MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM T AND D INDIA LIMITED (w.e.f. 31.01.2012) |
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Formerly Known
As : |
AREVA T AND D INDIA LIMITED |
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Registered
Office : |
A-18, First
Floor, okhla industrial Area, Phase II, New Delhi
- 110020 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.03.1957 |
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Com. Reg. No.: |
55-193993 |
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Capital
Investment / Paid-up Capital : |
Rs. 478.210
Millions |
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CIN No.: [Company Identification
No.] |
L31102DL1957PLC193993 |
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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
: |
Subject is engaged in the business 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. |
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No. of Employees
: |
3894 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 36400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
subsidiary of Alstom SA, France. It is a well-established and reputed company
having fine track record. There appears dip
in the profit of the company during the financial year 2013. However, general
financial position of the company seems to be sound and healthy. Further
company also gets good financial and managerial support from its parent
company. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits : (AA-) |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits : (A1+) |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
January 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-11-47629100)
LOCATIONS
|
Registered Office : |
A-18, First
Floor, okhla industrial Area, Phase II, New Delhi
- 110020, India |
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Tel. No.: |
91-11-47629100/
41610660 |
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Fax No.: |
91-11-47629129/
30/ 41610659 |
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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 – 201301, Uttar Pradesh, 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 – 635126, Tamilnadu, India |
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Factory 2 : |
Naini Works,
Mirzapur Road P. O. Naini, Allahabad – 211008, 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 - 601301, Tamilnadu, India |
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Factory 5 : |
19/1, GST Road,
Pallavaram, Chennai – 600043, 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 : |
Kotambi Village,
Vadodara – Halol Highway, Milestone No.87, Taluka Waghodia, Vadodara –
391510, Gujarat, India |
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Factory 7 : |
19/1, GST Road, Pallavaram, Chennai
- 600043, Tamilnadu, India |
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Factory 8 : |
A 7, Sector 65, Noida – 201301, Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
T.S. Vishwanath |
|
Designation : |
Chairman (w.e.f. 04.02.2011) |
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Date of Birth/Age : |
65 Years |
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Qualification
: |
Bachelor of Commerce (Honours) from Delhi University and
a Fellow Member of The Institute of Chartered Accountants of India (ICAI). |
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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 |
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Experience : |
35 Years |
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Date of Appointment : |
01.02.2007 |
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PAN No.: |
AAFPB7016C |
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DIN No : |
01192973 |
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Name : |
Mr. Pierre Laprote |
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Designation : |
Director |
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Address : |
8, Rue De La Paroisse, Versailles, France-78000 |
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Date of Birth/Age : |
17.08.1961 |
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Qualification
: |
Masters Degree in Business Law. |
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Date of Appointment : |
25.04.2008 |
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DIN No : |
02146282 |
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Name : |
Mr. Michel 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 |
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Qualification
: |
Graduate in Electrical Engineering from Ecole Superieure d' Electricite (France). |
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Date of Appointment : |
09.05.2005 |
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DIN No : |
00276267 |
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Name : |
Mr.
Michel Serra |
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Designation : |
Director (w.e.f. 04.02.2011) |
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Date of Birth/Age : |
56 Years |
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Qualification
: |
Graduate of the Ecole Nationale Superieure des Arts et Metiers (ENSAM). |
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Name : |
Mr.
