MIRA
INFORM REPORT
|
Report Date : |
10.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM INDIA LIMITED (w.e.f. 06.06.2012) |
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Formerly Known As
: |
ALSTOM PROJECTS INDIA LIMITED |
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Registered
Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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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.672.300 Millions |
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CIN No.: [Company Identification
No.] |
L74140MH1992PLC068379 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The company engaged in 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. |
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No. of Employees
: |
4625 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 32000000 |
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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 subsidiary of Alstom SA, France. It is a well established
and a reputed company having a good track record. Financially company has
performed well. There appear no external borrowings recorded in books since
2011. Performance capacity seems to be good. Liquidity position of the
company is strong. Trade relations are reported to be fair. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing at usual
trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Fund Based Limit “AA” |
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Rating Explanation |
High degree of safety and low credit risk. |
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Date |
31.10.2013 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Non Fund Based Limits “A1+” |
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Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
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Date |
31.10.2013 |
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.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-120-4731100
LOCATIONS
|
Registered Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91- 22- 22000487/ 490/ 528/ 22051256 |
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Fax No.: |
91-22- 22000324/ 22086905 |
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E-Mail : |
pradeepta.puhan@power.alstom.com
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Website : |
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Corporate Office : |
IHDP Building, Plot No.7, Sector – 127, Noida – 201301, Uttar Pradesh,
India |
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Head Office/
Manufacturing Facility : |
Erda Road, GIDC, Maneja, Vadodara – 390013, Gujarat, India |
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Tel. No.: |
91-265-6613000 |
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Fax No.: |
91-265-6613081 |
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Factory : |
· P.O. Maneja, Vadodara - 390 013, Gujarat, India · Durgapur - 713 206, West Bengal, India · Shahabad - 585 229, Karnataka, India · Coimbatore – 641 402, Tamilnadu, India · Noida – 201309, Uttar Pradesh, India |
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Marketing/ Other
Offices : |
Located At: ·
Bangalore ·
Chennai ·
Hyderabad ·
Kolkata ·
Mumbai ·
Nagpur ·
New Delhi ·
Noida ·
Vadodara ·
Varanasi ·
Jaipur |
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Branch Office : |
KG Masterpiece, 1st Floor – 144, Nelson Manickkam Road, Mehta
Nagar, Aminjikarai, Chennai – 600029, Tamilnadu, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Sunand Sharma |
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Designation : |
Chairman and Whole-time Director |
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Qualification : |
Mechanical Engineer |
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DIN No. : |
00275238 |
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Name : |
Mr. Francois Carpentier (upto 01 October, 2012) |
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Designation : |
Vice Chairman and Managing Director |
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DIN No. : |
03124495 |
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Name : |
Mr. Patrick Ledermann (w.e.f. 01 October, 2012) |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. S.M. Momaya |
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Designation : |
Whole-Time Director and Chief Financial Officer |
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DIN No. : |
00017199 |
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Name : |
Mr. Dominique Pouliquen (upto 05 September 2012) |
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Designation : |
Director |
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DIN No. : |
02462113 |
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Name : |
Mr. K. Vasudevan |
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Designation : |
Director |
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DIN No. : |
00018023 |
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Name : |
Mr. A. K. Thiagarajan |
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Designation : |
Director |
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DIN No. : |
00292757 |
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Name : |
Dr. Uddesh Kohli |
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Designation : |
Director |
