MIRA INFORM REPORT
|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM T AND D INDIA LIMITED (w.e.f. 31.01.2012) |
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|
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Formerly Known
As : |
AREVA T AND D INDIA LIMITED ALSTOM LIMITED |
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Registered
Office : |
A-18, First
Floor, okhla industrial Area, Phase II, New Delhi
- 110 020 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.03.1957 |
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Com. Reg. No.: |
21-193993 |
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Capital Investment
/ Paid-up Capital : |
Rs.478.208 Millions |
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CIN No.: [Company Identification
No.] |
L31102DL1957PLC0193993 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
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. |
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|
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 |
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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 Grid Equipments Limited, India. It is a well established and
reputed company having fine track record. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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, India |
|
Tel. No.: |
91-11-47629100 |
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Fax No.: |
91-11-47629129 /
30 |
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E-Mail : |
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Website: |
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Head Office / Regional Office 1 : |
457, Anna Salai, Teynampet,
Chennai – 600018, Tamilnadu, India |
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Regional Office 2 : |
D-2 Gillander House, Netaji Subhas Road, Kolkata – 700001,
West Bengal, India |
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Regional Office 3 : |
Narottam Morarji Marg, Ballard Estate, Mumbai – 400038, Maharashtra,
India |
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Branch Office : |
A-7, Sector – 65,
Noida, Uttar Pradesh – 201 301, India |
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Tel. No.: |
91-120-2405421/
22/ 23 / 4790000 |
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Fax No.: |
91-120-2405439/
40 / 4791140 |
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Factory 1 : |
Plot No.46, SIPCOT
Industrial Works, Hosur – 635 126, |
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Factory 2 : |
Naini Works,
Mirzapur Road P. O. Naini, Allahabad – 211 008, Uttar Pradesh, India |
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Tel No.: |
91-532-2697422 /
424 |
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Fax No.: |
91-532-2697604 |
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Factory 4 : |
Plot No. 142, Salamangalam Village, Padappai, Sriperumbudur T.K., Kancheepuram 601 301, Tamilnadu, India |
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Factory 5 : |
19/1, GST Road,
Pallavaram, Chennai – 600 043, Tamilnadu, India |
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Tel. No.: |
91-44-22368621 /
8723 / 8917 / 22640033 / 37 |
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Fax No.: |
91-44-22367276 /
22640040 |
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Factory 6 : |
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Factory 7 : |
1,Taratala Road, Kolkata - 700024, West Bengal, India |
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Factory 8 : |
Salt Lake Works, Block BN, Sector V, Kolkata – 700091,
West Bengal, India |
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Factory 9 : |
No.119/120, Electrical
and Electronics Industrial Estate, Perungudi, Chennai – 600096, Tamilnadu,
India |
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Factory 10 : |
27th KM, Belary Road, Doddajala Post, Bangalore – 562157, Karnataka, India |
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Factory 11 : |
RS 38/2, Sedarapet Main Road, Sedarpet Village, Pondicherry – 605111, India |
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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) |
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Name : |
Mr. Rathindra
Nath Basu |
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Designation : |
Managing Director
|
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Address : |
C-302, |
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Date of Birth/Age : |
13.07.1954 |
|
Date of Appointment : |
01.02.2007 |
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Voter ID No.: |
AAFPB7016C |
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DIN No : |
01192973 |
|
Name : |
Mr. Pierre Joseph Jean Marie Laprote |
|
Designation : |
Director |
|
Address : |
8, Rue De La Paroisse, Versailles, France-78000 |
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Date of Birth/Age : |
17.08.1961 |
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Date of Appointment : |
25.04.2008 |
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DIN No : |
02146282 |
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|
Name : |
Mr. Michel Eugene Louis Augonnet |
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Designation : |
Director |
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Address : |
47, Rue Perronet, |
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Date of Birth/Age : |
28.09.1950 |
|
Date of Appointment : |
09.05.2005 |
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DIN No : |
00276267 |
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|
Name : |
Mr. Michel
Serra |
|
Designation : |
Director (w.e.f. 04.02.2011) |
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|
Name : |
Mr.
