MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	AREVA T AND INDIA LIMITED
Formerly Known As :	ALSTOM LIMITED
Registered Office :	E-48/7, okhla industrial Area, Phase II, New Delhi-110 020
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	13.03.1957
Com. Reg. No.:	21-193993
Capital Investment / Paid-up Capital :	Rs.478.208 Millions
CIN No.: [Company Identification No.]	L31102DL1957PLC0193993
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufactures and supplies a complete range of equipment, systems and services for all stages in the transfer of electricity, from the generator to the large end-user backed by a comprehensive services portfolio.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 40000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	E-48/7, okhla industrial Area, Phase II, New Delhi – 110 020, Delhi, India
Tel. No.:	91-11-47629100
E-Mail :	conjeevaramsanthanam.ashokkumar@areva-ltd.com
Corporate Office 1 :	DLF IT Park, 8 Major Arterial Road, Block – AF, Tower C, 8^th Floor, New Town, Rajarhat, Kolkata-700156, West Bengal, India
E-Mail :	conjeevaramsanthanam.ashokkumar@areva-td.com
Websites :	www.arevatde.com
Corporate Office 2 :	D-2, Gillander House, 8 Netaji Subhas Road, Kolkata – 700 001, West Bengal
Tel. No.:	91-33-22203991-94/22434705 / 40097000 / 44027100 / 44002800 / 40097015
Fax No.:	91-33-22203995 / 40097043 / 22101980 / 44002812
E-Mail :	info@alstom.com info.india@crn.alstom.com
Website :	http://www.alstom.com
Head Office :	457, Anna Salai, Teynampet, Chennai – 600018, Tamil Nadu
Tel. No.:	91-44-24364575 / 4146 / 4192
Fax No.:	91-44-24340511
E-mail :	sankaran.natarajan@areva-td.com
Manufacturing Units / Project Offices / Factory 1 :	AEI WORKS 1, Taratala Road, Kolkata – 700 024, West Bengal
Tel. No.:	91-33-2469 5370 / 9370 / 71
Fax No.:	91-33-2469 6988 / 3509
Factory 2 :	BEHALA WORKS P5, Taratala Road, Kolkata – 700 088, West Bengal
Tel. No.:	91-33-2401 2239 / 7586
Fax No.:	91-33-2401 7590
Factory 3 :	PAHARPUR WORKS 58, Taratala Road, Kolkata – 700 024, West Bengal
Tel. No.:	91-33-2469 5560 / 61 / 65-67
Fax No.:	91-33-2469 8530
Factory 4 :	SALT LAKE WORKS Block BN, Sector V, Salt Lake City, Kolkata – 700 091, West Bengal
Tel. No.:	91-33-2367 5827 / 367 4002
Fax No.:	91-33-2367 7958
Factory 5 :	PALLAVARAM WORKS 19/1, GST Road, Pallavaram, Chennai – 600 043, Tamilnadu
Tel. No.:	91-44-2236 8621 / 8723 / 8917 / 22640033 / 37
Fax No.:	91-44-2236 7276 / 22640040
Factory 6 :	PERUNGUDI WORKS 119/120, Electrical and Electronics Industrial Estate, Perungudi, Chennai – 600 096, Tamil Nadu, India
Tel. No.:	91-44-2496 0696 / 24966600
Fax No.:	91-44-2496 0024 / 24966604
Factory 7 :	NAINI WORKS P. O. Naini, Allahabad – 211 008, Uttar Pradesh
Tel. No.:	91-532-2697422 / 424
Fax No.:	91-532-2697604
Factory 8 :	TARATALA WORKS 1, Taratala Road, Kolkata – 700024, West Bengal, India
Tel. No.:	91-33-24695370 / 24507200
Fax No.:	91-33-24696988 / 24693511
Factory 9 :	BANGALORE WORKS 27 KM, Belary Road, Dodajala Post, Bangalore – 562 157, India
Tel. No.:	91-80-28467230 / 28467375 / 7575
Fax No.:	91-80-28467395
Factory 10 :	PONDICHERRY WORKS RS 38/2, Sedarapet Main Road, Sedarpet Village, Pondicherry – 605 111, India
Tel. No.:	91-413-2677402 / 403
Fax No.:	91-413-2677316
Factory 11 :	NOIDA WORKS A 88, Sector 57, Noida – 201 301, India
Tel. No.:	91-120-2583381 / 83
Fax No.:	91-120-2581181
Factory 12 :	PADAPPAI WORKS 142, Salamangalam Village, Vandalur – Wallajabad High Road, Padappai, Chennai – 601 301, Tamil Nadu, India
Factory 13 :	VADODARA WORKS Kotambi Village, Vadodara – Halol Highway, Milestone No.87, Taluka Waghodia, Vadodara – 391 510, Gujarat, India
Factory 14 :	AUTOMATION SYSTEMS BUSINESS, SYSTEMS BUSINESS, SERVICE BUSINESS A-7, Sector – 65, Noida, Uttar Pradesh – 201 301, India
Tel. No.:	91-120-2405421 / 22/ 23 / 4790000
Fax No.:	91-120-2405439 / 40 / 4791140
E-Mail :	www.areva-td.co.in
Factory 15 :	HOSUR WORKS Plot No.46, SIPCOT Industrial Works, Hosur – 635 126, Tamil Nadu, India
Regional Sales Office : Branches :	D-2, Gillander House, Netaji Subhas Road, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22203991-94
Fax No.:	91-33-22203995
Branches :	Located at : · Bangalore · Bhubneshwar · Chandigarh · Chennai · Guwahati · Hosur · Jabalpur · Jaipur · Jamshedpur · Kolkata · Lucknow · Mumbai · Nagpur · Naini · Padappai · Patna · Pune · Raipur · Secunderabad · Vadodara · Vishakhapatnam

DIRECTORS

As on 31.12.2010

Name :

Mr. Rathindra Nath Basu

Designation :

Managing Director

Address :

C-302, Pearls Gateway Tower, Plot No. D 8 A, Sector 44, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

13.07.1954

Date of Appointment :

01.02.2007

Election ID No.:

AAFPB7016C

DIN No :