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Qualification : |
Degree in Engineering (IIT, Roorkee), Post Graduate in Management (Manchester) and Doctorate in Economics (Delhi School of Economics). |
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DIN No. : |
00183409 |
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Name : |
Mr. Surya Prakash Sethi (Upto18 March, 2013) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Asim |
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Designation : |
Admin Department |
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Name : |
Mr. Pradeepta Puhan |
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Designation : |
Company Secretary |
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MANAGEMENT TEAM |
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Name : |
Mr. Sunand Sharma |
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Designation : |
Country President, India and South Asia |
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Name : |
Mr. Patrick Ledermann |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. S.M. Momaya |
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Designation : |
Country Finance Director, India |
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Name : |
Mr. Amaresh Singh |
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Designation : |
Country Human Resources Director, India |
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Name : |
Mr. Hiren Vyas |
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Designation : |
Country Legal Director |
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Name : |
Mr. Vandana Dhir |
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Designation : |
Country communication Director, India |
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Name : |
Mr. Ashish Ohri |
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Designation : |
Regional Director, India, End User Service and Support |
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Name : |
Mr. Nirmal Jha |
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Designation : |
Vice President Area India, Thermal Services |
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Name : |
Alain Spohr |
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Designation : |
Vice President –Steam Plant |
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Name : |
Mr. Peter Kunz |
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Designation : |
Managing Director Gas India |
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Name : |
Debes Kumar Bhattacharya |
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Designation : |
Managing Director Environment Control System, India |
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Name : |
Mr. Rajeev Sharma |
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Designation : |
Vice President Power Automation Control India and ME |
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Name : |
Mr. Sanjeev Agarwal |
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Designation : |
Managing Director Auxiliaries, India |
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Name : |
Steve Schmidt |
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Designation : |
Managing Director Boiler India |
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Name : |
Frederic Teyssedou |
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Designation : |
Managing Director Hydro India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
46088294 |
68.56 |
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|
46088294 |
68.56 |
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Total
shareholding of Promoter and Promoter Group (A) |
46088294 |
68.56 |
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(B) Public
Shareholding |
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|
5506787 |
8.19 |
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|
2362010 |
3.51 |
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|
259742 |
0.39 |
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|
1611712 |
2.40 |
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|
787117 |
1.17 |
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|
10527368 |
15.66 |
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|
2576482 |
3.83 |
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|
7073981 |
10.52 |
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|
654824 |
0.97 |
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|
306522 |
0.46 |
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|
14048 |
0.02 |
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|
11820 |
0.02 |
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|
8383 |
0.01 |
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|
254584 |
0.38 |
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|
17687 |
0.03 |
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|
10611809 |
15.78 |
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Total Public
shareholding (B) |
21139177 |
31.44 |
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Total (A)+(B) |
67227471 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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|
Total (A)+(B)+(C) |
67227471 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
The company engaged in 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. |
