MIRA
INFORM REPORT
|
Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM PROJECTS INDIA LIMITED |
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Registered
Office : |
International V Floor, 16 Marine Lines Cross Road, Churchgate, Mumbai
– 400 020, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.09.1992 |
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Com. Reg. No.: |
11-068379 |
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Capital
Investment / Paid-up Capital : |
Rs.670.242 millions |
|
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|
CIN No.: [Company Identification
No.] |
L74140MH1992PLC068379 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA35073D |
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|
PAN No.: [Permanent Account No.] |
AABCA8679F |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges |
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|
Line of Business
: |
Designer, Engineer, Manufacturer, Procurement, Supply,
Commissioning, Servicing and Renovation and Modernisation of Power Plants for
Utility and Industrial Users. |
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|
|
|
No. of Employees
: |
3941 (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 23000000 |
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|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
International V 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 : |
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Corporate Office : |
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|
|
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|
Factory : |
·
P.O. Maneja, Vadodara - 390 013, ·
·
Shahabad - 585 229, ·
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|
|
|
Marketing / Other Offices : |
Located at ·
Bengaluru ·
Chennai ·
·
Kolkata ·
Mumbai ·
·
·
Noida ·
Korba ·
Vadodara ·
|
DIRECTORS
As on 31.03.2011
|
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 : |
Dr. Pedro Sole |
|
Designation : |
Director (up to 31 January 2011) |
|
|
|
|
Name : |
Mr. Dominique Pouliquen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Vasudevan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. K. Thiagarajan |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Uddesh Kohli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amaresh Singh |
|
Designation : |
Country Human Resources Director |
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|
|
|
Name : |
Ms. Rachana Panda |
|
Designation : |
Country Communications Director |
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|
|
|
Name : |
Mr. Hiren Vyas |
|
Designation : |
Country Legal Director |
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|
|
|
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. Anup K Malhotra |
|
Designation : |
Director - Quality and EHS |
|
|
|
|
Name : |
Mr. Debes Kumar Bhattacharya |
|
Designation : |
Director - Environment Control System |
|
|
|
|
Name : |
Mr. Rajeev Sharma |
|
Designation : |
Director - Power Automation Control |
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|
|
|
Name : |
Mr. Michael Keroulle |
|
Designation : |
Director - Boilers |
KEY EXECUTIVES
|
Name : |
Mr. Pradeepta Puhan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Shivanand Nimbargi |
|
Designation : |
Regional Vice President Global Power Sales |
|
|
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|
Name : |
Mr. Peter Kunz |
|
Designation : |
Vice President Gas Region MEI |
|
|
|
|
Name : |
Mr. Bertrand Constensoux |
|
Designation : |
Vice President Nuclear |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
% of total no.
of shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5,894,264 |
8.79 |
|
|
5,894,264 |
8.79 |
|
|
|
|
|
|
39,990,733 |
59.67 |
|
|
39,990,733 |
59.67 |
|
Total shareholding of Promoter and Promoter Group (A) |
45,884,997 |
68.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4,158,880 |
6.21 |
|
|
2,333,344 |
3.48 |
|
|
259,742 |
0.39 |
|
|
1,636,596 |
2.44 |
|
|
2,374,009 |
3.54 |
|
|
10,762,571 |
16.06 |
|
|
|
|
|
|
2,090,538 |
3.12 |
|
|
|
|
|
|
7,475,665 |
11.15 |
|
|
547,749 |
0.82 |
|
|
262,654 |
0.39 |
|
|
14,048 |
0.02 |
|
|
9,154 |
0.01 |
|
|
8,383 |
0.01 |
|
|
167,615 |
0.25 |
|
|
63,454 |
0.09 |
|
|
10,376,606 |
15.48 |
|
Total Public shareholding (B) |
21,139,177 |
31.54 |
|
Total (A)+(B) |
67,024,174 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
67,024,174 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Designer, Engineer, Manufacturer, Procurement, Supply,
Commissioning, Servicing and Renovation and Modernisation of Power Plants for
Utility and Industrial Users. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Steam Raising Plant, ancillary equipment and pressure vessels |
MT |
10000 |
4890 |
|
Grey alloy iron foundry castings |
MT |
3400 |
2574 |
|
Cast iron/alloy rolls |
MT |
400 |
-- |
|
Others |
Nos. |
8800 |
3199 |
The Company’s
products are exempt from licensing requirement under the new industrial policy
by virtue of notification No 477 (E) of 25.07.91
Capacities
Installed
capacities are as certified by the management, but not verified by the
auditors, being a technical matter.