Chandan Roy |
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Designation : |
Director (w.e.f. 06.08.2011) |
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Date of Birth/Age : |
62 Years |
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Qualification
: |
Graduate in Mechanical
Engineering. |
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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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Date of Birth/Age : |
45 Years |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Prasad Singh |
|
Designation : |
Company Secretary |
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Audit Committee |
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Name : |
· T.S. Vishwanath, Chairman · Mr. Pierre Joseph Jean Marie Laprote · Mr. Chandan Roy |
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Share Transfer and
Shareholders / Investors Grievance Committee |
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|
Name : |
T.S. Vishwanath, Chairman Mr. Rathindra
Nath Basu Mr. Chandan Roy |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
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|
175492524 |
68.54 |
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|
175492524 |
68.54 |
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|
16542372 |
6.46 |
|
|
16542372 |
6.46 |
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Total shareholding of Promoter and Promoter Group (A) |
192034896 |
75.00 |
|
(B) Public Shareholding |
||
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|
|
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|
23929752 |
9.35 |
|
|
135042 |
0.05 |
|
|
605 |
0.00 |
|
|
2091476 |
0.82 |
|
|
15107296 |
5.90 |
|
|
1347405 |
0.53 |
|
|
42611576 |
16.64 |
|
|
|
|
|
|
1545080 |
0.60 |
|
|
|
|
|
|
18682032 |
7.30 |
|
|
281276 |
0.11 |
|
|
891675 |
0.35 |
|
|
4425 |
0.00 |
|
|
605 |
0.00 |
|
|
526319 |
0.21 |
|
|
360326 |
0.14 |
|
|
21400063 |
8.36 |
|
Total Public shareholding (B) |
64011639 |
25.00 |
|
Total (A)+(B) |
256046535 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
256046535 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business 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. |
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Products/ Services : |
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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 |
2988 |
|
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 : |
3894 (Approximately) |
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Bankers : |
· Axis Bank Limited · Citibank N.A. · Credit Agricole CIB · HDFC Bank Limited · HSBC Bank · ICICI Bank Limited · IDBI Bank Limited · Standard Chartered Bank ·
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
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Cost Auditors : |
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|
Name : |
Shome and Banerjee Cost Accountants |
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Ultimate
Holding Company : |
ALSTOM SA, France |
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|
Intermediate
Holding Companies : |
· ALSTOM Grid Finance BV, Netherlands (w.e.f. February 1, 2012) · ALSTOM Holdings, France · T&D Holding, France (upto January 23, 2012) · ALSTOM Sexant 5 SAS, France (upto March 30, 2012) |
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Immediate
Holding Company : |
· Grid Equipments Limited, India (w.e.f. February 1, 2012) · ALSTOM Grid SAS, France (upto January 23, 2012) |
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|
Fellow
Subsidiaries : |
· ALSTOM Grid Canada Inc, Canada · ALSTOM Grid Sa De C.V., Mexico · ALSTOM Grid Inc, USA · ALSTOM Grid Maroc Sarl, Morocco · ALSTOM Grid Pte Limited, Singapore · ALSTOM Power Systems SA, France · ALSTOM Grid Energia Ltda, Brazil · ALSTOM Grid Middle East FZE, UAE · PT Schneider Indonesia, Indonesia* · ALSTOM Grid UK Limited, United Kingdom · ALSTOM T&D Finance France, Germany · ALSTOM Technology Limited, Switzerland · ALSTOM Grid Argentina SA, Argentina · ALSTOM Power Conversion SAS, France · ALSTOM Grid Hvdc India Limited, India · ALSTOM Grid Messwandler Gmbh, Germany · ALSTOM Grid Vietnam Company Limited, Vietnam · Schneider Electric Canada Inc, Canada* · ALSTOM Grid (Shanghai) Company Limited, China · Schneider Electric Austria AG, Austria* · Schneider Electric Energy Gmbh, Germany* · Schneider Electric Energy De, Colombia* · ALSTOM Grid Sa, Spain · Cogelex, Saudi Arabia · ALSTOM Austria, Austria · Zao ALSTOM Grid, Moscow · ALSTOM Grid SAS, France** · ALSTOM Grid GMBH, Germany · ALSTOM Grid Limtied, Thailand · ALSTOM Grid S.P.A., Italy · PT ALSTOM Grid, Indonesia · ALSTOM Hydro France, India · ALSTOM Grid AG, Switzerland · ALSTOM Grid Japan KK, Japan · ALSTOM India Limited, India · ALSTOM Austria GMBH, Austria · ALSTOM Power Service, France · Areva T&D - Issco, Sri Lanka · ALSTOM Grid Hellas Ae, Greece · ALSTOM Colombia S.A, Colombia · Schneider Electric Brasil Ltda, Brazil* · Schneider Enerji Endustrisi San, Turkey* · ALSTOM Grid Australia Limited, Australia · Schneider Electric India Private Limited, INDIA* · ALSTOM Grid Enerji