |
82,18,99,682 |
30.39 |
|
3 |
Tata Industries Limited |
2,24,35,200 |
0.83 |
|
3 |
Tata Industries Limited |
2,24,35,200 |
0.83 |
|
4 |
Tata Investment Corporation Limited |
68,47,842 |
0.25 |
|
5 |
Ewart Investments Limited |
22,29,657 |
0.08 |
|
6 |
Sir Dorabji Tata Trust |
5,72,880 |
0.02 |
|
7 |
Sir Ratan Tata Trust |
70,160 |
0.00 |
|
8 |
J R D Tata Trust |
13,200 |
0.00 |
|
9 |
Sheba Properties Limited |
9,120 |
0.00 |
|
|
|
|
|
|
|
Total |
89,32,00,466 |
33.02 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
As a % |
|
1 |
Life Insurance Corporation of India |
369805780 |
13.67 |
|
2 |
Matthews Pacific Tiger Fund |
173781367 |
6.43 |
|
3 |
National Westminster Bank PLC as depositary of first State Global Emerging Markets Leaders Fund a Sub fund of first state investments ICVC |
87845474 |
3.25 |
|
4 |
New India Assurance Company Limited |
69081181 |
2.55 |
|
5 |
General Insurance Corporation of India |
68176404 |
2.52 |
|
6 |
National Westminster Bank PLC as depositary of first State Asia Pacific Leaders Fund a sub Fund of First State Investment ICVC |
63999639 |
2.37 |
|
7 |
Aberdeen Global Indian Equity Mauritius Limited |
36598000 |
1.35 |
|
|
Total |
869287845 |
32.14 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
As a % |
|
1 |
Life Insurance Corporation of India |
369805780 |
13.67 |
|
2 |
Matthews Pacific Tiger Fund |
173781367 |
6.43 |
|
|
Total |
543587147 |
20.10 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in to the Business Supply of Electricity. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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 : |
4290 (Approximately) |
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Bankers : |
· Axis Bank Limited · Bank of America · Citibank N.A. · Deutsche Bank AG · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Induslnd Bank Limited · Kotak Mahindra Bank Limited · Standard Chartered Bank Limited · State Bank of India · The Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
Deloitte Haskins and Sells LLP |
|
|
|
|
Solicitors: |
Mulla and Mulla and Craigie Blunt and Caroe |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
· Yashmun Engineers Limited (YEL) · Yashmun Engineers Limited (YEL) · Rujuvalika Investments Limited (RIL) |
|
|
|
|
Subsidiaries : |
· Af-Taab Investment Co. Limited (AICL) · Chemical Terminal Trombay Limited (CTTL) · Tata Power Trading Co. Limited (TPTCL) · Powerlinks Transmission Limited (PTL) · NELCO Ltd. (NELCO) · Maithon Power Limited. (MPL) · Industrial Energy Limited. (IEL) · Tata Power Delhi Distribution Limited (TPDDL) · Coastal Gujarat Power Limited (CGPL) · Bhira Investments Limited (BIL) · Bhivpuri Investments Limited (BHIL) · Khopoli Investments Limited (KIL) · Trust Energy Resources Pte. Limited (TERL) · Energy Eastern Pte. Limited ** (EEL) · Industrial Power Utility Limited (IPUL) · Tatanet Services Limited** (TNSL) · Tata Power Renewable Energy Ltd. (TPREL) · PT Sumber Energi Andalan Tbk. ** (SEA) · Tata Power Green Energy Ltd. ** (TPGEL) · NDPL Infra Limited ** (NDPLIL) · Dugar Hydro Power Limited (DHPL) · Tata Power Solar Systems Limited (TPSSL) · Tata Power Jamshedpur Distribution Limited (TPJDL) · Tata Power International Pte. Limited (TPIPL) · NewGen Saurashtra Windfarms Limited ** (NSWL) (erstwhile AES Saurashtra Windfarms Limited) ** Through Subsidiary Companies. |
|
|
|
|
Jointly Controlled
Entities : |
· OTP Geothermal Pte. Limited. (OTPGL) ** · Adjaristsqali Georgia LLC (AGL) ** · Cennergi Pty. Limited (CPL) ** · Mandakini Coal Company Ltd. (MCCL) · Tubed Coal Mines Limited (TCML) ** Fellow Jointly Controlled Entities |
|
|
|
|
Promoters
holding together with its Subsidiary more than 20% : |
Tata Sons Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,00,00,000 |
Equity Shares |
Re. 1/- each |
Rs. 3000.000 Million |
|
2,29,00,000 |
Preference Shares |
Rs. 100/- each |
Rs. 2290.000Million |
|
|
|
|
|
|
|
Total |
|
Rs. 5290.000 Million |
Issued Capital:s
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
276,17,00,970 |
Equity Shares |
Re. 1/- each |
Rs. 2761.700
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270,46,25,254 |
Equity Shares |
Re. 1/- each |
Rs. 2704.600
Million |
|
|
Less : Calls in Arrears |
|
Rs.0.400 Million |
|
16,52,300 |
Add : Equity shares forfeited - Amount paid |
|
Rs.0.600 Million |
|
|
|
|
|
|
|
Total |
|
Rs.