Production
a) Production of
finished goods is inclusive of production for captive use.
b) “Others”
represent internally manufactured components, meant for sale. Since the
quantitative denominations of these items are dissimilar, it would be
impracticable to disclose the quantitative information in respect thereof.
GENERAL INFORMATION
|
No. of Employees : |
3941 (Approximately) |
|
|
|
|
Bankers : |
·
Union Bank of ·
Bank of ·
Canara Bank ·
ICICI Bank Limited ·
Standard Chartered Grindlays Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
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Ultimate Holding
Company : |
ALSTOM Holdings |
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|
Holding Company
: |
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|
Subsidiaries : |
ALSTOM Power Boilers Services Limited |
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|
Fellow
Subsidiaries : |
·
ALSTOM ( ·
ALSTOM ·
ALSTOM ·
ALSTOM Belgium SA, ·
ALSTOM Bharat Forge Power Limited ·
ALSTOM Brasil Energia E Transporte Ltda ·
ALSTOM ·
ALSTOM Deutschland AG ·
ALSTOM ·
ALSTOM Ferroviaria S.P.A ·
·
ALSTOM General Turbo SA ·
ALSTOM Holdings ·
ALSTOM Hydro ( ·
ALSTOM Hydro ·
ALSTOM Hydro Equipamentes ·
ALSTOM Hydro ·
ALSTOM Hydro R and D India Limited ·
ALSTOM Hydro ·
ALSTOM Hydro ·
ALSTOM India Limited ·
ALSTOM Information Tech. Centre SAS ·
ALSTOM Limited ·
ALSTOM Mexicana S.A. De C.V. ·
ALSTOM Norway AS ·
ALSTOM Power ·
ALSTOM Power Consulting AG ·
ALSTOM Power Hydraulique ·
ALSTOM Power Inc ·
ALSTOM Power Inc. ·
ALSTOM Power Italia Spa ·
ALSTOM Power ·
ALSTOM Power ·
ALSTOM Power Service ·
ALSTOM Power Service ( ·
ALSTOM Power Service (Pty) Limited ·
ALSTOM Power Service GmbH ·
ALSTOM Power Sp.Z O.O. ·
ALSTOM Power ·
ALSTOM Power Systems GmbH ·
ALSTOM Power Systems SA ·
ALSTOM SA ·
ALSTOM Services Sdn Bhd ·
ALSTOM Signalling Inc. ·
ALSTOM Hydro R and D India Limited ·
ALSTOM Technical Service ·
ALSTOM Technology Limited ·
ALSTOM Transport (S) Pte Limited ·
·
ALSTOM Transport SA ·
ALSTOM ·
Areva T and D India Limited ·
NTPC ALSTOM Power Services Private Limited ·
Pt ALSTOM Power Energy Systems ·
ALSTOM Hydro Company Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
165000000 |
Equity Shares |
Rs.10/- each |
Rs.1650.000 millions |
|
40500000 |
Preference Shares |
Rs.100/- each |
Rs.4050.000 millions |
|
|
Total |
|
Rs.5700.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67024174 |
Equity Shares |
Rs.10/- each |
Rs.670.242
millions |
Of the above equity
shares, 25,605,748 equity shares were allotted as fully paid up on the
Appointed Date, i.e. 31 March 2001, pursuant to the approval of the Hon’ble
High Courts of Judicature at Delhi and Bombay, of the Scheme of Arrangement for
amalgamation of ALSTOM Transport Limited (‘ATL’), ALSTOM Systems Limited
(‘ASL’) and ALSTOM Power Boilers Limited (‘APBL’), together, the transferor companies,
with ALSTOM Power India Limited (Now, ALSTOM Projects India Limited), the
transferee company, to the shareholders of the transferor companies, as
follows:
ALSTOM Power
Boilers Limited 11024.506
Millions
ALSTOM Transport
Limited 11061.178
Millions
ALSTOM Systems
Limited 3520.064 Millions
25605.748
Millions
Of the total
equity shares, 44,558,972 shares are held by ALSTOM Holdings, the ultimate
holding company through its subsidiaries. Out of these 39,245,408 shares are
held by
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
670.242 |
670.242 |
670.242 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5202.804 |
4294.714 |
3410.655 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5873.046 |
4964.956 |
4080.897 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
11.263 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
11.263 |
|
|
DEFERRED TAX LIABILITIES |
7.650 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5880.696 |
4964.956 |
4092.160 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3533.114 |