Chandan Roy |
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Designation : |
Director (w.e.f. 06.08.2011) |
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|
Name : |
Mr. Ravi
Kumar Krishnamurthy |
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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. |
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|
Name : |
Mr. Anil Chaudhry |
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Designation : |
Director (from 04.02.2011 to 12.12.2011) |
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|
Name : |
Mr. Vinod Kumar Dhall |
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Designation : |
Director (from 04.02.2011 to 12.12.2011) |
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Name : |
Mr. Alexandre Tagger |
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Designation : |
Director (from 04.02.2011 to 12.12.2011) |
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|
Name : |
Mr. Arvind Pachauri |
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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 |
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Designation : |
Company Secretary |
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COMMITTEES OF DIRECTORS |
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Audit Committee |
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|
Name : |
T.S. Vishwanath |
|
Designation : |
Chairman (w.e.f. 04.02.2011) |
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|
|
|
Name : |
Mr. Pierre Joseph Jean Marie Laprote |
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Designation : |
Member |
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Name : |
Mr. Chandan Roy |
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Designation : |
Member (w.e.f. 06.08.2011) |
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Name : |
Mr. Vinod Kumar Dhall |
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Designation : |
Member (from 04.02.2011 to 12.12.2011) |
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Share Transfer and
Shareholders / Investors Grievance Committee |
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|
Name : |
T.S. Vishwanath |
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Designation : |
Chairman (w.e.f. 04.02.2011) |
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|
|
|
Name : |
Mr. Rathindra
Nath Basu |
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Designation : |
Member |
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Name : |
Mr. Chandan Roy |
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Designation : |
Member (w.e.f. 06.08.2011) |
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|
Name : |
Mr. Vinod Kumar Dhall |
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Designation : |
Member (from 04.02.2011 to 12.12.2011) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
175492524 |
73.40 |
|
|
175492524 |
73.40 |
|
|
|
|
|
|
16542372 |
6.92 |
|
|
16542372 |
6.92 |
|
Total shareholding of Promoter and Promoter Group (A) |
192034896 |
80.31 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15274583 |
6.39 |
|
|
130511 |
0.05 |
|
|
605 |
0.00 |
|
|
8648270 |
3.62 |
|
|
217107 |
0.09 |
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|
24271076 |
10.15 |
|
|
|
|
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|
1773817 |
0.74 |
|
|
|
|
|
|
19448680 |
8.13 |
|
|
565920 |
0.24 |
|
|
1009646 |
0.42 |
|
|
8675 |
0.00 |
|
|
605 |
0.00 |
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|
571342 |
0.24 |
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|
429024 |
0.18 |
|
|
22798063 |
9.53 |
|
Total Public shareholding (B) |
47069139 |
19.69 |
|
Total (A)+(B) |
239104035 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
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. |
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Products : |
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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) |
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|
|
|
Bankers : |
|
|
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price
Waterhouse Chartered
Accountants |
|
|
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Cost Auditors : |
|
|
Name : |
Shome and Banerjee Cost Accountants |
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Ultimate Holding
Company : |
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Intermediate Holding Company : |
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Immediate Holding Company : |
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Subsidiaries : |
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Fellow
Subsidiaries : |
|
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 of the 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 |
|
|
|
|
Employee Cost |
3620.175 |
3465.864 |
|
|
|
|
Other manufacturing, administration and selling cost |
5193.723 |
4719.908 |
31711.737 |
|
|
|
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 |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
6755.200 |
6829.900 |
7129.400 |
10958.000 |
|
Total Expenditure |
6072.000 |
6534.900 |
6595.000 |
9841.500 |
|
PBIDT (Excl OI) |
683.200 |
295.000 |
53.4.400 |
1116.500 |
|
Other Income |
0.000 |
0.100 |
3.400 |
1.100 |
|
Operating Profit |
683.200 |
295.100 |
537.800 |
1117.600 |
|
Interest |
129.800 |
216.500 |
186.200 |
231.800 |
|
Exceptional Items |
0.000 |
121.000 |
0.000 |
49.100 |
|
PBDT |
553.400 |
199.600 |
351.600 |
934.900 |
|
Depreciation |
213.000 |
197.100 |
205.900 |
197.300 |
|
Profit Before Tax |
340.400 |
2.500 |
145.700 |
737.600 |
|
Tax |
110.400 |
20.600 |
47.300 |
206.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
230.000 |
(18.100) |
98.400 |
530.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
230.000 |
(18.100) |
98.400 |
530.800 |
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 |
DETAILS OF
UNSECURED LOANS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.12.2010 |
|
|
|
|
|
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. |
||
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.