2704.800 Million |
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
|
31.03.2015 |
|
At the
beginning of the year |
237,47,24,660 |
2373.300 |
|
Issued during
the year |
33,15,52,894 |
331.500 |
|
Outstanding
at the end of the year |
270,62,77,554 |
2704.800 |
Terms/rights attached
to Equity Shares
The Company has issued only one class of Equity Shares having a Par Value of Re. 1/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March, 2015, the amount of per share dividend recognised as distribution to equity shareholders was Rs. 1.30 per share of Face Value of Re 1/- each (31st March, 2014 - Rs 1.25 per 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 all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
Details of shareholders holding more than 5% shares in the Company
|
Equity Shares of Re 1/- each fully paid |
31.03.2015 |
|
|
|
Number |
%Holding |
|
Tata Sons
Limited |
82,18,99,682 |
30.39 |
|
Life
Insurance Corporation of India |
35,48,05,781 |
13.12 |
|
Matthews
Pacific Tiger Fund |
16,75,45,436 |
6.19 |
In an earlier year, the Company issued 3,000 1.75% Foreign Currency Convertible Bonds (FCCB) with Face Value of USD 100,000 each aggregating to USD 300 million. The bondholders had an option to convert these Bonds into Equity Shares, at an initial conversion price, subject to adjustment in certain circumstances, of Rs. 145.6125 per share at a fixed rate of exchange on conversion of Rs. 46.81 = USD 1.00, at any time on and after 31st December, 2009, upto 11th November, 2014. The Company has redeemed the FCCBs on 21st November, 2014 (the redemption date) at 109.47% of their principal amount together with accrued and unpaid interest.
The Company, vide its Letter of Offer dated 19th March, 2014, offered upto 33,22,30,130 Equity Shares of Face Value of Re. 1/- each at a price of Rs. 60/- per Equity Share (including Share Premium of Rs. 59/- per Equity Share) for an amount aggregating to Rs. 1,993.38 crore to the existing Equity Shareholders of the Company on rights basis in the ratio of 7 Equity Shares for every 50 Equity Shares held by the Equity Shareholders on the record date i.e. 20th March, 2014. The issue opened on 31st March, 2014 and closed on 15th April, 2014. On 25th April, 2014 the Company has allotted 33,15,52,894 Equity Shares, the remaining 6,77,236 Equity Shares being kept in abeyance.