Endustrisi A.S, Turkey · Schneider Electric Energy Spain Sl, Spain* · Schneider Electric Huadian Switchge, China* · ALSTOM Disconnector (Wuxi) Company Limited, China · Schneider Electric Infrastructure Limited, India* · Schneider Electric Sachsenwerk Gmbh, Germany* · Schneider Electric Energy Austria Ag, Austria* · Schneider-Electric Energy Hungary Limited, Hungary* · ALSTOM Grid For Electrical Network S.A.E, Egypt · ALSTOM Grid Portugal Ltda, Portugal SA, Portugal · ALSTOM Grid Protection and Contrôle SAS, France · Schneider Electric Australia Pty Limited, Australia* · Schneider Electric Energy Poland Sp Zoo, Poland* · Schneider Electric Protection and Controle, France* · ALSTOM Suzhou High Voltage Switchgear Company Limited, China · ALSTOM (Yangzhou) High Voltage Bus-Ducts Company Limited, China · Shanghai Schneider Electric Power Automation Company Limited, China* · ALSTOM Instrument Transformers (Shanghai) Company Limited, China |
Note:
* upto February 15, 2013
** w.e.f. January 24, 2012
CAPITAL STRUCTURE
AFTER 10.07.2013
Authorised Capital : Rs. 1255.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 512.093
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
627,500,000 |
Equity Shares |
Rs. 2/- each |
Rs. 1255.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
239,106,635 |
Equity Shares |
Rs. 2/- each |
Rs. 478.210
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
239,104,035 |
Equity Shares |
Rs. 2/- each |
Rs. 478.210
Millions |
|
|
|
|
|
a. Reconciliation of number of shares
|
Equity Shares |
31.03.2013 |
|
|
|
Number of shares |
Rs. in Millions |
|
Balance at the beginning of the year |
239,104,035 |
478.210 |
|
Add: Shares issued |
-- |
-- |
|
Less: Shares bought back |
-- |
-- |
|
Balance at the end of the year |
239,104,035 |
478.210 |
b. Rights,
preferences and restrictions attached to equity shares:
The Company has one
class of equity shares having a par value of Rs. 2/- per share. Each equity
share holder is eligible for one vote per share held. The Company declares and
pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
In the event of
liquidation of Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c. Number of equity shares held by holding Company and subsidiary of
holding Company
|
Equity Shares |
31.03.2013 |
31.03.2012 |
|
Grid Equipments Limited (Immediate Holding Company, w.e.f. February 1,
2012) |
175,492,524 |
175,492,524 |
|
ALSTOM Holdings, France (Intermediate Holding Company) |
16,542,372 |
-- |
|
|
|
|
|
Total |
192,034,896 |
175,492,524 |
d. Details of shareholders holding more than 5 percent shares in the
Company
|
Equity Shares |
31.03.2013 |
|
|
|
Number of shares |
Rs. in Millions |
|
Grid Equipments Limited |
175,492,524 |
73.400 |
|
ALSTOM Holdings, France |
16,542,372 |
6.91 |
|
|
|
|
|
Total |
192,034,896 |
80.31 |
e. 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, 16,585,241 equity
shares of the Company were tendered by the Shareholders of the Company and
16,542,372 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 hitherto.
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.
f. The original
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.
g. Prior to
sub-division of shares:
i. 15,750,000
equity shares of Rs.10/- each were allotted as fully paid bonus shares by
capitalisation of General Reserve, Securities Premium Account and Surplus in
Statement of Profit and Loss.
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 |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
478.210 |
478.210 |
|
(b) Reserves & Surplus |
|
8623.630 |
8286.090 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
9101.840 |
8764.300 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
660.540 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
123.520 |
149.700 |
|
(c)
Other long term liabilities |
|
1.550 |
8.250 |
|
(d)
long-term provisions |
|
326.530 |
152.890 |
|
Total
Non-current Liabilities (3) |
|
1112.140 |
310.840 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
3516.060 |
5935.010 |
|
(b)
Trade payables |
|
18125.990 |
15568.120 |
|
(c)
Other current liabilities |
|
8239.360 |
5924.710 |
|
(d)
Short-term provisions |
|
1330.080 |
960.760 |
|
Total
Current Liabilities (4) |
|
31211.490 |
28388.600 |
|
|
|
|
|
|
TOTAL |
|
41425.470 |
37463.740 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6197.640 |
6487.250 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
535.360 |
182.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.040 |
0.040 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
234.930 |
105.000 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
6967.970 |
6774.290 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
6941.840 |
5553.530 |
|
(c)
Trade receivables |
|
17146.400 |
18023.040 |
|
(d)
Cash and cash equivalents |
|
781.220 |
331.050 |
|
(e)
Short-term loans and advances |
|
3531.350 |
2906.620 |
|
(f)
Other current assets |
|
6056.690 |
3875.210 |
|
Total
Current Assets |
|
34457.500 |
30689.450 |
|
|
|
|
|
|
TOTAL |
|
41425.470 |
37463.740 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
478.208 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9545.511 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10023.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