STANDALONE STATEMENT
OF RESULTS FOR QUARTER AND TWELVE MONTHS ENDED 31ST MARCH 2013
Rs. In Millions
|
|
Particulars |
3 Months Ended 31st March 2013 |
Preceding 3 Months Ended 31st December 2012 |
Year to date for Current Period Ended 31st March 2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
a. Net Sales / Income from Operations (Net of Excise Duty) |
10886.100 |
7111.800 |
31518.800 |
|
|
b. Other Operating Income |
71.900 |
17.600 |
153.700 |
|
|
Total income from
operations (net) |
10958.000 |
7129.400 |
31672.500 |
|
2. |
Expenditure |
|
|
|
|
|
a. Materials and Contract related cost |
7550.600 |
4797.800 |
22288.600 |
|
|
b. Purchases of Stock in Trade |
- |
- |
- |
|
|
c. Changes in Inventories of finished goods, work in progress and stock in trade |
(47.500) |
(70.000) |
(1336.100) |
|
|
d. Employee benefits expense |
809.500 |
814.500 |
3246.000 |
|
|
e. Depreciation and amortisation expense |
197.300 |
205.900 |
813.300 |
|
|
f. Other Expenses |
1528.900 |
1052.700 |
4844.900 |
|
|
Total expenses |
10038.800 |
6800.900 |
29856.700 |
|
3. |
Profit / (Loss) from
Operations before Other Income, finance costs and Exceptional Items (1 - 2) |
919.200 |
328.500 |
1815.800 |
|
4. |
Other Income |
1.100 |
3.400 |
14.900 |
|
5. |
Profit / (Loss) from
ordinary activities before finance costs and Exceptional Items (3 + 4) |
920.300 |
331.900 |
1830.700 |
|
6. |
Finance costs |
231.800 |
186.200 |
774.600 |
|
7. |
Profit / (Loss) from
ordinary activities after finance costs but before Exceptional Items (5 - 6) |
688.500 |
145.700 |
1056.100 |
|
8. |
Exceptional Items : - Profit on sale of properties |
49.100 |
|
170.100 |
|
9. |
Profit / (Loss) from
ordinary activities before tax (7 + 8) |
737.600 |
145.700 |
1226.200 |
|
10. |
Tax Expense |
206.800 |
47.300 |
385.100 |
|
11. |
Net Profit / (Loss)
from Ordinary Activities after tax (9 - 10) |
530.800 |
98.400 |
841.100 |
|
12. |
Extraordinary Items |
- |
- |
- |
|
13. |
Net Profit / (Loss)
for the period (11-12) |
530.800 |
98.400 |
841.100 |
|
14. |
Share of profit / (loss) of associates |
- |
- |
- |
|
15. |
Minority Interest |
- |
- |
- |
|
16. |
Net Profit / (Loss)
after taxes, minority interest and share of profit/ |
530.800 |
98.400 |
841.100 |
|
17. |
Paid-up equity share capital (Face Value of Rs.2 each) |
478.200 |
478.200 |
478.200 |
|
18. |
Reserves excluding Revaluation Reserve as per Balance sheet of Previous accounting year |
|
|
8619.000 |
|
19. i |
Earnings per share in Rs. before extraordinary items (not annualised) |
|
|
|
|
|
a. Basic |
2.22 |
0.41 |
3.52 |
|
|
b. Diluted |
2.22 |
0.41 |
3.52 |
|
19.ii |
Earnings per share in Rs. after extraordinary items (not annualised) |
|
|
|
|
|
a. Basic |
2.22 |
0.41 |
3.52 |
|
|
b. Diluted |
2.22 |
0.41 |
3.52 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
4,70,69,139 |
6,36,11,511 |
4,70,69,139 |
|
|
- Percentage of Shareholding |
19.69% * |
26.60% |
19.69% * |
|
2. |
Promoters and
Promoter Group Shareholding a. Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group) |
|
|
|
|
|
- Percentage of shares (as a % of the total share capital of the company) |
|
|
|
|
|
b. Non - encumbered |
|
|
|
|
|
- Number of Shares |
19,20,34,896 |
17,54,92,524 |
19,20,34,896 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
80.31% * |
73.40% |
80.31% * |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
Received during the quarter |
8 |
|
|
|
|
Disposed of during the Quarter |
7 |
|
|
|
|
Remaining unresolved at the end of the quarter |
1 ** |
|
|
* Refer note 2 below
