LEADING COMPANIES

CHAPTER 1 LEADING COMPANIES

1.1 Tokyo Electric Power Company, Inc.

Table 1: Key Facts: Tokyo Electric Power Company, Inc.

Address: 1 3 Uchisaiwai cho 1 Chome, Chiyoda ku, Tokyo 100 8560,

JPN
Telephone: 81 3 4216 1111
Fax: 81 3 4216 6220
Website: www.tepco.co.jp
Financial Year-End: March
Ticker: 9501
Stock Exchange: Tokyo, Nagoya, Osaka

Source: Company Website DATAMONITOR

The Tokyo Electric Power Company (TEPCO) is an electric utility company engaged
in providing electricity to customers in the Kanto, Yamanashi, Shizuoka, and Fujikawa
areas. In addition, the company is also engaged in information and
telecommunication business, energy and environment business, and investment and
consulting in the energy business. The company has 146 subsidiaries and 94
associated companies. TEPCO primarily operates in Japan. It is headquartered in
Tokyo, Japan and employs about 52,600 people.

TEPCO operates through five business segments: electric power, information and
telecommunications, energy and environment, living environment and lifestyle-
related, and overseas.

TEPCO's electric power business segment is engaged in the generation,

transmission, and distribution of power to corporate and household customers in to
the Kanto district, centered on metropolitan Tokyo. The company's generation
capacity for the year ending March 2007 was 61,835 megawatts (MW). TEPCO
generates electricity using thermal, nuclear, hydro and wind energy.

The company operates 26 thermal plants, three nuclear plants, 161 hydro plants, and
one wind based power plant. It distributed power to 27.8 million customers and sold
287.6 billion kWh of electricity during fiscal 2007.

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The information and telecommunications business segment provides information

technology (IT) services through its proprietary fiber optic network centered in the
greater Tokyo area. The main subsidiaries in this division include: Fiber Optics
Network Company, Fusion Communications, TEPCO Systems Corporation, and
TEPCO Cable Television. In January 2007, KDDI, an information and
communications company acquired TEPCO's Fiber Optics Network Company.

The energy and environment business segment's operations business activities are
closely related to the electric power business, including constructing and maintaining
facilities, supplying and shipping fuel and materials, and providing energy and
environmental solutions. It also provides district heating and cooling, and
environmental and recycling (of industrial waste) services. The main subsidiaries in
this segment include: Gas Business Company, Toden Kogyo, Tokyo Electric Power
Environmental Engineering Company, Tokyo Timor Sea Resources, and Japan
Facility Solutions.

The living environment and lifestyle-related business segment is involved in activities

such as home warranties, proposing, nursing care, and human resource training and
development. The main subsidiaries in this segment include: Toden Real Estate,
Toden Kokoku, and Toshin Building Company.

The overseas business segment is involved consulting in the field of power

generation, transmission, and distribution. This segment is also involved in overseas
investment in power generation and investment projects. It also engages in
international networking with Asian and other electric power utilities to enable
technical exchanges at both top management and expert levels. The main
subsidiaries in this segment include: Eurus Energy Holdings and TM Energy
(Australia).

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Key Metrics

Table 2: Key Financials: Tokyo Electric Power Company, Inc.

Metric 2003 2004 2005 2006 2007
Revenues 47,145.8 49,156.2 51,301.8 51,707.7 51,060.5
Net Income 1,444.9 2,185.3 2,999.0 2,881.1 2,881.7
Profit Margin 3.1% 4.4% 5.8% 5.6% 5.6%
Total Assets 134,352.1 132,882.1 131,386.9 130,683.3 130,684.1
Total Liabilities 115,188.4 108,386.2 104,175.1 100,976.0 101,365.0
All in $ millions, except for employee numbers and margins
Source: Company Filings DATAMONITOR

Figure 1: Revenues & Profitability: Tokyo Electric Power Company, Inc.

Revenues Net Income Profit Margin

60,000 7.0%

50,000 6.0%

Profit Margin (%)

5.0%
US$ Millions

40,000
4.0%
30,000
3.0%
20,000
2.0%
10,000 1.0%
0 0.0%
2003 2004 2005 2006 2007
Year

Source: Company Filings DATAMONITOR

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LEADING COMPANIES

1.2 Tata Power Co.

Table 3: Key Facts: Tata Power Co.

Address: Bombay House, 24 Homi Mody Street, Mumbai - 400 001,

IND
Telephone: 91 22 5665 8282
Fax: 91 22 5665 8801
Website: www.tatapower.com
Financial Year-End: March
Ticker: 500400
Stock Exchange: Bombay

Source: Company Website DATAMONITOR

Tata Power Company (Tata Power), principal activities are to generate, transmit and
distribute electricity mainly to the Maharashtra State Electricity Board. The company
is also involved in electronic equipment, broadband services, project consultancy,
terminalling, investments and oil exploration. The company primarily operates in India
where it is headquartered in Mumbai, India and employs about 2,986 people.

