MIRA INFORM REPORT

Report Date :

27.02.2007

IDENTIFICATION DETAILS

Name :	ALSTOM PROJECTS INDIA LIMITED
Formerly Known As :	ALSTOM POWER INDIA LIMITED
Registered Office :	The International, 5^th Floor, 16, Marine Lines Cross Road No. 1, Off Maharshi Karve Road, Churchgate, Mumbai - 400 020
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	02.09.1992
Com. Reg. No.:	11-68379
CIN No.: [Company Identification No.]	L74140MH1992PLC068379
TAN No.: [Tax Deduction & Collection Account No.]	CALA05103A
Legal Form :	A public limited liability company. The company’s shares are listed on the Stock Exchanges
Line of Business :	Designer, Engineer, Manufacturer, Procurement, Supply, Commissioning, Servicing and Renovation and Modernisation of Power Plants for Utility and Industrial Users

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 12250000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track. Available information indicates high financial responsibility of the company. Trade relations are reported as fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	The International, 5^th Floor, 16, Marine Lines Cross Road No. 1, Off Maharshi Karve Road, Churchgate, Mumbai - 400 020
Tel. No.:	91-22-22051256 / 22000487
Fax No.:	91-22-22086905
E-Mail :	info@alstom.co.in
Website :	http://www.alstom.co.in
Corporate Office :	Chandiwala Estate, Maa Anand Mai Marg, Kalkaji, New Delhi – 110 019
Factory 1 :	· P. O. Maneja, Vadodara – 390 013, Gujarat · Coimbatore -641.021, Tamilnadu · Durgapur- 713206, West Bengal · Sector-57, Noida-201301, Uttar Pradesh · Sector-16, Noida-201301, Uttar Pradesh · Shahabad- 585229, Karnataka
Marketing / Other offices	Located at : · Bangalore · Chennai · Hyderabad · Jabalpur · Kolkata · Mumbai · Nagpur · New Delhi · Noida · Raipur · Vadodara · Varansi
Transport-Software Development Centre	Yamaha Plaza, 46^th Cross, Jayanagar V Block, Bangalore - 560 011 Phone:91-80-26558543 Fax: 91-80-26558729
Transport - Manufacturing Facility	No. 63, Trichy Road, Kannampalayam Post No.: Coimbatore - 641 402 Phone: 91-422-2681920 Fax: 91-422-2682816
Manufacturing - Utility Boilers	District Burdwan Durgapur - 713 206 Tel: 91-343-2556701 to 2556707 Fax: 91-343-2556286
Power Service , Environment Control Systems	Superintendence Building, Plot No. Y-13, Block - EP, Sector V, Salt Lake, Kolkata - 700 091 Tel:91-33-40060100 / 01 Fax: 91-33-40060163 Millenium City, IT Park, Tower II, 10 & 11^thFloor, Block DN, Plot 62, Sector V, Salt Lake City, Kolkata - 700 091
Country Head Office, Sales & Marketing Headquarters	Chandiwala Estate Maa Anand Mai Marg, Kalkaji, New Delhi - 110 019 Phone: 91-11-41811100 / 41811117 / 41811118 / 41811119 Fax: 91-11-41811200
Manufacturing - Boiler & Foundry Products	District - Gulbarga, Shahabad - 585 229, Karnataka Phone: 91-8474-204647
Hydro Manufacturing facility, Power Service	Hydro Maneja, Vadodara - 390 013 Tel: 91-265- 6613000 Fax :91-265-6613081 Power Service 38, Alkapuri, Vadodara - 390 007 Tel: 91-265- 6611144 Fax: 91-265- 6611140