** Complaint has been resolved on April 16, 2013
STATEMENT OF ASSETS
AND LIABILITIES
Rs. In Millions
|
|
Particulars |
As on 31st March 2013 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
478.200 |
|
|
(b) Reserves and Surplus |
8623.600 |
|
|
(c) Money received against share warrants |
- |
|
|
Sub-Total - Shareholders' Funds |
9101.800 |
|
2 |
Share application
money pending allotment |
-- |
|
3 |
Minority Interest |
- |
|
4 |
Non-current
Liabilities |
|
|
|
(a) Long-term Borrowings |
660.500 |
|
|
(b) Deferred tax liabilities (net) |
123.500 |
|
|
(c) Other long-term liabilities |
1.600 |
|
|
(d) Long-term
provisions |
326.500 |
|
|
Sub-Total - Non-current Liabilities |
1112.100 |
|
5 |
Current Liabilities |
|
|
|
(a) Short-term Borrowings |
3516.100 |
|
|
(b) Trade Payables |
18126.000 |
|
|
(c) Other current liabilities |
8239.400 |
|
|
(d) Short-term provisions |
1330.100 |
|
|
Sub-Total - Current
liabilities |
31211.600 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
41425.500 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current Assets |
|
|
|
(a) Fixed Assets |
6733.100 |
|
|
(b) Goodwill on consolidation |
- |
|
|
(c) Non-current investments |
- |
|
|
(d) Deferred tax assets (net) |
- |
|
|
(e) Long-term loans and advances |
234.900 |
|
|
(f) Other non-current assets |
- |
|
|
Sub-Total -
Non-current assets |
6968.000 |
|
2 |
Current Assets |
|
|
|
(a) Current investments |
- |
|
|
(b) Inventories |
6941.800 |
|
|
(c) Trade receivables |
17146.400 |
|
|
(d) Cash and cash equivalents |
781.200 |
|
|
(e) Short-term loans and advances |
3531.400 |
|
|
(f) Other current assets |
6056.700 |
|
|
Sub-Total - Current
assets |
34457.500 |
|
|
TOTAL ASSETS |
41425.500 |
Notes :
1. The above unaudited results for the quarter ended 31st March, 2013 and audited results for the year ended 31st March, 2013 were reviewed by the Audit Committee and have been approved by the Board of Directors at its meeting held on 29th April, 2013.
2. The process of 'Open Offer' made by Alstom Holdings, France (Acquirer) in terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 was completed in February 2013 and in terms of the same, 1,65,85,241 Equity Shares of the Company were tendered by the Shareholders of the Company and 1,65,42,372 Equity Shares were acquired by the Acquirer. The shareholding in the Company of the Acquirer/Promoter Group, as a result increased to 80.31% from 73.40% as heitherto.
The Acquirer/Promoter Group have committed themselves to reduce their shareholding in the Company within the regulatory time frame, such that the minimum public shareholding of the voting share capital of the Company is maintained, to enable the Company's Shares continuing to be listed.
3. In the previous accounting period, the Company's financial year comprised a period of fifteen months from 1st January 2011 to 31st March 2012, whereas the current financial year is of twelve months ended 31st March 2013. Further, the distribution business of the Company was demerged in the previous period with the appointed date of 1st April, 2011. The previous period financial information includes such information for the demerged business for the quarter ended 31st March, 2011. Therefore the current year and previous period financial information is not strictly comparable.
4. In view of the perceived weak financial position of some of the customers, a charge of Rs. 200.800 Millions has been made thereagainst in the quarter ended March 31, 2013 and Rs. 500.800 Millions during the full year.
