MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM INDIA LIMITED (w.e.f. 11.07.2012) |
|
|
|
|
Formerly Known
As : |
Alstom Projects India Limited (w.e.f. 26.05.2003) |
|
|
|
|
Formerly Known
As : |
Alstom Power India Limited |
|
|
|
|
Registered
Office : |
International V Floor, 16 Marine |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
02.09.1992 |
|
|
|
|
Com. Reg. No.: |
11-068379 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 672.275 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74140MH1992PLC068379 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA35073D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA8679F |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Engineering, procurement, manufacturing, construction
and servicing etc. of power plants and power equipment and transportation
systems covering traction, signaling and train control for the railways and
metros. |
|
|
|
|
No. of Employees
: |
4505 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 27000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having good 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. Company can be considered good for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA (Long Term Rating) |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation it carry very low credit risk. |
|
Date |
16.03.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Having strong degree of safety regarding timely payment of financial
obligation it carry lowest credit risk. |
|
Date |
16.03.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
International, 5th
Floor, 16 Marine |
|
Tel. No.: |
91-22-22000487 / 490 / 528 / 22051256 |
|
Fax No.: |
91-22-22000324 / 22086905 |
|
E-Mail : |
pradeepta.puhan@power.alstom.com
|
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
|
|
|
Factory : |
·
P.O. Maneja, Vadodara - 390 013, ·
·
Shahabad - 585 229, ·
|
|
|
|
|
Marketing / Other Offices : |
Located at ·
Bengaluru ·
Chennai ·
·
Kolkata ·
Mumbai ·
·
·
Noida ·
Korba ·
Vadodara ·
|
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Sunand Sharma |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Francois Carpentier |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Appointment : |
28.04.2010 |
|
|
|
|
Name : |
Mr. S.M. Momaya |
|
Designation : |
Whole-Time Director and Chief Financial Officer |
|
|
|
|
Name : |
Mr. Dominique Pouliquen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Vasudevan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. K. Thiagarajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Uddesh Kohli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amaresh Singh |
|
Designation : |
Country Human Resources Director |
|
|
|
|
Name : |
Ms. Rachana Panda |
|
Designation : |
Country Communications Director |
|
|
|
|
Name : |
Mr. Hiren Vyas |
|
Designation : |
Country Legal Director |
|
|
|
|
Name : |
Mr. Ashish Ohri |
|
Designation : |
|
|
|
|
|
Name : |
Mr. Nirmal Jha |
|
Designation : |
Director - Thermal Services |
|
|
|
|
Name : |
Mr. Jojo Alexander |
|
Designation : |
Director – Transport |
|
|
|
|
Name : |
Mr. Alain Spohr |
|
Designation : |
Director - Hydro Business |
|
|
|
|
Name : |
Mr. Debes Kumar Bhattacharya |
|
Designation : |
Director - Environment Control System |
|
|
|
|
Name : |
Mr. Rajeev Sharma |
|
Designation : |
Director - Power Automation Control |
|
|
|
|
Name : |
Mr. Michael Keroulle |
|
Designation : |
Director - Boilers |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Pradeepta Puhan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Peter Kunz |
|
Designation : |
Vice President Gas Region MEI |
|
|
|
|
Name : |
Mr. Bertrand Constensoux |
|
Designation : |
Vice President Nuclear |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
% of total no.
of shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
46,088,294 |
68.56 |
|
|
46,088,294 |
68.56 |
|
|
46,088,294 |
68.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4,893,585 |
7.28 |
|
|
2,364,974 |
3.52 |
|
|
259,742 |
0.39 |
|
|
1,636,596 |
2.43 |
|
|
1,094,678 |
1.63 |
|
|
10,249,575 |
15.25 |
|
|
|
|
|
|
2,120,354 |
3.15 |
|
|
|
|
|
|
7,813,771 |
11.62 |
|
|
627,637 |
0.93 |
|
|
327,840 |
0.49 |
|
|
14,048 |
0.02 |
|
|
9,204 |
0.01 |
|
|
8,383 |
0.01 |
|
|
201,000 |
0.30 |
|
|
95,205 |
0.14 |
|
|
10,889,602 |
16.20 |
|
Total Public shareholding (B) |
21,139,177 |
31.44 |
|
Total (A)+(B) |
67,227,471 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
Total (A)+(B)+(C) |
67,227,471 |
0 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Engineering, procurement, manufacturing,
construction and servicing etc. Of power plants and power equipment and
transportation systems covering traction, signaling and train control for the
railways and metros. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
4505 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Holding Company
: |
ALSTOM Holdings |
|
|
|
|
Immediate
Holding Company : |
|
|
|
|
|
Subsidiaries : |
·
ALSTOM Power Boilers Services Limited ·
ALSTOM Boilers India Limited |
|
|
|
|
Fellow
Subsidiaries : |
·
ALSTOM ( ·
ALSTOM ·
ALSTOM Belgium SA ·
ALSTOM Bharat Forge Power
Limited ·
ALSTOM Brasil Energia e
transported Limited ·
ALSTOM ·
ALSTOM China Investment Co
Limited ·
ALSTOM CROATIA Limited ·
ALSTOM Deutschland AG ·
ALSTOM Estonia AS ·
ALSTOM Ferroviaria SpA ·
ALSTOM ·
ALSTOM general turbo SA ·
ALSTOM Grid SAS, ALSTOM
Holdings ·
ALSTOM Hong-Kong Limited ·
Alstom Hydro ·
ALSTOM Hydro R&D India
Limited ·
ALSTOM Hydro ·
Hydro ·
ALSTOM INFRASTRUCTURE ·
ALSTOM IS&T SAS ·
ALSTOM KK ·
ALSTOM Limited ·
ALSTOM Limited ·
ALSTOM MIDDLE EAST Limited ·
ALSTOM Norway AS ·
ALSTOM Philippines- Inc ·
ALSTOM Portugal SA ·
ALSTOM Power and Transport
Canada Inc ·
ALSTOM Power Consulting AG ·
ALSTOM Power Inc ·
ALSTOM Power Italia Spa ·
·
ALSTOM Power SA ·
ALSTOM Power Service ·
ALSTOM Power Service ( ·
ALSTOM Power Service (Pty)
Limited ·
ALSTOM Power Service GmbH ·
ALSTOM Power Spz oo ·
ALSTOM Power ·
ALSTOM Power Systems GmbH ·
Alstom Power Systems SA ·
ALSTOM S& ·
ALSTOM sro ·
ALSTOM SA ·
Alstom Services Sdn Bhd ·
ALSTOM Signalling Inc ·
ALSTOM Strongwish co, Limited ·
ALSTOM T&D India Limited ·
ALSTOM Technical Service ·
ALSTOM Technologie AG ·
ALSTOM Transport (S) Pte
Limited ·
·
ALSTOM Transport India
Limited ·
ALSTOM Transport SA ·
ALSTOM ·
ALSTOM Vietnam Company
Limited ·
Alstom Wind SLU ·
PT ALSTOM Power Energy
Systems ·
Shangai ALSTOM Electrical
Equipment Limited ·
Technical Transport
Consolidation ·
Tianjin ALSTOM Hydro Co
Limited ·
WUHAN Boiler Company Limited. ·
ALSTOM Belgium SA ·
ALSTOM ·
·
ALSTOM India Limited ·
ALSTOM Information Tech.
Centre SAS ·
ALSTOM Mexicana S.A. de C.V. ·
ALSTOM Power Hydraulique, ·
ALSTOM Power Hydraulique ·
ALSTOM Technology Limited,
Lorelec. |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195000000 |
Equity Shares |
Rs.10/-each |
Rs.1950.000 million |
|
40500000 |
Preference Shares |
Rs.100/- each |
Rs.4050.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67227471 |
Equity Shares |
Rs.10/-each |
Rs.672.300
million |
|
|
|
|
|
|
|
|
|
|
Notes
- Reconciliation of the shares outstanding at the beginning and
at the end of the reporting year
Equity shares:
As at 31 March 2012
Numbers Rupees million
At the beginning of the year
67,024,174 670.2
Cancelled during the year
(5,894,264) (58.9)
Issued during the year
6,097,561 61.0
Outstanding at the end of the year
67,227,471
672.3
Pursuant to the
scheme of amalgamation approved by the Honorable High Courts of Bombay and
AHIL’s objectives
were to hold investments in Alstom group companies in
is yet to issue
and allot equity shares to the Shareholders of AHIL pursuant to the scheme.
