MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	ALSTOM T AND D INDIA LIMITED (w.e.f. 31.01.2012)
Formerly Known As :	AREVA T & D INDIA LIMITED ALSTOM LIMITED
Registered Office :	A-18, First Floor, okhla industrial Area, Phase II, New Delhi - 110 020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.03.1957
Com. Reg. No.:	21-193993
Capital Investment / Paid-up Capital :	Rs.478.208 Millions
CIN No.: [Company Identification No.]	L31102DL1957PLC0193993
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufactures and supplies a complete range of equipment, systems and services for all stages in the transfer of electricity, from the generator to the large end-user backed by a comprehensive services portfolio.
No. of Employees :	3597 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Grid Equipments Limited, India. It is a well established and reputed company having fine track. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	FUND BASED : ICRA AA-
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligations it carry very low credit risk.
Date	November, 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 :	A-18, First Floor, okhla industrial Area, Phase II, New Delhi - 110 020
Tel. No.:	91-11-47629100
Fax No.:	91-11-47629129 / 30
E-Mail :	ashokkumar@areva-ltd.com manojprasad.singh@alstom.com
Website:	www.alstom.com
Head Office / Regional Office 1 :	457, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India
Regional Office 2 :	D-2 Gillander House, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
Regional Office 3 :	Narottam Morarji Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
Branch Office :	A-7, Sector – 65, Noida, Uttar Pradesh – 201 301, India
Tel. No.:	91-120-2405421/ 22/ 23 / 4790000
Fax No.:	91-120-2405439/ 40 / 4791140
Factory 1 :	Plot No.46, SIPCOT Industrial Works, Hosur – 635 126, Tamilnadu, India
Factory 2 :	P. O. Naini, Allahabad – 211 008, Uttar Pradesh, India
Tel No.:	91-532-2697422 / 424
Fax No.:	91-532-2697604
Factory 4 :	Plot No. 142, Salamangalam Village, Padappai, Sriperumbudur T.K., Kancheepuram 601 301, Tamilnadu, India
Factory 5 :	19/1, GST Road, Pallavaram, Chennai – 600 043, Tamilnadu, India
Tel. No.:	91-44-22368621 / 8723 / 8917 / 22640033 / 37
Fax No.:	91-44-22367276 / 22640040
Factory 6 :	Kotambi Village, Vadodara – Halol Highway, Milestone No.87, Taluka Waghodia, Vadodara – 391 510, Gujarat, India
Factory 7 :	1,Taratala Road, Kolkata - 700024, West Bengal, India
Factory 8 :	Salt Lake Works, Block BN, Sector V, Kolkata – 700091, West Bengal, India
Factory 9 :	No.119/120, Electrical and Electronics Industrial Estate, Perungudi, Chennai – 600096, Tamilnadu, India
Factory 10 :	27th KM, Belary Road, Doddajala Post, Bangalore – 562157, Karnataka, India
Factory 11 :	RS 38/2, Sedarapet Main Road, Sedarpet Village, Pondicherry – 605111, India
Factory 12 :	A 88, Sector 57, Noida – 201301, Uttar Pradesh, India

DIRECTORS

AS ON 31.03.2012

Name :	T.S. Vishwanath
Designation :	Chairman (w.e.f. 04.02.2011)
Name :	Mr. Rathindra Nath Basu
Designation :	Managing Director
Address :	C-302, Pearls Gateway Tower, Plot No. D 8 A, Sector 44, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	13.07.1954
Date of Appointment :	01.02.2007
Voter ID No.:	AAFPB7016C
DIN No :	01192973

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31102DL1957PLC193993	ALSTOM T AND D INDIA LIMITED	Managing director	01/02/2012	01/02/2007	-	Active	NO
2	U93090TN1983PTC010395	AREVA T AND D LIGHTNING ARRESTERS PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Amalgamated	NO
3	U40108DL2004PLC125470	AREVA T AND D SYSTEMS INDIA LIMITED	Director	07/05/2007	07/05/2007	-	Amalgamated	NO
4	U31909DL2000PTC107456	AREVA T AND D INSTRUMENT TRANSFORMERS INDIA PRIVATE LIMITED	Director	07/05/2007	07/05/2007	-	Dormant	NO
5	U31200HR2010PLC041758	GRID EQUIPMENTS LIMITED	Director	29/12/2010	29/12/2010	28/12/2011	Active	NO