8952.751 |
|
|
TOTAL BORROWING |
|
|
8952.751 |
|
|
DEFERRED TAX LIABILITIES |
|
|
38.130 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
19014.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8715.388 |
|
|
Capital work-in-progress |
|
|
223.870 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.034 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4808.383
|
|
|
Sundry Debtors |
|
|
21400.177
|
|
|
Cash & Bank Balances |
|
|
1199.271
|
|
|
Other Current Assets |
|
|
5140.808
|
|
|
Loans & Advances |
|
|
3191.592
|
|
Total
Current Assets |
|
|
35740.231
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
18298.248
|
|
|
Other Current Liabilities |
|
|
6341.620
|
|
|
Provisions |
|
|
1027.055
|
|
Total
Current Liabilities |
|
|
25666.923
|
|
|
Net Current Assets |
|
|
10073.308
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
19014.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
31518.770 |
41390.700 |
40200.358 |
|
|
|
Other Income |
168.580 |
153.180 |
169.421 |
|
|
|
TOTAL (A) |
31687.350 |
41543.880 |
40369.779 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material cost and related cost |
22288.580 |
29672.380 |
27776.762 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(1336.060) |
(847.150) |
0.000 |
|
|
|
Employee benefits expense |
3245.950 |
3636.170 |
3465.864 |
|
|
|
Other expenses |
4844.910 |
4747.060 |
4719.908 |
|
|
|
Exceptional items |
(170.150) |
(145.020) |
0.000 |
|
|
|
TOTAL (B) |
28873.230 |
37063.440 |
35962.534 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2814.120 |
4480.440 |
4407.245 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
774.580 |
1090.490 |
655.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2039.540 |
3389.950 |
3752.234 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
813.330 |
1014.250 |
936.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1226.210 |
2375.700 |
2816.224 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
385.130 |
751.650 |
948.811 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
841.080 |
1624.050 |
1867.413 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
4578.320 |
3479.190 |
5280.455 |
|
|
|
IDA/ IBRD aided projects |
0.000 |
0.000 |
895.136 |
|
|
|
Service Income |
212.780 |
168.060 |
39.463 |
|
|
TOTAL EARNINGS |
4791.100 |
3647.250 |
6215.054 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3557.690 |
5469.770 |
5658.507 |
|
|
|
Stores & Spares |
106.230 |
399.040 |
8.356 |
|
|
|
Capital Goods |
222.410 |
203.700 |
148.309 |
|
|
TOTAL IMPORTS |
3886.330 |
6072.510 |
5815.172 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.52 |
6.79 |
7.81 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5660.000 |
8168.300 |
8483.200 |
|
Total Expenditure |
5252.700 |
7410.900 |
7761.500 |
|
PBIDT (Excl OI) |
407.300 |
757.400 |
721.700 |
|
Other Income |
197.600 |
10.400 |
20.100 |
|
Operating Profit |
604.900 |
767.900 |
741.800 |
|
Interest |
170.400 |
236.600 |
230.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
434.500 |
531.300 |
511.800 |
|
Depreciation |
206.700 |
216.000 |
225.000 |
|
Profit Before Tax |
227.800 |
315.300 |
286.800 |
|
Tax |
77.400 |
107.200 |
97.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
150.400 |
208.100 |
189.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
150.400 |
208.100 |
189.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 |
|
PAT / Total Income |
(%) |
2.65
|
3.91 |
4.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.89
|
5.74 |
7.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.00
|
6.37 |
6.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.27 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.46
|
0.68 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.08 |
1.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
478.210 |
478.210 |
|
Reserves & Surplus |
8286.090 |
8623.630 |
|
Net
worth |
8764.300 |
9101.840 |
|
|
|
|
|
long-term borrowings |
0.000 |
660.540 |
|
Short term borrowings |
5935.010 |
3516.060 |
|
Total
borrowings |
5935.010 |
4176.600 |
|
Debt/Equity
ratio |
0.677 |
0.459 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40200.358 |
41390.700 |
31518.770 |
|
|
|
2.961 |
(23.851) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40200.358 |
41390.700 |
31518.770 |
|
Profit |
1867.413 |
1624.050 |
841.080 |
|
|
4.65% |
3.92% |
2.67% |
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Unsecured loans from banks |
597.060 |
2839.000 |
|
Unsecured loans from related parties |
2919.000 |
2450.000 |
|
Short term loan from other than banks: Unsecured, External Commercial Borrowings
("ECB") |
0.000 |
646.010 |
|
|
|
|
|
Total |
3516.060 |
5935.010 |
GENERAL INFORMATION
Subject is a publicly listed Company, incorporated on March
13, 1957 as The English Electric Company of India (Private) Limited with its
registered office at NCT of Delhi and Haryana. The Company’s operations
encompass the operations of some of the erstwhile companies (inter-alia
including the operations of The General Electric Company of India Limited
formed in the year 1911) which merged into the Company.