5. Exceptional items for the quarter and full year represents profit from sale of property, comprising of land and buildings, at Perungudi, Chennai for an aggregate consideration of Rs. 223.600 Millions.
6. The Company is engaged in the business relating to products, projects and systems for electricity transmission and related activities only. Accordingly, the Company has only one business segment and no additional disclosure as per Accounting Standard 17 on 'Segment Reporting' is required.
7. The Board of Directors have recommended a dividend of Rs. 1.80 (90%) per equity share of face value of Rs. 2/- each for the year ended March 31, 2013 subject to the approval of the shareholders.
8. The figures for the quarters ended 31st March, 2013 and 31st March, 2012 are the balancing figures between the audited figures in respect of the full financial year/period and the unaudited year/period to date figures upto the previous quarter.
9. The financial statements for the 15 months period ended March 31, 2012 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2013 are prepared as per Revised Schedule VI. Accordingly, the previous period figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous period figures does not impact recognition and measurement principles followed for preparation of financial statements.
10. Previous period's figures have been reclassified / regrouped / rearranged wherever necessary to conform to current quarter presentation.
FIXED ASSETS:
·
·
·
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:
DURING THE THIRD
QUARTER OF 2012/13, ALSTOM KEPT A SUSTAINED PACE OF ORDER INTAKE IN A STILL
CHALLENGING ENVIRONMENT
22.01.2013
Over the third quarter 2012/13 (from 1 October to 31 December 2012), Alstom registered a sustained level of orders at €5.1 billion, up 3% compared to the same period last year. Transport continued to deliver a very sound commercial performance with orders at €1.7 billion. Thermal Power received orders of €1.6 billion during the third quarter with fewer large projects but a continuous flow of small to medium-sized contracts. Finally orders in Renewable Power reached €0.6 billion, significantly up compared to the two previous quarters and Grid registered a solid €1.1 billion of orders. The Group's sales pursued their recovery and were up 1% over the third quarter 2012/13.
For the first nine months of 2012/13 (from 1 April to 31 December 2012), Alstom's order intake came up to €17.2 billion, a 14% increase compared to the first nine months of 2011/12. Orders growth continued to be supported by emerging markets representing 48% of the total orders at the end of December 2012, as well as by a robust demand in Transport. The Group's sales reached €14.7 billion, up 3% compared to the first nine months of 2011/12.
At €52 billion on 31 December 2012, the backlog represented 30 months of sales.
Key figures
|
Actual figures |
|
2011/12 |
|
|
2012/13 |
|
2011/12 |
2012/13 |
Var. % |
|
(in € million) |
Q1 |
Q2 Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
9 months |
9 months |
Actual |
|
Orders received |
5,010 |
5,173 4,894 |
6,629 |
6,029 |
6,100 |
5,054 |
15,077 |
17,183 |
+14% |
|
Sales |
4,526 |
4,863 4,874 |
5,671 |
4,777 |
4,971 |
4,924 |
14,263 |
14,672 |
+3% |
The reported figures by Sector are presented in Appendix 1. A geographic breakdown of reported orders and sales is provided in Appendix 2. All figures mentioned in this release are unaudited.
"In an environment that remains challenging, we achieved a solid third quarter 2012/13, with orders at €5.1 billion, in spite of fewer large projects in Thermal Power. Demand continues to be active in emerging markets for all Sectors, whilst Transport booked a large number of contracts in Europe during the period. The book-to-bill is over 1 for the 99th quarter in a row. Thanks to our current dynamic commercial activity, we expect order intake to be strong in the fourth quarter with sales continuing their recovery", said Patrick Kron, Alstom's Chairman & Chief Executive Officer.
Sector Review Thermal
Power
During the third quarter of 2012/13, Thermal Power registered orders of €1,620 million, down 13% compared to the same period last year, due to the lack of turnkey contracts this quarter. Thermal Power's commercial performance was supported by demand for new equipment in emerging countries as well as by service activity, including retrofit. In particular, the Sector booked three gas turbines (1 in Jordan and 2 in China) as well as parts for gas turbines in Libya and a retrofit contract for a South African coal-fired power station. Sales grew 4% at €2,329 million.
