MIRA INFORM REPORT

Report Date :

20.05.2008

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, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
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 13710000
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 / 22000490
Fax No.:	91-22-22086905 / 22000324
E-Mail :	info@alstom.co.in naina.r.desai@power.alstom.com
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
Promoters
Indian Promoters	5313564	7.93
Foreign Promoters	39245408	58.55
Non Promoters Holding
Institutional Investors
A] Mutual Funds and Unit Trust of India	4498130	6.71
B] Banks, Financial Institutions, Insurance Companies,	5045032	7.53
C] FIIs	880221	1.31
Non Institutional Investors
A] Bodies Corporate	1586619	2.37
B] Indian Public	8905551	13.29
Others
a] NRIs/OCBs	1465731	2.19
b] Directors and Relatives	31043	0.05
c] Trusts	16620	0.02
d] Clearing Members	36255	0.05
Total	67024174	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		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		670.200	670.242	670.242
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2735.100	2429.310	2276.756
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3405.300	3099.552	2946.998
LOAN FUNDS
1] Secured Loans		22.500	28.160	29.850
2] Unsecured Loans		0.000	12.456	21.124
TOTAL BORROWING		22.500	40.616	50.974
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3427.800	3140.168	2997.972
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1424.600	922.902	745.358
Capital work-in-progress		168.300	304.512	127.299
INVESTMENT		0.600	0.051	0.051
DEFERREX TAX ASSETS		0.000	246.199	225.010
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	669.000	703.706	881.261
	Sundry Debtors	4775.100	4122.180	3830.371
	Cash & Bank Balances	2842.500	2845.375	1633.506
	Other Current Assets	0.000	500.508	1.988
	Loans & Advances	5027.500	1206.241	1083.484
Total Current Assets		13314.100	9378.010	7430.610
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	10595.500	7190.954	4907.145
	Provisions	884.300	520.552	623.211
Total Current Liabilities		11479.800	7711.506	5530.356
Net Current Assets		1834.300	1666.504	1900.254
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3427.800	3140.168	2997.972

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		12470.100	9705.700	8513.600
Other Income		348.200	239.900	251.500
Total Income		12818.300	9945.600	8765.100
Profit/(Loss) Before Tax		1370.400	534.000	468.300
Provision for Taxation		276.500	70.800	[11.000]
Profit/(Loss) After Tax		1093.900	463.200	479.300
Expenditures :
	Raw Materials	8501.600	6873.000	6188.900
	Excise Duty	273.300	249.500	258.500
	Power & Fuel Cost	145.000	117.100	96.400
	Other Manufacturing Expenses	148.400	130.300	75.800
	Employee Cost	1215.400	879.500	741.400
	Selling and Administration Expenses	590.400	573.900	518.300
	Miscellaneous Expenses	408.200	445.700	279.400
	Profit before Interest, Depreciation & Tax	1536.000	676.600	606..400
	Interest & Financial Charges	1.700	1.700	01.700
	Profit before Depreciation & Tax	1534.300	674.900	604.700
	Depreciation	163.900	140.900	136.400
Total Expenditure		14518.200	10763.100	9507.900

QUARTERLY RESULTS

PARTICULARS	30.06.2007 (1^ST Quarter)	30.09.2007 (2^nd Quarter)	31.12.2007 (3^rd Quarter)	31.03.2008 [4^th Quarter]
Sales Turnover	2413.000	3981.000	3968.000	5109.000
Other Income	87.000	107.000	109.000	149.000
Total Income	2500.000	4088.000	4077.000	5258.000
Total Expenditure	2167.000	3658.000	3554.000	5118.000
Operating Profit	333.000	430.000	523.000	140.000
Interest	0.000	1.000	0.000	0.000
Gross Profit	333.000	429.000	523.000	140.000
Depreciation	55.000	54.000	60.000	68.000
Tax	103.000	133.000	162.000	57.000
Reported PAT	175.000	242.000	301.000	15.000

KEY RATIOS

PARTICULARS	31.03.2007	31.03.2006	31.03.2005
Debt-Equity Ratio	0.01	0.02	0.02
Long Term Debt-Equity Ratio	0.01	0.02	0.02
Current Ratio	1.19	1.30	1.40
Fixed Assets	4.26	3.95	3.62
Inventory	18.17	12.25	9.31
Debtors	2.80	2.44	2.37
Interest Cover Ratio	807.12	315.12	205.24
Operating Profit Margin(%)	12.32	6.97	5.70
Profit Before Interest And Tax Margin(%)	11.00	5.52	4.10
Cash Profit Margin(%)	10.09	6.22	5.99
Adjusted Net Profit Margin(%)	8.77	4.77	4.39
Return On Capital Employed(%)	42.97	18.02	12.11
Return On Net Worth(%)	34.60	15.82	13.24

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.