3414.944 |
2593.640 |
|
|
Capital work-in-progress |
868.112 |
540.677 |
1193.338 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.036 |
0.036 |
0.036 |
|
|
DEFERREX TAX ASSETS |
0.000 |
65.850 |
0.447 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2300.003
|
2033.533 |
642.630 |
|
|
Sundry Debtors |
6811.336
|
6151.285 |
6268.205 |
|
|
Cash & Bank Balances |
7360.568
|
5980.600 |
3659.035 |
|
|
Other Current Assets |
6441.129
|
6737.436 |
8141.945 |
|
|
Loans & Advances |
3454.726
|
3285.710 |
4887.687 |
|
Total
Current Assets |
26367.762
|
24188.564 |
23599.502 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11544.848
|
12031.574 |
13704.841 |
|
|
Other Current Liabilities |
12069.346
|
10119.320 |
8530.889 |
|
|
Provisions |
1274.134
|
1094.221 |
1059.073 |
|
Total
Current Liabilities |
24888.328
|
23245.115 |
23294.803 |
|
|
Net Current Assets |
1479.434
|
943.449 |
304.699 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5880.696 |
4964.956 |
4092.160 |
|
PROFIT & LOSS
ACCOUNT
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2871.800 |
6006.800 |
4793.400 |
|
Total Expenditure |
2820.000 |
5564.100 |
4824.800 |
|
PBIDT (Excl OI) |
51.800 |
442.700 |
(31.400) |
|
Other Income |
162.800 |
100.900 |
95.400 |
|
Operating Profit |
214.600 |
543.600 |
64.000 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
214.600 |
543.600 |
64.000 |
|
Depreciation |
121.400 |
120.600 |
120.900 |
|
Profit Before Tax |
93.200 |
423.000 |
(56.900) |
|
Tax |
30.200 |
137.200 |
(18.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
63.000 |
285.800 |
(38.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
63.000 |
285.800 |
(38.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
9.09
|
8.03 |
5.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.09
|
12.16 |
9.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.50
|
8.99 |
7.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.50 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.24
|
4.68 |
5.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.04 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
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 |
No |
BACKGROUND
Subject is a
publicly owned Company, incorporated on 2 September 1992 as Asea Brown Boveri
Management Limited, registered with the Registrar of Companies,
Its business
includes a composite range of activities engineering, procurement,
manufacturing, construction and servicing etc. of power plants and power
equipments and transportation systems covering traction, signalling and train
control for the railways and metros.
SUBSIDIARY COMPANY
ALSTOM Power
Boilers Services Limited is a wholly owned subsidiary of the Company.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OVERVIEW
The XIth Five Year
Plan (2007–2012) has ambitious power and transport capacity addition targets.
Additionally the Government of India’s focus on Power Sector reforms and the
National Electric policy in the past few years has resulted in a buoyant market
for products and services of the company. Power projects based on coal as a
fuel are expected to continue to dominate in the power generation sector with a
focus on supercritical technology.
OPERATING RESULTS
OF THE COMPANY
Orders received
during the year were worth Rs.41698.000 millions, an increase of 51.8% over the
last year.
Major orders
received during the year for supercritical boilers from BHEL were Yeramarus for
Rs.4666.000 millions and
Sales at Rs.18036.000
millions reflect execution schedule of orders in hand.
FINANCE
Ability of the
Company to negotiate and collect customer advances is an important element of its
strategy, as it provides cash to the Company to meet cash requirements of the
projects it executes and allows it to manage its working capital. A successful
consequence of this strategy is reflected in the cash position of the Company.