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Products : |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
4625 (Approximately) |
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Bankers : |
· Bank of Baroda · ICICI Bank Limited · Canara Bank · Union Bank of India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Gurgaon, Haryana, India |
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Holding Company: |
· ALSTOM Holdings, France |
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Parent Company : |
· ALSTOM, France |
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Immediate
Holding Company: |
· ALSTOM Finance BV, Netherlands |
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Subsidiaries : |
·
ALSTOM Power Boilers Services Limited, India ·
ALSTOM Boilers India Limited, India |
|
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Fellow Subsidiaries
: |
·
Air Preheater Equipamentos LTDA, ·
ALSTOM Middle East Limited ·
ALSTOM (Switzerland) Limited ·
ALSTOM (Thailand) Limited ·
ALSTOM Asia Pacific Sdn Bhd ·
ALSTOM Austria GmbH ·
ALSTOM Beijing Engineering and Technology Company Lt ·
ALSTOM Belgium SA ·
ALSTOM Bharat Forge Power Limited ·
Alstom Boiler Deutschland GmbH ·
ALSTOM Brasil Energia e Transporte Ltda, ·
ALSTOM Bulgaria EOOD ·
ALSTOM China Investment company Limited ·
ALSTOM CROATIA Limited ·
ALSTOM Deutschland AG ·
ALSTOM Egypt Power and Transp Projects SAE ·
ALSTOM Estonia AS ·
ALSTOM Ferroviaria S.p.A ·
ALSTOM Finance BV ·
ALSTOM Finland OY ·
ALSTOM general turbo SA ·
ALSTOM Grid SAS ·
ALSTOM Holdings ·
ALSTOM Hong-Kong Limited ·
ALSTOM Hydro France ·
ALSTOM Hydro R&D India Limited ·
ALSTOM Hydro Spain S.L. ·
ALSTOM Hydro Sweden AB ·
ALSTOM INFRASTRUCTURE ROMANIA SRL ·
ALSTOM IS and T SAS ·
ALSTOM K.K. ·
ALSTOM Konstal Spolka Akcyjna ·
ALSTOM Korea Limited ·
ALSTOM Limited ·
ALSTOM MIDDLE EAST Limited ·
ALSTOM Nigeria Limited ·
ALSTOM Norway AS ·
ALSTOM Philippines- Inc. ·
ALSTOM Portugal SA ·
ALSTOM Power and Transport Canada Inc ·
ALSTOM Power Consulting AG ·
ALSTOM Power Conversion SA France ·
ALSTOM Power Hydraulique ·
ALSTOM Power Inc. ·
ALSTOM Power Italia Spa, ·
ALSTOM Power Netherland B.V. ·
ALSTOM Power SA ·
ALSTOM Power Service (Hong Kong) Limited ·
ALSTOM Power Service (Pty) Limited ·
ALSTOM Power Service GmbH ·
ALSTOM Power Service Limited ·
ALSTOM Power Singapore Pte Limited ·
ALSTOM Power Sp.z o.o. ·
ALSTOM Power Sweden AB ·
ALSTOM Power Systems GmbH ·
ALSTOM Power Systems SA ·
ALSTOM S&E Africa (Pty) ·
ALSTOM s.r.o, ALSTOM SA ·
ALSTOM Saudi Arabia Transport and Power Limited ·
ALSTOM Services Sdn Bhd ·
ALSTOM Signalling Inc. ·
ALSTOM Sizhou Elec Power Equipment Limited ·
ALSTOM Strongwish Company Limited ·
ALSTOM T&D India Limited ·
ALSTOM Technical Service Shanghai ·
ALSTOM Technologies AG Switzerland ·
ALSTOM Transport (S) Pte Limited ·
ALSTOM Transport BV ·
ALSTOM Transport India Limited ·
ALSTOM Transport SA ·
ALSTOM Vannkraft AS ·
ALSTOM Vietnam Company Limited ·
Lorelec, Power Service France Protea ·
PT ALSTOM Power Energy Systems Indonesia, Shangai ·
ALSTOM Electrical Equipment Limited ·
Technical Transport Consolidation, Tianjin ·
ALSTOM Hydro Company Limited · WUHAN Boiler Company Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195000000 |
Equity Shares |
Rs.10/- each |
Rs.1950.000 Millions |
|
40500000 |
Preference Shares |
Rs.100/- each |
Rs.4050.000 Millions |
|
|
Total |
|
Rs.6000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67227471 |
Equity Shares |
Rs.10/- each |
Rs.672.300 Millions |
|
|
|
|
|
NOTE:
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting year
|
Equity shares: |
As at 31 March
2013 |
|
|
|
Numbers |
Rupees in
million |
|
|
|
|
|
At the beginning of the year |
67,227,471 |
672.300 |
|
Cancelled during the year |
-- |
-- |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
67,227,471 |
672.300 |
Pursuant to the
scheme of amalgamation approved by the Honorable High Courts of Bombay and
Delhi (the “scheme”), Alstom Holdings (India) Limited (“AHIL” or the
“transferor company”) was merged with the Company with effect from 1 April
2011, the Appointed Date. The scheme became effective on 20 April 2012 upon
filing of the high court order with the Registrar of Companies. As the
appointed date was 1 April 2011 the effect of amalgamation was given in the
books of accounts of the Company for the year ended 31 March 2012, and
accordingly, assets, liabilities and other reserves of the erstwhile AHIL as at
1 April 2011 were taken over at their book values and AHIL’s holding of
5,894,264 equity shares of the Company was considered cancelled. This resulted
in net increase in the Reserves and Surplus of the Company by Rs. 43.4 Million
for the year ended 31 March 2012. Pursuant to the scheme of amalgamation the
Company issued 6,097,561 equity shares of Rs. 10 each fully paid to
Shareholders of AHIL which were considered as issued and allotted in books of
accounts for the year ended 31 March 2012 as the amalgamation was effective
from the Appointed Date of 1 April 2011.
Pursuant to the scheme, name of the Company has changed to Alstom India Limited
w.e.f. 6 June 2012, the date of issue of the revised certificate of
incorporation by the Registrar of Companies.
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, except in case of interim dividend.
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 2013, the amount of dividend per share recognized as
distribution to equity shareholders was Rs.10. (Previous Year 31 March 2012:
Rs.10).