The Company has been building the power transmission and
distribution infrastructure to support economic growth in the country. It has a
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.
During the year 2009, ALSTOM Holdings, France and
Schneider Electric Industries SAS entered into consortium agreement to acquire
the global T&D business of AREVA SA, the then holding Company, such that
transmission business would be allocated to ALSTOM group and the distribution business
to Schneider group of companies. During the previous period, the demerger of
the distribution business of the Company was completed. The name of the Company
was changed to ALSTOM T&D India Limited from AREVA T&D India Limited on
January 31, 2012.
PERFORMANCE REVIEW
YEAR OF
CONSOLIDATION AND RETAINING MARKET LEADERSHIP
The Indian economy continued to face challenges in the year gone by. The
economic headwinds, delays with reforms, mounting SEB losses, hurdles in
clearance of power projects and lack of investments had dampened optimism in
the Industry thus negatively impacting the overall Transmission and
Distribution market in India. The performance of the Company may be considered
satisfactory during the year and seen in the face of difficult and trying
conditions in a contracted market for Company’s products and services, given
the overall slowdown of the economy. Notwithstanding, the Company performed
rather well and achieved its highest ever order book while retaining its market
leadership for the fifth year in a row.
During the year 2012-13, the Company significantly improved its market
position in the Utility Segment and consolidated its position in Industry and
Infrastructure Segments. Overall, the Company could achieve a balanced
portfolio of orders from all the key segments of the market.
During the year 2012-13, the Company has been conscious of margins,
while selecting on orders so as to improve the level of profitability. Due to
poor levels of margins, the Company did not pick-up orders worth over Rs. 11
billion that was available in the market.
STRONG GROWTH IN
HV AND UHV, CONTINUOUS GROWTH IN UTILITY, COME BACK IN HVDC
The Company has been at the forefront in making significant contribution
towards building and expansion of India’s Transmission Infrastructure. While
their Country has achieved new heights by introducing 765 kV EHV technology in
the Indian electrical grid and making it as the backbone of power transmission,
the Company, ALSTOM T and D India, actually delivered and commissioned several
of these products and solutions. The Company introduced global technology in
India by localising the complete range of HV and UHV products, way back in
2009, by building world class factories to deliver complete products and
solutions for customers in India. It will not be out of place to mention that
out of fifty 765 kV substations in India, twenty nine of such substations will
have products with Alstom Technology.
Power Grid Corporation of India Limited (Power Grid), world’s second largest
transmission utility, took initiative to introduce 800 kV HVDC to strengthen
the electrical grid’s stability as well as to improve the power flow. By design
HVDC, is the technology to transfer bulk power over long distances.
The Company has a noteworthy presence in the country in HVDC technology
having supplied three back to back HVDC projects, which helped interconnection
of India’s regional grids of East, West, North and South. ALSTOM T and D UK, in
association with the Company, has been awarded a prestigious 800 kV UHVDC
contract worth 370 MEuro or approximately Rs. 26 billion by Power Grid, to
connect Champa (Chhattisgarh), Central India, to Kurukshetra (Haryana) in
Northern India, to manage bulk power transfer of 3,000 MW.
About 40% value of the contract will be performed by ALSTOM T and D
India, in manufacturing some of the critical products such as converter
transformers, 400/ 220 kV gas and air-insulated switchgear and substation
equipment, communication and Supervisory Control and Data Acquisition systems
(SCADA).
In the Network Management Segment, the Company secured a large and
prestigious order from Power Grid known as NTAMC Project which shall supervise,
manage and control the entire National Transmission and Asset Management of Power
Grid’s 192 Transmission substations ranging from 220 kV to 765 kV voltage
level.
ALSTOM T and D India also secured an up-gradation contract for the Load
Dispatch Centre of Tamil Nadu from TANTRANSCO (Tamil Nadu Transmission
Company).
The Company also secured the upgradation contract for Power Grid’s South
Regional Load Dispatch Centre confirming Alstom’s leadership position in the
Network Management System in India.
The Transmission Grid is increasingly witnessing the emergence of BOOT
(Build, Own, Operate and Transfer) based projects. The Company has successfully
won two contracts for UP’s Transmission System at 765 kV level, from the
developer M/s MEIL, Hyderabad. The scope of these contracts include 765 kV
turnkey AIS substation as well as 400 kV GIS products with associated
Substation Automation and Network Management products and solutions.
North-East part of India is also enhancing the Transmission Grid in the
Region. AEGCL, Utility of North- East, placed a large turnkey 132 kV substation
contract on the Company.