The net cash
position at the end of the year was Rs.7147.000 millions after payment of Rs.782.000
millions (including corporate dividend tax) as dividend and capital expenditure
of Rs.925.000 millions.
The economy,
especially in the later part of the year saw a firming up of interest rates in
a bid to control inflation. The effect of the higher rates along with effective
Cash flow management has resulted in higher interest income of Rs.387.000 millions
earned by the Company.
Prudent and timely
hedging of significant exposures helped the Company against fluctuation in the
currency market.
The Company
continues to have an A1+ Credit Rating (assigned during the previous year by ICRA)
for its non-fund based limits in the short term and LAA for its fund based and
non-fund based limits in the long term. These are indicative of the lowest
credit risk in the short term and low credit risk in the long term.
INDUSTRIAL
RELATIONS
Industrial
relations remained cordial at all locations and issues if any, were amicably
settled with the Unions. Two Long-term settlements were signed during this year,
one for Coimbatore Unit (Transport) and the second one for Baroda Unit (Hydro).
UNIVERSITY
RELATIONS
Last year the company
had signed Memorandum of Understanding with
The company also
launched a Structured Internship programme “Anubhav” for hiring fresh
Graduates/Undergraduates on internship.
BUSINESS SEGMENT
ANALYSIS
The Business of
the Company is categorised in two segments, namely, Power and Transport. Reviews
on each of the Company’s businesses are 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 their
customers.
In the year 2010,
the market continued to follow the trend established in the Power Sector in
2007. Considering the past two years record of over 40 GW of power generation
equipment being ordered by Indian power generation companies, and given the
aggressive targets being set for the XIIth Five Year Plan of the Government of
India, it is expected that the demand for power equipment and services will
continue to grow. Though coal will be the major fuel for power generation,
growth is also expected in nuclear, hydro and renewable energy (led mainly by
solar and wind segments).
The availability of cheap domestic coal continues to fuel the major
demand for coal fired thermal power plants 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
setting up nuclear
power reactors based on both indigenous nuclear power programme and international
cooperation. Nuclear power in
There has been a
thrust to increase the renewable energy share in the total installed base of
Outlook
TRANSPORT
During the year
the Company had won following two significant contracts:–
·
Chennai Rolling Stock – Additional business for
traction component from
·
Chennai trackwork consortium with L and T.
Ongoing Projects:
The Company had delivered the Delhi Metro signalling Phase-II on time for Commonwealth
Games 2010. Currently Bangalore Metro signalling project is progressing well.
Outlook
The company looks
forward to various new projects coming up in new cities as well as expansion in
Delhi Metro Phase-3. They intend to actively participate in tendering for these
projects.
The company is
investing in expanding capacity and capability of the Transport Information Solutions
Engineering and Development centre in
Indian Railways
are still in the process of finalising the framework for the large rolling stock
projects. We expect this to be finalized soon and benefits to the Company will
accrue mainly for components from unit in
Indian Railways
are also embarking on increasing safety on its main lines and have launched tenders
for Train Protection Warning System in which the Company also has solutions to
offer.
CONTINGENT
LIABILITIES NOT PROVIDED FOR (As on 31.03.2011)
a.
Demand raised by sales tax and excise authorities
levying sales tax / works contract tax / excise duty in cases of disputes
regarding divisibility of contracts with the customers for supply and erection
/ installation of goods and others - Rs.250.637 millions
b.
Demand raised by Durgapur Power Limited on delayed
payment of electricity bills – Nil
c.
Various other claims not acknowledged as debts
Rs.1.373 millions
Based on the
favourable decision in similar cases / legal opinions taken by the Company / discussions
with the solicitors etc., the Company believes that it has good cases in
respect of all the items listed under (a) and (c) above and hence no provision
there against is considered necessary.