For the first nine months of 2012/13, Thermal Power kept the pace with an order intake amounting to €6,385 million, down 2% compared to the same period last year. Sales were at €6,587 million, recording a 5% increase in comparison to last year.
Renewable Power
During the third quarter of 2012/13, Renewable Power recorded €616 million of new contracts, twice the level of orders registered over the same period last year. The Sector's order book was mainly fuelled by two hydro projects in Colombia and Ethiopia, with small orders also registered in both wind and hydro. Sales amounted to €408 million in the third quarter 2012/13, up 11% compared to last year over the same period. This increase was mainly due to the booking of revenue milestones in large hydro projects under execution in Brazil.
Over the first nine months of 2012/13, Renewable Power's orders decreased by 8% to €1,218 million from €1,324 million over the same period last year. The Sector registered €1,264 million of sales, down 10% compared to last year.
Grid
During the third quarter of 2012/13, Grid achieved a sound level of orders of €1,094 million, down 6% from the high level achieved in the third quarter 2011/12 when Alstom booked a large HVDC contract in Sweden. Over the quarter, the Sector booked a large number of small contracts worldwide. Sales amounted to €862 million in the third quarter, down 12%. The Sector's activity has been affected equally by an unfavourable basis of comparison (mainly a particularly sustained activity in the third quarter last year for power electronic businesses in Russia) and by customer-related project delays (mainly in India).
Over the first nine months of 2012/13, Grid's orders came up to €3,274 million, up 8%, whilst sales reached €2,725 million, down 4% compared to the same period last year.
Transport
During the third quarter 2012/13, the orders booked by Transport amounted to €1,724 million, showing another strong quarter in terms of commercial activity. The main successes included regional trains in Italy and Germany, metro cars in Brazil, a maintenance contract in Kazakhstan as well as a modernisation contract in the USA. Sales, at €1,325 million, were up 4% compared to the same period last year.
Over the first nine months of 2012/13, Transport's orders stood at a record €6,306 million, a 50% increase compared to the same period last year. Sales reached €4,096 million, up 10% compared to the first nine months 2011/12.
Key events of the
third quarter 2012/13
During the third quarter of fiscal year 2012/13, Alstom continued to build industrial capabilities in fast growing countries and to strengthen its new technologies.
In Kazakhstan, Alstom unveiled the first electric freight locomotive to the Kazakh railways. Alstom also inaugurated its newly built locomotive plant in Astana, which is operated by EKZ, a joint venture held by KTZ (50% of the shares), Alstom and TMH (25% of the shares respectively). The plant will have a capacity of up to 100 locomotives per year.
In Brazil, Alstom announced the set-up of its first factory dedicated to the production of towers for wind turbines in Latin America. The new site will have an installed capacity of 120 towers per year, which represents around 350 MW. The plant should start operations in the first half of 2013 with orders already received to supply the Brazilian market. This new factory will be the second manufacturing unit for Alstom's wind power generation infrastructure business in Latin America.
Alstom has invested an additional US$40 million in the American company BrightSource Energy, Inc to reinforce its partnership with the pioneering solar power company, a leader in the concentrated solar thermal tower technology. Since its initial investment in 2010, Alstom has progressively increased its participation and now holds above 20% of the capital.
Financial situation
and Outlook
At the beginning of October, the Group successfully launched a €350 million share capital increase through an accelerated book building as well as a new bond issuance of €350 million. These two financing transactions contributed to maintaining the sound financial structure of the Group.
With the expected strong orders for the fourth quarter, the Group should show a solid commercial performance over the current fiscal year. Alstom confirms its three-year guidance and anticipates a positive free cash flow for the second half of the current fiscal year.
ALSTOM WILL
STRENGTHEN INDIA’S AC NETWORK WITH FIXED SERIES COMPENSATION CONTRACT FOR POWER
GRID
Alstom T and D India has been awarded a turnkey Fixed Series Compensation (FSC) contract worth around €10 million (Rs.650.000 Millions) by Power Grid Corporation of India Limited (PGCIL) to improve power quality on the 400 kV Wardha - Aurangabad Transmission Network.. The contract marks yet another milestone in Alstom’s strong partnership with PGCIL to upgrade the existing transmission infrastructure in the country.