Subsidiary Companies: 

ALSTOM Power Boilers Services Limited and ALSTOM Manufacturing India Limited are the subsidiaries of the Company. 

The Ministry of Company Affairs, Government of India vide its letter dated April 13, 2007 has exempted the Company from attaching the Annual Reports and other particulars of its subsidiary companies together with the Annual Report of the Company as required under Section 212 of the Companies Act.956. Therefore. the said Reports of the subsidiary companies are not attached. However, a statement of particulars of the subsidiary companies has been attached along with the Consolidated Financial Statements. 

The Company shall provide the copies of Annual Reports and other documents of its subsidiary companies as required under Section 212 of the Act to the shareholders on their request, free of cost. 

MANAGEMENT DISCUSSION AND ANALYSIS 

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: 

It has been recognised world over that India is one of the fastest growing economies. From a growth rate of 3.5% per annum during 1950 to 1980, to an average growth of over 5.5% per annum between 1980 and 2000, it is now growing at an average of 8 percent over the last three years. In 2006-07, Indian economy has witnessed high growth with strong macro economic fundamentals. The estimates of growth rate progressed to 9.2% as against 9% and 8%, witnessed during 2005-06 and 2004-05 respectively. 

The growth in six core infrastructure industries, which account for almost 27% of the weight in the index of industrial production accelerated to 8.3% during the first nine months of 2006-07 against a growth of 5.5% during the corresponding period of the last year. The growth of power generation during April-December 2006 was 7.5% as compared to 4.8% in the corresponding period last year. 

Operating results of the Company: 

In sync with the buoyancy in the Indian economy, especially in the infrastructure sector, the Company recorded high growth performance with gains across the board, on all operational parameters. The key performance indicators providing an insight into the performance of the Company vis-a- vis previous year performance are presented below: 

(Rupees Millions) Year ended Year ended March 31, 2007 March 31, 2006 

Orders received 18,458 18,749Revenues 12,545 9,696Orders on hand 24,702 18,441Profit before taxation 1,370 534Profit after taxation 1,094 463EPS (in Rs.) 16.32 6.91 

Good order booking during the year has resulted in a sound order backlog, which translates to about twenty-four months of revenues. 

The major orders received during the year were: Uri (Rs.2,461 million), Chamera (Rs 1,562 million), Chuzachen (Rs 1,358 million) - all being Hydro projects; Tata Power (Rs 1,055 million) for boilers and Tallawara (Rs.714 million) for Heat Recovery Steam Generator. The Transport segment received an order from DMRC worth Rs.766 million. 

Effective project management and cost control measures led to improved operating results. 

Finance: 

Effective cash flow management has helped the Company maintain a surplus cash position throughout the year. This was further augmented by intake of new orders and related advances. 

The net cash position at the end of the year was Rs.2843 million which was same as that of last year despite capital expenditure of Rs.638 million during the year. The Company earned Rs.230 million as interest income during the current year as compared to Rs.164 million during the previous year. The average rate of return on fixed deposits with banks was 8.26% during the current year as compared to that of 6.75% in the previous year.

Timely hedging of foreign exchange risks helped the Company in protecting its interest with respect to the fluctuations in the market. 

Human Resources: 

The employee strength of the company stands at 2992 as on March 31, 2007.

Hiring of engineers continues for the global as well as the local projects.

In view of improving compensation packages in the industry a mid-term adjustment was carried out for engineers and professionals. 

Training continues to be the focus area, various training programmes on behavioral skills and technical skills were organized during the year.

Global training programmes of ALSTOM were also organized in India in order to provide training opportunities to large number of employees for international programmes. 

The industrial relations remain good across all locations and issues, if any, were amicably settled with the unions. 

Internal Control: 

The Company has put in place adequate internal control measures in all risk areas. These measures are in the form of procedures/processes set by the management covering all critical and important areas. These controls are periodically updated and are subject to review by internal auditors. As part of the internal controls and ongoing improvement process, internal audit process reviews were conducted during the year by independent teams.

The management actively implements the recommendations of such reviews. The internal control self-assessment was updated twice during the year and the progress of detailed action plans was monitored in order to upgrade the control environment. 