01192973

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
L31102DL1957PLC193993	Areva T and D India Limited	Managing director	05-11-07	01-02-07	Active	NO
U93090TN1983PTC010395	Areva T and D Lightning Arresters Private Limited	Director	13-04-07	13-04-07	Amalgamated	NO
U31909DL2000PTC107456	Areva T and D Instrument Transformers India Private Limited	Director	07-05-07	07-05-07	Dormant	NO
U40108DL2004PLC125470	Areva T and D Systems India Limited	Director	07-05-07	07-05-07	Amalgamated	NO
U31200HR2010PLC041758	Grid Equipments Limited	Director	29-12-10	29-12-10	Active	NO

Name :

Mr. Arthur De Montalembert

Designation :

Director

Address :

18, Rue J B Pigalle, Paris-75009, France

Date of Birth/Age :

29.09.1951

Date of Appointment :

13.06.2006

DIN No :

00307758

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L31102DL1957PLC193993	Areva T and D India Limited	Director	05-11-07	13-06-06	07-06-10	Active	NO
U17291MH2008PTC206194	Areva India Private Limited	Managing director	18-03-10	18-09-08	-	Active	NO

Name :

Mr. Chankkamparambil Madhava Menon Arvindakshan Nayar

Designation :

Director

Address :

Ratna G P O Lane, Trivandrum, Kerala-78000, India

Date of Birth/Age :

23.04.1942

Date of Appointment :

24.06.2003

Election ID No.:

FVM1208446

DIN No :

00265660

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L31102DL1957PLC193993	Areva T and D India Limited	Director	24-06-03	24-06-03	25-02-11	Active	NO

Name :

Mr. Karim Vissandjee

Designation :

Director

Address :

15, Bis Rue, Louis David, Paris-75115, France

Date of Birth/Age :

15.11.1959

Date of Appointment :

09.05.2005

DIN No :

00276556

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L31102DL1957PLC193993	Areva T and D India Limited	Director	09-05-05	09-05-05	04-02-11	Active	NO
U17291MH2008PTC206194	Areva India Private Limited	Director	18-03-10	18-09-08	-	Active	NO

Name :

Dr. Ajay Dua

Designation :

Chairman

Address :

B 3, Deence Colony, New Delhi-110024, Delhi, India

Date of Birth/Age :

15.07.1947

Date of Appointment :

27.07.2009

Election ID No.:

AAJPD3532B

DIN No :

02318948

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L74999RJ1938PLC019511	Jk Lakshmi Cement Limited	Director	25-07-09	25-08-08	-	Active	NO
U67190MH1996PLC097473	Investsmart Financial Services Limited	Director	30-06-09	29-09-08	-	Active	NO
U67120MH1997PLC110386	Hsbc Invest Direct (India) Limited	Director	17-07-09	29-09-08	-	Active	NO
U74300DL2001PTC112970	Vaishnavi Corporate Communications Private Limited	Additional director	01-10-08	01-10-08	01-11-08	Active	NO
U67120MH2006PLC159988	Hsbc Investdirect Securities (India) Limited	Director	19-06-09	11-12-08	-	Active	NO
U74300MH2006PTC166429	Inx News Private Limited	Nominee director	07-01-09	07-01-09	31-03-10	Active	NO
L31102DL1957PLC193993	Areva T and D India Limited	Director	23-04-10	27-07-09	04-02-11	Active	NO
L24230DL1975PLC007908	Dabur India Limited	Director	31-08-10	03-09-09	-	Active	NO
U66010DL2000PLC107880	Aviva Life Insurance Company India Ltd	Nominee director	04-08-10	17-11-09	-	Active	NO
U72200DL2000PTC107182	Moser Baer Projects Private Limited	Director	01-11-10	11-08-10	-	Active	NO

Name :

Mr. Pierre Joseph Jean Marie Laprote

Designation :

Director

Address :

8, Rue De La Paroisse, Versailles, France-78000

Date of Birth/Age :

17.08.1961

Date of Appointment :

25.04.2008

DIN No :

02146282

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
L31102DL1957PLC193993	AREVA T and D INDIA LIMITED	Director	12-05-09	25-04-08	Active	NO
U31200HR2010PLC041758	Grid Equipments Limited	Director	29-12-10	29-12-10	Active	NO

Name :

Mr. Michel Eugene Louis Augonnet

Designation :

Director

Address :

47, Rue Perronet, Neuilly, Sur Seine, Paris-92200, France

Date of Birth/Age :

28.09.1950

Date of Appointment :

09.05.2005

DIN No :

00276267

KEY EXECUTIVES

Name :	Mr. C.S Ashok Kumar
Designation :	Company Secretary
Address :	Flat No.A504, Plot No.E8, Krishna Apra Residency, 5^th Floor, Sector 61, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	07.10.1954
Date of Appointment :	01.01.2008
Pan No.:	AENPK7783D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian	--	--
(2) Foreign
Bodies Corporate	175492524	73.40
Sub Total	175492524	73.40
Total shareholding of Promoter and Promoter Group (A)	175492524	73.40
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	11050434	4.62
Financial Institutions / Banks	130895	0.05
Central Government / State Government(s)	605	-
Insurance Companies	21368424	8.94
Foreign Institutional Investors	2419605	1.01
Sub Total	34969963	14.63
(2) Non-Institutions
Bodies Corporate	5948877	2.49
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	21580735	9.03
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	338000	0.14
Any Others (Specify)	773936	0.32
Trusts	6475	-
Foreign Nationals	605	-
Non Resident Indians	704293	0.29
Clearing Members	62563	0.03
Sub Total	28641548	11.98
Total Public shareholding (B)	63611511	26.60
Total (A)+(B)	239104035	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	239104035	100.00

BUSINESS DETAILS

Line of Business :

Manufactures and supplies a complete range of equipment, systems and services for all stages in the transfer of electricity, from the generator to the large end-user backed by a comprehensive services portfolio.

