MIRA INFORM REPORT

Report No. :	491204
Report Date :	13.02.2018

IDENTIFICATION DETAILS

Name :	TORRENT POWER LIMITED
Registered Office :	“Samanvay”, 600, Tapovan, Ambawadi, Ahmedabad – 380015, Gujarat
Tel. No.:	91-79-26628300/ 80000
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	29.04.2004
Com. Reg. No.:	04-044068
Capital Investment / Paid-up Capital :	INR 4806.200 Million
CIN No.: [Company Identification No.]	L31200GJ2004PLC044068
IEC No.:	Not Divulged
GSTIN :	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AACCT0294J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	The company is an integrated power utility and is engaged in the generation, transmission, distribution of power and manufacturing of wires and cables. [Registered Activity]
No. of Employees :	7414 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 2004. “Torrent Private Limited” holds 54% “Gujarat State Investment Limited” holds 10% and “Life Insurance Corporation of India 7% holds in the subject company and the remaining shares are held by public. It is engaged in the business of power generation, transmission and distribution of electricity. It is an established company having fine track records. As per the financial of 2017, the revenue of the company has decreased by 14.12% but has maintain average profit margin of 4.32% The robust financial profile of the company is marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has its share price trading at around INR. 267.90 Against the Face Value (FV) of INR. 10 on BSE as on 9^th February, 2018. Rating takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Rating also derives strengths from company’s proven track record and dominant market position in the power generation and distribution business. However, rating strengths are partially offset by exposure to risks related to fuel availability and offtake for gas-based generation plants. Trade relations are reported as fair. Payments seems to be regular. In view of long track record 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term = AA-
Rating Explanation	High degree of safety and very low credit risk
Date	26.09.2017
Rating Agency Name	CRISIL
Rating	Short Term = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	26.09.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 13.02.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-79-26628300)

LOCATIONS

Registered/ Corporate Office :	“Samanvay”, 600, Tapovan, Ambawadi, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-26628300/ 80000
Fax No.:	91-79-26764159
E-Mail :	srinivaskotra@torrentpower.com investorservice_ahd@torrentpower.com rajivashah@torrentpower.com cs@torrentpower.com
Website :	http://www.torrentpower.com
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, District Bharuch – 392130, Gujarat, India 4. CABLES Yoginagar, Mission Road, Nadiad-387002, Gujarat, India
Zonal Office :	Narayanpura Office Aec Cross Road, Behind Aec Bus Stop, Sola Road, Ahmedabad – 380013, Gujarat, India
Distribution Divisions :	Electricity House, Lal Darwaja, Ahmedabad-380001, Gujarat, India Torrent House, Station Road, Surat -395003, Gujarat, India Old Agra Road, Anjur Phata, Bhiwandi - 421302, Haryana, India 6, Raghunath Nagar, Suresh Plaza Market, Opposite, Sanjay Place, M. G. Road, Agra – 282002, Uttar Pradesh, India

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Sudhir Uttamlal Mehta
Designation :	Chairman
Address :	Akalpya Farm House, Opposite Jain Temple, Sarkhej Gandhinagar Highway, Ahmedabad-380058, Gujarat, India
Date of Appointment :	01.08.2015
DIN No.:	00061871
Name :	Mr. Samir Uttamlal Mehta
Designation :	Vice-Chairman
Address :	Akalpya, Opposite Jain Temple, Sarkhej Gandhinagar Highway, Ahmedabad -380058, Gujarat, India
Qualification :	M. Tech (IIT, Kanpur) in Industrial Engineering and Operations Research, Ph.D in Management (IIM, Ahmedabad)
Date of Appointment :	29.04.2004
DIN No.:	00061903
Name :	Ms. Jinal Sudhirbhai Mehta
Designation :	Whole-time Director
Address :	Akalpya, S.G. Road, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	33 Years
Qualification :	Bachelor of Business Studies (BBS) and Master of Business Administration (MBA) from University of Technology Sydney (UTS), Sydney, Australia
Date of Appointment :	19.10.2011
DIN No.:	02685284
Name :	Mr. Markand Induprasad Bhatt
Designation :	Whole-time Director
Address :	2 Panchsheel Enclave Near Sundervan, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	69 Years
Qualification :	Post Graduate of IIM
Date of Appointment :	16.09.2006
DIN No.:	00061955
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
Qualification :	C.A., C.P.A. (USA)
Date of Appointment :	28.01.2010
DIN No.:	00008886
Name :	Mr. Pankaj Ramanbhai Patel
Designation :	Director
Address :	16. Azad Society, Ambawadi, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	29.09.2006
DIN No.:	00131852
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
Name :	Ms. Bhavna Gautam Doshi
Designation :	Director
Address :	Flat C - 191, Grand Paradi, August Kranti Road, Kemps Corner, Mumbai – 400036, Maharashtra, India
Qualification :	M. Com, C.A.
Date of Appointment :	04.08.2015
DIN No.:	00400508
Name :	Mr. Kiran Sharadchandra Karnik
Designation :	Director
Address :	S106, Third Floor, Panchsheel Park, New Delhi – 110017, India
Qualification :	Honours degree in Physics, Post Graduate from Indian Institute of Management, Ahmedabad
Date of Appointment :	30.07.2009
DIN No.:	00542951
Name :	Ms. Dharmishta Narendraprasad Rawal
Designation :	Director
Address :	25, Saurabh Society Drive In Road, Ahmedabad – 380009, Gujarat, India
Qualification :	B. Sc., LL.M
Date of Appointment :	16.10.2015
DIN No.:	02792246
Name :	Mr. Pankaj Harishchandra Joshi
Designation :	Director
Address :	E-2-1003, New Samarpan Tower Flat Gulbaitekra, Ahmedabad-380006, Gujarat, India
Date of Appointment :	23.05.2017
DIN No.:	01532892