During the year, Company upgraded its SAP system which is instrumental in timely compilation of financial statements and in enhancing operational effectiveness. The Company has a well-defined organisational structure, authority levels, internal rules and guidelines for conducting business transactions. The management reviews the actual performance of the various businesses of the Company on regular basis. 

The Audit Committee met four times during the year. Audit Committee of the Board of Directors periodically reviews the observations and recommendations of the internal auditors as well as those of the external auditors with reference to significant risk areas and adequacy of internal controls. 

Business Segment Analysis: 

The business of the Company is categorised in two segments, namely, Power and Transport. Reviews of each is as follows: 

Power: 

Electricity generation recorded a growth rate of 7.5% in the first nine moms of 2006-2007. 21 GW of additional capacity has been added during the Xth plan ended in March 07. A target of 68 GW of new capacity addition is now set up for the XIth plan ending in 2012. Coal will remain the major source of power generation at about 60%, followed by hydro at around 25%.

Remaining sources include gas, diesel and non-conventional resources. With the recent confirmed discoveries of gas in K.G. Basin, a revival of gas-based projects is expected in next three years. 

Power Segment of the Company offers comprehensive capabilities, possessing the broadest scope of power generation systems, equipment and services.

This segment is engaged in the business of engineering, procurement, construction and servicing of power plants offering the most economical, environmentally friendly and advanced technologies to their customers. The expansion of the manufacturing unit at Vadodara is now completed, the unit being able to supply world-class equipments using latest technologies for hydro projects in the domestic as well as international markets. 

Outlook - Alstom is fully committed to support the large capacity addition programme for the XIth plan, providing the best technologies and service to this ambitious goal of 68 GW. 

Transport: 

 Indian Railways plans significant upgradation in close co-ordination with private sector wherever possible, particularly for: 

· Upgradation of Golden Quadrilateral routes to improve speeds 

· Development of dedicated freight corridors 

· Upgradation of signaling and telecommunications systems 

· Augmentation of capacity for Rolling Stock manufacturing 

New Schemes are planned for Urban Mass Transit segment in cities like Mumbai, Bangalore and Hyderabad. In addition to this, the execution of Phase II of the Delhi Metro Project has already started. 

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

PRESS RELEASE

Emmanuel Colombier appointed as Managing Director and Vice Chairman, ALSTOM Projects India Limited

11 September 2007

New Delhi --- Alstom today announced the appointment of Emmanuel Colombier as Managing Director & Vice Chairman, ALSTOM Projects India Limited (APIL) to be based in Gurgaon, India. Colombier takes over from Frederic Lalanne.

Colombier 46, holds a degree in marine engineering and has been with Alstom for the past 18 years, leading various positions in Sales, Project Management and General Management within the Power Sector in France and abroad. Prior to this appointment, Colombier was the Area Manager for Europe & Central Asia at Alstom International Network in Paris, France, Alstom’s Corporate Headquarters. This will be Emmanuel’s second stint in India.

Colombier has had a three-year stint in Bangalore from 1997-1999 where he was the Managing Director of Alstom Steam Turbines India Ltd.

India is a strategic market for Alstom. Under Emmanuel’s able leadership, ALSTOM Projects India Limited (APIL) will continue to play a major role in the expansion of the country’s power generation capacity. As such, Alstom has invested in a strong local manufacturing base and high value engineering capabilities.

About ALSTOM Projects India Limited (APIL)

ALSTOM Projects India Ltd (APIL) is a majority owned subsidiary company of Alstom SA France – the global leader in power generation and rail infrastructure and a multinational company that nurtures a long-term commitment to India. The company provides various power generation systems, equipment, and services, including turbo machines, boilers, environmental control systems, heat recovery steam generators, energy recovery systems, and hydro power turbines and generators. It also offers a range of power generation services and equipment, from repair, performance improvement, lifetime extension services, and on-site field services to full-operation and maintenance solutions.

ALSTOM Projects India Ltd (APIL) also offers a composite range of services for transportation systems covering traction, signaling and train control for the railways and energy management for a variety of industries.

In India since 1910, Alstom is one of the oldest foreign companies in the country employing over 3000 people across its six engineering centres, a software technology facility at Bangalore, four manufacturing units (Hydro in Vadodara, Boilers in Durgapur & Shahabad and Transport in Coimbatore) and has sales offices in Mumbai, Gurgaon and Kolkata. ALSTOM Projects India Ltd. has a turnover of over Rs 1250 crore and is listed at BSE and NSE with 33 per cent of its equity with the public.

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. 42.67
UK Pound	1	Rs. 83.41
Euro	1	Rs. 66.39

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

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