Shares held by Holding / Ultimate Holding Company and / or their
subsidiaries/ associates Equity shares:
|
Particulars |
As at 31 March
2013 |
|
|
|
|
Nil (previous year 6,097,561) equity shares by Alstom Holdings*,
France, the holding company |
-- |
|
46,088,294 (previous year 38,664,708) equity shares by Alstom Finance BV,
Netherlands, the immediate holding Company |
460.900 |
|
Nil (previous year 1,326,025) equity shares by Lorelec, France, subsidiary of
the holding company |
-- |
Details of shareholders
holding more than 5% shares in the company
|
Particulars |
As at 31 March
2013 |
|
|
|
Numbers |
% holding in the class |
|
|
|
|
|
Alstom Finance BV, Netherlands (the
immediate holding company) |
46088294 |
68.56 |
|
Alstom Holdings*, France (The holding company) |
-- |
-- |
Shares allotted as fully paid up pursuant to contract(s) without payment
being received in cash (during 5 years immediately preceding 31 March 2013)
6,097,561 Equity shares
of Rs. 10 each issued to the erstwhile shareholders of ALSTOM Holdings (India)
Limited pursuant to the Scheme of Amalgamation which became effective on 20
April 2012 with effect from 1 April 2011, the appointed date without payment
being received in cash. Refer note 3(a) above.
LISTING DETAILS:
|
Subject Stock Code
: |
BSE : 532309 NSE : AIL |
|
|
|
|
Stock Exchange
Place : |
· The Stock Exchange, Mumbai · National Stock Exchange of India Limited |
|
|
|
|
Listed Date : |
Not Available |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
672.300 |
672.300 |
670.200 |
|
(b) Reserves & Surplus |
7348.800 |
6264.700 |
5202.800 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1)+(2) |
8021.100 |
6937.000 |
5873.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
7.700 |
|
(c) Other long
term liabilities |
144.400 |
112.300 |
102.400 |
|
(d) long-term
provisions |
414.200 |
305.500 |
183.100 |
|
Total Non-current
Liabilities (3) |
558.600 |
417.800 |
293.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Construction contracts in Progress, Liabilities |
12556.000 |
14587.700 |
17584.100 |
|
(c)
Trade payables |
3346.300 |
2686.600 |
2249.300 |
|
(d)
Other current liabilities |
1695.000 |
1544.500 |
1534.600 |
|
(e) Short-term
provisions |
1025.700 |
1278.200 |
1090.900 |
|
Total Current
Liabilities (4) |
18623.000 |
20097.000 |
22458.900 |
|
|
|
|
|
|
TOTAL |
27202.700 |
27451.800 |
28625.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4414.000 |
3687.700 |
3486.700 |
|
(ii)
Intangible Assets |
33.200 |
43.600 |
46.400 |
|
(iii)
Capital work-in-progress |
373.500 |
954.900 |
447.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.500 |
0.500 |
0.000 |
|
(c) Deferred tax assets (net) |
108.200 |
124.500 |
0.000 |
|
(d) Long-term Loan and Advances |
675.500 |
693.500 |
648.900 |
|
(e) Other
Non-current assets |
77.700 |
40.200 |
0.000 |
|
Total Non-Current
Assets |
5682.600 |
5544.900 |
4629.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
877.800 |
739.700 |
415.200 |
|
(c)
Construction contracts in progress, assets |
2091.200 |
2384.800 |
6108.100 |
|
(d)
Trade receivables |
10977.000 |
10290.600 |
6811.400 |
|
(e) Cash
and cash equivalents |
1097.600 |
2232.000 |
7360.600 |
|
(f)
Short-term loans and advances |
6018.500 |
5889.700 |
3226.600 |
|
(g)
Other current assets |
458.000 |
370.100 |
73.800 |
|
Total
Current Assets |
21520.100 |
21906.900 |
23995.700 |
|
|
|
|
|
|
TOTAL |
27202.700 |
27451.800 |
28625.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
27858.400 |
24183.000 |
15742.000 |
|
|
|
Other Income |
980.600 |
718.000 |
471.800 |
|
|
|
TOTAL (A) |
28839.000 |
24901.000 |
16213.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material cost and erection services |
16003.900 |
13508.100 |
8142.400 |
|
|
|
(Increase)/Decrease in Inventories of finished goods and stock in trade |
22.900 |
(15.100) |
(3.500) |
|
|
|
Employee benefit expense |
5098.100 |
4425.900 |
2726.900 |
|
|
|
Other expenses |
4319.400 |
3967.800 |
2025.000 |
|
|
|
TOTAL (B) |
25444.300 |
21886.700 |
12890.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3394.700 |
3014.300 |
3323.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.900 |
6.500 |
6.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3369.800 |
3007.800 |
3316.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
550.800 |
510.500 |
408.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2819.000 |
2497.300 |
2907.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
981.700 |
819.800 |
1218.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1837.300 |
1677.500 |
1689.000 |
|
|
|