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 |
2704.800 |
2373.300 |
2373.300 |
|
(b) Reserves & Surplus |
141961.400 |
116487.400 |
108034.600 |
|
(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) |
144666.200 |
118860.700 |
110407.900 |
|
|
|
|
|
|
Unsecured
perpetual securities |
15000.000 |
15000.000 |
15000.000 |
|
|
|
|
|
|
Statutory
reserves |
6232.300 |
6132.300 |
6042.300 |
|
|
|
|
|
|
Special
appropriation towards project cost. |
5336.100 |
5336.100 |
5336.100 |
|
|
|
|
|
|
Service
line contributions from consumers |
1045.300 |
944.500 |
822.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
87956.300 |
71759.900 |
84525.700 |
|
(b) Deferred tax liabilities (Net) |
10249.800 |
8811.400 |
8054.900 |
|
(c)
Other long term liabilities |
939.300 |
861.000 |
998.100 |
|
(d)
long-term provisions |
1499.000 |
1642.300 |
4131.900 |
|
Total
Non-current Liabilities (3) |
100644.400 |
83074.600 |
97710.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
17647.800 |
15795.300 |
11721.500 |
|
(b)
Trade payables |
13046.600 |
10576.800 |
9235.500 |
|
(c)
Other current liabilities |
27055.600 |
43059.900 |
20276.400 |
|
(d)
Short-term provisions |
4937.600 |
6610.100 |
4376.100 |
|
Total
Current Liabilities (4) |
62687.600 |
76042.100 |
45609.500 |
|
|
|
|
|
|
TOTAL |
335611.900 |
305390.300 |
280928.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
94589.500 |
85328.100 |
77444.100 |
|
(ii)
Intangible Assets |
1419.900 |
658.200 |
301.100 |
|
(iii)
Capital work-in-progress |
4723.500 |
6844.900 |
6414.600 |
|
(iv) Intangible assets under development |
762.000 |
906.000 |
733.400 |
|
(b) Non-current
Investments |
132088.900 |
123610.900 |
108596.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
28987.900 |
0.000 |
|
(d) Long-term Loan
and Advances |
35493.400 |
23699.400 |
21405.600 |
|
(e)
Other Non-current assets |
29371.600 |
|
28081.700 |
|
Total
Non-Current Assets |
298448.800 |
270035.400 |
242977.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
420.000 |
13.600 |
2585.600 |
|
(b)
Inventories |
6691.800 |
7106.700 |
7610.900 |
|
(c)
Trade receivables |
15761.300 |
13201.000 |
13000.600 |
|
(d)
Cash and cash equivalents |
2792.700 |
678.600 |
4131.700 |
|
(e)
Short-term loans and advances |
3733.000 |
8045.300 |
9209.000 |
|
(f)
Other current assets |
7764.300 |
6309.700 |
1413.500 |
|
Total
Current Assets |
37163.100 |
35354.900 |
37951.300 |
|
|
|
|
|
|
TOTAL |
335611.900 |
305390.300 |
280928.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
86776.900 |
86755.300 |
95672.800 |
|
|
|
Other Income |
10246.800 |
6557.600 |
7216.700 |
|
|
|
TOTAL (A) |
97023.700 |
93312.900 |
102889.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Power product |
9530.900 |
7933.300 |
6233.900 |
|
|
|
Cost of Fuel |
31419.100 |
33509.100 |
52444.000 |
|
|
|
Transmission Charges |
4368.700 |
4679.600 |
2334.300 |
|
|
|
Cost of Components Consumed |
3743.000 |
1789.900 |
1507.500 |
|
|
|
Employees benefits expense |
6865.200 |
5449.500 |
5476.000 |
|
|
|
Other expenses |
9712.800 |
10486.400 |
7374.900 |
|
|
|
TOTAL (B) |
65639.700 |
63847.800 |
75370.600 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31384.000 |
29465.100 |
27518.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10474.600 |
8682.100 |
6844.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20909.400 |
20783.000 |
20674.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5752.900 |
5871.400 |
3641.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
15156.500 |
14911.600 |
17033.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5053.600 |
5370.800 |
6786.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
10102.900 |
9540.800 |
10246.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Interest |
113.000 |
313.300 |
349.900 |
|
|
|
Export of services |
404.000 |
382.400 |
46.600 |
|
|
|
Guarantee Commission from Subsidiaries |
174.400 |
132.600 |
102.400 |
|