Name :	Mr. Pierre Joseph Jean Marie Laprote
Designation :	Director
Address :	8, Rue De La Paroisse, Versailles, France-78000
Date of Birth/Age :	17.08.1961
Date of Appointment :	25.04.2008
DIN No :	02146282
Name :	Mr. Michel Eugene Louis Augonnet
Designation :	Director
Address :	47, Rue Perronet, Neuilly, Sur Seine, Paris-92200, France
Date of Birth/Age :	28.09.1950
Date of Appointment :	09.05.2005
DIN No :	00276267
Name :	Mr. Michel Serra
Designation :	Director (w.e.f. 04.02.2011)
Name :	Mr. Chandan Roy
Designation :	Director (w.e.f. 06.08.2011)
Name :	Mr. Ravi Kumar Krishnamurthy
Designation :	Alternate Director (Appointed as an Alternate Director to Mr. Pierre Laporte on 06.08.2011 and due to Mr. Laporte's presence in India at various times, Mr. Krishnamurthy ceased to be an Alternate Director for short spells of time and was intermittently reappointed as an alternate Director to Mr. Pierre Laporte from time to time.
Name :	Mr. Anil Chaudhry
Designation :	Director (from 04.02.2011 to 12.12.2011)
Name :	Mr. Vinod Kumar Dhall
Designation :	Director (from 04.02.2011 to 12.12.2011)
Name :	Mr. Alexandre Tagger
Designation :	Director (from 04.02.2011 to 12.12.2011)
Name :	Mr. Arvind Pachauri
Designation :	Alternate Director ('Appointed as Alternate Director to Mr. Pierre Laporte on 04.02.2011 and ceased to be Alternate Director on 06.08.2011)

KEY EXECUTIVES

Name :	Mr. Manoj Prasad Singh
Designation :	Company Secretary
COMMITTEES OF DIRECTORS
Audit Committee
Name :	T.S. Vishwanath
Designation :	Chairman (w.e.f. 04.02.2011)
Name :	Mr. Pierre Joseph Jean Marie Laprote
Designation :	Member
Name :	Mr. Chandan Roy
Designation :	Member (w.e.f. 06.08.2011)
Name :	Mr. Vinod Kumar Dhall
Designation :	Member (from 04.02.2011 to 12.12.2011)
Share Transfer and Shareholders / Investors Grievance Committee
Name :	T.S. Vishwanath
Designation :	Chairman (w.e.f. 04.02.2011)
Name :	Mr. Rathindra Nath Basu
Designation :	Member
Name :	Mr. Chandan Roy
Designation :	Member (w.e.f. 06.08.2011)
Name :	Mr. Vinod Kumar Dhall
Designation :	Member (from 04.02.2011 to 12.12.2011)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian	--	--
(2) Foreign
Bodies Corporate	175492524	73.40
Sub Total	175492524	73.40
Total shareholding of Promoter and Promoter Group (A)	175492524	73.40
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	14591737	6.10
Financial Institutions / Banks	308271	0.13
Central Government / State Government(s)	605	0.00
Insurance Companies	21115282	8.83
Foreign Institutional Investors	1019760	0.43
Sub Total	37035655	15.49
(2) Non-Institutions
Bodies Corporate	4650688	1.95
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	20449315	8.55
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	466000	0.19
Any Others (Specify)	1009853	0.42
Trusts	8675	0.00
Foreign Nationals	605	0.00
Non Resident Indians	679691	0.28
Clearing Members	320882	0.13
Sub Total	26575856	11.11
Total Public shareholding (B)	63611511	26.60
Total (A)+(B)	239104035	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	239104035	0.00

BUSINESS DETAILS

Line of Business :

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

Products :

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

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Units	Installed Capacity	Actual Production
Switchgear – All types	Nos.	259370	353849
Control panels	Nos.	2200	2460
Line Traps	Nos.	2000	1988
Current Transformers	Nos.	3888	4388
Bushing	Nos.	7000	4467
Transformers	MVA Nos.	36075 --	-- 236

NOTES:

1. 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

2. Figures in brackets represent previous year figures

3. Capacities:

Installed capacities are as certified by the management, but not verified byte auditors, being a technical matter.

4. 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 in nature it is impracticable to disclose the quantitative information in respect thereof.

c) Production for the period excludes production for demerged business

GENERAL INFORMATION

No. of Employees :

3597 (Approximately)

Bankers :

· Standard Chartered Grindlays Bank Limited, Kolkata – 700001, West Bengal, India

· BNP Paribas CIB

· Citibank N.A.

· Credit Agricole CIB

· HDFC Bank Limited

· HSBC

· ICICI Bank Limited

· IDBI Bank Limited

· Standard Chartered Bank

· State Bank of India

Facilities :

Unsecured Loans	31.03.2012 Rs. In Millions	31.12.2010 Rs. In Millions
From banks - short term
Packing credit	1783.068	4591.950
Other loans	1057.540	3789.224
Inter Corporate Deposits	2450.000	0.000
From Others - Long term
External Commercial Borrowings ("ECB")	646.068	571.577
Total	5936.676	8952.751

Notes:

a) ALSTOM Holdings and T & D Holdings, France (Previous year-ALSTOM Grid SAS, France) has provided comfort letter to the bankers for loans taken by the Company.

b) Short-term loans from banks includes

- Overdraft of Rs.809.787 Millions (Previous year - Rs.262.294 Millions) and foreign currency loan of US$ 3,831 thousand and Euro 739 thousand (Previous year - US$ 85,800 thousand and Euro Nil) which is repayable within six months from the date of loan and carries varying interest rates of 8% to 11.5%, (Previous year- 5% - 9%)

- Overdraft of Rs.380.447 Millions (Previous year- Rs.247.931 Millions) from Standard Chartered Bank Qatar. Maximum amount outstanding during the year Rs.561.861 Millions (Previous year- Rs.2125.542 Millions)