KEY EXECUTIVES

Name :	Mr. Vijayasarathy Parthasarathy Tirupachur
Designation :	Chief Financial 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 :	Company Secretary
Address :	Flat No.2, Plot No. 627, Sector 8 B, Gandhinagar - 382008, Gujarat, India
Date of Appointment :	04.08.2015
PAN No.:	BNZPS8593R
Audit and Risk Management Committee :	Keki Mistry, Chairman Samir Barua Kiran Karnik Bhavna Doshi Dharmishta Raval
Stakeholders Relationship Committee :	Pankaj Patel, Chairman Samir Mehta Markand Bhatt
Nomination and Remuneration Committee :	Kiran Karnik, Chairman Sudhir Mehta Pankaj Patel Dharmishta Raval
Corporate Social Responsibility Committee :	Bhavna Doshi, Chairman Samir Barua Jinal Mehta
Committee of Directors	Samir Mehta, Chairman Markand Bhatt Jinal Mehta
Executive Director Corporate Affairs and Chief Financial Officer :	T. P. Vijayasarathy

SHAREHOLDING PATTERN

AS ON 31.12.2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	257443318	53.57
(B) Public	223173466	46.43
Grand Total	480616784	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	21007	0.00
Jinal Sudhir Mehta	8000	0.00
Sudhir Uttamlal Mehta	6882	0.00
Samir Uttamlal Mehta	6125	0.00
Any Other (specify)	257422311	53.56
Torrent Private Limited	257422311	53.56
Sub Total A1	257443318	53.57
A2) Foreign		0.00
A=A1+A2	257443318	53.57

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Mutual Funds/	39058954	8.13
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Long Term Equity Fund	17034985	3.54
Foreign Portfolio Investors	30323128	6.31
Financial Institutions/ Banks	44825749	9.33
Life Insurance Corporation Of India	28383394	5.91
The New India Assurance Company Limited	5488789	1.14
General Insurance Corporation Of India	6700000	1.39
Sub Total B1	114207831	23.76
B2) Central Government/ State Government(s)/ President of India		0.00
Central Government/ State Government(s)/ President of India	8294833	1.73
The Governor Of Gujarat	7057050	1.47
Sub Total B2	8294833	1.73
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	32961262	6.86
Individual share capital in excess of INR 0.200 Million	7303404	1.52
Any Other (specify)	60406136	12.57
Trusts	149708	0.03
Foreign Individuals	77623	0.02
HUF	1109339	0.23
Overseas corporate bodies	3860000	0.80
NRI	939173	0.20
Bodies Corporate	53339462	11.10
Gujarat State Investments Limited	46871621	9.75
Clearing Members	930806	0.19
Office Bearers	25	0.00
Sub Total B3	100670802	20.95
B=B1+B2+B3	223173466	46.43

BUSINESS DETAILS

Line of Business :

The company is an integrated power utility and is engaged in the generation, transmission, distribution of power and manufacturing of wires and cables. [Registered Activity]

Products / Services :

NIC Code No.	Product Description
351	Electric power generation, transmission and distribution
2732	Manufacturing of wires and cables for electricity transmission.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (31.03.2017)

Particulars	Unit	Installed Capacity
Wind Energy	GW	32
Solar Energy	GW	12

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

7414 (Approximately)

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Non convertible debentures
10.35% Series 1	5500.000	5500.000
10.35% Series 2A, 2B & 2C #	3000.000	3000.000
8.95% Series 3A, 3B & 3C	2450.000	0.000
Term loans
From banks	69884.600	66661.000
From financial institutions	0.000	5481.900
SHORT TERM BORROWINGS
Cash credit from banks	766.200	0.000
Total	81600.800	80642.900

Note:

LONG TERM BORROWINGS

Nature of security

The entire immovable and movable assets including current assets, both present and future, of the Company are mortgaged and hypothecated by way of first pari passu charge in favour of lenders for term loans of INR 75037.900 million and non convertible debentures of INR 10950.000 million.

SHORT TERM BORROWINGS

1. The entire immovable and movable assets including current assets, both present and future, of the Company are mortgaged and hypothecated by way of first pari passu charge in favour of lenders for working capital facilities and by way of second pari passu charge in favour of lenders for hedge facility.

2. Undrawn cash credit facilities were INR 7733.800 million.

Financial Institutions :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
Auditors 1 :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Auditors 2 :
Name :	Price Waterhouse LLP Chartered Accountants
Address :	1701, 17^th Floor, Shapath V, Opposite Karnavati Club, S G Highway, Ahmedabad-380051, Gujarat, India
Tel. No.:	91-79-30917000
Fax No.:	91-79-30917082
Memberships :	Not Available
Collaborators :	Not Available
Associates Company:	Tidong Hydro Power Limited
Subsidiaries Companies:	Torrent Power Grid Limited Torrent Pipavav Generation Limited Torrent Solargen Limited AEC Cements and Constructions Limited
Joint Ventures :	Tornascent Care Institute UNM Foundation
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 TPG Gratuity Trust TPG Superannuation Fund TPL (DGEN) Gratuity Trust (formerly known as TEL Gratuity Trust) TPL (DGEN) Superannuation Fund (formerly known as TEL Superannuation Fund) TPL (Cables) Gratuity Trust TPL (Cables) Superannuation Fund TSL Gratuity Trust TSL Superannuation Fund
Parent Company / enterprises controlled by the Parent Company :	Torrent Private Limited (Parent Company) Torrent Pharmaceuticals 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 Laboratrios Torrent SA de CV Torrent Pharma (Thailand) Company 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 GLFL Housing Finance Limited GLFL Securities Limited GLFL International Limited Puro Wellness Private Limited Radiant Urja LLP
Enterprises controlled by key management personnel / relatives of key management personnel :	U. N. Mehta Charitable Trust Shardaben Mehta Charitable Trust Dushyant Shah Charitable Trust D N Modi Charitable Trust Torrel Cosmetics Private Limited Zeal Pharmachem India Private Limited Diamond Infrastructure Private Limited U.N. Mehta Institute of Cardiology and Research Centre Munjal Bhatt Architects Shri Vadgam Mahal Kelavani Mandal Memadpur Kelavani Mandal

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
4370000000	Equity Shares	INR 10/- each	INR 43700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
480616784	Equity Shares	INR 10/- each	INR 4806.200 Million

1. Reconciliation of the shares outstanding at the beginning and at the end of the reporting year:

Particulars	No. of shares As at 31st March, 2017
At the beginning of the year	480616784
Issued during the year	--
Outstanding at the end of the year	480616784

2. 257422311 equity shares (257422311 equity shares as at 31st March, 2016 and 252438986 equity shares as at 1st April, 2015) of INR 10 each fully paid up are held by the Parent Company - Torrent Private Limited.