|
|
|
|
|
|
|
Adjustment on account
of amalgamation and treatment of derivatives |
0.000 |
37.200 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4076.100 |
3257.500 |
2513.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
183.700 |
167.800 |
168.900 |
|
|
|
Proposed Dividend |
672.300 |
672.300 |
670.200 |
|
|
|
Corporate dividend tax |
109.100 |
109.100 |
106.200 |
|
|
|
Earlier year’s provision no longer
required |
0.000 |
(53.100) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4948.300 |
4076.100 |
3257.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
6146.100 |
4880.800 |
2701.600 |
|
|
TOTAL EARNINGS |
6146.100 |
4880.800 |
2701.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
797.900 |
2276.200 |
2010.300 |
|
|
|
Components & maintenance spare parts |
115.200 |
180.500 |
833.500 |
|
|
|
Capital Goods |
148.900 |
177.900 |
37.800 |
|
|
|
Project items |
3908.900 |
1896.700 |
223.400 |
|
|
TOTAL IMPORTS |
4970.900 |
4531.300 |
3105.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.33 |
24.95 |
25.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.37
|
6.74 |
10.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.12
|
10.33 |
18.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.55
|
9.47 |
10.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.36 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.09 |
1.07 |
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 |
No |
|
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 |
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 |
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 (INDIA) LIMITED IN TO THE COMPANY:
Hon’ble High
Courts of Delhi and Bombay had sanctioned the Scheme of Amalgamation (the “Scheme”)
amongst
ALSTOM Projects
India Limited (presently known as ALSTOM India Limited), ALSTOM Holdings
(India) Limited (a group company) and their respective shareholders on 23
February 2012 and 31 March 2012, respectively, under Sections 391 to 394 of the
Companies Act, 1956 and hence the merger between the two companies has been
completed. The aforesaid Scheme became effective on 20 April 2012. Necessary
post-merger activities viz. change of name of the Company, allotment and
extinguishment of shares pursuant to the said Scheme were effected during the
year.
DEMERGER OF BOILER
BUSINESS
The Board of
Directors at its meeting held on 25 October 2011, had approved the demerger of the
boiler business, forming part of the power segment of the Company, subject to
necessary approvals, to ALSTOM Boilers India Limited(ABIL), a wholly owned
subsidiary of the Company, from Appointed date of 01 April 2011. Accordingly,
the boiler business to be demerged was being considered as discontinuing
operations with effect from that date. Following the issuance of the SEBI
Circular CIR/CFD/DIL/5/2013 dated 04 February 2013, the no-objection
certificated issued by the stock exchanges in September 2012 in relation to
the demerger scheme have expired. As the
demerger scheme is yet to be resubmitted in terms of the said Circular, the
boiler business is no longer being disclosed as discounting operations in the
financial statements of the Company for the year ended 31 March 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OVERVIEW
The Power Sector
is ranked sixth among the sectors of the Indian economy, and has attracted 4.6
billion USD in foreign direct investment (FDI) since the year 2000, according
to the Ministry of Commerce and Industry’s Department of Industrial Policy and
Promotion (DIPP). Power sector has huge potential to growand geberate
significant gains for the investors due to the huge market size. The
government’s efforts to some extent are paving way for electricity in every
household of nation.
Securing long term
access and availability of energy resources at competitive prices is a decisive
factor determining sustained growth of economy. Energy security, perse, is a
complex function of ever changing uncertainties; nevertheless right policy and
regulatory framework has the ability to mitigate the risks substantially.
Globally energy scenario has witnessed shifts and realignments. Shale Gas
discoveries are proving to be game-changer in the global energy scenario, after
Fukushima accident nuclear programme have been revisited, technological and
cost breakthroughs have accelerated renewable, climate change measures have
been sluggish and surrounded by uncertainties. Slow growth of domestic coal
production combined with polices changes in coal of exporting countries has
necessitated us to look for alternate options.