DIRECTORS

Name :	Mr. Pedro Sole
Designation :	Chairman
Name :	Mr. Sunand Sharma
Designation :	Chairman
Name :	Mr. Frederic Lalanne
Designation :	Vice Chairman & Managing Director
Name :	Mr. Naina R. Desai
Designation :	Whole-time Director
Name :	Mr. S.M. Momaya
Designation :	Whole-time Director
Name :	Mr. K. Vasudevan
Designation :	Director
Name :	Mr. A.K. Thiagarajan
Designation :	Director
Name :	Mr. Marc Chatelard
Designation :	Director
Name :	Mr. Etienne De
Designation :	Director
Name :	Dr Uddesh Kohli
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Sunand Sharma
Designation :	Chairman & Country President
Name :	Mr. Frederic Lalanne
Designation :	Vice-Chairman & Managing Director
Name :	Mr. S. M. Momaya
Designation :	Whole-time Director & Chief Financial Officer
Name :	Mrs. Naina R. Desai
Designation :	Whole-time Director  & Company Secretary
Name :	Mr. C. R. Narayanan
Designation :	Director IT
Name :	Mr. Jawaid Ashraf
Designation :	Director - Human Resources
Name :	Ms. Komal Das
Designation :	Country Communications Director
Name :	Mr. Nirmal K. Jha
Designation :	Director - Power Service
Name :	Mr. Bernard Joyce
Designation :	Director –Transport
Name :	Mr. S. K. Soni
Designation :	Director – Plants
Name :	Mr. Shivanand Nimbargi
Designation :	Director -Boiler and Boiler Retrofit
Name :	Mr. S Swaminathan
Designation :	Director -Turbo Machinery Group
Name :	Mr. Francois Gourd
Designation :	Director -Environment Control System
Name :	Mr. Stephane Cai
Designation :	Director –Hydro

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Alstom Group	44,558,972	66.48
The President of India	305,930	0.45
Financial Institutions	4,715,314	7.04
Foreign Institutional Investors	995,423	1.49
Mutual Funds	2,927,093	4.37
Bodies Corporate	2,421,911	3.60
Nationalized Banks and Other Banks	323,597	0.48
Non-Resident Individuals	106,241	0.16
Foreign Companies	1,334,535	1.99
Directors and their relatives	31,043	0.05
General Public	9,045,836	13.50
In transit in Depository System	258,279	0.39
Total	67,024,174	100.00

BUSINESS DETAILS

Line of Business :

Designer, Engineer, Manufacturer, Procurement, Supply, Commissioning, Servicing and Renovation and Modernisation of Power Plants for Utility and Industrial Users

Products

Item Code No.	Product Description
84.06	Steam Turbines
84.04	Condensor
84.21	Pollution and environment control equipment

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Pollution and environment control equipment	Nos	500	238
Steam Raising Plant, ancillary equipment and pressure vessels	MT	7,000	4,983
Cement making, general mining, coal mining and other general machinery	MT	1,500	2,221
Grey alloy iron foundry castings	MT	3,000	2,642
Cast iron/alloy rolls	MT	400	36
Others	Nos.	5,300	--

GENERAL INFORMATION

Customers :

v NTPC, Talcher

v Indal

v Prakash Industries

v Monnet Ispat

v Maithon DVC

No. of Employees :

2326

Bankers :

v Union Bank of India

v Bank of Baroda

v Canara Bank

v ICICI Bank Limited

v Standard Chartered Grindlays Bank Limited

Facilities :

Secured loans	31.03.2006
West Bengal sales tax loan	28.160
The West Bengal sales tax loan is secured by creation of a residuary charge on assets located at Durgapur and execution of a bond of security and other relevant documents in favour of the Government of West Bengal.
Unsecured loans
Deferred sales tax payable	12.456

Banking Relations :	Good
Auditors :	S. R. Batliboi and Company Chartered Accountants
Associates/Subsidiaries :	v Alstom Power NV v Alstom Power Czech s.r.o. v Alstom Power UK Limited v Alstom (Switzerland) Limited v Alstom Power Denmark A S v Alstom Energy Limited v Alstom GmbH v Alstom India Limited v Alstom Limited v Alstom Limited, CCU v Alstom Power Limited (Australia) v Alstom Power Boilers Limited v Alstom Power Management Services v Alstom Power International v Alstom Power Mannehim v Alstom Transport Limited v Alstom Power Boilers Services Limited v Alstom Power Brazil Limiteda v Alstom Power Centrals v Alstom Power Croatia v Alstom Power Environmental AB, Sweden v Alstom Power Finland Oy v Alstom Power Generation AG, Germany v Alstom Power Hydraulique v Power Hungary Rt. v Alstom Power Hydro v Alstom Power Operations & Maintenance Limited v Alstom Power Romania v Alstom Power Service GmbH v Alstom Power Sp. z.o.o. Poland v Alstom SA, France v Alstom Power Sweden AB v Alstom Power Turbinen GmbH v Alstom Power Sao Paulo v Alstom Power SA v Alstom Power Zemech v Alstom Power (Thailand) Limited v Alstom Systems Limited v Alstom Transmission & Distribution Limited, UK v Alstom Power Schweiz v Alstom Combustion Engineering Incorporated v Alstom Turbomechanics France
	v