Interoperate deposits represents amount borrowed from ALSTOM Projects India Limited and are repayable on demand.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Cost Auditors :
Name :	Shome and Banerjee Cost Accountants
Ultimate Holding Company :	· ALSTOM SA, France
Intermediate Holding Company :	· T&D Holding, France (upto January 23, 2012) · ALSTOM Sexant 5 SAS, France (upto March 30, 2012) · ALSTOM Grid Finance BV, Netherlands (w.e.f February 1, 2012)
Immediate Holding Company :	· Grid Equipments Limited, India (w.e.f. February 1, 2012) · ALSTOM Grid SAS, France (upto January 23, 2012)
Subsidiaries :	· Grid Equipments Limited, India (upto January 3, 2012) · Energy Grid Automation Transformers and Switchgears India Limited, India (upto November 26, 2011) · Smartgrid Automation Distribution and Switchgear Limited, India (upto November 26, 2011)
Fellow Subsidiaries :	· ALSTOM (Yanghou) High voltage bus ducts Company Limited, China · ALSTOM Austria GmbH, Austria · ALSTOM Colombia S.A, Colombia · ALSTOM Grid Vietnam Company Limited, Vietnam · ALSTOM Grid Australia Limited, Australia · ALSTOM Grid Canada Inc, Canada · ALSTOM Grid Energia Ltda, Brazil · ALSTOM Grid Enerji Endustrisi AS, Turkey · ALSTOM Grid Finance, France · ALSTOM Projects India Limited, India · ALSTOM Grid GMBH, Germany · ALSTOM Grid Huadian Switchgear, China · ALSTOM Power Conversion SAS, France · ALSTOM Grid Marco, Morocco · ALSTOM Grid Midle East FZE, Dubai · ALSTOM Grid Panama SA.Panama · ALSTOM Grid Portugal LTda, Portugal · ALSTOM Grid Protection Control, France · ALSTOM Grid Pte Limited, Singapore · ALSTOM systems(Shanghai) Company Limited, China · ALSTOM Grid SAS, France (w.e.f February 1, 2012) · ALSTOM Grid SA, Spain · ALSTOM Grid Sdn Bhd, Malaysia · ALSTOM Grid, Moscow · ALSTOM Grid UAE, UAE · ALSTOM Grid UK Limited, UK · ALSTOM Grid AG, Switzerland · ALSTOM Grid, Finland · ALSTOM Grid, Thailand · ALSTOM Hungaria KFT, Hingeria · ALSTOM Hydro France, France · ALSTOM Hydro Malaysia Sdn Bhd · ALSTOM Grid, Indonesia · ALSTOM Grid Inc., USA · ALSTOM Power Sp.zo.o, Poland · ALSTOM SA Transport, France · ALSTOM Grid S.p.A, Italy · PTUNELEC, Indonesia · PTSchneider, Indonesia · ALSTOM Grid S.A. de C.V, Mexico · ALSTOM T and D HVDC India Limited · Schneider Electric Brasil Ltda., Brazil · Schneider Electric Canada Inc, Canada · Schneider Electric De Colombia S.A., Colombia · Schneider Electric Energy Gmbh, Germany · Schneider Electric Energy Sp Zoo, Polland · Schneider Electric India Private Limited, India · Schneider Electric Industries SA, UAE · Schneider Electric Industries SAS, France · Schneider Electric Infrastructure Limited, India · Schneider Electric Protection and Controle, France · Schneider Electric Sachsenwerk Gmbh · Schneider-Electric Energy Hungary Limited, Hungary · Shanghai Schneider Electric Power Automation Company Limited, China · Suzhou Alstom Switchgear Company Limited, China · ALSTOM Instrument Transformers (Shanghai) Company Limited, China · ALSTOM Suzhou High Voltage Switchgear Company Limited, China · ALSTOM Grid Trans formateurs demesures, France · Schneider-Electric Energy, Zalatnai · Schneider Electric Maroc, Morocco · Schneider Panama S.A., Panama · ALSTOM Grid Finance BV, Netherlands (upto January 31, 2012) · Energy Grid Automation Transformers and Switchgears India Limited, India (w.e.f November 27, 2011) · Smartgrid Automation Distribution and Switchgear Limited, India (w.e.f November 27, 2011) · T and D Holding, France (w.e.f. January 23, 2012 to March 29, 2012)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

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

Issued:

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

Subscribed & Paid-up Capital:

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

NOTES:

a) 175,492,524 (73.4%) equity shares of Rs 2/- each are held by Grid Equipments Ltd. The ultimate holding Company is ALSTOM SA, France

As at December 31, 2010 172,585,900 equity shares of Rs2/- each held by:

	No. of Shares	Percentage
ALSTOM Grid SAS France	132,919,225	55.59%
T & D Holding, France	27,893,950	11.67%
Long & Crawford Limited	11,772,725	4.92%
Total	172,585,900	72.18%

In addition, as at December 31, 2010, 2,906,624 shares (1.22%) were held in Trust forthe Promoter Group by the Registrar to the Public Offer made by the Company in December 2010, tendered in the public offer by them and not transferred to their name in the Company's.