It is universally
recognized that transport is crucial for sustained growth and modernization.
Adequacy of this vital infrastructure is an important determinant of the
success of a nation’s effort in diversifying its production base, expanding
trade and linking together resources and markets into an integrated economy.
The Government of
India recognizes the importance of the private sector in bridging the resource
gap in investment and improving the operational and managerial efficiency in
the transport sector in order to address capacity constraints and deficiencies
in the existing transport infrastructure and meet rapidly growing demand. The
Government is actively pursuing policies to promote private sector involvement
in the development of transport infrastructure and services.
OPERATING RESULTS OF
THE COMPANY
The key financial figures on the performance of the Company vis-ŕ-vis previous year are presented below:
|
Particulars |
Year ended 31st March 2013 |
Year ended 31st March 2012 |
|
|
|
|
|
Orders Received |
24517.000 |
27506.000 |
|
Revenues |
27775.000 |
24121.000 |
|
Order in Hand |
49568.000 |
52827.000 |
|
Profit before taxation |
2819.000 |
2497.000 |
|
Profit after taxation |
1837.000 |
1678.000 |
|
EPS (in Rs.) |
27.33 |
24.95 |
Orders received
during the year were worth Rs.24517.000 Millions.
Major orders received
during the year for supply of components of supercritical boilers from BHEL
were Gadarwara for Rs.3718.000 millions, Nabinagar for Rs.3021.000 millions,
Mouda for Rs.3139.000 millions and services for Rajasthan Atomic Power Project,
Rawatbhata of Nuclear Power Corporation of India Limited for Rs.465.000
millions. In addition to the above, The Company secured orders for supply of
Environment Control Systems from Yanbu (Saudi Arabia) for Rs.1820.000 millions
and NMDC Nagarnar for Rs.493.000 millions.
Sales at
Rs.27775.000 Millions reflect execution schedule of orders in hand.
FINANCE
The
nature of the long term projects necessitates a focus on cash. The Company’s
ability and emphasis on negotiation and collection of customer advances and
milestone payments is an important element of its working capital management.
Despite economic slowdown, the Company has been able to maintain a positive
cash situation throughout the year. The net cash position at the end of the
year was Rs.1,044.000 millions after payment of Rs.781.000 millions as dividend
(including Corporate Dividend Tax) and capital expenditure of Rs. 837 million.
In addition, the Company has placed inter corporate deposits amounting to
Rs.2,645.000 millions as at the end of the year.
The
Company follows a conservative and prudent hedging policy to manage significant
currency exposures. It has proved successful in protecting
against the effect of fluctuations in the foreign exchange market.
POWER - OUTLOOK
India is the fifth
largest producer of electricity preceded by China, US, Japan, Russia. India is
ranked 150 in per capita terms. Annual per capita electricity consumption is
800-850 kWh in India, which is one fourth of the world’s average. Given the
very low per capita consumption it is foreseen that the demand for electricity
will continue to stay and grow further.
TRANSPORT - OUTLOOK
Despite
the uncertainties of the past year, the market for rail transportation in
India, both for urban and mainline railways looks promising in the long term.
The urban transport market seems well poised for explosive growth with on-going
projects in Delhi, Bangalore, Chennai, Jaipur and Mumbai and having started to
mature, they will be participating in these with their signaling solutions.
Many new signaling projects are on the anvil in several other cities including
Kochi, Navi Mumbai, Lucknow among others and they hope to participate in many
of these opportunities. On Mainline, Indian Railways proposes to modernize its
signaling system by introduction of modern train protection warning system.
GENERAL INFORMATION
ALSTOM
India Limited (Formerly known as ALSTOM Projects India Limited ) (‘AIL’ or ‘the
Company’) is a publicly owned Company, incorporated on 2 September 1992 as Asea
Brown Boveri Management Limited, registered with the Registrar of Companies,
Maharashtra.
Its operations includes a composite range of activities viz. 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.