However, the equity shares to be allotted have already been considered as
issued and allotted for the purposes of these financial statements since the
issuance and allotment of equity shares would be effective from the Appointed
Date of 01 April 2011.
- Terms / rights attached to equity
shares
The Company has
only one class of equity shares having a par value of Rs. 10 per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
In the event of
liquidation of Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
During the year
ended 31 March 2012, the amount of dividend per share recognized as distribution
to equity shareholders was Rs. 10 (Previous Year 31 March 2011: Rs. 10).
c. Shares held by holding / ultimate holding Company and / or their
subsidiaries/ associates
Equity
shares:
(Rupees
million)
As at 31 March 2012
6,097,561
(previous year Nil) equity shares by ALSTOM Holdings*, 61.0
the holding
company
38,664,708
(Previous year 39,245,408) equity shares by ALSTOM 386.6
Finance BV, the
immediate holding Company
Nil (Previous year
5,313,564) equity shares by ALSTOM Holdings -
(
1,326,025
(Previous year 1,326,025) equity shares by Lorelec, 13.3
subsidiary of the
holding company
*Refer note 3(a) above.
- Details of shareholders holding more
than 5% shares in the company
As at 31 March 2012
Numbers % holding in
the
class
ALSTOM Holdings (
(Subsidiary of the
holding company)
ALSTOM
Holdings*
6,097,561
9.07
(the holding
company)
*Refer note 3(a)
above.
e. Shares allotted
as fully paid up pursuant to contract(s) without payment being received in cash
(during
5 years immediately preceding 31 March
2012)
6,097,561 Equity shares
of Rs. 10 each to be issued with effect from April 1, 2011 to the erstwhile
shareholders of ALSTOM Holdings (
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
672.300 |
670.200 |
670.242 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6264.700 |
5202.800 |
4294.714 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6937.000 |
5873.000 |
4964.956 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
7.700 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6937.000 |
5880.700 |
4964.956 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3731.300 |
3533.100 |
3414.944 |
|
|
Capital work-in-progress |
954.900 |
447.400 |
540.677 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.000 |
0.036 |
|
|
DEFERREX TAX ASSETS |
124.500 |
0.000 |
65.850 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
739.700
|
415.200 |
2033.533 |
|
|
Sundry Debtors |
10331.500
|
6811.400 |
6151.285 |
|
|
Cash & Bank Balances |
2272.200
|
7360.600 |
5980.600 |
|
|
Other Current Assets |
5140.300
|
6181.900 |
6737.436 |
|
|
Loans & Advances |
6527.300
|
3875.500 |
3285.710 |
|
Total
Current Assets |
25011.000
|
24644.600 |
24188.564 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2705.200
|
2249.300 |
12031.574 |
|
|
Other Current Liabilities |
18258.600
|
19221.100 |
10119.320 |
|
|
Provisions |
1921.400
|
1274.000 |
1094.221 |
|
Total
Current Liabilities |
22885.200
|
22744.400 |
23245.115 |
|
|
Net Current Assets |
2125.800
|
1900.200 |
943.449 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6937.000 |
5880.700 |
4964.956 |
|
PROFIT & LOSS
ACCOUNT
QUARTERLY RESULTS
(Rs.
in millions)
|
PARTICULARS |
30.06.2012 |
|
Type |
1st
Quarter |
|
Net Sales |
4413.600 |
|
Total Expenditure |
4287.700 |
|
PBIDT (Excl OI) |
125.900 |
|
Other Income |
193.300 |
|
Operating Profit |
319.200 |
|
Interest |
9.100 |
|
Exceptional Items |
0.000 |
|
PBDT |
310.100 |
|
Depreciation |
119.500 |
|
Profit Before Tax |
190.600 |
|
Tax |
61.800 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
128.800 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
128.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.70
|
10.42 |
11.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.28
|
18.47 |
12.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.67
|
11.80 |
10.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.50 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.30
|
3.87 |
4.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.08 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
---- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE
RESTRUCTURINGS
MERGER OF ALSTOM
HOLDINGS (
During the year,
the Hon’ble High Courts of Delhi and Bombay have sanctioned the scheme of
amalgamation amongst ALSTOM Projects India Limited, ALSTOM Holdings (India)
Limited (a group Company) and their respective shareholders on February 23,
2012 and 31 March 2012, respectively, under Sections 391 to 394 of the
Companies Act, 1956, hence the merger between the two companies has been
completed.