This project is being funded by Asian Development Bank (ADB).
CONSOLIDATION IN
POWER GENERATION, INDUSTRY AND INFRASTRUCTURE
The Transmission and Distribution market for Power Generation, Industry
and Infrastructure was subdued in 2012-13. Thanks to good position in these
segments of the market, the Company could win several orders.
Bajaj Hindustan selected the Company for the supply of eBoP (Electrical
Balance of Plants) for its Super Critical Power project 3x660MW at Lalitpur.
Reliance Power selected the Company for eBoP solution for their Solar
project in Doorsar.
In Hydro, the Company won the contracts for supply of GIS and Generating
Transformers for the Tehri Hydro Power Plant.
NTPC’s Nabinagar JV has selected the Company for Power Transformers and
Reactors for its 3x660MW Power Project.
In addition, the Company also won several medium and small size orders
from its customers in Industry and Infrastructure Segments.
HV AND EHV
PRODUCTS ACROSS ALL MARKET SEGMENTS
The Company continued its success in winning orders for solutions and
products ranging from 66 kV to 765 kV from Power Grid and other leading
customers. the Company won orders from Power Grid for supply, erection, testing
and commissioning of 20 Nos. of 80 MVAR Reactors for 765 kV substations located
at Raichur, Meerut, Kurnool and Varanasi.
The Company also won another large contract for 20 Nos. of 80 MVAR 765
kV Reactors from LandT for the 765 kV AIS substation at Phagi in Rajasthan. The
Transmission Utility of Maharashtra MSETCL awarded a large contract for 7 Nos.
of 500 MVA Transformers and 4 Nos. of 80 MVAR 765 kV Reactors for their 765 kV
substation at Aurangabad, Maharashtra.
The Company has advanced technology shunt reactor products, with air-gap
cores and magnetic shield that ensure low vibration and minimal noise levels.
These reactors, once installed in the grid, will strengthen the power
transmission networks in Eastern, Northern and Western regions of India. Apart
from HVDC and 765 kV AC domain, the Company also maintained its leadership in
the conventional transmission market i.e. 400 kV air insulated substations and
won several prestigious contracts.
DIGITAL INSTRUMENT
TRANSFORMERS AND FUTURE DIGITAL SUBSTATION
The Company continued the trend of being the first mover by successfully
commissioning one bay of a 220 kV substation with its patented optical
instrument transformer, as the step towards India’s first digital substation.
The contract for this substation, which is located at Jambuva, Gujarat, was
awarded by the state transmission utility - Gujarat Electric Transmission
Corporation (GETCO). This is the first of its kind installation in India that
uses Alstom’s range of Compact Optical Sensor Intelligence (COSI) products
manufactured at Phoenix, USA. This product is locally supported by Alstom’s
Instrument Transformer manufacturing unit in Hosur and Substation Automation
manufacturing unit located at Pallavaram, Chennai.
The COSI range enables the digitalisation of current and voltage signals
through Optical Ethernet Connectivity, enhancing accuracy, significantly
reducing the use of copper cables and strengthening the reliability of the
system. It also facilitates current transformer sizing calculations. Being
SCADA ready, it brings Smart Grid Intelligence to the Substation by allowing
operational data exchange with the load dispatch centre. The installation is
simplified due to its light weight. It is operationally safe, and the absence
of oil and SF6 ensures no adverse environmental impact on end-of-life disposal.
The Company is leading the efforts in India in delivering digital
substation solutions to all its Customers. ALSTOM T and D India’s Digital
technology solutions got off to an excellent start with the successful delivery
of the 1200 kV digital instrument transformer and 1200 kV disconnector for the
1200 kV Bina Test substation being built by Power Grid.
IMPROVING GRID
STABILITY AND EFFICIENCY
In another significant achievement, Alstom Grid Finland, in association
with the Company, was awarded a turnkey contract by Power Grid, for providing
Fixed Series Compensation (FSC) package for 400 kV Wardha - Aurangabad
Transmission Network. Thus, the Company is well positioned to meet the emerging
demand of upgradation of the existing transmission infrastructure in the
country.
OPERATIONAL
EXCELLENCE
In today’s competitive business scenario, differentiation through
Operational excellence is the best way to gain and retain Customer confidence.