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

c) Prior to subdivision of shares:

i) 15,750,000 equity shares of Rs 10/- each were allotted as fully paid bonus shares by capitalisation of general reserve, share premium and profit and loss account balance.

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

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		478.208	478.208	478.208
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8286.091	9545.511	8187.705
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8764.299	10023.719	8665.913
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		5936.676	8952.751	7676.119
TOTAL BORROWING		5936.676	8952.751	7676.119
DEFERRED TAX LIABILITIES		149.703	38.130	0.000
TOTAL		14850.678	19014.600	16342.032
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6636.602	8715.388	8383.916
Capital work-in-progress		199.166	223.870	518.875
INVESTMENT		0.034	2.034	0.034
DEFERREX TAX ASSETS		0.000	0.000	100.089
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5553.536	4808.383	3790.460
	Sundry Debtors	18128.362	21400.177	15994.357
	Cash & Bank Balances	331.052	1199.271	1325.302
	Other Current Assets	3692.477	5140.808	4474.711
	Loans & Advances	2891.615	3191.592	3173.978
Total Current Assets		30597.042	35740.231	28758.808
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15903.708	18298.248	7140.524
	Other Current Liabilities	5648.451	6342.620	13180.296
	Provisions	1030.007	1027.055	1098.870
Total Current Liabilities		22582.166	25667.923	21419.690
Net Current Assets		8014.876	10072.308	7339.118
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14850.678	19014.600	16342.032

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009 (12 Months)
	SALES
		Income	41291.890	40200.358	35658.766
		Other Income	217.544	169.421	173.112
		TOTAL (A)	41509.434	40369.779	35831.878
Less	EXPENSES
		Material and Contract related cost	28798.511	27776.762	31711.737
		Employee Cost	3620.175	3465.864
		Other manufacturing, administration and selling cost	5193.723	4719.908
		Exceptional Items	(145.018)	0.000
		TOTAL (B)	37467.391	35962.534	31711.737
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4042.043	4407.245	4120.141
Less	FINANCIAL EXPENSES (D)		652.035	655.011	578.598
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3390.008	3752.234	3541.543
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1014.249	936.010	611.289
	PROFIT BEFORE TAX (E-F) (G)		2375.759	2816.224	2930.254
Less	TAX (H)		751.654	(948.811)	1010.228
	PROFIT AFTER TAX (G-H) (I)		1624.105	1867.413	1920.026
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6696.949	5518.405	4293.913
Less	APPROPRIATIONS
		Transfer to General Reserve	165.000	187.000	192.003
		Dividend	430.387	430.387	430.387
		Tax on Dividend	69.820	71.482	73.144
	BALANCE CARRIED TO THE B/S		7655.847	6696.949	5518.405
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	3589.289	5280.455	8398.406
		IDA/ IBRD aided projects	35.499	895.136	1993.213
		Service	42.688	39.463	58.632
	TOTAL EARNINGS		3667.476	6215.054	10450.251
	IMPORTS
		Raw Materials	5469.768	5658.507	5298.722
		Stores & Spares	399.036	8.356	9.089
		Capital Goods	203.699	148.309	1587.774
	TOTAL IMPORTS		6072.503	5815.172	6895.585
	Earnings Per Share (Rs.)		6.79	7.81	8.03

QUARTERLY RESULTS

PARTICULARS	30.09.2012	30.06.2012
Type	2^nd Quarter	1^st Quarter
Net Sales	6829.900	6755.200
Total Expenditure	6534.900	6072.000
PBIDT (Excl OI)	295.000	683.200
Other Income	0.100	0.000
Operating Profit	295.100	683.200
Interest	216.500	129.800
Exceptional Items	121.000	0.000
PBDT	199.600	553.400
Depreciation	197.100	213.000
Profit Before Tax	2.500	340.400
Tax	20.600	110.400
Provisions and contingencies	0.000	0.000
Profit After Tax	(18.100)	230.000
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(18.100)	230.000

KEY RATIOS

PARTICULARS		31.03.2012 (15 Months)	31.12.2010 (12 Months)	31.12.2009 (12 Months)
PAT / Total Income	(%)	3.91	4.63	5.35
Net Profit Margin (PBT/Sales)	(%)	5.75	7.01	8.21
Return on Total Assets (PBT/Total Assets}	(%)	6.38	6.33	7.88
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.33
Debt Equity Ratio (Total Liability/Networth)		3.25	3.46	3.35
Current Ratio (Current Asset/Current Liability)		1.35	1.39	1.34

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	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	--
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	Yes
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS

The Company transferred the relevant assets and liabilities of the demerged business and vested unto the transferee Company with an equivalent withdrawal from the reserves of Rs. 2383.320 million.