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
165,000,000	Equity shares	Rs. 10/- each	Rs. 1650.000 millions
40,500,000	Preferences Shares	Rs. 100/- each	Rs. 4050.000 millions
	Total		Rs. 5700.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
67,024,174	Equity Shares	Rs. 10/- each	Rs. 670.242 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		670.242	670.242	670.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2429.310	2276.756	2227.400
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3099.552	2946.998	2897.600
LOAN FUNDS
1] Secured Loans		28.160	29.850	28.100
2] Unsecured Loans		12.456	21.124	44.800
TOTAL BORROWING		40.616	50.974	72.900
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3140.168	2997.972	2970.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		922.902	745.358	859.900
Capital work-in-progress		304.512	127.299	3.200
INVESTMENT		0.051	0.051	83.000
DEFERREX TAX ASSETS		246.199	225.010	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	703.706	881.261	948.200
	Sundry Debtors	4122.180	3830.371	3363.500
	Cash & Bank Balances	2845.375	1633.506	1265.500
	Other Current Assets	500.508	1.988	0.000
	Loans & Advances	1206.241	1083.484	1262.100
Total Current Assets		9378.010	7430.610	6839.300
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	7190.954	4907.145	4200.600
	Provisions	520.552	623.211	614.300
Total Current Liabilities		7711.506	5530.356	4814.900
Net Current Assets		1666.504	1900.254	2024.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3140.168	2997.972	2970.500

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Total Income	9696.141	8378.414	6779.200
Profit/(Loss) Before Tax	534.018	468.312	763.900
Provision for Taxation	70.812	10.956	(8.100)
Profit/(Loss) After Tax	463.206	479.268	772.000
Total Earnings	54.661	168.606	NA
Total Imports	629.589	753.740	NA
Total Expenditure	9162.123	8038.287	6775.400

QUARTERLY

PARTICULARS	30.06.2006 (1^ST Quarter)	30.09.2006 (2^nd Quarter)	30.12.2006 (3^rd Quarter)
Sales Turnover	2237.000	2677.000	2977.000
Other Income	68.000	102.000	169.000
Total Income	2305.000	2779.000	3146.000
Total Expenditure	2147.000	2355.000	2735.000
Operating Profit	158.000	424.000	411.000
Interest	0.000	1.000	1.000
Gross Profit	158.000	423.000	410.000
Depreciation	34.000	36.000	40.000
Tax	8.000	74.000	67.000
Reported PAT	116.000	313.000	303.000

200606 Quarter 1

Expenditure Includes Consumption of Raw Material Rs. 1526.00 million Staff Cost Rs. 265.00 million Other expenditure Rs. 356.00 million Tax Includes Provision for Taxation (incl deferred tx) Rs. 4.00 million Fringe Benefit Tax Rs. 4.00 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended 30.06.2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 38 Complaints disposed off during the quarter 38 Complaints unresolved at the end of the quarter Nil 1. The result for the quarter ended 30.06.2006 have been subjected to limited Review by the auditors and were approved by the Board of Directors at its meeting held on 27.07.2006. 2. The figures for the previous year/period have been regrouped/ reclassified wherever necessary.

200609 Quarter 2

EPS is Basic & Diluted Status of Investor Complaints for the quarter ended 30.09. 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 86 Complaints disposed off during the quarter 86 Complaints unresolved at the end of the quarter Nil 1. The results for the quarter ended 30.09.2006 have been subjected to limited Review by the auditors and were approved by the Board of Directors at its meeting held on 23.10.2006. 2. The figures for the previous year/period have been regrouped/ reclassified wherever necessary.

