MAITHON POWER LIMITED (A Joint Venture of Tata Power & DVC)
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MAITHON POWER LIMITED (a Joint Venture of Tata Power & DVC) 15th Annual Report 2014-15 MAITHON POWER LIMITED (A Joint Venture of Tata Power & DVC) Registered Office Corporate Center, 34 Sant Tukaram Road, Carnac Bunder, Mumbai - 400 009, Maharashtra, India. Tel: 022-67171232. Maithon Power Limited PLFPlant Availability 83% 87% 86% 73% 69% 65% 59% 46% FY12 FY13 FY14 FY15 FY12 FY13 FY14 FY15 Cash Profit ( ` Cr ) Revenue ( ` Cr ) 494 327 2338 2318 1668 114 375 -93 FY12 FY13 FY14 FY15 FY12 FY13 FY14 FY15 PAT ( ` Cr )EBITDA ( ` Cr ) 211 841 103 755 476 FY12 FY13 FY14 FY15 -86 24 -174 FY12 FY13 FY14 FY15 15th Annual Report 2014-2015 CORPORATE INFORMATION (As on 8th August 2015) Board of Directors Mr. Anil Sardana, Chairman Mr. Ashok K. Basu, IAS (Retd.) Mr. Ashok S. Sethi Mr. Ramesh N. Subramanyam Mr. Chandan Roy Mr. Narendra Nath Misra Ms. Neera Saggi NOTICE Mr. Amitava Nayak Mr. Sanjeev Kumar Seth Mr. Brahmadeo Sahu Executives Mr. K. Chandrashekhar, Chief Executive Ocer Mr Pradip Roy, Chief Financial Ocer & Company Secretary Statutory Auditors M/s. Deloitte Haskins & Sells Internal Auditors M/s. KPMG Cost Auditors M/s. Sanjay Gupta & Associates Bankers Allahabad Bank Central Bank of India BOARD'S REPORT BOARD'S Corporation Bank Dena Bank HDFC Bank Limited L&T Infrastructure Finance Co. Limited Punjab National Bank State Bank of Bikaner & Jaipur State Bank of India State Bank of Mysore Tamilnad Mercantile Bank Limited The Jammu & Kashmir Bank Limited Union Bank of India Registered Oce & Corporate Oce Corporate Center, 34 Sant Tukaram Road, Carnac Bunder, Mumbai - 400009, Maharashtra, India Tel. 022 6717 1000 (Ext. – 1232) FINANCIALS Site Oce MA-5, Gogna Colony, PO Maithon Dam 828207, Dist. Dhanbad, Jharkhand Corporate Identity Number (CIN) U74899MH2000PLC267297 Notice | 1 Maithon Power Limited CONTENTS Notice .....................................................................................................................03 Explanatory Statement.....................................................................................06 Board’s Report .....................................................................................................10 Auditor’s Report ..................................................................................................38 Balance Sheet ......................................................................................................42 Statement of Prot and Loss ..........................................................................43 Cash Flow Statement ........................................................................................44 Notes Forming Part of the Financial Statements ....................................45 Attendance/Proxy Form ...................................................................................65 ANNUAL GENERAL MEETING Date : Friday, 4th September 2015 Time : 11.00 a.m. Venue : Corporate Center, 34 Sant Tukaram Road, Carnac Bunder, Mumbai - 400009, Maharashtra, India 2 | Notice 15th Annual Report 2014-2015 NOTICE The FIFTEENTH ANNUAL GENERAL MEETING of MAITHON POWER LIMITED will be held on Friday, the 4th day of September 2015 at 11.00 a.m. at Corporate Center, 34 Sant Tukaram Road, Carnac Bunder, Mumbai 400 009, to transact the following business:- 1. To receive, consider and adopt the Audited Financial Statements for the year ended 31st March 2015 together with the Reports of the Board of Directors and the Auditors thereon. 2. To consider and, if thought t, to pass with or without modication, the following resolution as an Ordinary Resolution:- “RESOLVED that Mr. Chandan Roy (DIN: 00015157), who retires as Director pursuant to the provisions of Section 152 of the Companies Act, 2013, be and is hereby re-appointed as a Director of the Company.” 3. To consider and, if thought t, to pass with or without modication, the following resolution as an Ordinary Resolution:- “RESOLVED that Mr. Ramesh N. Subramanyam (DIN: 02421481), who retires as Director pursuant to the provisions of Section 152 of NOTICE the Companies Act, 2013, be and is hereby re-appointed as a Director of the Company.” 4. Re-appointment of Statutory Auditors To consider and, if thought t, to pass with or without modication, the following resolution as an Ordinary Resolution: “RESOLVED that pursuant to the provisions of Section 139 and other applicable provisions, if any, of the Companies Act, 2013 and the Rules made thereunder, as amended from time to time, Deloitte Haskins & Sells, Chartered Accountants (ICAI Firm Registration No. 015125N), the retiring Auditors of the Company, be and is hereby re-appointed as Auditors of the Company to hold oce from the conclusion of this Annual General Meeting (AGM) until the conclusion of the next AGM of the Company to examine and audit the accounts of the Company for the nancial year 2015-16, on such remuneration as may be mutually agreed upon between the Board of Directors of the Company and the Auditors plus reimbursement of service tax and out-of-pocket expenses.” 