CHANGE IN NAME

The name of the Company was changed to ALSTOM T and D India Limited from AREVA T and D India Limited, effective January 31, 2012, to reflect its name with that of Promoter group. The change of name of the Company does not change the legal status or constitution of the Company, nor does it affect any rights or obligations of the Company

MANAGEMENT DISCUSSIONAND ANALYSIS REPORT

The onset of the fiscal problems that started in October 2008 cast a dark shadow on the Indian economy throughout 2009. Indian market had a partial recovery in 2010, thanks to positive response from the Fll investments mainly due to some quick initiatives from the government. The economy started showing signs of recovery in first half of 2011, but went retrograde due to several problems that cropped up affecting the sentiments of the investors.

Most of the problems were concerning allocation of land for new projects, allocation of fuel linkages for power plants and delay in environmental clearances for projects. While the investors in the Power Generation segment were keen to invest but could not do so at their speed (due to the above factors), the private sector went into wait and watch mode for investments in the Industry and Infrastructure segments of the market.

All of these factors, amongst others, led to the lower GDP growth of the Indian economy.

During 2011 the Financial Institutions and the Bankers started noticing the increasing level of losses in the State Electricity Boards (SEBs) who were primarily distributing 90% of the electricity as the last point of sale in the electricity market. This led to the setting up of the Shunglu committee, under Planning Commission, to study the SEB losses, who came outwit recommendation/remedies.

The Shunglu committee report unfolded the huge cumulative losses (over Rs.800000.000 Million) in the books of the SEBs. The committee recommended that the State Electricity regulators should be more active in passing revised tariff orders and should ask SEBs to significantly improve the collections. The committee also recommended that a Special Purpose Vehicle (SPV) be created at the level of the Central Government to help the SEBs to clean up their book losses with special measures with the concerned States.

The poor financial health of the SEBs led to poor off- take of electricity by the SEBs who preferred load shedding to increasing losses. This led to an even bigger problem with the Power Generation Companies who were forced to back down their generating plants due to poor demand from the SEBs. Consequently several of these Generation Companies performed far below the Plant Load Factor (PLF) that they could have delivered. The overall PLF of India came down, as a consequence.

Several private power generators, with their new assets and high depreciation, got badly hit leading to huge cash flow problems.

However, the Transmission segment of the market remained positive, mainly driven byte investments by Power Grid and some selected SEBs who were keen to upgrade their transmission infrastructure. Both 765 kV AC and in HVDC segments of the transmission business witnessed significantly increased investments.

The Industry, the Infrastructure segment and the Power Generation segments continue to be in a state of despair. Strong and positive sentiments from the Government only can infuse confidence in the investors.

The impact of the above factors led to contraction in the available market for the T AND D segments.

Consequently the prices fell significantly in 2011 mainly due to supply exceeding demand in the market. The Chinese and Korean companies are very active in the Indian market. They are very aggressive with prices, especially in power transformers and GIS businesses.

In a very challenging environment, such as above, the Company fared quite well, by retaining the market leadership, through strong actions on cost controls, operational improvement and competitive pricing of products and solutions. Strong leadership and team work by the entire work force led to good performance of the Company.

OUTLOOK

While the Company is optimistic on the growth of the Transmission sector, the scenario in the Power Generation, in the Industry and in the Infrastructure segments is not encouraging.

The Company is well prepared to capture the growth in the high end of the Transmission segment with technologies such as 765 kV AC, HVDC and 1,200 kV AC. India's electrical grid is expected to integrate digital substations and smart grid in making the grid secure, safe and high performing in terms of managing power flow at lower transport cost. The Company has all the hardware and software necessary to make this happen.

The Company recognizes that the current market condition in India is indeed challenging duet prevailing sentiments in the market place. Market prices are not expected to increase in the current T and D market scenario.

The Company's management team, notwithstanding, remains holistically focused to meet the challenges and is committed to deliver the best and increase value for its stake holders.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture fittings and Office equipment

· Motor vehicles

· Goodwill

AS PER WEBSITE DETAILS

PROFILE

With a 100 years of presence in India, Subject is a leading player in the Power Transmission business with a product portfolio ranging from Medium Voltage to Extra High Voltage (765 kV) for the Utility, Industry and Infrastructure markets. Subject has a predominant presence in all stages of the power supply chain, with a wide range of products that include Power Transformers, Circuit Breakers, Gas Insulated Switchgears, Instrument Transformers, Protection Relays and Power System Automation equipments.

Over the years it has become the leading turnkey solution provider for Transmission Projects, HVDC, e-BOP projects, FACTS, Network Management System and Power Line Carrier Communication (PLCCs). Alstom Grid India’s widely expanded and highly skilled Service business helps its customers to install commission and maintain its equipments and offerings to achieve the best results.

With 3500+ employees and 8 manufacturing units, Subject is clearly the undisputed market leader in India and is future ready to meet the demands for equipments and services even at Ultra High Voltage levels (1200 kV).

With an increased demand for energy worldwide, and consumption forecasts predicting energy production increases of around 80% between 2006 and 2030*, Subject’s dedicated teams combine their skills to deliver customer-valued solutions to build smarter, more stable, more efficient and environmentally friendly electricity grids worldwide.

Subject, as one of the three global players in electrical transmission, boasts technologies and expertise which have always ensured higher safety, reliability, capacity of power grids around the world and well-positioned to meet the energy challenges of today and tomorrow.