|
|
Dividend |
3199.700 |
2389.600 |
2965.500 |
|
|
|
Sale of Fixed Assets |
245.900 |
|
134.000 |
|
|
|
Others |
54.900 |
138.600 |
349.900 |
|
|
TOTAL EARNINGS |
4191.900 |
193.500 |
3948.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods |
354.200 |
1890.500 |
286.400 |
|
|
|
Components and spare parts |
1825.000 |
801.300 |
854.400 |
|
|
|
Fuel |
7926.300 |
13551.000 |
22024.900 |
|
|
TOTAL IMPORTS |
10105.500 |
16242.800 |
23165.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.30 |
3.38 |
3.44 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
4766.600 |
23246.700 |
4439.400 |
|
|
|
|
|
|
Cash Generated from Operations |
19859.400 |
29903.200 |
7464.000 |
|
|
|
|
|
|
Net Cash generated from Operating Activities |
1,6879.000 |
26995.000 |
4376.900 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Type |
|
|
1st Quarter |
|
Net Sales |
|
|
21946.100 |
|
Total Expenditure |
|
|
15324.900 |
|
PBIDT (Excl OI) |
|
|
6621.200 |
|
Other Income |
|
|
2250.900 |
|
Operating Profit |
|
|
8872.100 |
|
Interest |
|
|
3420.200 |
|
Exceptional Items |
|
|
165.900 |
|
PBDT |
|
|
5617.800 |
|
Depreciation |
|
|
1641.200 |
|
Profit Before Tax |
|
|
3976.600 |
|
Tax |
|
|
1552.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
2424.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
2424.200 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.64 |
11.00 |
10.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
36.17 |
33.96 |
28.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.65 |
10.28 |
10.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.13 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76 |
0.93 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59 |
0.46 |
0.83 |
STOCK
PRICES
|
Face Value |
Rs. 1.00/- |
|
|
|
|
Market Value |
Rs. 59.96/- |
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 |
2373.300 |
2373.300 |
2704.800 |
|
Reserves & Surplus |
108034.600 |
116487.400 |
141961.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
110407.900 |
118860.700 |
144666.200 |
|
|
|
|
|
|
Long-term borrowings |
84525.700 |
71759.900 |
87956.300 |
|
Short term borrowings |
11721.500 |
15795.300 |
17647.800 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
4439.400 |
23246.700 |
4766.600 |
|
Total
borrowings |
100686.600 |
110801.900 |
110370.700 |
|
Debt/Equity
ratio |
0.912 |
0.932 |
0.763 |
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 |
95672.800 |
86755.300 |
86776.900 |
|
|
|
(9.321) |
0.025 |
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 |
95672.800 |
86755.300 |
86776.900 |
|
Profit |
10246.900 |
9540.800 |
10102.900 |
|
|
10.71% |
11.00% |
11.64% |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATIONS
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE : 06.05.2015 |
|
LODGING NO: ITXAL/585/2015 FILING DATE: 06.05.2015 REG. NO.: ITXA/845/2015 REG.
DATE: 12.08.2015 |
|
PETITIONER: COMMISSIONER OF INCOME TAX(TDS)-2 RESPONDENT:THE TATA POWER
COMPANY LIMITED
DISTRICT: MUMBAI |
|
BENCH:DIVISION STATUS: PRE-ADMISSION CATEGORY:
TAX-APPEALS NEXT DATE: 15.09.2015 STAGE:
-- CORAM: ACCORDING TO SITTING LIST ACCORDING TO
SITTING LIST |
|
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 |
10584922 |
23/07/2015 |
2,800,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C61193322 |
|
2 |
10577058 |
05/06/2015 |
2,500,000,000.00 |
IDFC
LIMITED |
KRM
TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031,
TAMILNADU, INDIA |
C57531691 |
|
3 |
10564962 |
30/03/2015 |
2,500,000,000.00 |
KOTAK
MAHINDRA BANK LIMITED |
27BKC, C
27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051,
MAHARASHTRA, INDIA |
C51485845 |
|
4 |
10540687 |
22/12/2014 |
3,950,000,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C39264825 |
|
5 |
10516127 |
01/08/2014 |
9,300,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R KAMANI MARG, |
C17498056 |
|
6 |
10514366 |
23/07/2014 |
1,393,800,000.00 |
SBICAP
TRUSTEE COMPANY LIMITED |