FIXED ASSETS
Tangible Assets
·
·
·
·
Leasehold improvements
·
Factory buildings
·
Other buildings
·
Plant and machinery
·
Furniture and fixtures
·
Vehicles
Intangible Assets
·
Software and Licence Fees
WEB DETAILS
BUSINESS
DESCRIPTION
Subject is an India-based company. The Company’s business includes a
range of activities engineering, procurement, manufacturing, construction and
servicing of power plants and power equipments and transportation systems
covering traction, signaling and train control for the railways and metros. The
Company operates in two segments: Power and Transport. The Power segment is
engaged in the business of engineering, procurement and construction of power
plants. It also manufactures steam raising plant, ancillary equipment, parts of
steam generator, pressures vessels and pulverizers. The Transport segment is
engaged in the business of designing, manufacturing, supplying and supporting
large scale transportation systems including traction, signaling and train
control. The Company has investment in ALSTOM Power Boilers Services Limited
(APBSL), which is its wholly owned subsidiary. For the fiscal year ended 31
March 2010, subject's revenues decreased 11% to RS20.82B. Net income increased
21% to RS1.67B. Revenues reflect a decrease in sales income from power division
and higher other operating income. Net income was offset by a decrease in
material cost and erection cost, a fall in other expenditure and a rise in
profit from operations. The company engaged in power and transport segment
sectors.
BOARD OF DIRECTORS
Mr. Sunand Sharma
- Non-Executive Chairman
Mr. Sunand Sharma is Non-Executive Chairman of the Board of subject. He
is a Mechanical Engineer with 38 years of diverse experience in
Education
Mechanical Engineering,
Mr. Francois
Carpentier - Executive Vice Chairman
Mr. Francois Carpentier is Executive Vice Chairman of the Board,
Managing Director of subject. He is the Head of Power, Alstom
Dr. Uddesh Kumar
Kohli - Non-Executive Independent Director
Dr. Uddesh Kumar Kohli is Non-Executive Independent Director of subject.
He is presently the Chairman Emeritus of the Construction Industry Development
Council and Engineering Council of India. He is former Chairman and Managing
Director of Power Finance Corporation (PFC), Adviser Planning Commission,
Chairman of Standing Conference of Public Enterprises (SCOPE), President of the
Council of Indian Employers (CIE) and President, All India Management
Association. Dr. Kohli has a unique combination of educational qualifications-a
Degree in Engineering (IIT, Roorkee), Post Graduate in Management (
Education
PHD Economics,
Engineering, Indian Institute of Technology, Roorkee
Mr. Subhashchandra
M. Momaya - Chief Financial Officer, Whole-time Director
Mr. Subhashchandra M. Momaya serves as Chief Financial Officer,
Whole-time Director of subject. He is a Chartered Accountant. He is Chief
Financial Officer (CFO) of the Company since August, 2000. Prior to his
appointment as CFO of the Company, Mr. Momaya was CFO of ALSTOM Power Boilers
Limited during 1998 to 2000 and Chief Financial Manager of ABB Instrumentation
Limited during 1995 to 1998. Prior to that, he has held positions in ABB and Asea
Limited. He has post qualification experience of 30 years.
Mr. Dominique
Pouliquen - Non-Executive Director
Mr. Dominique Pouliquen serves as Non-Executive Director of subject
since January 20, 2009. He holds a master degree in Economics from
Education
M Economics,
Mr. Arun K.
Thiagarajan - Non-Executive Independent Director
Shri. Arun K. Thiagarajan is Non-Executive Independent Director of subject.
He has a Masters Degree in Engineering and is a Graduate in Business
Administration & Information Systems. He has also attended the Advanced
Management Programme from
Education
M Electrical Engineering, Royal Institute of Technology
Business Administration,
Mr. Kotivenkatesan
Vasudevan - Non-Executive Independent Director
Mr. Kotivenkatesan Vasudevan is Non-Executive Independent Director of subject.
He is an Electrical Engineer, Guindy,
Education
B Electrical Engineering,
PRESS RELEASES
ANNOUNCES Q3
RESULTS AND LIMITED REVIEW FOR DEC 31, 2011
India, January 25 -- Alstom Projects India Limited has announced the
following results for the quarter ended December 31, 2011:The Unaudited results
for the Quarter ended December 31, 2011The Company has posted a net loss of Rs.
(38.50) million for the quarter ended December 31, 2011 as compared to net
profit of Rs.158.900 millions for the quarter ended December 31, 2010. Total
Income has increased from Rs.3837.100 millions for the quarter ended December
31, 2010 to Rs.4888.800 millions for the quarter ended December 31, 2011.