Subject is the first company in India to successfully manufacture India's first 1200 kV Capacitor Voltage Transformer and invest in manufacturing of all transmission products upto 765 kV and above. It is also the first company to manufacture fully localized 765 kV Power Transformer and Instrument Transformer and commission India’s first indigenously developed 765 kV Substation for LANCO Infratech. Subject is the first company to manufacture 800 kV Circuit Breaker for NTPC Sipat and deliver first 765 kV substation in India.

PRESS RELEASE:

ALSTOM T and D INDIA LIMITED ANNOUNCES Q2, 2012-13 RESULTS

Alstom T and D India Limited recently announced its financial results, for the second quarter and half year ended September 2012, following approval by the Company’s Board of Directors. 

For the quarter ended September 30, 2012, Alstom T and D India achieved a strong growth in orders, up by 61% over the preceding quarter, leading to a backlog of Rs. 61000.000 Millions, up by 34%, against September 2011. Operating Profit was lower at 1.4%, compared to 7% in the preceding quarter, due to low market prices and provisioning of Rs.300.000 Millions for some of the customers, due to their perceived weak financial position. 

During the quarter, Alstom announced signing of the 800 kV HVDC Champa-Kurukshetra project along with group Company, with Power Grid. Alstom T and D India’s share in the contract was around Rs.10800.000 Millions

. 

Operating income fell to 4.2% during 6 months period ended September 30, 2012. Sales growth was impacted, despite healthy backlog, with some customers unable to keep pace with their projects due to multiple issues related to difficulties in land procurement, fuel shortages and project clearances. 

The company also saw some major successes by commissioning India’s first Digital Solution for GETCO’s 220 kV substation. The world’s first 1,200 kV double knee type Disconnector was inaugurated at Alstom’s Padappai factory for installation at Power Grid‘s national test station at Bina (Madhya Pradesh). Several 765 kV substations were also commissioned, reinforcing our leadership in the EHV market. 

Commenting on the results, Rathin Basu, Managing Director, Alstom T and D India said: “Despite falling market prices and low capex investment, Alstom T and D India has improved its position in the high-end of the market in 800 kV HVDC, 765 kV AIS and 400 kV GIS technologies. We have good level of backlog to cope up with the market pressure and we are reinforcing our efforts to further optimise our operations.”  

IN THE FIRST HALF OF 2012/13

ALSTOM DELIVERED ACCORDING TO PLAN

07.11.2012

Between 1 April and 30 September 2012, Alstom booked a sound level of orders at €12.1 billion, up 19% compared to the first half of last year, driven in particular by a strong semester for Transport. Over the same period, sales were up 4%, amounting to €9.7 billion. Income from operations increased to €703 million, leading to a 7.2% margin or a 50 basis point improvement. The net result stood at €403 million and the free cash flow turned positive at €101 million.

Key figures

(In € Millions)

	30.09.2011	30.09.2012	% Var. Sept 12 / Sept 11
Actual figures
Orders received	10,183	12,129	+19%
Backlog	47,382	52,015	+10%
Sales	9,389	9,748	+4%
Income from operations	627	703	+12%
Operating margin	6.7%	7.2%	--
Net income	363	403	+11%
Free cash flow	(914)	101	--

“In a still challenging economic environment, the Group achieved a sound commercial performance during the first half of 2012/13 with orders up 19%, leading to a book-to-bill above 1 for the fourth consecutive semester. Recovery of sales combined with strict cost control and good execution of contracts enabled the operating margin to improve to 7.2%. Free cash flow turned positive at €101 million. Thanks to these good results, we are on track with our three-year guidance: sales should grow over 5% per year for this fiscal year and the two following ones, the operating margin should gradually improve to around 8% in March 2015 and the free cash flow should be positive in each of the three fiscal years”, said Patrick Kron, Alstom’s Chairman & Chief Executive Officer.

A challenging world

During the first six months of 2012/13, the macro-economic conditions have remained challenging with a sluggish economic environment in mature countries and a slower growth in some emerging countries.

In power generation, demand in coal technologies remains stable, coming mainly from Asia while gas progressively increases its share despite the absence of recovery in mature countries. Thermal services and environmental control systems continue to show good dynamism. As for renewable, hydro market is temporary affected by a lack of major projects. Onshore wind remains under significant price pressure, while offshore wind shows favourable prospects.

The power transmission market still presents a mixed outlook with overcapacity in transformers and a good momentum in high-end segments (power electronics, smart grids).

Finally, demand for rail transport continues to be sound, supported by urban needs in Europe and expansion in developing countries.

Sound level of orders

Orders booked over the first half of 2012/13 amounted to €12.1 billion, a 19% increase from the same period last year, driven by the very strong commercial performance of Transport. On 30 September 2012, the Group’s backlog amounted to €52 billion, representing 31 months of sales.

During the semester, Thermal Power booked 5 gas turbines (2 in Israel, 2 in the UK and 1 in China) as well as several equipment orders for both coal and nuclear, and continued to benefit from a strong activity in environmental control systems and in thermal services.