The company's operations are divided into two business segments: power; and other.

The power segment is engaged in generation, transmission and distribution of

electricity.

In the generation business, Tata Power has an installed power generation capacity of
2,300 Mega Watts, with the Mumbai power business, which has a unique mix of
thermal and hydro power, generated at the thermal power station, Trombay, and the
hydro electric power stations at Bhira, Bhivpuri and Khopoli, accounting for 1,797
MW.

In the transmission business, the company owns and operates 1,200 circuit Kms of
high voltage (220 kV and 110 kV) transmission network. The company has a 51%
stake in the 1,200 km Tala Transmission project, which is a joint venture with the
Power Grid Corporation of India. The joint venture company named Powerlinks
Transmission Limited evacuates power from the Tala Hydro Project in Bhutan and to
carry surplus electricity from the North Eastern States to the Northern Indian belt.

In the distribution business, Tata Power has a 935 km HT and LT cable distribution
network connecting 17 major receiving stations and over 85 sub-stations in its
Mumbai License area. With the privatisation of Delhi Vidyut Board (DVB), Tata Power
Company holds managing control in the distribution company North Delhi Power
(NDPL). NDPL distributes and supplies power to the North-North West areas of Delhi.

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The company's other segment includes electronic equipment, broadband services, oil
exploration and research and development.

In the broadband and communication services, the company capitalizes on its

existing technical expertise in fiber optic communications and data acquisition to
establish a leadership position as a provider of a state-of-the-art communications
infrastructure.

The company operates as a "carrier of carriers" that provides a backbone for

communication network to third parties. Tata Power's Broadband Division (TPBB), is
credited with offering India's first DWDM (Dense Wave Division Multiplexing) network
and first Gigabit switched IP network, has also launched MPLS (Multi Protocol Label
Switching) services.

Tata Power is involved in the oil exploration and production business. Tata Petrodyne
which is a 100% subsidiary of Tata Power is in a consortium with a number of oil and
gas companies for the exploration of oil and gas.

In the research and development segment, the Strategic Electronics Division of Tata
Power pursues development and production activities for the defence sector. This
operation is supported by a full-fledged Department of Science and Technology
recognized design and development center in Mumbai and a manufacturing facility in
Bangalore.

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Key Metrics

Table 4: Key Financials: Tata Power Co.

Metric 2003 2004 2005 2006 2007
Revenues 1,014.8 1,005.7 990.3 1,129.0 1,211.3
Net Income 122.4 120.2 125.8 139.3 159.0
Profit Margin 12.1% 12.0% 12.7% 12.3% 13.1%
Total Assets 1,624.9 1,545.6 1,825.1 1,896.8 2,206.2
Total Liabilities 547.6 392.9 652.8 628.8 829.2
All in $ millions, except for employee numbers and margins
Source: Company Filings DATAMONITOR

Figure 2: Revenues & Profitability: Tata Power Co.

Revenues Net Income Profit Margin

1,400 13.4%
13.2%
1,200
13.0%

Profit Margin (%)

1,000 12.8%
US$ Millions

12.6%
800 12.4%
600 12.2%
12.0%
400 11.8%
11.6%
200
11.4%
0 11.2%
2003 2004 2005 2006 2007
Year

Source: Company Filings DATAMONITOR

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LEADING COMPANIES

1.3 National Hydroelectric Power Corporation Limited (NHPC)

Table 5: Key Facts: National Hydroelectric Power Corporation Limited

(NHPC)

Address: N.H.P.C Office Complex, Sector-33, Faridabad –

121003,(Haryana)
Website: www.nhpcindia.com
Financial Year-End: September

Source: Company Website DATAMONITOR

National Hydroelectric Power Company Limited is an enterprise of the Indian

government. The company is primarily involved in the development and operation of
hydroelectric power plants, but also has secondary interests in other energy sources
including geothermal, tidal and wind.

Following its incorporation in 1975, NHPC took over the execution of the Salal Stage-
I, Bairasiul and Loktak hydro-electric projects from the Central Hydroelectric Project
Construction and Control Board. Since then, it has executed thirteen projects with an
installed capacity of 5175 MW on an ownership basis including joint venture projects.
NHPC has also executed five projects with an installed capacity of 89.35 MW on a
turnkey basis. Two of these projects have been commissioned in neighbouring
countries i.e. Nepal and Bhutan.

Presently NHPC is engaged in the construction of eleven projects aggregating to a

total installed capacity of 4622 MW including 520 MW under implementation by
NHDC. NHPC has added 1970 MW during the 10th Plan period and plans to add
5322 MW during the 11th Plan period. Eight projects of 5751 MW are awaiting
government approval for their implementation.

Key Metrics

The company recorded revenues of $404.6 million for the financial year ending
September 2007, an increase of 21.3% compared to 2006. For the same period, the
company recorded profits of $177.8 million, an increase of 39.2% compared to 2006.

Only limited financial information is available for this company however.

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