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Annual Report 2013-14 Dhirubhai H Infrastructure Annual Report 2013-14 Dhirubhai H. Ambani (28th December, 1932 - 6th July, 2002) Reliance Group - Founder and Visionary Profile Reliance Infrastructure Limited (RInfra) is a constituent of the Reliance Group, one of the leading business houses in India. RInfra, incorporated in 1929, is amongst the largest and fastest growing companies in the infrastructure sector. RInfra is also the leading utility company having presence across the entire value chain of power businesses i.e. generation, transmission, distribution and trading of power. RInfra along with its wholly owned subsidiary company owns and operates five power stations with aggregate generating capacity of 941 MW and distributes more than 27 billion units of electricity to over 6 million consumers in India’s two premier cities, Mumbai and Delhi. RInfra subsidiary companies have commissioned three transmission projects by installing eight national grid lines, being the first set of lines commissioned in India by the private sector. RInfra also provides Engineering, Procurement and Construction (EPC) services for developing power and road projects. RInfra through its special purpose vehicles has executed a portfolio of infrastructure projects including a metro rail project in Mumbai; eleven road projects with total length of 1,000 kms and cement plants with aggregate capacity of 5.8 million tonnes. Mission: Excellence in Infrastructure • To attain global best practices and become a world-class utility. • To create world-class assets and infrastructure to provide the platform for faster, consistent growth for India to become a major world economic power. • To achieve excellence in service, quality, reliability, safety and customer care. • To earn the trust and confidence of all customers and stakeholders, exceeding their expectations and make the Company a respected household name. • To work with vigour, dedication and innovation with total customer satisfaction as the ultimate goal. • To consistently achieve high growth with the highest levels of productivity. • To be a technology driven, efficient and financially sound organisation. • To be a responsible corporate citizen nurturing human values and concern for society, the environment and above all people. • To contribute towards community development and nation building. • To promote a work culture that fosters individual growth, team spirit and creativity to overcome challenges and attain goals. • To encourage ideas, talent and value systems. • To uphold the guiding principles of trust, integrity and transparency in all aspects of interactions and dealings. This Report is printed on environment-friendly paper. Reliance Infrastructure Limited Business Mix 4 Reliance Infrastructure Limited Board of Directors Contents Page No. Shri Anil Dhirubhai Ambani - Chairman Letter to Shareowners .................................................................. 6 Shri S Seth - Vice Chairman Dr V K Chaturvedi Highlights at a glance .................................................................. 8 Shri R R Rai Notice of Annual General Meeting.............................................. 9 Shri S S Kohli Shri K Ravikumar Directors’ Report .........................................................................11 Chief Executive Officer Management Discussion and Analysis.......................................18 Shri M S Mehta Auditors’ Certificate on Corporate Governance .........................39 Company Secretary and Manager Corporate Governance Report ....................................................40 Shri Ramesh Shenoy Investor Information ...................................................................52 Auditors Independent Auditors’ Report on the Financial Statements ...59 M/s. Haribhakti & Co. LLP M/s. Pathak H D & Associates Balance Sheet .............................................................................64 Registered Office Statement of Profit and Loss .....................................................65 st H Block, 1 Floor Cash Flow Statement .................................................................66 Dhirubhai Ambani Knowledge City Navi Mumbai 400 710, India Notes to Financial Statements ..................................................67 CIN : L99999MH1929PLC001530 Telephone : +91 22 3009 8181 Independent Auditors’ Report on Consolidated Fax : +91 22 3009 8128 Financial Statements ............................................................... 105 Email : [email protected] Website: www.rinfra.com Consolidated Balance Sheet ................................................... 106 Registrar and Transfer Agent Consolidated Statement of Profit and Loss ........................... 107 Karvy Computershare Private Limited Consolidated Cash Flow Statement ........................................ 