Contingent
Liabilities (As on 31.03.2013)
(a) Demands
relating to Tax matters :-
(i) Sales Tax
matters - Rs 75.000 millions (previous year - Rs 16.800 millions)
(ii) Work Contract
Tax matters - Rs 13.800 millions (previous year - Rs 13.800 millions)
(iii) Excise Duty
matters - Rs 236.700 millions (previous year - Rs 233.100 millions)
(iv) Service Tax matters
- Rs 88.200 millions (previous year - Rs 85.500 millions)
(b) Demand
relating to Labour Cess matter - Rs 18.600 millions (previous year - Rs 18.600
millions)
(c) Various other
claims not acknowledged as debts Rs. 6.600 millions (previous year – Rs. 1.500
millions).
Based on the
favorable 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), (b) and (c) above and hence
no provision there against is considered necessary.
It is not
practicable for the company to estimate the timings of cash outflows, if any in
respect of the above rending resolution of the respective proceedings.
The Company does not expect any reimbursements in respect of the above
contingent liabilities.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90215693 |
18/08/2000 |
470,000,000.00 |
BNAK OF BARODA |
CORPORATEV E
BANKING BRACH, SANSAD MRAG, NEW DELHI, DELHI, INDIA |
- |
|
2 |
90215880 |
11/12/2009 * |
19,100,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A75970293 |
|
3 |
80031191 |
05/06/2009 * |
4,650,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH-I, GROUND FLOOR, 38, ANSAL |
A64609753 |
|
4 |
90215881 |
09/09/2005 * |
2,675,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, CONNUGHT PLECE, NEW DELHI, DELHI - 110019, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land (Freehold/ Leasehold)
·
Leasehold Improvement
·
Factory buildings
·
Other buildings
·
Plant and machinery
·
Office Equipments
·
Furniture and fixtures
·
Motor vehicles
·
Vehicles
NEWS:
ALSTOM T&D INDIA SELECTED BY GETCO TO INTEGRATE RENEWABLE POWER TO
THE WESTERN GRID
09/12/2013
2
TURNKEY SUBSTATION ORDERS IN GUJARAT
Alstom T&D India has
been awarded two contracts from GETCO (Gujarat Energy Transmission Company
Limited) to supply 400KV/220KV/66KV AIS substation on turnkey basis, located at
Charanka and Sankhari, to evacuate power from Asia’s largest and Gujarat’s
first dedicated solar park. The substations will also play a pivotal role in
strengthening transmission network in the state of Gujarat by acting as the
evacuation and nodal grid substations. Additionally it will also improve the
energy flow in the western region of India.
Both the orders, worth
approximately INR 1510 million (Rs.22 million) involves manufacture,
supply, erection, testing, and commissioning of 400 KV Substations with
Alstom’s key products like 400kV, 220 KV and 66 KV air insulated switchgear and
related equipment, SCADA automation system along with the civil works.
All equipment will be manufactured by Alstom’s world-class manufacturing
facilities in India.
Commenting on the contract,
Rathin Basu, Managing Director, Alstom T&D India said, “Alstom
T&D India is happy to have been selected as the supplier of choice for this
very important solar power evacuation project. It reaffirms GETCO’s confidence
and trust in our wide repertoire of products and solutions and our project
management capabilities. Gujarat is playing a lead role in developing renewable
power in India. Alstom T&D India is pleased to deliver its expertise and
solutions in these substations to integrate renewable power to the grid.”
The project is being
developed under ADB[1]’s Solar Energy schemes to catalyse 3000
MW of solar power generation projects in ADB developing member countries. With
solar energy poised to play a pivotal role, these projects holds immense
significance in increasing the share of renewable energy and green energy mix
in the country.
About Alstom
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, 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 93,000 people in around 100 countries. It had sales of over Rs.20
billion and booked close to Rs.24 billion in orders in 2012/13.
Alstom T&D India (globally known as Alstom Grid),
is a market leader in the Indian power transmission sector. It has over 100
years of expertise in building the transmission infrastructure for the country.
Alstom has a strong portfolio of products, solutions and services, comprising
the entire range of transmission equipment up to Extra and Ultra High Voltages
(765 kV and beyond) including air-insulated switchgear (AIS) and locally
manufactured power transformers and gas-insulated switchgear (GIS). It also
provides power electronics solutions (HVDC, FACTS) to create super highways and
offers highly advanced power management Smart Grid solutions for transmission
and distribution including renewable energies integration. With over 3,500
employees and eight world class manufacturing units, Alstom T&D India is future
ready to support 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,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.61.67 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.