Products :

Item Code No. (ITC Code)	Production Description
85.35	Switchgear - All Types
85.04	Transformers and Reactors
85.37	Control Panels
85.01	Motors

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Units	Installed Capacity	Actual Production
Switchgear – All types	Nos	280850	96797
Control panels	Nos	2000	--
Transformers and reactors	MVA Nos	30075	--
Vaccum interrupter	Nos	55000	--
Line Traps	Nos	1500	6578
Current Transformers	Nos	3393	38845
Bushing	Nos	7000	488

NOTES:

1. Figures in brackets are for the previous year.

2. Production in respect of transformers and switchgears, cover various types and ranges.

3. Installed capacities, being technical in nature are as certified by management and have not been verified by the auditors.

4. As turnover involves combination of different products for composite prices, quantities and values shown against each item of turnover represent quantity and sale value of the respective products sold as such. Certain items considered to be insignificant have not been reflected in the statement.

5. Production includes those meant for captive consumption, and turnover includes sales of trading items.

6. Under the Industrial policy, notification No.477(E) of 25.07.91, the Company's products are exempt from licensing requirement.

GENERAL INFORMATION

No. of Employees :

3500 (Approximately)

Bankers :

· Standard Chartered Grindlays Bank Limited, Kolkata – 700 001, West Bengal

· Citi Bank NA

· Canara Bank

· BNP Paribas

· Punjab National Bank

· ICICI Bank Limited, 93, Santhorne High Road, Chennai-600028, Tamil Nadu, India

Facilities :

Unsecured Loans	As on 31.12.2010 Rs. In Millions	As on 31.12.2009 Rs. In Millions
From banks - short term
Packing credit	4596.177	1270.196
Other loans	3789.224	5769.369
From Others - Long term :
External Commercial Borrowings ("ECB")	571.577	636.554
Total	8956.978	7676.119

NOTE :

ALSTOM Grid SAS, France has provided comfort letter to the bankers on loans taken.

Short term loans from banks includes overdraft of Rs262,294 thousand (December 2009 - Rs Nil) and foreign currency loan of US$ 85,800 thousand (December 2009 - US$ 26,000 thousand) repayable within six months from the date of loan, carrying varying interest rates of 5% to 9%.

The Company utilised ECB loan of Euros 9,493 thousand till date (sanctioned amount of 13,000 thousand) from ALSTOM Grid SAS, France, for financing expansion plans, repayable on June 30, 2012. The rate of interest is 375 basis points spread over six months Euribor.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, ASVN Ramana Tower, No.52 Venkatnarayana Road, T Nagar, Chennai – 600 017
Holding Company :	Alstom Grid Sas
Subsidiaries :	Grid Equipments Limited CIN No.: U31200HR2010PLC041758 Energy Grid Automation Transformers and Switchgears India Limited CIN No.: U31200HR2010PLC041756
Fellow Subsidiaries :	· ALSTOM (Yangzhou) High Voltage Bus-Ducts Company Limited, China · ALSTOM GRID AG, Switzerland · ALSTOM GRID GMBH, Germany · ALSTOM INC., USA · ALSTOM GRID Middle East FZE, UAE · ALSTOM GRID PTE Limited, Singapore · ALSTOM SPA, Italy · ALSTOM UK Limited, UK · ALSTOM Transport SA, France · AREVA T and D SP Zoo., Polland · AREVA T and D Shanghai Power Automation Company Limited · AREVA Hungary, Hangeria · AREVA Transmissao and Distribuiçao de Energia Limited · AREVA T and D Australia Limited, Australia · AREVA T and D Austria AG, Austria · AREVA T and D Canada Inc., Canada · AREVA T and D Energie Industries A.S, Turkey · AREVA T and D Holding SA, France · AREVA T and D Huadian Switchgear (Xiamen), China · AREVA T and D Iberica S.A, Spain · AREVA T and D Messwandler Gmbh, Germany · AREVA T and D Panama S.A., Panama · AREVA T and D SA de C.V, Mexico · ALSTOM Hydro Malaysia Sdn Bhd · ALSTOM Grid Transformateurs de Mesure SA · AREVA T and D OY, Finland · ALSTOM Grid, Morocco · ALSTOM Grid, Thailand · PT UNELEC, Indonesia · Schneider Electric Brasil Limited, Brazil · Schneider Electric Canada., Canada · Schneider Electric Energy GmbH, Germany · Schneider Electric Energy Sp Zoo, Polland · Schneider Electric India Private Limited, India · Schneider Electric Industries SAS, France · Schneider-Electric Energy, Hungary · Shanghai Ritz HV Instrument Transformers Company Limited, China · Suzhou AREVA Switchgear Limited, China

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
627500000	Equity Shares	Rs.2/- each	Rs.1255.000 Millions

Issued:

No. of Shares	Type	Value	Amount
239106635	Equity Shares	Rs.2/- each	Rs.478.213 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
239104035	Equity Shares	Rs.2/- each	Rs.478.208 Millions

NOTES:

a) 172,585,900 (72.18%) equity shares of Rs.2/- each are held by: ALSTOM Grid SAS France 132,919,225 55.59% T and D Holdings, France 27,893,950 11.67% Long and Crawford Limited 11,772,725 4.92% Total Promoter and Promoter group (Refer Note 44) 172,585,900 72.18%

b) 15,750,000 equity shares of Rs.10/- each (before sub-division of shares) were allotted as fully paid bonus shares by capitalization of general reserve, share premium and profit and loss account balance.

c) 19,871,327 equity shares of Rs.10/- each (before sub-division of shares) were issued and allotted as fully paid up pursuant to the scheme of amalgamation with The General Electric Company of India Limited in 1992-93 (11,520,000 shares), GEC Power Engineering Services of India Limited (PESIL) in 1993-94 (330,000 shares), ALSTOM T and D Distribution Transformers Limited in 2000-01 (87,992 shares) and with AREVA T and D Systems India Limited, AREVA T and D Instrument Transformers India Private Limited and AREVA T and D Lightning Arresters Private Limited, in 2007 (7,933,335 shares), without payment being received in cash.

d) During 1994-95, the Company offered 9,950,000 equity shares of Rs.10/- (before sub-division of shares) each to the existing shareholders in the ratio of 1 share for every 3 shares held at a premium of Rs.40/- per share as per letter of offer dated May 10, 1994. The shares, barring 1,034 shares, which were kept in abeyance for technical reasons, were allotted at the Committee of Directors meeting held on July 28, 1994. Of the 1,034 shares of Rs.10/- each, kept in abeyance, 514 shares of Rs.10/- each, were allotted up to 2001/02.