3. Terms / Rights attached to equity shares:

The Company has only one class of equity shares having par value of INR 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, if any, 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.

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, 2017
	No. of shares	% holding
Torrent Private Limited	257422311	53.56%
Gujarat State Investment Limited	46871621	9.75%
Life Insurance Corporation of India	29886827	6.22%

5. Aggregate number of equity shares allotted as fully paid up pursuant to contract(s) without payment being received in cash:

During FY 2015-16, the Company has allotted 8168476 equity shares of INR 10 each at par to the shareholders of Torrent Cables Limited pursuant to the scheme of amalgamation of Torrent Energy Limited and Torrent Cables Limited with Torrent Power Limited as approved by the Hon’ble Gujarat High Court vide order dated 13th August, 2015.

6. Distributions made and proposed:

The amount of per share dividend recognized as distributions to equity shareholders for the period ended 31st March, 2017 is INR Nil (Previous year- INR 6.00) per equity share.

The Board of Directors at its meeting held on 23rd May, 2017 have recommended a dividend of 22.00% (INR 2.20 per equity share of par value INR 10 each).The proposal is subject to the approval of shareholders at the Annual General Meeting and if approved, would result in a cash outflow of approximately INR 1272.600 million (inclusive of dividend distribution tax of INR 215.300 million).

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4806.200	4806.200	4724.500
(b) Reserves & Surplus	64038.600	59778.600	64362.100
(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)	68844.800	64584.800	69086.600
(3) Non-Current Liabilities
(a) long-term borrowings	81117.400	80963.900	50189.400
(b) Deferred tax liabilities (Net)	13123.900	12861.300	8384.700
(c) Other long term liabilities	16844.600	15400.400	10589.800
(d) long-term provisions	959.100	800.600	712.800
Total Non-current Liabilities (3)	112045.000	110026.200	69876.700
(4) Current Liabilities
(a) Short term borrowings	766.200	0.000	0.000
(b) Trade payables	9045.600	9511.300	6210.800
(c) Other current liabilities	15066.500	10490.600	11094.700
(d) Short-term provisions	441.500	392.800	2288.400
Total Current Liabilities (4)	25319.800	20394.700	19593.900
TOTAL	206209.600	195005.700	158557.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	165910.700	149007.800	90930.100
(ii) Intangible Assets	74.000	67.100	74.900
(iii) Capital work-in-progress	3203.700	2010.800	1659.900
(iv) Intangible assets under development	26.100	31.000	0.000
(b) Non-current Investments	2008.000	2091.700	21954.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	141.800
(e) Other Non-current assets	5168.300	8095.000	18.900
Total Non-Current Assets	176390.800	161303.400	114780.000
(2) Current assets
(a) Current investments	5529.200	4853.200	4621.700
(b) Inventories	3688.800	4195.900	2531.000
(c) Trade receivables	9689.100	10489.200	8743.100
(d) Cash and cash equivalents	2689.000	7783.900	15803.400
(e) Short-term loans and advances	548.900	536.600	7323.200
(f) Other current assets	7673.800	5843.500	4754.800
Total Current Assets	29818.800	33702.300	43777.200
TOTAL	206209.600	195005.700	158557.200

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	100145.800	116615.900	102474.200
	Other Income	1923.100	2830.600	3495.000
	TOTAL	102068.900	119446.500	105969.200
Less	EXPENSES
	Cost of Materials Consumed	1965.600	2354.900	0.000
	Purchases of Stock-in-Trade	4.500	0.500	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(43.000)	68.300	0.000
	Employees benefits expense	4157.200	3896.800	3381.500
	Electrical energy purchased	36341.700	33061.600	46496.600
	Exceptional items	0.000	74.100	229.900
	Other expenses	33443.700	47104.100	32229.300
	TOTAL	75869.700	86560.300	82337.300
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	26199.200	32886.200	23631.900
Less	FINANCIAL EXPENSES	10465.600	11162.400	7061.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15733.600	21723.800	16570.300
Less	DEPRECIATION/ AMORTISATION	9894.200	8992.900	5479.800
	PROFIT/ (LOSS) BEFORE TAX	5839.400	12730.900	11090.500
Less	TAX	1515.800	3739.800	3669.900
	PROFIT/ (LOSS) AFTER TAX	4323.600	8991.100	7420.600
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	22160.700	16951.600	15048.000
	Other comprehensive income(net of tax)	(63.600)	(68.500)	0.000
	APPROPRIATIONS
	Transfer to Contingency Reserve	16.800	16.500	10.000
	Transfer to Debenture Redemption Reserve	342.200	238.100	238.100
	Dividend (including interim dividend) paid	0.000	2880.100	0.000
	Dividend distribution tax paid	0.000	578.800	0.000
	Proposed Dividend	0.000	0.000	708.700
	Dividend Distribution Tax on Proposed Dividend	0.000	0.000	144.300
	Total	359.000	3713.500	1101.100
	Balance Carried to the B/S	26061.700	22160.700	21367.500
	EARNINGS IN FOREIGN CURRENCY
	Refund of premium	0.000	159.100	0.000
	Other income	0.000	345.800	147.700
	Gross proceeds from Certified Emission Reduction (CERs)	0.000	0.000	17.600
	TOTAL EARNINGS	0.000	504.900	165.300
	IMPORTS
	Raw Materials	226.100	222.500	0.000
	Components, stores, fuel and spare parts	5684.900	2443.000	2936.900
	Capital Goods	1711.400	2666.900	69.700
	TOTAL IMPORTS	7622.400	5332.400	3006.600
	Earnings / (Loss) Per Share (INR)	9.00	18.71	15.71

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	4981.200	3164.300	6104.000
Cash generated from operations	24739.200	28139.100	17549.600
Net cash flow from operating activities	23703.700	25016.000	16399.700

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	(Unaudited)	(Unaudited)	(Unaudited)
Net Sales	30472.300	28881.100	27424.100
Total Expenditure	22636.800	20759.000	19590.900
PBIDT (Excluding Other Income)	7835.500	8122.100	7833.200
Other Income	334.800	851.400	423.000
Operating Profit	8170.300	8973.500	8256.200
Interest	2075.600	2109.800	2125.200
Exceptional Items	NA	NA	NA
PBDT	6094.700	6863.700	6131.000
Depreciation	2735.900	2759.700	2662.800
Profit Before Tax	3358.800	4104.000	3468.200
Tax	1379.800	1029.500	1455.900
Provisions and contingencies	NA	NA	NA
Profit After Tax	1979.000	3074.500	2012.300
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	1979.000	3074.500	2012.300