200612 Quarter 3

Expenditure Includes Material Cost & Erection Services Rs 2126.00 million Staff Cost Rs 318.00 million Other expenditure Rs 291.00 million Tax Includes Provision for Taxation (including deferred tax) Rs 63.00 million Fringe Benefit Tax Rs 4.00 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 118 Complaints disposed off during the quarter 118 Complaints unresolved at the end of the quarter Nil 1. The results for the quarter ended December 31, 2006 have been subjected to limited Review by the auditors and were approved by the Board of Directors at its meeting held on January 29, 2007. 2. The figures for the previous year/period have been regrouped/ reclassified wherever necessary.

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Debt-Equity Ratio	0.02	0.02	0.04
Long Term Debt-Equity Ratio	0.02	0.02	0.03
Current Ratio	1.30	1.40	1.36
TURNOVER RATIOS
Fixed Assets	3.95	3.62	2.54
Inventory	12.25	9.31	6.36
Debtors	2.44	2.37	1.82
Interest Cover Ratio	315.12	205.24	89.59
Operating Profit Margin (%)	6.97	5.70	6.90
Profit Before Interest And Tax Margin (%)	5.52	4.10	4.98
Cash Profit Margin (%)	6.22	5.99	7.61
Adjusted Net Profit Margin (%)	4.77	4.39	5.70
Return On Capital Employed (%)	18.02	12.11	10.99
Return On Net Worth (%)	15.82	13.24	13.00

STOCK PRICES

Face Value	Rs.10/-
High	Rs.476.00/-
Low	Rs.465.00/-

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject (Formerly Alstom Power India [APIL]) is engaged in the business of design, engineering, manufacturing, procurement, supply, commissioning, servicing and renovation and modernization of power plants for Utility and Industrial users. It is also engaged in the development and supply of air pollution control systems, equipment for pollution control and conservation of energy. The company incorporated at Bombay on 02.09.1992, under the name of 'Asea Brown Boveri Management' has got its name changed to 'ABB Alstom Power India' with effect from 29.11.1999. Again it was renamed to 'Alstom Power India' with effect from 05.09.2000. It is having its works in Coimbatore, Durgapur, Noida, Shahabad and Vadodara. 

The company amalgamated three companies viz. Alstom Transport, Alstom Systems and Alstom Power Boilers with itself effective from 01.11.2002.

Consequent to its Foreign parents' decision to sell its worldwide Industrial Turbine Business to Siemens Group, the company plans to sale, transfer and dispose of the Industrial Turbine business to Siemens Group in India.

Alstom Power Boilers Services Limited is a subsidiary of the company. Further Alstom Transmission & Distribution Systems Limited was ceased to be a subsidiary of the company with effect from 01.02.2005 and Alstom T&D Lightning Arresters Private Limited was ceased to be a subsidiary with effect from 24.09.2004. The Company has sold its Transmission and Distribution Business effective 01.04.2004.

It is in trade terms with:

· Arup Udyog

· Fabcon

· Sudhamoni Engineering Works

· Ma Durga Industries

· S. K. Engineering

· Tru Tools

· Metal Weavers

· Ascon Switchgear

· Das Industries

· Baneerjee Fabricators

· Kolley Engineering Ispat

· J M Engineering Works

· Milan Co

· Luft Tek

· Imsicon Eastern Private Limited

The company’s fixed assets of important value include freehold land, leasehold improvements, factory buildings, plant & machinery, furniture & fixtures, motor vehicles, design software and SAP license fee.

Operations 

A detailed review of the operations, performance and outlook of the Company and its business is given in the Management Discussion and Analysis Report, which forms part of this Annual Report. 

Consolidated Financial Statements 

In Compliance of Clause 22 and Clause 50 of the Listing Agreement with the Stock Exchanges, as amended pursuant to the directive of the Securities and Exchange Board of India (SEBI), the Company has prepared Consolidated Financial Statements as per the Accounting Standard on Consolidated Financial Statements (AS 21) issued by the Institute of Chartered Accountants of India. The Audited Consolidated Financial Statements along with the Auditors' Report have been annexed with this Annual Report. 