5. Appointment of Mr. Sanjeev Kumar Seth as Director To consider and, if thought t, to pass with or without modication, the following resolution as an Ordinary Resolution: “RESOLVED that Mr. Sanjeev Kumar Seth (DIN: 06999571), who was appointed as an Additional Director of the Company with eect from 18th October 2014 by the Board of Directors and who holds oce up to the date of this Annual General Meeting under Section 161(1) of the Companies Act, 2013 (the Act) but who is eligible for appointment and in respect of whom the Company has received a notice in writing under Section 160(1) of the Act from a Member proposing his candidature for the oce of Director, be and is hereby appointed a Director of the Company.” 6. Appointment of Mr. Narendra Nath Misra as Director REPORT BOARD'S To consider and, if thought t, to pass with or without modication, the following Resolution as an Ordinary Resolution: “RESOLVED that Mr. Narendra Nath Misra (DIN: 00575501), who was appointed as an Additional (Independent) Director of the Company with eect from 23rd March 2015 by the Board of Directors pursuant to Section 161 read with Section 149 of the Companies Act, 2013 (the Act) and Rules made thereunder and who holds oce up to the date of this Annual General Meeting of the Company, but who is eligible for appointment and in respect of whom the Company has received a notice in writing under Section 160(1) of the Act, be and is hereby appointed as Director of the Company. RESOLVED FURTHER that pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the Act and the Rules made thereunder, as amended from time to time, read with Scheduled IV to the Act, Mr. Narendra Nath Misra (DIN: 00575501), a Non-Executive Director of the Company, who has submitted a declaration that he meets the criteria for independence as provided in Section 149(6) of the Act and who is eligible for appointment, be and is hereby appointed as an Independent Director of the Company with eect from 23rd March 2015 upto 22nd March 2018.” 7. Appointment of Mr. Ashok K. Basu as Director To consider and, if thought t, to pass with or without modication, the following Resolution as an Ordinary Resolution: “RESOLVED that Mr. Ashok K. Basu (DIN: 01411191), who was appointed as an Additional (Independent) Director of the Company with FINANCIALS eect from 23rd March 2015 by the Board of Directors pursuant to Section 161 read with Section 149 of the Companies Act, 2013 (the Act) and Rules made thereunder and who holds oce up to the date of this Annual General Meeting of the Company, but who is eligible for appointment and in respect of whom the Company has received a notice in writing under Section 160(1) of the Act, be and is hereby appointed as Director of the Company. Notice | 3 Maithon Power Limited RESOLVED FURTHER that pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the Act and the Rules made thereunder, as amended from time to time, read with Scheduled IV to the Act, Mr. Ashok K. Basu (DIN: 01411191), a Non- Executive Director of the Company, who has submitted a declaration that he meets the criteria for independence as provided in Section 149(6) of the Act and who is eligible for appointment, be and is hereby appointed as an Independent Director of the Company with eect from 23rd March 2015 upto 23rd March 2017.” 8. Appointment of Ms. Neera Saggi as Director To consider and, if thought t, to pass with or without modication, the following Resolution as an Ordinary Resolution: “RESOLVED that Ms. Neera Saggi (DIN: 00501029), who was appointed as an Additional (Independent) Director of the Company with eect from 23rd March 2015 by the Board of Directors pursuant to Section 161 read with Section 149 of the Companies Act, 2013 (the Act) and Rules made thereunder and who holds oce up to the date of this Annual General Meeting of the Company, but who is eligible for appointment and in respect of whom the Company has received a notice in writing under Section 160(1) of the Act, be and is hereby appointed as Director of the Company. RESOLVED FURTHER that pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the Act and the Rules made thereunder, as amended from time to time, read with Scheduled IV to the Act, Ms. Neera Saggi (DIN: 00501029), a Non- Executive Director of the Company, who has submitted a declaration that she meets the criteria for independence as provided in Section 149(6) of the Act and who is eligible for