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	35.31	32.83	31.14
Account Receivables Turnover (Income / Sunday Debtors)	10.34	11.12	11.72
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	1675.88	1473.90	0.00
Inventory Turnover (Operating Income / Inventories)	7.10	7.84	9.34
Asset Turnover (Operating Income / Net Fixed Assets)	0.15	0.22	0.26

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.54	0.54	0.48
Debt Equity Ratio (Total Liability / Networth)	1.26	1.30	0.81
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.37	0.32	0.28
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.46	2.34	1.34
Interest Coverage Ratio (PBIT / Financial Charges)	2.50	2.95	3.35

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	4.32	7.71	7.24
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.10	4.61	4.68
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.28	13.92	10.74

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.18	1.65	2.23
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.03	1.45	2.11
G-Score Ratio Financial (Networth / Total Assets)	0.33	0.33	0.44
G-Score Ratio Debt (Debts / Equity Capital)	18.07	17.50	11.92
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.18	1.65	2.23

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 267.90/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	4724.500	4806.200	4806.200
Reserves & Surplus	64362.100	59778.600	64038.600
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	69086.600	64584.800	68844.800
long-term borrowings	50189.400	80963.900	81117.400
Short term borrowings	0.000	0.000	766.200
Current Maturities of Long term debt	6104.000	3164.300	4981.200
Total borrowings	56293.400	84128.200	86864.800
Debt/Equity ratio	0.815	1.303	1.262

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	102474.200	116615.900	100145.800
		13.800	(14.123)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	102474.200	116615.900	100145.800
Profit	7420.600	8991.100	4323.600
	7.24%	7.71%	4.32%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4806.200	4806.200
(b) Reserves & Surplus	64114.700	59898.400
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-controlling interest	289.300	300.600
Total Shareholders’ Funds (1) + (2)	69210.200	65005.200
(4) Non-Current Liabilities
(a) long-term borrowings	81934.000	81984.100
(b) Deferred tax liabilities (Net)	13363.300	13061.200
(c) Other long term liabilities	16890.600	15450.600
(d) long-term provisions	959.800	801.000
Total Non-current Liabilities (3)	113147.700	111296.900
(5) Current Liabilities
(a) Short term borrowings	766.200	0.000
(b) Trade payables	9053.600	9520.200
(c) Other current liabilities	15366.400	9901.500
(d) Short-term provisions	441.500	393.400
Total Current Liabilities (4)	25627.700	19815.100
TOTAL	207985.600	196117.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	167960.600	151222.300
(ii) Intangible Assets	74.000	167.100
(iii) Capital work-in-progress	3294.800	2101.900
(iv) Intangible assets under development	26.100	31.000
(b) Non-current Investments	66.300	50.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	6111.400	9038.100
Total Non-Current Assets	177533.200	162610.400
(2) Current assets
(a) Current investments	6642.700	5059.400
(b) Inventories	3693.700	4202.300
(c) Trade receivables	9750.500	10569.800
(d) Cash and cash equivalents	2693.400	7796.500
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	7672.100	5878.800
Total Current Assets	30452.400	33506.800
TOTAL	207985.600	196117.200

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	100535.600	117158.400
	Other Income	1908.800	2819.300
	TOTAL	102444.400	119977.700
Less	EXPENSES
	Cost of Materials Consumed	1965.600	2354.900
	Purchases of Stock-in-Trade	4.500	0.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(43.000)	68.300
	Employees benefits expense	4171.900	3907.400
	Electrical energy purchased	36341.700	33061.600
	Exceptional items	0.000	74.100
	Other expenses	33491.900	47149.400
	TOTAL	75932.600	86616.200
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	26511.800	33361.500
Less	FINANCIAL EXPENSES	10579.800	11307.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15932.000	22053.700
Less	DEPRECIATION/ AMORTISATION	10058.600	9157.400
	PROFIT/ (LOSS) BEFORE TAX	5873.400	12896.300
Less	TAX	1575.500	3873.900
	PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS	4297.900	9022.400
	OTHER COMPREHENSIVE INCOME
	Items that will not be reclassified to profit or loss
	Remeasurement of the defined benefit plans	(97.500)	(105.000)
	Tax relating to remeasurement of the defined benefit plans	(33.800)	(36.500)
	Other comprehensive income for the year (net of tax)	(63.700)	(68.500)
	TOTAL COMPREHENSIVE INCOME FOR THE YEAR	4234.200	8953.900
	Earnings / (Loss) Per Share (INR)	8.93	18.73

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

MANAGEMENT DISCUSSION AND ANALYSIS

1. ECONOMY

Indian economy grew at a healthy rate of 7.1% during FY 2016-17 despite demonetisation. The pace of growth, however, did slow down as compared to the growth of past three years. Lower growth rate was attributable to the decline in investment on account of stressed balance sheets in the corporate sector and moderated growth in industrial sector. However, the economy was bolstered by the government consumption, as the 7th Pay Commission salary recommendations were implemented and by the export recovery, as demand in advanced countries began to spur.

The most striking effect of demonetisation was related to interest rates. Due to sharp decline in cash and rise in bank deposits, the interest rates on deposits, loans, and government securities dropped, resulting into large outflow of foreign portfolio investment. However, the short-term macroeconomic impact was moderated by the benefits of lower interest rates and reduced price pressure.

It is quite remarkable that India managed to achieve this high growth amidst the global slowdown, along with the positive macroeconomic conditions including lower inflation, moderate current account deficit, robust foreign exchange reserves and continued fiscal consolidation. These optimistic conditions are also driving the stock markets which are witnessing a buoyant trend which are indicative of better prospects for the coming year.