e) The equity shares of Rs.10/- each of the Company were sub-divided into five shares of Rs.2/- each with effect from October 31, 2008.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		478.208	478.208	478.208
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9545.511	8187.705	6771.923
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10023.719	8665.913	7250.131
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		8956.978	7676.119	4692.170
TOTAL BORROWING		8956.978	7676.119	4692.170
DEFERRED TAX LIABILITIES		38.130	0.000	0.000
TOTAL		19018.827	16342.032	11942.301
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8715.388	8383.916	1970.808
Capital work-in-progress		223.870	518.875	4499.645
INVESTMENT		2.034	0.034	0.034
DEFERREX TAX ASSETS		0.000	100.089	387.230
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4808.383	3790.460	3862.111
	Sundry Debtors	21400.177	15994.357	11889.443
	Cash & Bank Balances	1199.271	1325.302	450.865
	Other Current Assets	5140.808	4474.711	2582.505
	Loans & Advances	3191.592	3173.978	2815.946
Total Current Assets		35740.231	28758.808	21600.870
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8389.870	7140.524
	Other Current Liabilities	16245.771	13180.296	15404.941
	Provisions	1027.055	1098.870	1111.345
Total Current Liabilities		25662.696	21419.690	16516.286
Net Current Assets		10077.535	7339.118	5084.584
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19018.827	16342.032	11942.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	40200.358	35658.766	26412.143
		Other Income	169.421	173.112	138.686
		TOTAL (A)	40369.779	35831.878	26550.829
Less	EXPENSES
		Raw Materials	27531.274	24925.936	17141.373
		Other Manufacturing Expenses	4971.008	3793.615	2928.318
		Employee Cost	3460.252	2924.400	2091.407
		Restructuring and Relocation costs	0.000	83.286	396.167
		Profit on Sale of Property	0.000	(15.500)	(115.021)
		TOTAL (B)	35962.534	31711.737	22442.244
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4407.245	4120.141	4108.585
Less	FINANCIAL EXPENSES (D)		655.011	578.598	298.054
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3752.234	3541.543	3810.531
Less/ Add	DEPRECIATION/ AMORTISATION (F)		936.010	611.289	340.269
	PROFIT BEFORE TAX (E-F) (G)		2816.224	2930.254	3470.262
Less	TAX (I)		(948.811)	1010.228	1207.031
	PROFIT AFTER TAX (G-I) (J)		1867.413	1920.026	2263.231
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5518.405	4293.913	2760.536
Less	APPROPRIATIONS
		Transfer to General Reserve	187.000	192.003	226.323
		Dividend	430.387	430.387	430.387
		Tax on Dividend	71.482	73.144	73.144
	BALANCE CARRIED TO THE B/S		6696.949	5518.405	4293.913
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	5280.455	8398.406	4129.906
		IDA/ IBRD aided projects	895.136	1993.213	248.172
		Deemed Exports	1021.187	379.042	1938.777
		Service	39.463	58.632	171.979
	TOTAL EARNINGS		7236.241	10829.293	6488.834
	IMPORTS
		Raw Materials	5658.507	5298.722	4685.682
		Stores & Spares	8.356	9.089	1.553
		Capital Goods	148.309	1587.774	552.145
	TOTAL IMPORTS		5815.172	6895.585	5239.380
	Earnings Per Share (Rs.)		7.81	8.03	9.47

QUARTERLY RESULTS

PARTICULARS	31.03.2011	30.06.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	9949.100	9988.600
Total Expenditure	9112.000	9206.400
PBIDT (Excl OI)	837.100	782.200
Other Income	0.000	0.000
Operating Profit	837.100	782.200
Interest	159.900	159.600
Exceptional Items	0.000	0.000
PBDT	677.200	622.600
Depreciation	246.200	228.100
Profit Before Tax	431.000	394.500
Tax	143.200	131.900
Provisions and contingencies	0.000	0.000
Profit After Tax	287.800	262.600
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	287.800	262.600

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	4.63	5.35	8.57
Net Profit Margin (PBT/Sales)	(%)	7.01	8.21	13.07
Return on Total Assets (PBT/Total Assets}	(%)	6.33	7.88	14.72
Return on Investment (ROI) (PBT/Networth)		0.28	0.33	0.48
Debt Equity Ratio (Total Liability/Networth)		3.46	3.35	2.28
Current Ratio (Current Asset/Current Liability)		1.39	1.34	1.31

LOCAL AGENCY FURTHER INFORMATION

NOTE:

1. Registered Office of the company has been shifted from D-2, Gillander House, 8 Netaji Subhas Road, Kolkata-700001, West Bengal, India to the present address w.e.f. 02.05.2008

2. Registered Office of the company has been shifted from DLF IT Park, 8 Major Arterial Road, Block – F, Tower C, 8^th Floor, New Town, Rajarhat, Kolkata-700156, West Bengal, India to the present address w.e.f. 01.09.2009

PERFORMANCE REVIEW

The global financial crisis hit the market in 2008 impacting growth worldwide, including India. The industry and infrastructure sectors of the economy continued to be adversely impacted in 2010, as in 2009. To add to it, the Utility segment of the market was also impacted due to delay in power plant execution at customers’ end, as well as delay in land acquisition and securing coal linkages. As a result, the T and D market in India shrank in 2010.

Despite such adverse market conditions, the Company fared well in securing a good level of orders in 2010, with orders in hand up by 2%, over 2009. Order intake in 2010 was marginally lower by 1% than what the Company achieved in 2009. During 2010, the Company won several orders with new customers as well as in new market segments and maintained market leadership, in T and D domain, for the third year in succession.

Delivering sales in 2010 was not easy as some of the orders won in late 2008 as well as in 2009, were delayed at customers’ end due to non availability of land or lack of coal / fuel linkages. Consistent follow up, supported by other mitigation efforts, led to improvement in sales in the second semester of 2010. Overall sales in 2010 were up by 12.7%, over 2009, mainly due to ramp-up of sales from the new green-field manufacturing sites, as well as improved execution of contracts.