108 Madhura Estate, Municipal No. 1-9/13/C Plot No. 13 & 13C, Madhapur Village Notes to Consolidated Financial Statements ......................... 109 Hyderabad 500 081, India Website: www.karvy.com Financial information of Subsidiary Companies ..................... 151 Investor Helpdesk Attendance Slip and Proxy Form ............................................ 153 Toll free no (India) : 1800 4250 999 Telephone no. : +91 40 4030 8000 Fax no. : +91 40 2342 0859 Email : [email protected] Post your request : http://kcpl.karvy.com/adag 85th Annual General Meeting on Tuesday, September 30, 2014 at 2.00 P.M. or soon after conclusion of the AGM of Reliance Communications Limited convened on the same day, whichever is later at Birla Matushri Sabhagar, 19, New Marine Lines, Mumbai 400 020 This Annual Report can be accessed at www.rinfra.com. 5 Reliance Infrastructure Limited Letter to Shareowners My dear fellow Shareowners It gives me great pleasure to share with you the highlights of our excellent plant parameters such as lowest heat rate, auxiliary Company’s performance during the year 2013-14. power consumption, and the highest PLF and plant availability, I am glad to inform you that the Mumbai Metro connecting coupled with excellent environmental performance. This stellar the Versova-Andheri-Ghatkopar corridor commenced its services performance has been widely recognized at various platforms in from June 8, 2014. We are overwhelmed by the response of the form of national and international awards and recognitions. Mumbaikars, with over 20 million of them travelling or joy riding Power Transmission with their children in the first 7 weeks. The Metro travel has The Company is one of the largest private players in the power redefined the commuting experience in Mumbai, with world- transmission sector and is currently implementing three inter- class commuter-friendly amenities and facilities never before state transmission projects, namely, two projects of Western experienced by the passengers any where in the country. The Region System Strengthening Scheme – one each in Maharashtra Metro would reduce the travel time on the corridor from nearly and Gujarat and the Parbati Koldam transmission project. two hours to twenty one minitues. It will also decongest the I am glad to inform you that Reliance Power Transmission traffic on the corridor and reduce traffic pollution in the suburbs Limited (RPTL), a wholly owned subsidiary of the Company, of Mumbai. has commissioned two 400 kV double circuit transmission The successful implementation of the Metro project has lines with cumulative length of about 570 km during 2013- reinforced our determination to pursue the various infrastructure 14. With the completion of these two lines, the first project projects on our path to nation building. in Maharashtra stands fully commissioned. The second project The Company has majorly completed the development of under implementation in Gujarat comprising 500 km 400 kV various infrastructure projects, being undertaken through various double circuit lines is almost complete, except for the 8 km. special purpose vehicles, in high growth areas, viz. roads, metro stretch for which forest and wildlife clearance is awaited. and airports besides setting up cement plants. The Company The Company has made significant progress in the execution of continues to be one of the leading utility companies in India the third project i.e Parbati Koldam transmission project being having presence across the value chain of power businesses i.e. implemented through a joint venture. This project involves generation, transmission and distribution along with engineering, construction of about 432 ckt km of 400 kV transmission procurement and construction. lines in the States of Himachal Pradesh and Punjab. A major Performance review: part of the project, i.e. 302 ckt km Koldam-Ludhiana line has I wish to share with you the highlights of our financial and been recently commissioned. Commissioning of this line will operational performance during the year 2013-14. significantly improve the power flow to 13 north Indian state • Total income of ` 12,581 crore (US$ 2.1 billion). utilities. The entire project is expected to be commissioned in • Net Profit of ` 1,588 crore (US$ 265 million). 2014-15. • Cash Earnings Per Share of ` 71 (US$ 1.2) The Mumbai Transmission Division continues to maintain the • Earnings Per Share (EPS) of ` 60 (US$ 1.0) high standards of reliability of its system, achieving network • With a net worth of about ` 21,292 core (US$ 3.6 billion), availability of 99.76 per cent in 2013-14, much above the Reliance Infrastructure ranks among the top performing norm set by the Regulator. In order to provide reliable
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