However, the prospects for Indian economy for FY 2017-18 need to be assessed in the light of emerging global and domestic developments. Going ahead, it is essential that improvement in the investment to GDP ratio takes place, along with the increase in savings rate, so as to ensure such investments being financed by domestic funds. The commodity prices particularly that of crude oil which have recently started increasing, would not only exert inflationary pressure but also adversely impact the trade and fiscal balances. Amongst other factors, India’s future outlook will be majorly impacted by GST Implementation and demonetisation. GST is expected to create a common Indian market, improve tax compliance, boost investment and growth and improve governance. Demonetisation has had short-term costs in the form of slow growth but holds the potential for eventually leading to higher GDP growth, better tax compliance and greater tax revenues. Needless to mention that economic growth and power sector prospects are interdependent and impact each other.

2. POWER SECTOR

Electricity generation which is one of the eight core infrastructure supportive industries registered an overall growth of 5.9% during FY 2016-17 over FY 2015-16. Further, with the Government taking various initiatives like Ujwal Discom Assurance Yojana (UDAY), Power for All, Integrated Power Distribution Scheme, amendments to mega power policy and other energy efficiency schemes, Digital India, Make in India, etc. the long term potential of the sector apparently remains intact.

However, the onset of renewables and consequent change in fuel mix, large stranded and underutilised capacities, muted demand, soft merchant power prices, lack of power purchase agreements and weak discoms, mounting NPAs, declining private sector investment together with the current level of GDP growth rate has caused substantial impact and massive change in the power sector.

A) DEMAND – SUPPLY GAP

Record addition of electricity generation capacity over the last few years, adequate coal stocks and transmission facilities, coupled with meagre growth in electricity demand have led to the energy deficit of the country dropping to a historical low of 0.7% (P.Y - 2.1%), with the peak power deficit falling to 1.6% in FY 2016-17 (P.Y - 3.2%). However, there still remains widespread energy poverty in India with many villages remaining un-electrified and many areas having restricted power availability. The fall in deficits may simply be due to passive demand and poor offtake by discoms owing to their weak bottom lines. The country needs a proactive policy in place to boost the effective demand for power.

GENERATION

Facilitated by the regulatory and policy initiatives of the Government, the country continued to add generation capacities in FY 2016-17 and thus reached ~327 GW as on 31st March, 2017. The fuel wise breakup of installed capacity given below shows that there is major shift in renewable capacity from 1% as on 31/03/2000 to 17% as

on 31/03/2017:

However, coal based capacity continues to dominate the country’s energy mix with around 59% share followed by Renewable Energy at ~17%. Surpassing the target of 88 GW, the 12th Plan period (2012-17) marked a historic capacity addition of about 99 GW from conventional sources, mainly coal. Considering renewables, the total capacity addition has been 127 GW during this period.

Despite unprecedented capacity additions, the thermal plant load factor (PLF) has declined by almost 14% over the past five years, currently being at ~58%. While the decline was due to shortage of coal in the initial years, lower power demand, lack of PPAs, unavailability of domestic gas, and increase in renewable-based generation have been responsible for the decline in the later part of the 12th Plan period. The generation (including renewables) during FY 2016-17 registered a growth of 5.85% from previous year to be at 1124 BUs.

Even with various initiatives of the Government being introduced for ramping up the coal production, FY 2016-17 saw just 2.9% percent increase in coal production by Coal India Limited (CIL) and its subsidiaries. CIL missed its production target of 599 MT by 44 MT in FY 2016-17. Coal demand remained subdued majorly because of its limited takers due to the policy that only plants with long term contracts will get coal linkage. The Government has reduced CIL’s coal production target for FY 2017-18 from 660 MT to 600 MT in view of tepid demand from thermal power plants. Coal imports, on the other hand, have also decreased in FY 2016-17 owing to increase in international coal prices and the transparent coal allocation / auction process.

Central Electricity Authority has assessed that, given the massive capacity addition plans in the renewable sector, there is no requirement for new coal plants till 2022-27. Due to this, huge manufacturing capacity of supercritical power equipment in the country may become idle. Further, the uncertainty and variability associated with renewables generation would create operational and grid stability challenges. The country’s efforts to bolster domestic supply of coal and the loosening of the global coal market over the coming years will ensure that coal remains the power feedstock of choice. Furthermore, Government’s policy push like emphasis on clean coal technologies, replacing old plants with new super critical plants, policy on automatic transfer of coal linkage, stricter environmental norms and emphasis on digitalization will go a long way in reenergizing the coal based power generation sector.

A big chunk of India’s gas-based generation capacity remains unutilised due to domestic gas shortage. With the end of Government’s Subsidy Support Scheme for utilisation of gas based power generation capacity in FY 2016- 17, the future of the gas based plants has again become uncertain. The government is conscious of this situation and is working towards finding a long-term solution, particularly in terms of obtaining imported LNG at affordable prices. India’s LNG imports are already on the higher trajectory with an overall increase of 15.5% as compared to previous year. With LNG prices expected to remain low for the next four to five years, the probable demand pick up in power due to various measures by the Government would be a good augury for increase in India’s LNG imports.

Other major developments during FY 2016-17 in power generation segment include:

a. Approval of the amendments in Mega Power Policy 2009 for provisional mega power projects by the Cabinet. The major amendments like extension of timeline for furnishing the mega power certificates, tax concessions in the proportion of long term PPA, waiver from customs duty on equipment imports, etc. are likely to bring much needed relief to private developers.

b. Reduction in the price of domestic natural gas for the period 1 April, 2017 to 30 September, 2017 to $2.48 per mmbtu on gross calorific value basis.

c. Reduction in import duty on liquefied natural gas from 5% to 2.5% in Union Budget 17-18.

d. Hon’ble Central Electricity Regulatory Commission (CERC) on its own motion has issued order on interim true up of tariffs. Accordingly, any Generating Company or Transmission Company having more than 30% variation in annual fixed charges will be required to file interim true up petition.

C) TRANSMISSION

As on 31st March, 2017, the total length of transmission lines and transformer capacity of the country stood at 3,67,851 ckm and 7,40,765 MVA respectively. Remarkably, 1,10,370 ckm transmission lines and 3,31,214 MVA of transformer capacity were added during the 12th Five Year Plan period, exceeding the target by ~3% and ~17% respectively. New cross-border transmission lines laid during the year helped India sell more power across borders. The ratio of transformer capacity in MVA vis-a-vis the installed generation capacity in MWs currently at around 2, is much lower than the global ratio of 7. The announcements in the draft National Electricity Plan indicate sizeable investments to be made in the transmission segment. The Government’s thrust on renewable sector will also lead to significant expansion of the Green Energy Corridor.