The operating profit and profit after tax were lower by 3% due to impact of severe price fall and ramp up cost of the three green-field sites, which came into production in late 2009 and early 2010.

DISTRIBUTION BUSINESS

The three businesses namely Power Distribution (PDS), Secondary Distribution (SDS) and Distribution Transformers (DTR) launched their world class manufacturing facilities at Vadodara green-field sites mainly to expand the manufacturing capacities and to introduce new products. The ramp up of the manufacturing facilities contributed to the sales growth of the distribution businesses in 2010.

The Proximity arm of Systems Business (which focuses on turnkey solutions for Distribution Substations and on small sized industrial projects), won orders for Turnkey Substation from Bajaj Hindustan, eBOP for 4x15MW Biomass based power plants at Fazilka, Nakodar and Kanpur, and a Power Distribution package at Azure for 5 MW solar power. With these projects, the Company also expanded its reach to the renewable sector, which is expected to be a high growth area. The Proximity Solutions business also delivered several Switchyard projects during the year, which include Shri Prabhulingeshwar Power Gen, Vayunandan Power and 33/11 kV Substation for Adani Group.

In the Distribution product range, Medium Voltage Switchgears, Distribution Transformers and Substation Automation for Distribution segment expanded their business volume. The Distribution Transformers business won a large order from Enercon for Slim Transformers, which are used for wind-mill applications and special light weight transformers. Subject is a technology leader in these type of transformers. The Company’s PDS business won large orders from Jindal Steel and Lanco for supply of medium voltage switchgears. The Ecofit workshop at Vadodara plant which was inaugurated in 2009, continued to produce quality products and won several orders during the year.

Distribution business also remained focused in life cycle management of products supplied to the customers. Key orders won in 2010 include supply of spares and overhauling of 50 year old MV Switchgear (70 nos.) which were relocated from Germany to India by their customer. The project involves support, technical training, maintenance including long term contracts, repair and overhauling, ecofit (retrofit) and supply of spares.

Subject continues to be committed to servicing the products supplied to customer, through the product life cycle.

SUBSTATION AUTOMATION SYSTEMS (DISTRIBUTION BUSINESS)

Automation Business Unit had a good year and maintained its leadership position in the Indian Substation Automation market, winning key orders such as :

Power management system for IOCL’s Greenfield refinery at Paradip. A PACIS solution with latest technology was offered for fast load shedding application, as part of Power Management System on fibre optic network compliant to IED 61850 standards. This solution will also help the customer for efficient monitoring and control of

overall electrical network of Paradip refinery.

In addition, the Substation Automation Business Unit also achieved significant success with orders in the private sector, industry and utility segments.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

MARKET OVERVIEW

The Indian Stock market recovered in 2010, mainly due to FII investments. The Indian economy also recovered in 2010, thanks to positive sentiments in the market well supported by fiscal initiatives from the Government.

In 2010, the Industry and Infrastructure sectors of the economy were cautious on new investments. Projects, which were on hold amidst the crisis, started to recover slowly. Major activities were seen in the Power Generation segment. However, fewer new Industrial investments were announced. As per latest estimates of Government, the power generation capacity is unlikely to exceed 55,000 MW in the 11th Plan against the original target of 78,000 MW.

T and D Utilities could not maintain the pace of investment due to delays in decision making process. Availability of land and lesser number of Power plants requiring grid connectivity, were the principal factors for delay in investment decisions. Thus, the number of projects realized in 765 kV were less than half of what was decided in 2009. Retendering of the mega bulk packages of generation equipment for NTPC, resulted in reduced transmission scope. On the positive side, some of the State Electricity Boards such as MSETCL, HVPNL, RRVPNL, WBSTCEL, CSEB etc., decided to invest in improving their network in 400 kV class. In the APDRP Grid Distribution segment of Utilities, investments were subdued due to poor financial health of the State Electricity Boards. On the whole, the quantum of investment in the Utility segment of the T and D market in 2010 was lower vis-à-vis that of 2009 levels.

The year 2010 also witnessed a continuing trend of price pressure due to supply exceeding demand in the T and D market. Indian T and D manufacturers also witnessed aggressive pricing by several Chinese and Korean suppliers, particularly in the Power Transformer and GIS segments of the market. In the Medium Voltage segment, several new suppliers, mostly domestic, came to the market with very aggressive prices. In Distribution transformers also, the Company faced significant price pressure from domestic suppliers. To counter this price fall, the Company made special efforts and launched several cost cutting actions to improve operational.

BUSINESS PROJECTIONS

The Company has the depth of its management talents to face the market challenges, as it did in the recent past. Amongst competition the company has the high level of localization though its world class factories supported by a well trained professional work force. The Company is ready to meet the demand as well as the challenges of the T and D market in the country.

FINANCE

The ramp up of operations at the eight new factories added by new product ranges contributed to higher inventories and resulted in an increase in the working capital requirements of the company. The increased capacity helped improve their on time delivery while avoiding costs overruns and building customer confidence. Higher working capital to service larger sales volumes and increased interest rates lead to higher interest cost. The Company continued to generate cash from the operations, the additional support from the new investments is taking a longer period.

The Finance Shared Service Centre was strengthened to handle 35% increase in finance transactions, to respect the tough deadlines and to improve the operational efficiency. Finance Controlling functions focused on specific cost controls and risk mitigation measures. The company also adopted a complete hedging process for its imports and exports. A periodic review of the coverage and implementation of the process is done to ensure the effectiveness.

“The Compliance Manager” tool implemented during the year across all the units and functions facilitated identification of areas for further improvements. All the actions identified in the process are monitored across the entire organization with quarterly reporting to the board of Directors.

During the year the company’s “Two Star Export House” status was upgraded to “Trading House” giving additional benefits in terms of reduction in customs duty on capital goods.

OUTLOOK

The T and D market is slowly recovering from the impact of global financial crisis. Power sector continues to be the priority sector for the government. In view of Government of India’s announcement of increasing investments in the Infrastructure and the Industry segments it is expected that the T and D market in India may grow in 2011. With the ramping up of the 3 new green-field sites and expansion of capacities, subject is well poised to capture the growth opportunities in the T and D sector. Subject has successfully met market challenges by continuing to lead the T and D Market in India for the last 3 years.