202,
MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
C16043994 |
|
7 |
10552955 |
23/07/2014 |
2,000,000,000.00 |
IFCI
LIMITED |
IFCI
TOWER,, 61, NEHRU PLACE, NEW DELHI - 110019, INDIA |
C45553310 |
|
8 |
10507099 |
10/06/2014 |
3,500,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE, SENAPATI BAPAT MARG, LOWER PARE |
C09790718 |
|
9 |
10552952 |
21/05/2014 |
2,000,000,000.00 |
IFCI
LIMITED |
IFCI
TOWER, 61, NEHRU PLACE, NEW DELHI - 110019, INDIA |
C45551140 |
|
10 |
10445042 |
08/08/2013 |
3,000,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A,
NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B83060277 |
|
11 |
10445737 |
08/08/2013 |
3,000,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST) |
B83414821 |
|
12 |
10420582 |
21/03/2013 |
2,100,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17,, KAMANI MARG, B |
B72972979 |
|
13 |
10375729 |
21/08/2012 |
880,000,000.00 |
KOTAK
MAHINDRA BANK LIMITED |
36-38A,
NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B57787830 |
|
14 |
10311440 |
23/09/2011 |
8,000,000,000.00 |
INFRASTRUCTURE
DEVELOPMENT FINANCE COMPANY LIMITED |
KRM
TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031,
TAMILNADU, INDIA |
B23040918 |
|
15 |
10288283 |
11/05/2011 |
4,500,000,000.00 |
INDIAN
RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT
CENTRE1ST FLOOR EAST COURT CORE, 4 A LODHI ROAD, NEW DELHI - 110003,
INDIA |
B13497995 |
|
16 |
10261862 |
30/06/2012
* |
2,340,000,000.00 |
CENTBANK
FINANCIAL SERVICES LIMITED |
DEBENTURE
TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT,
MUMBAI- 400023, MAHARASHTRA, INDIA |
B43501246 |
|
17 |
10252805 |
19/10/2010 |
3,500,000,000.00 |
CENTBANK
FINANCIAL SERVICES LIMITED |
CENTRALBANK
MMO BLDG6TH FLOOR 55 MAHATMA, GANDHI |
A97242713 |
|
18 |
10246122 |
30/09/2010 |
3,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A96879572 |
|
19 |
10223199 |
26/05/2010 |
2,000,000,000.00 |
STATE
BANK OF INDIA |
12TH
FLOOR, JAWAHAR VYAPAR BHAVAN, NEW DELHI - 110001, INDIA |
A86769999 |
|
20 |
10213777 |
31/03/2010 |
6,000,000,000.00 |
HDFC
BANK LIMITED |
HDFC BANK
HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013,
MAHARASHTRA, INDIA |
A83830190 |
|
21 |
10202155 |
10/02/2010 |
1,500,000,000.00 |
INFRASTRUCTURE
DEVELOPMENT FINANCE COMPANY LIMITED |
ITC
CENTRE, 3RD FLOOR760, ANNA SALAI,, CHENNAI - |
A79319836 |
|
22 |
10147730 |
13/03/2009 |
3,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A58632266 |
|
23 |
10115081 |
08/06/2012
* |
5,000,000,000.00 |
CENTRAL
BANK OF INDIA |
DEBENTURE
TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT,
MUMBAI - 400023, MAHARASHTRA, INDIA |
B42391342 |
|
24 |
10114396 |
08/06/2012
* |
5,000,000,000.00 |
CENTRAL
BANK OF INDIA |
DEBENTURE
TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT,
MUMBAI - 400023, MAHARASHTRA, INDIA |
B42392480 |
|
25 |
10090308 |
29/02/2008 |
4,000,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A33593435 |
|
26 |
10087454 |
05/10/2012
* |
2,614,500,000.00 |
CENTRAL
BANK OF INDIA |
6TH
FLOOR, MMO BUILDING, 55, M G ROAD, MUMBAI- 400023, MAHARASHTRA, INDIA |
B59606632 |
|
27 |
10057317 |
31/08/2010
* |
1,000,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A94610441 |
|
28 |
10021014 |
23/09/2011
* |
4,500,000,000.00 |
INFRASTRUCTURE
DEVELOPMENT FINANCE COMPANY LIMITED |
KRM TOWER,
8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU,
INDIA |
B23067499 |
|
29 |
90218587 |
08/06/2012
* |
6,000,000,000.00 |
CENTRAL
BANK OF INDIA |
DEBENTURE
TRUSTEE SECTION, CENTRAL BANK - MMO BLDG, 55, MAHATMA GANDHI ROAD, FORT,
MUMBAI - 400023, MAHARASHTRA, INDIA |
B42393322 |
|
30 |
90218441 |
26/03/2013
* |
4,500,000,000.00 |
ICICI
BANK LIMITED |
LANDMARK,
RACE COURCE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B72971567 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Redeemable Non-Convertible Debentures |
30000.000 |
15000.000 |
|
Bonds |
|
|
|
8.50% Euro Notes (2017) |