Various pilots are being carried out for the development and deployment of Smart Grids in India under the aegis

of National Smart Grid Mission.

Amidst other perennial issues like land acquisition, Right-of-Way, forest clearances, etc. facing the sector, currently the integration of large amount of infirm power from the renewable sector is evolving as a serious challenge for the grid managers. This is due to the fact that the country is running the world’s largest renewable energy capacity expansion programme of achieving 175 GW by 2022. Development of power transmission network through Green Energy Corridor along with setting up of Renewable Energy Management Centre would ensure proper evacuation and integration of renewable power with the Grid.

D) DISTRIBUTION

Distribution, the last and the key segment in the entire power sector value chain, continues to reel under massive losses and heavy financial burden. The country faced weaker demand growth during FY 2016-17 mainly due to the stressed financial health of the discoms that did not let them make fresh purchases and prevented them from entering into long term PPAs.

So far, 27 states and one Union territory have signed agreements under the UDAY scheme. As per the Power Ministry, UDAY scheme has already addressed 62% of discoms existing debt as at the end of 2014-15.

Demonetization, a step taken by the Government, though created major liquidity crunch in the economy, turned out to be positive for the distribution segment as it helped most of the cash-strapped discoms recover their huge arrears.

The Government’s initiatives like UDAY, 24 X 7 Power for All, Integrated Power Distribution Scheme, Deen Dayal Upadhyaya Gram Jyoti Yojana, etc. have already started showing improvement in the operations of discoms. The Government is also working towards rationalization of power tariff slabs across the country with proposed 15 uniform slabs which is expected to improve transparency in billing and enhance collection efficiency.

Further, regular tariff increases, proper metering, improvement in collection efficiencies, etc., are key steps towards improving the viability of the segment.

E) RENEWABLE ENERGY

Renewable energy continues to remain high on Government’s agenda keeping in mind India’s global commitment towards climate change obligations and its ambitious target of achieving 175 GW of renewable capacity addition by the year 2022. Further, the Government intends to achieve 40% of power capacity from renewable energy sources by the year 2030. The capacity addition at 14.5 GW in FY 2016-17 from renewable sources for the first time exceeded that from conventional sources; by more than 4 GW. Despite such huge capacity additions, 25 states (including Union territories) have lagged behind on their fulfilment of renewable purchase obligations for FY 2016-17. As on 31st March 2017, the installed renewable energy capacity in the country stood at 57 GW with Wind and Solar being the major contributors.

Wind Energy: A total of 5.4 GW of capacity addition was made during FY 2016-17, surpassing the targeted capacity addition and taking the total installed capacity of wind to 32 GW as on 31st March 2017. Recent technological advancements, decline in domestic interest rates and the structure of the auction process have led to aggresive bidding and decline in tariffs with the lowest tariff being ` 3.46/kWh. Further, cessation of generation based incentive post March 2017 creates uncertainty on the future of Wind energy. Nevertheless, Ministry of New

and Renewable Energy’s (MNRE) various policy initiatives in the wind energy sector including introduction of bidding, Re-powering Policy and new Guidelines for development of Wind Power Projects are likely to keep the

momentum going.

Solar Energy: With total installed capacity of 12 GW as on 31st March 2017, the solar segment witnessed an addition of 5.5 GW during FY 2016-17. Despite this, it lagged behind the targeted capacity addition of 12 GW for the year. Further, sharp reduction in global module prices along with other factors have led to aggresive bidding and decline in tariffs. The solar power tariffs recently hit a record low of ` 2.44/kWh. It is hoped that the recent aggressive tariffs are sustainable as it is difficult to envisage as such. Going forward, MNRE’s plan to develop 10 special Solar Zones is likely to push the development of solar energy sector in India and thereby accomplish the ambitious target of 100 GW by 2022.

Inordinate delays in signing of power purchase agreements, delayed payments and weak financial health of discoms are some of the issues plaguing the renewable energy segment. However, in the short run, grid management is the most important aspect to be taken care of due to the intermittent nature of renewable power.

Though the significant push to renewable energy would definitely lead to change in the power mix, thermal power would continue to be the backbone of the Indian power sector.

F) POWER AND CONTROL CABLES

Growth in cable’s business is largely driven by the developments in Power Sector, as cables being one of the essentials to supply quality power. However, high volatility in raw material prices (especially metals such as Aluminium, Copper andSteel), late realisation of receivables, competition from foreign markets and pressure on margins are certain areas of concern for the segment.

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. It is also engaged in the business of cables manufacturing with operations in the State of Gujarat.

1. GENERATION:

A) 2730 MW Gas based Plants

The PLF in SUGEN Plant increased during the year due to the judicious usage of spot LNG. However, lack of demand and non-availability of domestic gas kept the PLF at low levels in SUGEN and NIL in UNOSUGEN and DGEN.

The Company refrained from participating in the e-auction of gas allocation for UNOSUGEN and DGEN under Phase III and IV (for April 2016 to March 2017) of Scheme for utilisation of Gas based power generation capacity

as the notified gas price was higher than the market price then. Further, the scheme for that period envisaged inadequate to NIL PSDF support ceiling with possibility of negative bidding in the reverse e-auction, non-availability of corresponding concessions from the State Government and lower rates for PPA. In these circumstances, power generated under this scheme no longer remained commercially viable or affordable to the discoms. Government cancelled the auction for Plants receiving domestic gas because of insufficient participation and hence, SUGEN Plant did not get gas allocation under Phase III and IV.

The Storage-cum-regasification capacity at PLL’s Dahej Terminal has commenced from 1st April 2017. The Company, by following a competitive tender process, has tied up procurement of 7 LNG cargoes for delivery during April 2017 to December 2017.

Hon’ble CERC vide its order dated 18th August, 2016 and 31st March, 2017 has approved the tariff for the period

2014-2019 for UNOSUGEN and DGEN Plants respectively.

B) 422 MW Coal based AMGEN Power Plant at Ahmedabad

During the year, AMGEN Plant maintained a higher PAF of 95.10% (PY 95.63%) due to sustained reliability and O&M excellence, PLF of 74.64% (PY 65.05%) and dispatched 2,520 MUs (PY 2,188 MUs). The increase in PLF during the year was mainly due to higher system demand.