However there are many challenges which may impact the growth of the Company in the short run. To control high inflation, RBI the central bank of India has been following monetary policy of liquidity tightening and raising interest rates. This may make some of the infrastructure projects unviable. The company’s interest cost will also rise due to increase in interest rates which will affect profitability. External factors might delay customer projects, thus adversely affecting the revenue flow. Aggressive competition from Chinese and Korean suppliers might put strong price pressure leading to fall in profitability of the Company. Similar price pressure could as well come from the EPC companies, adversely impacting profitability of the Systems projects. On the distribution domain the threat is mainly from local suppliers, including some who are new entrants. Subject management team, therefore, remains totally focused to meet these challenges and continues to align itself to deliver the best and create value for its stakeholders.

UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER AND HALF YEAR ENDED 31.03.2011

(Rs. In Millions)

Particulars	Quarter Ended 31.03.2011
Net Sales /Income From Operations	9949.100
Expenditure
(Increase)/Decrease In Finished Goods And Work In Progress	(387.200)
Consumption Of Raw Materials	7255.400
Employees Cost	904.000
Depreciation	246.200
Other Expenditure	1339.800
Total	9358.200
Profit From Operations Before Other Income, Interest And Exceptional Items	590.900
Other Income	--
Profit Before Interest And Exceptional Items	590.900
Interest	159.900
Profit After Interest But Before Exceptional Items	431.000
Exceptional Items	--
Profit From Ordinary Activities Before Tax	431.000
Tax Expenses	143.200
Net Profit From Ordinary Activities After Tax	287.800
Paid-Up Equity Share Capital	478.200
Earnings Per Share
Basic And Diluted Eps For The Period (Not Annualised) And For The Previous Year/Period	1.20
Public Shareholding
Number Of Shares	63611511
Percentage Of Shareholding	26.60%
Promoters And Promoter Group Shareholding
Non-Encumbered
Number Of Shares	175492524
Percentage Of Shares (As A % Of The Total Shareholding Of Promoter And Promoter Group)	100.00%
Percentage Of Shares (As A % Of The Total Share Capital Of The Company)	73.40%

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Sl. No.	Particulars	Three Months Ended
		31.03.2011
		(UnAudited)
1	Segment Revenue (Net of Excise & Other Taxes)
	Transmission	7469.500
	Distribution	2808.100
	Total	10277.600
	Less : Inter Segment Revenue (Net of Excise)	(328.500)
	Net Sales / Income from Operation	9949.100
2	Segment Results
	Transmission	583.100
	Distribution	47.700
	Total	630.600
	Unallocable	(39.900)
	Less :Interest	(159.900)
	Profit before Tax	431.000
3	Capital Employed
	Transmission	13862.100
	Distribution	4005.300
	Total	17887.400
	Unallocable	1168.300
	Total	19055.700

NOTES:

1. The above results were reviewed by the Audit Committee and approved by the Board of directors at the meeting held on May 13, 2011.

2. The auditors have conducted a “Limited Review” of the above Financial Results for the quarter ended March 31, 2011.

3. The company present consolidated results annually.

4. Subject to it’s final approval, the Board of Directors at their Board meeting held on 11^th April 2011 have given their in-principal approval to the proposed Scheme of Aggangement for Demerger of the distribution undertaking of the Company to a wholly owned subsidiary, Smartgrid Automation Distribution and Switchgear Limited. The Company has received positive response from all the Stock Exchanges where the Company’s securities are listed.

5. In the previous year/period, the Company did not have reportable primary segment as per the AS-17 Segment Reporting as the Company was engaged in the composite business of T and D activities only. However, Company having regard to note 3 above has decided segment reporting between Transmission and Distribution business from this quarter. As the change is applicable from the current quarter, prior/period comparatives have not been given as same is not considered not strictly comparable.

6. There were no pending investor complaint at the beginning and end of the quarter. The Company had received one investor complaint during the quarter which was duly resolved.

7. Prior period figures have been reclassified / regrouped wherever necessary for the comparative purposes.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture fittings and Office equipment

· Motor vehicles

· Goodwill

AS PER WEBSITE

Company Profile:

Subject, is a subsidiary of AREVA T and D SAS (subsidiary of ALSTOM Sextant 5), and a leading player in T and D business, globally.

Subject is among the top three transmissions and distribution (T and D) players in India. The company is engaged in providing products and systems to transmit and distribute electricity, manage smooth energy flows and operate efficient networks through information management. Its product offerings include power and distribution transformers, switchgear and circuit breakers and products in the area of energy automation.

The company offers high-end T and D solutions such as 765 KV and HVDC transmission projects and Gas Insulated Substations. Company caters to both, private and the public sector clients.

Subject currently employs over 4200 people in India. Subject has 8 manufacturing units and 22 sales offices and has been a trend - setter in the field of High-Voltage Switchgear.

Subject was the first to build the 765 kV Sub-station in India with National Thermal Power Limited (NTPC) at SIPAT, Chhattisgarh. Around 70% of load flow in India is managed by subject Automation solutions. The Company has to its credit a complete range of T and D Products, Systems, Services and Automation solutions.

Formerly Alstom Limited, the Company was taken over by subject in 2005 as AREVA took control of Alstom's world-wide T and D business. In 2009 AREVA decided to exit its T and D business and consequent to the decision, the AREVA Executive Board had begun negotiations with the Alstom-Schneider Consortium. A Public Announcement (PA) was made by DSP Merryll Lynch (DSP) - Manager to the Open Offer (on behalf of the acquirers Alstom-Schneider), to acquire up to 20% of issued share capital of subject at Rs.295.34 per share. The Open offer opened on 6th November, 2010 and closes on 25th November, 2010. The expected date for closure of the Open offer process is 10th December, 2010.

HISTORY

The General Electric Company of India Limited ("GECI") was incorporated on November 4, 1911 and was engaged in the manufacture of various electrical, electronic, mechanical engineering goods, such as motors, pumps, switchgear, furnaces, transformers, electronic variable speed drives, etc.  This Company was a subsidiary of The General Electric Company plc, UK ("GEC UK").