Management Discussion and Analysis Report 

Investors are cautioned that this discussion contains statements that involve risks and uncertainties. When used in this discussion, 'anticipate', 'believe', 'estimate', 'intend', 'will' and 'expect' and other similar expressions as they relate to the Company or its business are intended to identify such forward-looking statements. The Company undertakes no obligations to publicly update or revise any forward looking statements, whether as a result of new information, future events, or otherwise. Actual results, performances or achievements could differ materially from those expressed or implied in such statements. Therefore as a matter of caution, undue reliance on the forward-looking statements should not be made as they speak only as of their dates. The following discussion and analysis should be read in conjunction with the Company's financial statements included herein and the notes thereto. 

Overview 

In 2005-2006, Indian economy has continued its upward movement with further momentum as compared with the previous three years. With the growth rate of 7.9% achieved in first nine months of the year the Indian economy continues to show signs of robustness. In spite of the increase in the international oil and steel prices, the Indian economy boosted by strong growth rates in agriculture, services and manufacturing sectors is expected to grow at a rate of around 8%. The government at the Centre has carried forward the efforts to drive economic growth through the second generation of reforms. 

During 2005-2006, the overall infrastructure sector continued to remain subdued with growth rate of 4.5% (April - 2005 – February - 2006) as compared to 5.8% a year ago. Growth in electricity sector decelerated from 5.4% to 5.3% mainly on account of inadequate availability of coal and gas. Power generation during April 2005 - February 2006 was at 563 billion units as compared to 534 billion units a year ago, 5.3% higher than the previous year. 

Finance 

The Company continued to focus on optimizing its working capital, which resulted in a further improvement in the cash position. The net cash position at the end of the year had increased to Rs.2845 million compared to Rs.1634 million at the end of the previous year. The Company maintained a surplus cash position throughout the year due to efficient working capital management which was further backed up by intake of new orders and related advances. The Company earned Rs.134 million as interest income in the current year as compared to Rs. 47 million in the previous year. The average rate of return on fixed deposits with banks was 6.75% in the current year as compared to 5.91% in the previous year. As a result of sound financial management and timely hedging of foreign exchange risks, the Company protected its margins in a volatile foreign exchange environment. 

As Per Website Details

Bangalore - Transport-Software Development Centre

ALSTOM India's Transport sector 's Software development centre.

Coimbatore - Transport - Manufacturing Facility

Subject is India’s Transport Sector Manufacturing facility located in the southern state of Tamil Nadu Power Electronics and Electromechanical equipment for Transport Sector. Signaling products (Point Machines and Audio Frequency Track Circuits).

Durgapur - Manufacturing - Utility Boilers

Subject is India's manufacturing facility located in Durgapur in the eastern state of West Bengal. 

Durgapur manufacturing operation has well laid out shops (7 main bays) spread over 1.2Sq KM.  

It is equipped with adequate machinery for fabrication of pressure parts and Boiler Drums for Boilers ranging from 25 to 300MW and also HRSG Harps and pressure vessels. 

Major facilities/expertises are available for Tube Bending, Plate Bending, Welding, Assembly work, heavy machining and heat treatment.  Factory & Administration

Kolkata - Power Service, Environment Control Systems

Power Service

The Power Service unit at Kolkata covers the functions of Sales, Business development for service products like supply of parts and upgrades, repairs, overhauls for customers within the eastern  region of India.

The Proposal preparation for boiler and environment services are also carried out from this unit.

Kolkata is also the centre for procurement and logistics.

The technology centre for B&W boiler is here. Product improvements for burners, windbox upgrades,etc are done here

Environment Control Systems

Pioneer in Air Pollution Control Technology in India offering full spectrum of products and services for Power, Cement, Sugar, Chemical, Steel, Copper, Zinc, Aluminium and other Industries Product range covers Electrostatic Precipitators (ESP), Low and High Ratio Fabric Filters, Flue Gas Desulfurisation (FGD) Systems, Dry and Wet Fume Treatment Plants Full scope EPC Contractor for Air Pollution Control Projects with in house capability for Design, Engineering, Supply, Civil Construction, Erection, Commissioning and Performance establishment. Currently setting up a Global Engineering Centre (GEC) to offer Design & Engineering services for subject's global Air Pollution Control Systems business