ALSTOM Holdings
(India) Limited (the Amalgamating Company), was a public Company limited by
shares incorporated under the Companies Act, 1956 on March 29, 1995 and having
its registered offi ce at New Delhi. The Amalgamating Company was a part of the
ALSTOM group of companies and a wholly owned subsidiary of ALSTOM Holdings,
France. The Amalgamating Company was registered with the Reserve Bank of
companies.
The above
amalgamation was carried out as a measure of group restructuring of the ALSTOM
group in
The effect of the
amalgamation has been given in the books of accounts of the Company for the
year ended on
31 March 2012 with
effect from the Appointed Date i.e. 01 April 2011.
OVERVIEW
The Indian economy
has continuously recorded high growth rates and has become an attractive
destination for investments.
The Ministry of
Power has set a goal – Mission 2012, ‘power for all’. A comprehensive blueprint
for Power Sector development has been prepared encompassing an integrated
strategy for the sector development with certain objectives namely (i)
sufficient power to achieve GDP growth rate of 8%; (ii) reliable of power; (iii)
quality power; (iv) optimum power cost; (v) commercial viability of power
industry; and (vi) power for all. This aggressive strategy of the government
will pave the way for the market players including the Company to increase its
footprints in the power sector. Total demand for electricity in the country
continues to rise and is outpacing increases in capacity.
One of the key
objectives of Government of India in 2012-13 is to address supply bottlenecks
in agriculture, energy and transport sectors – particularly in coal, power,
national highways, railways and civil aviation. The performance of the Indian
economy created a buoyant market and through innovative policies of Indian
Government, a lot of opportunities are likely to be created and world-class railway
transport infrastructure will become a reality in the Country.
FINANCE
The Company
continues to focus on optimizing its working capital. Project reviews with a
focus on cash flows have aided in maintaining a surplus cash position during
the entire year. Effective deployment of surplus funds, coupled with further
hardening of the interest rates in the economy gave the Company an interest
income of Rs. 428 Million in the year vis a vis Rs. 387 Million in the previous
year despite a lower cash position.
The net cash
position at the end of the year was Rs.2,181 Million after payment of Rs.774
Million as dividend (including Corporate Dividend Tax) and capital expenditure
of Rs.955 Million. In addition, the Company has also given Inter Corporate
Deposit amounting to Rs.2,558 Million at the end of the year.
A prudent and
conservative hedging policy for significant exposures helped the Company tide
over the year without any significant real Foreign Exchange fluctuation losses in
a volatile foreign exchange market.
The Long Term
Credit Rating of the Company for Fund Based and Non Fund Based limits is ICRAAA
with negative outlook which means high degree of safety regarding timely
servicing of financial obligations and such instruments carry very low credit
risk. For short term the credit rating has been assigned as ICRA A1+ which
means very strong degree of safety regarding timely payment of financial
obligations and such instruments carry lowest credit risk.
CENTRAL
RECRUITMENT TEAM
The central
recruitment Team has been working independently since December 2011. Fortnight
Resourcing Forum meetings were organized to discuss opportunities for Internal
Mobility.
UNIVERSITY
RELATIONS
75 days fully
residential cross businesses induction program for Young Engineering Graduates
(YEGs) was launched in 2011, which included the participation of over 100
ALSTOM employees. 103 YEGs were hired for the
financial year 2012-13 from 18 campuses.
BUSINESS SEGMENT
ANALYSIS
The Business of
the Company is categorized in two segments, namely, Power and Transport. Review
of each of the Company’s businesses is as follows:
POWER
This segment
mainly caters to engineering, procurement and construction and servicing of
power equipment and plants. The objective is to provide most economical
solutions deploying the most advanced technology with least impact on the
environment to the customers.