Renewable Power recorded a sound performance in the wind business (notably in Brazil) but only small and medium-sized hydropower projects.

Grid recorded a high level of orders with €2.2 billion of contracts including a strategic 800 kV ultra high voltage direct current (UHVDC) contract in India.

Transport registered its best commercial semester since 2008. Commercial activity remained sustained in Western Europe with, in particular, a signalling system in Amsterdam, regional trains in Germany and Sweden, high-speed trains in Switzerland as well as suburban trains and metros in France. In emerging countries, Alstom booked two metro contracts in Latin America.

Operational performance improving

Sales in the first half of 2012/13 amounted to €9.7 billion, compared to €9.4 billion for the first half of 2011/12, representing a 4% increase, with Thermal Power and Transport up, respectively 5% and 13%. Renewable Power’s revenues decreased by 17% due to much lower revenues during this period for large hydro contracts in execution in Latin America. Grid’s sales remained stable.

Supported by improved sales, sound project execution and strict cost control, the income from operations increased to €703 million, up 12% compared to the same period last year, whilst the operating margin went up 50 basis points to 7.2% for the first half of 2012/13. The operating margin in Thermal Power moved from 9.2% to 10.6%, benefiting mainly from good project execution, actions on costs and sales ramp-up. Renewable Power’s margin decreased from 7.3% to 5.7%, affected by lower volumes as well as price erosion in wind. Grid’s operating margin increased from 5.8% in the first half of last year to 6.1% as a result of overall good execution of projects together with cost optimisation. In Transport the operating margin increased from 5.0% to 5.3%, thanks to the recovery of sales.

Net profit amounted to €403 million compared with €363 million in the first half of 2011/12, up 11%. This figure included a contribution of €34 million from Transmashholding compared with €15 million for the same period last year.

Positive free cash flow and sound financial structure

Free cash flow turned positive at €101 million during the first half of 2012/13, showing a marked improvement compared to the same period last year when it was negative at €(914) million.

Following the payment of the dividend, the Group’s net financial debt reached €(2,871) million at 30 September 2012 versus €(2,492) million at 31 March 2012 and €(2,748) million at 30 September 2011.

Equity was stable over the period, standing at €4,449 million at 30 September 2012 from €4,434 million at 31 March 2012.

With a gross cash in hands of €1.6 billion at the end of September 2012, an undrawn credit line of €1.35 billion and a schedule of gradual repayment of the debt starting in September 2014, the balance sheet remains strong.

On 1 October 2012, the Group launched a €350 million share capital increase through an accelerated book building. On 4 October 2012, Alstom launched a new bond issuance of €350 million. It will bear an annual coupon of 2.25% and mature in October 2017. These two financing transactions contributed to maintaining the sound financial structure of the Group.

Consolidating position in key technologies and regions

During the first half of 2012/13, Alstom pursued its policy of partnerships and selective acquisitions and continued to invest in research & development and capital expenditures to reinforce its presence in dynamic markets.

To strengthen its portfolio of marine products and technologies, Renewable Power signed an agreement with Rolls-Royce in September 2012 to acquire its wholly-owned subsidiary Tidal Generation Limited (TGL). TGL is at the forefront of the design, development and manufacture of tidal stream turbines which capture and convert the energy of tidal streams to generate electrical power.

In September 2012, Grid signed a memorandum of understanding with Toshiba Corporation to develop cooperation on smart grid, more specifically on systems supporting wide-scale integration of renewable energy sources into the grid. Alstom increased its research and development expenses to €351 million during the first semester, with a continuing focus on gas turbines, new renewable energies, smart grid and energy management as well as transport technologies adapted to urban needs. At €186 million, capital expenditures remained at a high level, the four Sectors pursuing their investments, particularly in emerging markets.

Three-year guidance reiterated

The Group confirms its guidance of a sales growth of over 5% per year for this fiscal year and the two following ones and a gradual improvement of the operating margin which should be at around 8% in March 2015. It also confirms that the free cash flow should be positive in each of the three fiscal years.

ALSTOM WINS 800 KV UHVDC CONTRACT IN INDIA

27/08/2012

Alstom has been awarded a turnkey contract worth approximately €400 million by Power Grid Corporation of India Limited, to connect Champa (State of Chhattisgarh), Central India, to Khurukshetra (State of Haryana) in Northern India, using ±800 kV 3,000 MW Ultra High Voltage Direct Current (UHVDC) technology. This advanced UHVDC system will meet the bulk power transfer requirement from Chhattisgarh region - a hub of Independent Power Producers of thermal power - to the load centre located in the northern region of the country, through a 1,365 km transmission line, creating an “energy highway” of clean, efficient power.

Under the terms of the contract, Alstom will deliver ±800 kV UHVDC thyristor valves, 32 converter transformers, 400/220 kV gas-and air-insulated switchgear and substation equipment, communication and supervisory control and data acquisition systems (SCADA). The scope of work includes overall project management, studies, design, engineering, training, manufacture, civil works at site, erection, site testing and commissioning.