Tripartite agreement has been signed on 26th October, 2016 between South Eastern Coalfields Limited (SECL), Central Institute of Mining and Fuel Research (CIMFR) and Torrent Power Limited for sampling of Indian Coal by CIMFR at loading end which will help to address quality issue of Indian coal receipt from SECL.

C) 500.4 MW Renewable Power Plants

Starting with a ~50 MW wind power plant in 2012, we have continued our journey into environmentally benign and sustainable renewable energy space. Till date, a total of 265.6 MW Wind Power Projects and 138 MW Solar Power Projects have been commissioned. Another 96.8 MW Wind Power Projects are under various stages of construction. With the operational and under-construction projects, our total renewable power generation capacity

has crossed the mark of 500 MW.

2. DISTRIBUTION:

A) Ahmedabad and Surat Distribution

The sales were higher at 10,039 MUs in FY 2016-17 (PY - 9,978 MUs).The open access consumption reduced to 422 MUs in FY 2016-17 (PY - 508 MUs) mainly due to revision in the methodology of calculating cross-subsidy surcharge under the revised National Tariff Policy. Transmission and Distribution (T&D) losses marginally reduced to 6.15% in FY 2016-17 (PY - 6.33%) and are one of the lowest in the country. The consumer base as on 31^st March, 2017 was ~24.50 lacs (PY – 2.391 million). During the year, the peak system demand of Ahmedabad was higher at 1,751 MW (PY - 1,576 MW) and that of Surat was higher at 648 MW (PY - 627 MW).

Hon’ble Gujarat Electricity Regulatory Commission (GERC), vide Tariff Order dated 31st March, 2016, had allowed recovery of Regulatory Charge @ `0.45 per unit to address the gap of earlier years. Subsequently, vide order dated 1st July 2016 the same was reduced to `0.18 and `0.17 per unit for Ahmedabad and Surat respectively, against which the Company had filed an appeal with Hon’ble Appellate Tribunal For Electricity (APTEL).

Hon’ble APTEL, vide order dated 30.3.2017, without expressing any opinion on the merits of the case, set aside the order dated 1st July 2016 and the matter has been remanded back to Hon’ble GERC with a direction that, ‘Members who passed the original tariff order to hear the review petitions afresh and pass appropriate order’.

Accordingly, Hon’ble GERC, based on Hon’ble APTEL order referred above, has decided to issue Tariff Order for

FY 2017-18, only after an appropriate order w.r.t the Tariff Order dated 31.3.2016 is issued.

The Company has been able to fully meet the solar Renewable Purchase Obligations (RPO) of 1.75% for FY 2016- 17. However, due to supply constraints and other factors beyond the control of the Company, the non-solar RPO of 8.25% was met to the extent of 6.50% after necessary adjustments.

B) Dahej Distribution

The sales were higher at 242 MUs in FY 2016-17 (PY - 207 MUs) mainly due to addition of new consumers, extension in demand and improvement in load factor of existing consumers. T&D losses reduced to 0.53% in FY 2016-17 (PY – 0.76%). The consumer base as on 31st March, 2017 was 96 (PY - 93). The peak system demand stood at 44 MW in FY 2016-17 (PY - 35 MW).

C) Bhiwandi

The Distribution Franchise Agreement with MSEDCL for distribution of power in Bhiwandi Circle has been renewed for a further period of 10 years w.e.f. January 26, 2017.

During the year, the sales decreased to 2,800 MUs (PY - 2,857 MUs) mainly due to recessionary trend in Powerloom industry for most part of the year and few HT customers, including railways becoming deemed licensee, opting for captive consumption. However, due to the various loss reduction measures and sustained efforts on deterrent activities in reducing theft and increase in collection efficiency, inter-alia, due to effect of demonetization, the AT&C losses have decreased to 22.22% during the year (PY - 25.02%). The consumer base as on 31st March, 2017 was 2.690 million (PY – 0.252 million). The peak system demand was 579 MVA during FY 2016-17 (PY - 586 MVA).

D) Agra

The sales were higher at 1,584 MUs in FY 2016-17 (PY - 1,517 MUs) mainly due to increase in consumer base and considerable reduction in AT&C losses to 26.78% (PY - 30.83%) on account of various loss reduction drives (undergrounding of the network, greater vigilance, illegal connection removal, etc.). The consumer base as on 31st March, 2017 was 3.99 lacs (PY - 3.82 lacs). The peak system demand for Agra was 425 MVA during FY 2016- 17 (PY - 429 MVA).

3. CABLES BUSINESS:

During FY 2016-17, Cables Unit at Nadiad, Gujarat, achieved net sales of INR 4060.000 million (PY – INR 4550.000 million). During the year, 1 x 800 Sq mm, 132 kV Aluminium Corrugated Sheathed cables and3 x 630 Sq mm, 33 kV cables with Water Tight construction have been developed and supplied.

UNSECURED LOANS:

Unsecured Loan	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Term loans
From Government of India under Accelerated Power Development and Reform Programme (APDRP)	282.800	321.000
Total	282.800	321.000

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G48986442	100115581	IDBI TRUSTEESHIP SERVICES LIMITED	29/06/2017	-	-	2450000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
2	G47449517	100107006	IDBI TRUSTEESHIP SERVICES LIMITED	05/06/2017	-	-	4250000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
3	G45864659	100102752	IDBI TRUSTEESHIP SERVICES LIMITED	19/05/2017	-	-	8300000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
4	G41452939	100091229	IDBI TRUSTEESHIP SERVICES LIMITED	27/03/2017	-	-	10870000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
5	G41452335	100091227	IDBI TRUSTEESHIP SERVICES LIMITED	24/03/2017	-	-	4881900000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
6	G42152041	10623909	IDBI TRUSTEESHIP SERVICES LIMITED	05/03/2016	29/03/2017	-	98430000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
7	B79528337	10448617	IDBI TRUSTEESHIP SERVICES LIMITED	20/06/2013	-	-	3000000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
8	B66089400	10406043	IDBI TRUSTEESHIP SERVICES LIMITED	21/12/2012	-	-	5500000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
9	G02585099	10509290	SBICAP TRUSTEE COMPANY LIMITED	12/06/2014	-	21/04/2016	6513500000.0	202, Marker Tower "E" Cuffe Parade, Mumbai-400005, Maharashtra, India
10	G01488048	10082528	IDBI TRUSTEESHIP SERVICES LIMITED	20/12/2007	21/08/2014	04/04/2016	5000000000.0	Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Disputed income tax matters	306.800	323.800
Disputed sales tax matters	42.900	42.900
Disputed custom duty matters	185.000	185.000
Disputed excise duty matters	24.500	2.300
Disputed stamp duty matters	3.500	7.300
Disputed VAT matters	29.400	21.500
Disputed CST matters	27.200	25.200
Claims against the Company not acknowledged as debt	164.200	125.500
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.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED 31^st DECEMBER, 2017