The year 2011
witnessed sluggishness of market mainly due to fuel constraint for Thermal
(Coal & Gas) and statutory clearances for Hydro projects. Given the
aggressive targets being set for the 12th Five Year Plan of the Government of
India, it is still expected that the demand for power equipment and services
will continue to grow in near future. Coal will still be the major fuel for
power generation; growth is also expected in nuclear, hydro and renewable
energy.
The availability
of coal is an issue for coal fired thermal power plants in
efficiency and low
emissions, driven by the focus of the Government of India. The market share for
supercritical technology based power generation equipment will further increase
in
The natural gas
based combined cycle power plants are facing acute gas shortages posed by the
unexpected falling production from the KG D6 gas basin in the
There is a huge
hydropower potential in
Currently, nuclear
power generation in
There has been a
thrust to increase the renewable energy share in the total installed base of
OUTLOOK
TRANSPORT
During the
financial year, several opportunities of the Indian Railways and Metro projects
did not materialize as anticipated due to deferment and rescheduling. We are
optimistic to participate in the demands and requirements of Indian Railways to
upgrade its infrastructure and technology opportunities as and when they do
arise in future.
Meanwhile, the
Transport activities have been engineered towards execution of the projects
secured in the previous years. This year witnessed the Company’s consortium
delivering the signalling and train control systems for Reach 1 (Baiyapanhalli
Terminal to
Metro Signalling
project and the contracts for Chennai Metro.
The TIS (Transport
Information Systems) operation in
OUTLOOK
Despite the
uncertainties of the past year the market for rail transportation in
cities. We hope
various metro projects in new cities will be launched soon and expect to
participate in the extension of existing metro lines in Delhi and Bangalore on
which they have provided the signalling system. On Mainline Indian Railways the
need for improvements in infrastructure and technology is immense to keep pace
with the economic growth forecast for the country. They are therefore
optimistic and are prepared to participate in these opportunities when they do
arise.
FIXED ASSETS
Tangible Assets
·
·
·
·
Leasehold improvements
·
Factory buildings
·
Other buildings
·
Plant and machinery
·
Furniture and fixtures
·
Vehicles
Intangible Assets
·
Software and Licence Fees
PRESS RELEASE:
Alstom bags Rs 5300 Millions contract from BHEL
Alstom today said it has bagged a Rs 5300.000 million contract from
state-run BHEL for supplying equipment.
"Alstom has been awarded a contract worth Rs 5300.000 million
(approx USD 100 million) by BHEL, to supply components and services for
the 660 MW supercritical boilers at NTPC sites of two units located in
Mouda,
These 660-MW supercritical power boilers were awarded to BHEL as part of
the NTPC Bulk 660 MW tender, it added.
Alstom is the licensor of the supercritical technology of BHEL and is also
collaborating with BHEL on execution of the supercritical boiler projects under
the Licence and Business Cooperation Agreementsn the statement said.
Under the scope of the
contracts, Alstom will cooperate with BHEL in designing the boilers and supply
parts of the 660 MW supercritical boilers.
It will also assist BHEL with technical advisers during the erection and
commissioning of the units, it said.
Key components will be manufactured from Alstom's manufacturing facilities in
Wellsville and Concordia in the
"We
are proud to be offering our efficient solutions to support
ICRA reaffirms rating
outstanding on Alstom Projects' Rs 47.5 crore fund based limits
ICRA
has reaffirmed the rating outstanding on Alstom Projects India’s Rs 475.000
million fund based limits and Rs 31422.100 million long term non-fund based
limits at “AA”. However, the outlook on the long-term rating has been revised
from stable to negative. The credit rating agency has also reaffirmed an A1+
rating to Rs 31422.100 million short term non-fund based limits of APIL.
The
ratings reaffirmation continues to factor in the healthy demand from the key
business segments that the company operates in (namely power generation sector
and transport sector), its strong financial profile characterized by its low
dependence on debt, healthy cash accruals and strong liquidity of the company.
These
strengths are however tempered by the recent slowdown in demand from the power
generation sector in
Alstom
Projects is
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.55.17 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.68.26 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.