3722.100 |
3566.800 |
|
Term Loans |
|
|
|
ICICI Bank |
29.000 |
87.000 |
|
JP Morgan Chase Bank |
2000.000 |
2000.000 |
|
BNP Paribas |
2100.000 |
2100.000 |
|
Deferred Payment
Liabilities |
|
|
|
Sales Tax Deferral |
569.900 |
681.300 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
|
|
|
Buyer’s Line of Credit |
2867.800 |
993.300 |
|
Loans from Banks |
1850.000 |
4680.000 |
|
From Others |
|
|
|
Inter-corporate Deposit |
0.000 |
50.700 |
|
Commercial Paper [maximum amount outstanding during the year is Rs. 15250.000 Million (31st March, 2014 – Rs. 7500.000 Million)] |
12000.000 |
6500.000 |
|
|
|
|
|
Total |
55138.800 |
35659.100 |
CURRENT SIZE OF OPERATIONS
The major businesses of the Company are in Generation, Transmission, Distribution-cum-Retail, Power Trading, Power Services, Coal Mines and Logistics, Strategic Engineering for defence applications, Solar Photovoltaic (PV) manufacturing andassociated project management services (Engineering, Procurement, Construction).
As of 31st March 2015, the Tata Power Group of companies had an operational generation capacity of 8,726 MW based on various fuel sources- thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery.
The Company (including its subsidiaries) had 16% of its capacity (in MW terms) in clean and green sources (Hydro, Wind, Solar and Waste Heat Recovery). The Company stands committed to achieving its target of 20-25% share of its generation mix through clean and green sources.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Market Structure India has different models for sale and purchase of bulk power - integrated utility [State Electricity Board (SEB)], single buyer (MoU based/regulated generation), competitive bidding, captive power generation and sale to captive users. At the consumer end, India has models such as monopoly where the incumbent state distribution company is the sole provider of electricity, franchisee model, retail competition, etc. Migration to a more mature market structure is expected to occur gradually. With the proposed amendment to the Electricity Act, 2003 (EA, 2003) on the anvil, the market structure may alter significantly in the long-term.
GENERATION
The installed generating capacity in the country as on 31st March 2015, was 272 GW (and an additional 43 GW of captive power). Grid capacity addition during the financial year for the country was 25 GW as compared to capacity addition of 20 GW during the previous financial year.
FUEL
Coal production by Coal India Limited (CIL) and its subsidiaries was 494 MT in FY15 against 462 MT in FY14, reflecting a 7% growth y-o-y as against CAGR of 2.3% experienced in the last three years. The process of captive coal block auctions is aimed at facilitating the growth of domestic coal production. Thermal coal imports this year stood at over 150 MT. Domestic natural gas production was 33,656 MCM against 35,407 MCM in FY14. (Source: www.coalindia.in, www.petroleum.nic.in)
TRANSMISSION
The backbone transmission of system in India is mainly through 400 kV AC and 220 kV AC networks with the highest transmission voltage level being 765 kV. Transmission lines capacity has increased to over 3 lakh Ckm in FY15, reflecting an increase of 7.5% over the previous year.
DISTRIBUTION
The recently issued 'Performance Report of State Power Utilities' by Power Finance Corporation (PFC) for FY13 indicates that Aggregate Technical and Commercial (ATandC) losses of state owned distribution utilities are still at very high levels. Financial health of state electricity utilities in retail distribution continues to remain the most critical issue for the sector's viability. As part of the proposed amendments to the EA, 2003, separation of the wires and supply businesses is envisaged. This is expected to increase competition in the supply sector, though reliability of wires and network remaining with the incumbent would continue to pose challenges.