Mumbai - Registered office

Subject is India's registered office located at the Western State of Maharashtra's capital. It also houses the Legal and Secretarial Department

New Delhi - Country Head Office, Sales & Marketing Headquarters

Subject is India’s Country Corporate Office is located here It also houses the Global Power Sales headquarters, Marketing, Sales, Engineering and Project Offices of Power Turbo / Power Environment (PT/PE), Power Service and Transport

Shahabad - Manufacturing - Boiler & Foundry Products

Subject is India’s Manufacturing facility is located in Gulbarga district of the Southern state of Karnataka

Shahabad has two Main Product Lines – Boiler Products & Foundry Products

The Boiler Products includes Coal Pulverisers & Milling System, High Pressure Piping, Soot Blowers, Heavy Fabrication parts, Hydro Mechanical Equipment, Heat Exchangers, Condensers, Deaerators and Cement Machinery Equipment

 Foundry Products include Grey Iron Castings, Spherical Graphite Iron Castings, Corrosion Resistant Iron Castings and Wear Resistant iron Castings.

Factory and Administration

Vadodara - Hydro Manufacturing facility, Power Service

Hydro

Subject India’s Hydro Business Manufacturing facility located in Vadodara of the Western State of Gujarat

Manufacturing facilities for machining new stationary components and repair / servicing of rotors and assembly of turbine / generators of medium & large size Hydro units.

Factory and administration

Power service

Power Service workshop is located at Vadodara.

All service jobs like high speed balancing of all rotating equipments, blading-de balding, welding, casing repairs, rotor straightening, rotor rewinds,insulation changes,etc are done here.

We also have technical laboratory facilities to carry out RLAs, diagnostics, etc here.

Strategic Partnerships in India

NTPC – ALSTOM Power Services Limited (NASL) – 1999

NTPC – ALSTOM Power Services Limited (NASL) is a 50:50 Joint Venture of Alstom and State owned National Power Thermal Corporation, established in 1999 to undertake renovation, modernization, retrofit and refurbishment of old and ageing power plants. India has about 20% capacity which needs R&M and life extension.

NASL has the advantage of sourcing  synergies for turnkey R&M of Plant like engineering integeration & equipments from Alstom’s global centres located in Europe, USA & India. NTPC adds value to JV with their invaluable experience in operating the plants.

The Joint Venture has proved its credentials by successfully commissioning a 110 MW plant in Torrent AEC, after retrofit and upgrade and are presently executing R&M in Bathinda and Tanda.

ALSTOM - BHEL Partnership agreement on large Super Critical Boilers – 2005

The partnership deal with BHEL broadens the scope of cooperation between the two companies on coal-fired boilers. A major objective of this partnership is to win business in India’s supercritical programme, aimed at helping India to efficiently fulfil its power generation requirements.

This partnership entails a technical assistance agreement (license) for product design, as well as an agreement defining the industrial scope of each of the partners for future boiler contracts. ALSTOM will supply engineering and the key components of the boilers, which will feed work to its facilities in India, the United states and Germany.

ALSTOM partners with Infosys to set up R&D centre in Bangalore – 2005

Subject teamed up with Infosys, a global consulting and IT services firm, to set up an R&D centre at the Infosys campus in Bangalore. The R&D centre, which was created on the strength of a multi-year relationship between subject and Infosys, represents an investment in excess of Euro 30 million.

The ALSTOM-Infosys R&D centre will provide engineering solutions that give subject a competitive edge thanks to rapid design and deployment, thereby reducing time-to-market. These solutions also improve the lifespan and efficiency of mechanical components, thus reducing the cost of electricity to consumers, improving performance and cost-effectiveness by using new materials and reducing environmental impacts.

Business Activities in India

Subject in India offers its customers a comprehensive range of products and services for power generation and transport and supplies tailor-made solutions to meet specific needs.

Power Generation

Subject’s Power Sector offers the broadest scope of power generation systems, equipment and services in the industry. We are able to deliver total solutions, from components to turnkey power plants.

Rail Transport

Subject's Transport Sector offers leading-edge technologies, products and services to Metro authorities and Indian Railways

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	Indian Rupees
US Dollar	1	Rs.44.20
UK Pound	1	Rs.86.72
Euro	1	Rs.58.23

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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