Alstom will deliver the project on a turnkey basis, including design, engineering, manufacturing, supply, erection, testing and commissioning of the FSC system. Under the contract, Alstom will supply capacitors, spark gaps, as well as control and instrumentation systems and an insulated platform. The project will be executed by Alstom T and D India and Alstom Grid Finland and is scheduled for commissioning in 2014.
Commenting on the success, Rathin Basu, Managing Director, Alstom T and D India said: “This is the first FSC contract won by Alstom Grid in India and confirms the increasing demand for advanced infrastructure technology in India. To prevent future blackouts on the Indian network, Power Grid and CEA have taken special initiatives to introduce compensation technology in the transmission grid. Alstom T and D India is a leader in delivering highly reliable and advanced transmission solutions and is well poised to make significant contributions to the Indian transmission grid in this emerging segment.”
Alstom’s FSC system, one of the largest to be built in the world, will increase power capacity across the entire transmission line. Fixed series compensation has long been the preferred solution for optimizing performance in very large bulk transmission corridors. The function of the FSC system and its capacitors in a power grid is to improve efficiency by minimizing electrical losses and increasing the transmission system’s overall transfer capability. Alstom’s comprehensive portfolio of FACTS devices is dedicated to enhancing the power quality and performance of its customers’ high-voltage AC transmission systems around the world.
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 92,000 people in around 100 countries. It had sales of €20 billion and booked close to €22 billion in orders in 2011/12.
Alstom T and 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 and D India is future ready to support the rapidly evolving transmission sector in India.
ALSTOM T AND D INDIA
EYES BIZ FROM UPCOMING GRID PROJECTS
16.11.2012
Alstom T and D India, subsidiary of France-based Alstom, is eyeing more revenues from domestic power sector by targeting upcoming grid projects and will expand its transformer factory in Baroda next year to meet the demand, a senior company official said.
"We are investing in India next year, we are expanding our transformer factory in Baroda but we are not disclosing the amount. Certainly it would be among the highest investments we will be making in individual markets," Alstom Grid president Gregoire Poux-Guillaume said.
Alstom's Baroda unit currently provides various services, including hydro manufacturing and assembly unit, high speed balancing of all rotating equipments and is a global technology centre of the company.
He added that expansion is required in order to execute a recent contract from the Power Grid Corporation, worth about Rs.28000.000 Millions and meeting the demand of growing high-voltage direct current (HVDC) transmission lines in the country. The Power Grid order, won by Alstom T and D in August, is a turnkey contract for setting up converter stations at Champa in Chhattisgarh and Kurukshetra in Haryana using ultra HVDC technology. The HVDC lines are used for transporting power for 800 km or more distances and carries lower transmission losses.
Besides, the company is also looking to bid for "at least one HVDC project per year, if the fog lifts," Guillaume said while pointing out that pace of investments in the power sector has slowed down due to policy logjams and recent controversies like on coal block allocations. "Are we frustrated? Yes, we are, probably as much as most people... The regulatory environment is somewhat uncertain currently and that is impacting visibility on businesses, including our business.
"We are looking forward to the resolution of things like coal or like reforms in state electricity boards and certainly clarity on these issues would be great for everybody and for India's (GDP) growth," he said. Stating that Alstom is not a "fair weather animal", Guillaume said that India is "our biggest country are per our sales. We are investing in India despite the uncertainty and we are doing it with 20 year outlook".
He, however, said that "the longer the situation (stalled reforms) lingers, the more likely people will defer investments, including us". Talking about the two massive electricity outages that happened in July, Guillaume said it should be used as a catalyst to reform Indian power sector, including state electricity boards.
The Indian subsidiary contributes about 15% (or about Rs 4,000 crore) of Alstom's total sales revenues from grid business at about 4 billion Euros. Currently it has an order-book of over Rs.60000.000 Millions and is leading player in power transmission equipments.
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,
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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.
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or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
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with designated parties.
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are derived from criminal conduct or a prohibited transaction.
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Crime :
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registered against subject: None
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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.58.93 |
|
|
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.