POWER TRADING
Around 115 BUs of electricity were traded in the short-term power market during FY15 (as compared to 105 BUs in FY14), accounting for around 9% of the total generation. With increased opportunities, the challenges in the power trading sector have also grown. The competition has grown fierce due to an increase in the number of CERC licensed traders from 13 in FY05 to 71 in FY15. Due to this, trading margins are also under immense pressure.Power trading is also adversely affected by continued corridor constraints for power flow from predominant generating regions in East and West to consumption centres in the South leading to prevalence of high prices for the customers in the southern states.
POWER SERVICES BUSINESS
With the opening up of the Electricity Sector, several private players started establishing power plants in India to meet the demandsupply gap. With this development, the market for outsourcing of OandM of Power Plants also opened up in India. Today, it is estimated that over 15,000 MW capacities have been outsourced for OandM. In the next 2-3 years, additional 12,000 MW of capacity is expected to deploy outsourced power services.Further, in the transmission sector, with the entry of private players in last few years, there is an opportunity for OandM services and project management consultancy services.
OPPORTUNITIES AND OUTLOOK
The growth in domestic market has in the last few years been constrained given the uncertainties around fuel supply, financial condition of discoms, challenges of land acquisition, water linkages and various statutory clearances. As the power sector is seen as a key driver supporting the growth of the nation at large, the new Government at the Centre has been pursuing reforms which is expected to ease some of the known constraints.
The opportunities that exist for the Company is as follows:
GENERATION
Greenfield projects in India and international geographies of focus
Expansion at existing sites where the Company is operating
Due to the current financial stress in the power sector in India, there are assets which may be available for acquisition. The Company is evaluating and will continue to evaluate opportunities to acquire projects in various stages of development across the country. These acquisitions, if they materialize, will leverage our existing businesses in the power value chain.
Renewables: The Company is exploring multiple options, both greenfield and through possible acquisitions. This will help enhance the market share for both solar and wind based generation. Given the increasing difficulty of acquiring land for future capacity addition in India, the Company is actively evaluating and pursuing opportunities to acquire land in strategic markets in the country to help build a strong pipeline.
Decentralised Distributed Generation: The Company is actively advocating, evaluating and pursuing projects for solar, wind, biomass-based power plants and other formats of generation to make them commercially viable specifically for small (kW sized) power plants.
OPERATIONAL PERFORMANCE
Consolidated operations of Tata Power are categorised into three
segments: Power, Coal and Others. Report on the performance and financial
position of each of the subsidiaries, joint ventures and associate companies
has been provided in Form AOC-1. Highlights of operational performance of key
entities are listed below.
OPERATIONS:
TPDDL has a registered consumer base of 14.4 lakh and spans across an area of 510 sq. km. in Northern and North Western part of Delhi. TPDDL sales stood at 8,426 MUs in FY15 as compared to 8,038 MUs in FY14 and for the first time achieved single digit ATandC loss of 9.87%. TPDDL has also met all time peak demand of 1,704 MW in FY15 as against 1,508 MW in FY14. Tariffs in the past have been insufficient to ensure recovery of the power purchase costs of the Company, which has resulted in accumulation of Regulatory Assets to the tune of ` 5,358 crore as in FY15 compared to ` 5,146 crore in FY14. In FY15, TPDDL successfully braved the devastating storm of 30th May 2014 in Delhi where wind speeds of over 110 kmph were observed. Teams were immediately deployed at various affected locations and TPDDL was able to restore 50% of power in less than 5 hours and 100% restoration of sub-transmission lines and 80% of distribution network within 12 hours of the disaster. TPDDL is currently supporting Tata Power in providing consultancy services in the country of Benin/Nigeria and has developed expertise in lending such services of change management and distribution, anywhere around the globe.