The main Alstom units involved in the project will be the HVDC Centre of Excellence in Stafford (UK), and the Alstom Grid India units located at Noida, Hosur, Padappai, Pallavaram and Vadodara in India.

ALSTOM AND BHEL TO SUPPLY THE TURBO-GENERATOR PACKAGE FOR THE RAWATBHATA NUCLEAR PLANT IN INDIA

22/08/2012

Alstom, in consortium with the Indian company BHEL (Bharat Heavy Electricals Limited), has secured a contract from the Nuclear Power Corporation of India Limited (NPCIL) to supply the turbine generator package for the Rajasthan Atomic Power Project (RAPP) units 7 and 8, located at Rawatbhata in Rajasthan. Alstom’s share in the total consortium contract is around €100 million.

Alstom and BHEL will supply, install and commission the turbine generator packages for the power station’s two new 700 MW capacity units. The expansion of the existing capacity of the 1180 MW of RAPP nuclear power plant will help meet increasing demand for power in the country.

This contract marks Alstom’s growing contribution in the nuclear energy business in India after the award of the contract for 2x700 MW units for the Kakrapar 3 and 4 nuclear power plant in Gujarat a year ago. It equally confirms Alstom’s technical capabilities as well as its strengthening partnership and long standing relationship with NPCIL and BHEL. The first contract that Alstom executed for NPCIL was for Rajasthan unit 1 and unit 2 in 1973 and 1981. Thereafter it became the technology provider through BHEL for the 220 MW park for Kakrapar.

Patrick Fragman, Senior Vice President of Alstom’s nuclear business, said: "With India envisioning to increase the contribution of nuclear power to overall electricity generation capacity from 3.2 % to 9 % within 25 years, Alstom is well positioned to respond to the country’s ever-increasing electricity requirements.”

Alstom is the world leader in conventional islands for nuclear power plants with close to 30 % of total nuclear capacity in operation (approximately 114 GW) across the world operating on installations by Alstom. Nuclear power is currently the fourth largest source of electricity in India after thermal, hydro and renewable energy. At present, India has 20 nuclear power units in operation, generating 4,780 MW. Seven reactors are under construction and will add 5,300 MW of nuclear power generation capacity.

ALSTOM T AND D INDIA LIMITED ANNOUNCES Q1, 2012-13 RESULTS

02/08/2012

Alstom T and D India Limited announced its financial results on July 27, 2012, for the first quarter ended June 2012, following approval by the Company’s Board of Directors.

Adding to the healthy order backlog of the preceding quarter, the company has achieved a 9% increase over March 2012 bringing the total order backlog to 50,828 MINR. Sales revenue grew to 6,710 MINR and Profit After Tax increased by 28% to 230 MINR.

This robust performance is the result of the Company’s growth strategy and its continued focus on acquiring new orders, better cost optimisation and delivering operational excellence.

Recent highlights include successfully energising Power Grid’s 765 kV and 400 kV priority bays at Bhiwani in a record time of less than eight months; commissioning the electrical balance of plant (eBoP) package for the ESSAR group’s 2x600 MW power plant located at Salaya in the state of Gujarat; and charging the 220 kV substation for India's largest solar power plant in Rajasthan for Reliance Infrastructure Limited.

Commenting on the results, Mr Rathin Basu, Managing Director, Alstom T and D India said: “Despite the challenging market environment, Alstom T and D India continues to maintain its leadership position, thanks to a healthy order pipeline, and to improve its revenue profile with a focus on accelerating our project execution. We are well positioned as a high technology provider and this has enabled us to continue to win major orders further improving a robust order backlog. "

ALSTOM T AND D INDIA BAGS RS.1580.000 MILLIONS CONTRACT

11.07.2012

Alstom T and D India has won a Rs.1580.000 Millions contract from Meja Urja Nigam Private Limited for supply, erection and commissioning of a 400 kV sub-station in Uttar Pradesh.

Meja Urja Nigam Private Limited is a joint venture company of NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited and the Meja coal-based power project is a 2x660 MW project at Meja (Allahabad).

The components would be made from its facilities in UP and Tamil Nadu, Alstom T and D said in a release.

ALSTOM T AND D INDIA GETS RS.1500.000 MILLIONS ORDER FROM JAYPEE FOR POWER TRANSFORMERS

11.04.2012

Alstom would design and commission the thermal power project in Uttar Pradesh for Jaypee group

Alstom T and D India Limited has secured a contract worth around Rs.1500.000 Millions from the Jaypee Group for the thermal power project (3 x 660 MW) in Uttar Pradesh.

Alstom would design, manufacture, supply, erect, test and commission the 765kV generator transformers, interconnecting transformers, lines and bus reactors. The company said the transformers and reactors for this project would be manufactured at its facility at Vadodara.

Managing director Rathin Basu said, “We are very pleased to embark on this project with Jaypee Group, demonstrating our expertise for 765kV extra high voltage level transmission products and solutions. This project reinforces our leadership in the domain, having already been selected for around 60% of the 765kV projects in India. We look forward to supporting India, with our locally-manufactured world class products, as the region continues to develop its power transmission network.”

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.85
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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