(INR In Million)

Particulars	Quarter ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
INCOME FROM OPERATIONS
Net Sales	27424.100	28881.100	86777.500
Other Operating Income	423.000	851.400	1609.200
Total Income from Operations	27847.100	29732.500	88386.700
EXPENSES
Electrical energy purchased	8366.100	8967.700	27450.400
Fuel cost	7620.500	7946.100	24001.100
Cost of materials consumed	570.200	567.100	1692.300
Changes in inventories of finished goods and work-in-progress	(51.800)	(9.000)	(89.100)
Employee benefits expense	1064.300	1153.800	3368.000
Finance costs	2125.200	2109.800	6310.600
Depreciation and Amortization expenses	2662.800	2759.700	8158.400
Other Expenditure	2021.600	2133.300	6564.000
Total Expenses	24378.900	25628.500	77455.700
Profit / (Loss) before Tax	3468.200	4104.000	10931.000
Tax Expense	1455.900	1029.500	3865.200
Profit / (Loss) for the period from the continuing operations	2012.300	3074.500	7065.800
Other comprehensive income
Items that will not be reclassified to profit or loss	24.000	67.400	62.400
Tax relating to other comprehensive income	8.300	23.300	21.600
Other comprehensive income (after tax)	15.700	44.100	40.800
Total comprehensive income (after tax)	2028.000	3118.600	7106.600
Paid-up Equity Share Capital (Face value INR 10/- per share)	4806.200	4806.200	4806.200
Reserves (excluding Revaluation Reserve)	--	--	--
Net worth	--	--	--
Paid-up Debt Capital (NCD)	10950.000	10950.000	10950.000
Basic and Diluted EPS (in INR)	4.19	6.40	14.70

NOTES:

1. The Company had implemented the 1,200 MW gas based power plant at Dahej (DGEN), which started its commercial operations from November 2014. In FY 2015-16, the Company could operate the plant for intermittent periods. Thereafter, it did not operate the plant in subsequent periods but maintained it in cold standby mode for immediate start-up, as and when required.

2. On account of supply exceeding demand, there has been substantial reduction in the LNG prices all-over the world. The over-supply position in the world market is expected to continue as more LNG plants are being commissioned in the next 2 to 3 years to cater to long term demand, while the global demand for LNG is expected to remain subdued in the foreseeable future. With this scenario, the issues relating to gas based power plants in terms of both availability and affordability of gas are expected to be resolved to a large extent. It is also expected that the power demand in the country would improve in view of GDP growth projections and various initiatives launched by Government of India. Considering the above among other factors, the estimated value in use does not indicate any requirement for impairment provision in the carrying amount of the fixed assets of INR 46463.500 million relating to the DGEN plant as at 31st December, 2017.

3. The Company mainly operates in one segment i.e. "Electricity". The Company's Cables Business, in terms of revenue, results, assets and liabilities is not a reportable segment, as per Indian Accounting Standard 108 'Operating Segment' (Ind AS 108), as it is insignificant. 3 The entire immovable and movable assets including current assets, both present and future, of the Company are mortgaged and hypothecated by way of first pari passu charge in favour of holders of Non Convertible Debentures of INR 10950.000 million.

4 The figures for the previous periods have been regrouped I recast, 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 7th February, 2018.

FIXED ASSETS:

• Land
• Building
• Railway siding
• Plant and Machinery
• Transmission and distribution systems
• Electrical fittings and apparatus
• Furniture and Fixture
• Computer
• Vehicles
• Office equipment

PRESS RELEASE/ WEBSITE DETAILS

RISING GAS PRICES HURTING ESSAR STEEL, TORRENT POWER MARGINS

The global rise in natural gas prices, coupled with a bullish outlook for the commodity, is causing worry among select domestic steel and gas-based power units, with capacity utilisation dropping.

Most steel producers are at 100 per cent capacity utilisation. The Ruias-owned Essar Steel is seeing dwindling utilisation amid rising gas prices. The company has a 10 million tonne annual capacity, of which 70 percent is gas-based; it relies largely on imported gas, whose landed cost for Essar has risen to $10.16 per mBtu, from $7.4 per mBtu in June. “This three-dollar rise translates into an additional cost of INR 2,500 a tonne of steel making,” a source told Business Standard.

While company officials declined to comment, they said volatility in gas prices was a challenge. All of Essar Steel's peers such as Tata Steel, Sajjan Jindal-led JSW Steel, Jindal Steel and Power and Steel Authority of India (SAIL) use coking coal as their feedstock fuel.

Globally, natural gas prices have been on a rise due to coming winter demand amid a 5.5 percent drop in US natural gas inventories over last year. Experts say after exceptionally low average prices in 2015 and 2016, these are likely to rise both in 2017 and 2018.

The price in the US market is currently $3.09 per mBtu, up almost 20 per cent from $2.56 per mBtu in February, after a peak of $3.44 per mBtu in May. Apart from steel, about 25,000 Mw of gas-based power plants are stranded. State-owned NTPC, with close to 2,400 Mw of gas-based capacity, is running at 50 per cent utilisation due to supply shortage. Among listed companies, Torrent Power also relies on imported gas to run its plant in Gujarat. NTPC officials said they source gas from GAIL.

According to a CARE Ratings report, gas-based thermal power plants are a tenth of all thermal power capacity and would continue to see capacity utilisation of only 22-25 per cent on the back of rising global gas prices. 

Of the 24,150 Mw of gas grid-connected power generation capacity, 14,305 Mw is gas starved at present. On this front, an investment of about INR 600000.000 million is at the threshold of becoming a non-performing asset. The remaining capacity (9,845 Mw), involving an investment of about INR 400000.000 million, is working at a sub-optimal level.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VAR
Report Prepared by :	BHG

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.