Through continuous and dedicated efforts, the Company has commissioned a record
number of 88 substations across India at various voltage levels ranging from 66
kV to 765 kV during the year, thereby making significant contribution to the
strengthening of India’s Transmission and Distribution networks. Customers
appreciated this extra-ordinary performance of the Company. Gujarat Energy
Transmission Company has selected the Company as the best EPC Contractor for
the year 2012-13. The Company has delivered and commissioned a significant
number of Substations for utilities such as Power Grid, MSETCL and WBSETCL. the
Company has also commissioned India’s largest EBoP project at 2X600 MW Mahan
for Essar Power, the largest Conversion station for Hindalco at Mahan and 220
kV Substation for Reliance Doorsar Solar Power Plant.
In the area of Network Management System ALSTOM T and D India also
commissioned the state-of-the-art Load Dispatch Center for Uttrakhand, covering
the entire state transmission network from 132 kV to 400 kV. During the year,
the Company has successfully installed and commissioned the Power Distribution
System for the newly inaugurated Terminal at Chennai International Airport.
This state-of the- art Power System comprises of
132 kV GIS, Medium Voltage Switchgear and advanced automation control
system. In recognition of the good work done, the Annual Maintenance contract
of the Power Distribution System has also been awarded to the Company by AAI.
ALSTOM T and D India has successfully installed and commissioned the
Power Distribution System linked to modernisation of the SAIL-IISCO Steel plant
in West Bengal. Eight nos. of Load Break Distribution Stations (LBDS)
comprising 700 nos. of Medium Voltage Switchgear, 21 nos. of Transformers, 300
kms of HV cables and advanced SCADA system including all civil works were
commissioned, during the course of the year.
Apart from delivering and commissioning a large number of substations,
the Company also supplied significant number of HV and EHV AIS products such as
Transformers, Instrument Transformers, Circuit Breakers, Disconnectors, GIS
Substations, Automation products, Automation solutions, Network Management
Systems and Asset Management and after Sales Services to their Customers in
Utility, Power Generation, Industry and Infrastructure segments. The Company
also met delivery requirement of fast track projects, such as Power Grid’s
Myanmar 220 kV substations, by manufacturing and testing a record number of 20
Transformers within a short period of 8 weeks. The Transformer factories in
Naini and Vadodara have manufactured and commissioned a significant number of
Power Transformers and Reactors ranging from 132 kV to 765 kV voltage levels.
The Company received appreciation letters from customers such as NTPC, Power Grid
and Reliance for timely and safe installation, testing and commissioning of
Transformers, which is noteworthy.
The Company’s world class switchgear factory at Padappai produced a
record number of Circuit Breakers ranging from 66 kV to 765 kV voltage levels
and Disconnectors from 400 kV to 765 kV voltage levels. During the year
2012-13, the Padappai factory also produced the UHV 1200 kV Disconnector for
Power Grid’s Bina 1200 kV test substation.
The Company’s world-class GIS factory at Padappai has, till date,
manufactured and delivered more than 200 Bays of GIS and have commissioned over
85 GIS Bays at various voltage levels ranging from 66 kV to 400 kV.
World-class Instrument Transformer factory at Hosur also produced a
record number of Instrument Transformers from 66 kV to 765 kV voltage levels.
During the year 2012-13, this factory also produced World’s first 1200 kV
Optical Current Transformer for Power Grid’s 1200 kV Test substation at Bina.
The manufacturing capacity at the Company’s world-class Substation
Automation and Digital Relay MiCOM Px40 facility located at Pallavaram,
Chennai, has been doubled since November 2012 through the addition of Lean
manufacturing lines with indigenously developed Test equipments.
Technology absorption from ALSTOM’s Centre of Excellence in Stafford, UK
has been completed for Numerical Busbar Protection (MiCOM P74x), Numerical
Differential Protection (MiCOM P64x) and Numerical Generator protection (MiCOM
P345) in their manufacturing lines at Pallavaram Plant.
The Harsh Environment Coating (HEC) equipment for Electronic boards used
in MiCOM Numerical protection has also been added to make the Company Relays
compatible with Harsh Environment.
The Pallavaram Automation manufacturing unit also successfully completed
ISO 9001 surveillance audit, Recertification audit for ISO 14001 and OHSAS
18001 and was Certified by CFE LAPEM for product qualification in Mexico. As a
significant commercial success, the Company has sold over 400 MiCOM P40 AGILE
relays to multiple market segments including Oil and Gas sector.
The Substation Automation R and D facility at Noida has been
substantially expanded with a dedicated team of over 30 Experts working on new
features of Digital Control System “DS AGILE”. This includes validation of the
application, Testing of Automation Scripts and validation of New HMI. These
activities are being performed under state-of-the-art Test automation
environment using latest hardware and software viz, Protocol Simulators, IED
Simulators, Injection Kits, etc.