The English Electric Company of India Limited ("EEI")  was incorporated on March 13, 1957 as a Private Limited Company and was converted into a Public limited Company on February 25, 1963 and was engaged in the manufacture of various electrical/electronic equipment such as fuse-gear and switchgear products, relays, control panels, circuit breakers, contactors and electronic testing and measuring instruments. This Company was a subsidiary of The English Electric Company Limited, UK, ("EEC UK") a wholly owned subsidiary of GEC UK.

During 1991-92, the entire shareholding of EEC UK in EEI and GEC UK in GECI, constituting 66.66% of the paid-up share capital of the two companies, was transferred to GEC ALSTHOM NV, The Netherlands.

By a Scheme of Amalgamation, duly approved by the shareholders of EEI and GECI and the Order dated March 26, 1993 passed by the Hon'ble High Court at Calcutta, GECI was amalgamated with EEI ( Transferee Company)   and the name of the merged entity was changed from The English Electric Company of India Limited to GEC ALSTHOM India Limited by a fresh certificate of Incorporation dated 20th April 2003 issued by the Registrar of Companies , Kolkata. The effective date of the amalgamation was April 1, 1992.

By another Scheme of Amalgamation, duly approved by the shareholders of GEC ALSTHOM India Limited and GEC Power Engineering Services of India Limited (GEC PESIL) and the Orders passed by the Calcutta High Court on February 7, 1994 and by Delhi High Court on March 16, 1994, GEC PESIL was amalgamated with GEC ALSTHOM India Limited. The effective date of the amalgamation was April 1, 1993. GEC PESIL was in the business of erection and commissioning of Power Plants.

During 1997-98, the entire shareholding of GEC ALSTHOM NV was transferred to ALSTOM France SA  whose name later on changed to ALSTOM Holdings, France.

The name of the said GEC ALSTHOM India Limited was changed to ALSTOM Limited, effective 1st September 1998  by a fresh certificate of Incorporation issued by the Registrar of Companies , Kolkata.

By another Scheme of Amalgamation, duly approved by the shareholders of ALSTOM T and D Distribution Transformers Limited (DTL), a subsidiary of the Company and the Orders passed by the Calcutta High Court on 6th March 2000 and by the Kerala High Court at Ernakulam  on  29th  March 2000, DTL  was amalgamated with the Company. The effective date of the amalgamation was April 1,1999. DTL was in the business of manufacturing Distribution Transformers.

In the year 2004, AREVA Group of Companies (`AREVA Group'), acquired the Transmission and Distribution (T and D) business of ALSTOM Group of Companies (`ALSTOM Group') outside of India to strengthen its strategic position in the Energy Sector and its range of services. Consequently,  in India,  AREVA T and D SA, France acquired the entire 66.35% shareholding (2,64,64,400 equity shares) in the Company of ALSTOM Holdings S.A.  Further, pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997,  and  in terms of the open offer made to the shareholders of the Company, AREVA T and D SA, acquired  further 1,19,445 shares  in the Company.  Thus  the holding of  AREVA T and D SA shares were  2,65,83,845 equity shares representing 66.65% of the total paid up Share Capital of the Company.   AREVA T and D Holding SA of France is the parent and/or ultimate holding Company of the AREVA T and D Group.

Consequent to the acquisition of ALSTOM's stake (66.35%) by AREVA T and D SA in August 2005, the name of the Company was changed to AREVA T and D India Limited with effect from 23rd September 2005 after completing all necessary statutory formalities.

The Company is engaged primarily in Transmission and Distribution (T and D) business, which is the core business including manufacturing various equipment and providing services required by the said Sector.  In addition, the Company was also engaged in certain non-T and D business activities such as manufacturing industrial Motors, Pumps, Fans and Energy Meters.

ALSTOM Industrial Products Limited (AIPL) a new Company  was  incorporated with the main object, inter-alia, of carrying on the non-T and D business carried on by the Company, including manufacturing of  industrial Motors, Pumps, Fans, Energy Meters and various other products.  The Company along with its associates held 100% of the paid up share capital of AIPL.

The Company had two major divisions viz. Transmission and Distribution division (the 'T and D division') and the 'Non T and D Division' involved in manufacturing Motors (Low Voltage and Medium Voltage Motors) and Energy Meters. By a  scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 duly sanctioned by the Hon'ble Hgh Court at Calcutta vide Order dated 14th August 2006 the   Non T and D business was  transferred to ALSTOM Industrial Products Limited (AIPL). Thereafter the entire shareholding in AIPL was transferred to  ALSTOM Group.

In the Year 2007 by a  scheme of Amalgamation sanctioned by the   Hon'ble High Court  of Calcutta vide Order dated  the    5th Day of July  2007, Hon'ble High Court  at New Delhi  vide Order dated  the 14th Day of August 2007, Hon'ble High Court at Chennai   vide Order dated  the 31st Day of August 2007 the three transferor Companies Viz, AREVA T and D Instrument Transformers India Private Limited (AITPL)   AREVA T and D Systems India Limited (ATDSL) AREVA T and D Lightning Arresters Private Limited (ALAPL) amalgamated  with the  Transferee Company ie AREVA T and D India limited. Consequent to the  sanctioning of the Scheme of Amalgamation the Company had issued and allotted  7933335  equity shares of Rs.10/-  each, to the shareholders of the three transferor Companies.   The paid up share  capital of the Company has now become 47820807 equity shares of  Rs.10 /- each.

With a view to improving the liquidity of the Company's shares in the stock market and to make it affordable to the small investors, the nominal value of equity shares was sub-divided. The shareholders, through a Postal Ballot on 19th September, 2008, had accorded their approval for the Sub-division of every Equity Share of Rs.10/-each to 5 Equity Shares of Rs.2/- each (Record Date October 31, 2008). Hence, the paid up share capital of the Company has now become 239104035 equity shares of Rs.2 /- each amounting to Rs.478208070/-.

The Company has shifted its Registered Office from Kolkata to E-48/7, Okhla Industrial Area, Phase II, New Delhi 110020 w.e.f September 01, 2009 upon receipt of the relevant approvals from the shareholders and the Company Law Board.