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR
THE QUARTER ENDED JUNE 30, 2015
PART I
|
|
Particulars |
Unaudited 30.06.2015 |
|
1. |
Income
from operations |
|
|
|
Revenue from Power supply and transmission charges |
20331.300 |
|
|
Less: Income to be adjusted in future tariff determination (net) |
(717.100) |
|
|
Add: Income to be adjusted in future tariff determination (net) in
respect of earlier years |
766.200 |
|
|
Net Revenue |
20380.400 |
|
|
Other operating income (net of excise years) |
1565.700 |
|
|
Total income from operations (net) |
21946.100 |
|
2. |
Expenses |
|
|
|
a)
Cost of Power product |
2290.100 |
|
|
b)
Cost of Fuel |
6772.800 |
|
|
c)
Transmission Charges |
994.400 |
|
|
d)
Cost of Components Consumed |
882.200 |
|
|
e)
Employees benefits expense |
1607.600 |
|
|
f)
Advertisement and marketing expenses |
1641.200 |
|
|
g)
Other expenses |
2845.000 |
|
|
Total Expenses |
16833.300 |
|
|
|
|
|
3. |
Profit/(Loss) from Operations
before other income, finance costs and tax (1-2) |
5112.800 |
|
4. |
Other
Income |
|
|
|
a)
Gain/(Loss) on exchange (net) |
(132.600) |
|
|
b)
Others |
2250.900 |
|
5. |
Profit
before finance costs and tax (3+4) |
7230.900 |
|
6. |
Finance
costs |
3420.200 |
|
7. |
Profit
before tax and rate regulated activities (5-6) |
3810.700 |
|
8. |
Add/(Less):
Regulatory income/(expenses) (net) $ |
(400.000) |
|
|
Add:
Regulatory income (net) in respect of earlier of earlier years $ |
565.900 |
|
9. |
Profit
before tax (7-8) |
3976.600 |
|
10. |
Tax
expense |
1552.400 |
|
11. |
Profit
after tax (9-10) |
2424.200 |
|
12. |
Paid up equity Share capital (Face value Rs. 1/- per share) |
2704.800 |
|
13. |
Reserves excluding Statutory reserves and Revaluation Reserve as per
the balance sheet of previous accounting year |
|
|
14. |
Basic
earnings per share (not annualised for quarters) (in Rs) |
0.78 |
|
15. |
Diluted
earning per share (not annualised for quarters) (in Rs) |
0.78 |
|
PART II SELECT
INFORMATION FOR THE QUARTER ENDED 30.06.2015 |
|
|
|
A. |
PARTICULARS
|
30.06.2015 |
|
1. |
Public Shareholding |
|
|
|
-
Number of Shares |
1807473232 |
|
|
-
Percentage of Shareholding |
66.93 |
|
|
#
Excludes No. of shares held by custodians of GDR |
|
|
|
@Excludes
% of Shareholding held by custodians of GDR |
|
|
2. |
Promoter and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
45550000 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
5.10 |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
1.68 |
|
|
b) Non-Encumbered |
|
|
|
-
Number of Shares |
847650466 |
|
|
-Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
94.90 |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
31.34 |
|
|
||
|
|
Particulars |
30.06.2015 |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
6 |
|
|
Received
during the quarter |
5 |
|
|
Disposed
of during the quarter |
4 |
|
|
Remaining
unresolved at the end of the quarter |
6 |
|
|
|
|
|
|
||
|
A. |
PARTICULARS
|
30.06.2015 |
|
1. |
Segment
Revenues |
|
|
|
(a)
Power Business |
20800.300 |
|
|
(b)
Others |
1311.700 |
|
|
Total segment revenue (a) |
22112.00 |
|
|
Less: Inter segment revenue |
|
|
|
Revenue/ Income from operations (Net of
Excise Duty) (Including Regulatory Income/(Expenses)) |
22112.000 |
|
2. |
Segment
results |
|
|
|
(a)
Power Business |
6472.400 |
|
|
(b)
Others |
(11.100) |
|
|
Total Segment Results |
6461.300 |
|
|
Less:
Finance Cost |
3420.200 |
|
|
Add:
Unallowable Income (Net) |
935.500 |
|
|
Total Profit Before Tax |
3976.600 |
|
|
Capital
Employed |
|
|
|
Power
Business |
124525.800 |
|
|
Others |
7732.800 |
|
|
Unallowable
|
41337.100 |
|
3. |
Capital Employed |
173596.700 |
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
Hydraulic Works
·
Buildings
·
Coal Jetty
·
Railway Sidings, Roads, Crossings, etc
·
Plant and Machinery
·
Transmission Lines, Cable Network, etc.
·
Furniture and Fixtures
·
Office Equipment
·
Motor Vehicles, Launches, Barges, etc
·
Helicopters
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.