CLAUSE 35A
India, January 16 -- Alstom Projects India Limited has informed the
Exchange regarding "Reporting under Clause 35A of the Listing Agreement in
respect of the Poll results of court convened meeting of the equity shareholders
of the Company held on January 12, 2012 to approve the Scheme of Amalgamation
amongst ALSTOM Holdings (India) Limited and ALSTOM Projects India Limited and
their respective shareholders."
DISCLOSURE UNDER
CLAUSE 35A OF THE LISTING AGREEMENT
India, January 14 -- Alstom Projects India Limited has informed BSE
regarding "Reporting under Clause 35A of the Listing Agreement in respect
of the Poll results of court convened meeting of the equity shareholders of the
Company held on January 12, 2012 to approve the Scheme of Amalgamation amongst
ALSTOM Holdings (India) Limited and ALSTOM Projects India Limited and their
respective shareholders".
TRADE-CII-SRI
LANKA TWO LAST
ALSTOM AT POWER-GEN
INDIA 2012 (18.04.2012)
Powering India’s growth since last 100 years
Alstom at the Power-Gen India conference on “Switching on India’s Power
Future”, 19 – 21 April 2012, Pragati Maidan, New Delhi, India.
India, the world’s second most populous country, is currently one of the largest business opportunities in the power sector across the world. Ministry of power is working out strategies with focus on low cost generation, optimization of capacity utilization, controlling the input cost, optimization of fuel mix, Technology upgradation and utilization of Non Conventional energy sources to achieve the target of ‘Power for All’ Indians. This presents a huge opportunity for the power equipment manufacturer or service provider as India presents the perfect combination of demand and supply.
Backed by in-depth plant knowledge, Alstom offers a comprehensive range of power generation solutions from integrated power plants for all types of resources: water, fossil fuels, wind, nuclear etc. and all types of turbines, generators, boilers, emission control systems, to a full range of services including plant modernization, maintenance and operational support.
Alstom is an international company with a historical and strong Indian
local presence.
Present in India since 1911, Alstom in India has made immense contributions to the Indian energy market. It has formed strategic partnerships with strong local players to bring in frontline technologies to enhance the quality and efficiency of the power sector. It has strong references in fossil fuel, hydro and nuclear sector in India. Apart from India, Alstom is extending its presence across South Asian countries like Bhutan, Sri Lanka, Nepal, Bangladesh and Maldives.
Providing clean power solutions
Alstom is committed towards addressing the climate change challenge. CO2 free and low-carbon technology development are Alstom’s top priorities. Provider of the cleanest integrated power, Alstom’s Clean Power Today!™ strategy helps meet strict environmental regulations. Alstom is ready to provide the solutions that will meet the world’s increasing demand for power with its comprehensive range of technologies that ensure higher efficiency and lower emissions. Alstom believes in developing Clean Power Solutions for the future.
Production Efficiency
With 60% of the total of CO2 emissions in 2030* (IEA World Energy Outlook 2008)
coming from plants that exist today, solutions must continue to be developed
and implemented that increase their efficiency. Alstom strongly believes in
maximizing production efficiency for both installed base and new plants for
emission reductions. It provides a comprehensive range of integrated retrofit
solutions that offers varied and innovative products and services that can be
applied to existing plants aimed at increasing efficiency, output and extending
plant life.
Technology Mix
Alstom has the broadest range of technology for fossil fuels, nuclear and
renewables. With the most comprehensive and balanced portfolio of generation
equipment in the market including the removal of traditional pollutants, Alstom
is well positioned to assist plant operators apply the most appropriate
technology mix to meet their market conditions.
Alstom presentations
Key Note Address by Sunand Sharma, Country President, Alstom India & South Asia, in the opening ceremony at 11:00 hrs.
Technical papers during the three day conference:
· Different aspect to consider selecting FGD type of Technology
· Latest Developments In Pelton Turbine testing and crossed use of Numerical approach to enhance the Turbine design
· Understanding erosion of Pelton bucket
· The Next Generation GT26 from Alstom, The Pioneer in Operational Flexibility
· Component Retrofit Concept for India's Ageing Steam Turbine Fleet
· Alstom's Flexible Supercritical Power Blocks
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.53.46 |
|
|
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
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 |
YES |
|
--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.