PRESS RELEASE

Areva T and D India wins contract for 765 kV Extra High Voltage Substation from Rajasthan Rajya Vidyut Prasaran Nigam Ltd. (RRVPNL) worth close to 4000 MINR

NOIDA, October 24, 2011

Areva T and D India Limited's transmission business, now part of Alstom Grid, has been awarded a contract worth approximately 4000 MINR by state utility Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL). Areva T and D India will design and build a 765 kV turnkey substation including Extra High Voltage (EHV) transformers and reactors at Anta near Kota. The scope of this contract also includes a long term maintenance contract for the substation.

This first-of-its-kind 765kV EHV substation in Rajasthan will improve power transfer capacity and reliability of the electrical network through power transmission from several generation plants located in the state.

All 765 kV products for this substation will be delivered from Areva T and D India's world-class factories located at Vadodara, Padappai, Pallavaram, Hosur and Noida. These manufacturing facilities were set up in India to meet the future needs of the country as transmission voltage levels move to Extra or Ultra High Voltage levels (up to 1,200 kV).

To date, Areva T and D India has won 15 out of 32 orders for 765 kV substations in the country.

Mr. Rathin Basu, Managing Director of Areva T and D India Limited said, "Areva T and D India is proud to be selected as the supplier for RRVPNL to enhance the power transfer capacity in the state. We continue on our leadership journey by leveraging our strong expertise and experience in delivering Extra High Voltage transmission solutions with our locally manufactured Extra High Voltage transmission products."

*Important Note :

The high voltage activities described in this press release are under the operational control of Alstom Grid and carried out in India through Areva T and D India limited, a company publically listed on the stock exchanges of India.

On 7 June 2010, the global activities of Areva T and D were acquired by a consortium of Alstom and Schneider Electric. Following this acquisition, the High Voltage Transmission and the Power Electronics activities are to be carried on under the control of Alstom and the Medium Voltage activities under control of Schneider Electric.

In India on 3 December 2010, following the conclusion of a mandatory tender offer, Alstom and Schneider Electric announced that they had assumed operational control of Areva T and D India. The respective businesses will now be segregated in terms of a scheme of arrangement through a court process.

However, Areva T and D India will continue to operate under the Areva T and D name until the appropriate judicial process, according to Indian regulations, have been completed.

Areva T and D India wins contract for 765 KV Extra High Voltage Substations

NOIDA, September 19, 2011

AREVA T and D India Limited's transmission business, now part of Alstom Grid, has been awarded a contract worth approximately 2200 MINR, by Bhopal Dhule Transmission Co Limited., a subsidiary of Sterlite Technologies Limited, for the construction of two 765 kV Extra High Voltage substations at Bhopal and Dhule in Maharashtra and Madhya Pradesh States (India).

All 765 kV equipment for these substations will be delivered from AREVA T and D India's world-class factories located at Padappai, Pallavaram, Hosur and Noida. These factories are among the eight world class manufacturing units that were set-up in India to meet the future needs of the country as the transmission voltage levels goes to Ultra or Extra High Voltage levels.

On the occasion of contract signing, Mr. Pravin Agarwal, Wholetime Director, Sterlite Technologies Limited said, "Areva T and D India is awarded this project for its expertise and technology edge in delivering products and solutions for 765kV EHV. They have a strong track record of successes in this domain and we are confident of their delivery on this project."

Mr. Rathin Basu, Managing Director, Areva T and D India Limited said, "We deeply value our relationship with Sterlite in the emerging BOOT (Build, Own, Operate and Transfer) business. Our commitment to support Sterlite in its nation building initiative is supported by our world class manufacturing facilities, which produce latest technologies in India up to 765 kV and above. Having been the first to successfully commission India's first 765kV substation at Sipat, Chattisgarh, we have built strong expertise in delivering Extra and Ultra High Voltage transmission solutions and products in India."

*Important Note:

The high voltage activities described in this press release are under the operational control of Alstom Grid and carried out in India through Areva T and D India limited, a company publically listed on the stock exchanges of India.

On 7 June 2010, the global activities of Areva T and D were acquired by a consortium of Alstom and Schneider Electric. Following this acquisition, the High Voltage Transmission and the Power Electronics activities are to be carried on under the control of Alstom and the Medium Voltage activities under control of Schneider Electric.

In India on 3 December 2010, following the conclusion of a mandatory tender offer, Alstom and Schneider Electric announced that they had assumed operational control of Areva T and D India. The respective businesses will now be segregated in terms of a scheme of arrangement through a court process. However, Areva T and D India will continue to operate under the Areva T and D name until the appropriate judicial process, according to Indian regulations, have been completed.

About Alstom Grid

Alstom is a global leader in the world of power generation, power transmission and rail infrastructure and sets the benchmark for innovative and environmentally friendly technologies. Alstom builds the fastest train and the highest capacity automated metro in the world. It provides turnkey integrated power plant solutions and associated services for a wide variety of energy sources, including hydro, nuclear, gas, coal and wind, and it offers a wide range of solutions for power transmission, with a focus on smart grids. The Group employs 92,000 people in 100 countries and had sales of € 20.9 billion in 2010/11.

Alstom Grid has over 100 years of expertise in electrical grids. Whether for utilities or electro-intensive industries or facilitating the trading of energy, Alstom Grid brings power to its customers' projects. Alstom Grid ranks among the top 3 in electrical transmission sector with an annual sales turnover of more than € 4 billion. It has 20,000 employees and over 90 manufacturing and engineering sites worldwide. At the heart of the development of Smart Grid, Alstom Grid offers products, services and integrated energy management solutions across the full energy value chain - from power generation, through transmission and distribution grids and to the large end user.

Alstom Grid in India is the market leader in the Indian power transmission sector, with a strong product portfolio encompassing a full range of locally made transmission equipment up to 765 kV and above, including power transformers (Extra High Voltage 800 kV DC and Ultra high Voltage 1200 kV AC). With a 100 years presence in India, more than 3,500 employees and eight world class manufacturing units, Alstom Grid is future ready to continue its support of the rapidly evolving transmission sector in India.

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.49.78
UK Pound	1	Rs.80.11
Euro	1	Rs.68.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		67

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	Capability to overcome financial difficulties seems comparatively below average.	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
-	NB	New Business	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.