The scale of manufacturing operations at their factories at Pallavaram,
Padappai, Hosur, Vadodara, Naini and Noida remained at high throughput level,
all through the year leading to significant contribution in delivering products
to their Customers for India’s T and D network.
INFORMATION
SYSTEMS AND TECHNOLOGY
The Company uses Information Systems and Technology to enhance business
performance and improve operational excellence. The Company has deployed
various tools and policies for its IT infrastructure and IT security. The
Company takes care to ensure that the business needs are supported by investing
in Network Upgrades, Mobility Solutions and various audio visual devices. The
Company has ERP system in place which improves performance of the business via
information sharing and integration.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
MARKET OVERVIEW
The year 2012-13 was modest for the T and D Market. For the first time,
since 2003, the T and D Market in India shrank by 9-10%, due to fall in demand,
led by low investment in the power segment, in industry and infrastructure and impacted by delays in
project execution by the Customers.
Accumulated State Electricity Boards’ (SEBs) losses of Rs. 2.35 trillion
has put deep stress across the Generation and T and D value chain, deeply
impacting the cash flow of the GENCOs and T and D suppliers. Consequently,
several private Independent Power Projects (IPPs) are in financial trouble and
are, therefore, shy to invest in new power projects. Lack of fuel supply,
issues of land acquisition and delayed environmental clearances have put
additional stress on the power sector. 50GW of Power Generation Capacity (24%
of Capacity) is stranded due to fuel supply issues and lack of demand from
SEB’s. Thus, the investment climate, in power sector, continues to be leak and
uncertain. Most of the new projects are either delayed or shelved. The year
also witnessed their Customers constantly struggling with execution of their
projects due to tough challenges in land acquisition, fuel supply,
environmental clearances as well as delayed financial closure.
On the positive side, India added 55,000 MW of additional generation
capacity to the Grid during the 11th plan period. The T and D
Infrastructure is yet to be fully built to transmit this additional generation.
Thus, it creates opportunities for the Company for the year 2013-14 and beyond.
Government of India has also finalized the financial restructuring plan
(FRP) to help the SEBs to restructure their financial debts and clean up their
balance sheets. Eight major SEBs have agreed, in principle, to go for FRP in
2013-14.
BUSINESS
PROJECTIONS
The overall business environment is expected to remain challenging.
Pricing pressure on margins and cash flow would be amongst key challenges. The
Company having regard to excellent order book and expectation of easing of
constraints is confident that it will continue to deliver value to its
shareholders and other stake-holders. \
FINANCE
Finance played a pivotal role in bringing greater focus on Company’s
cash collection in a cash-starved business environment. As a result of this
focus and pooling of resources, direct approach with ultimate customers, lending
agencies, bankers, securing improved terms and security of payments and indeed
valuable support of its suppliers, the Company improved its working capital.
the Company’s net cash generation from Operating activities also improved to
Rs. 4 billion during the year 2012-13 (Rs. 2.5 billion during the 15 months of
the previous period) with reduction in overall borrowings by Rs. 1.8 billion.
The Company also completed its ambitious plan of streamlining its
financial accounting platform, with all businesses now on a common ERPALT@ IS
systems.
OUTLOOK
Overall, Transmission sector outlook is positive as well as challenging,
driven by Power Grid and SEB led investments, to evacuate/ transport power
generated by capacity added in the 11th Plan.
The Company, with strong order book of around Rs. 62 billion and
balanced portfolio of products and projects, is well placed to retain its
leadership position in the Transmission sector.
Investments in HVDC and Grid stability equipments are likely to increase
in the coming years. ALSTOM T and D India, with its existing bouquet of
products backed by new investment plans in capacity building and technologies,
is focused on extending its customer base and increase its market share in
existing as well as in the emerging technologies.
The Company, however, recognizes that the market conditions in India
would continue to see contraction and pressure on margins in the T and D Sector
for some time. Notwithstanding, the Company’s management team remains
holistically focused and committed to deliver increased value for its
stakeholders.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(i) Sales tax, Service tax and Excise matters. |
336.820 |
172.120 |
|
(ii) Claims against the Company not acknowledged as debts
pertaining to legal cases and provident fund. |
65.790 |
46.770 |
FIXED ASSETS:
· Freehold land
· Leasehold land
· Buildings (including those on leasehold land)
· Leasehold improvements
· Plant and machinery
· Furniture and fittings
· Computers
· Office equipments
·
Motor vehicles
PRESS RELEASES
ALSTOM T&D BAGS
CONTRACT WORTH RS 790.000 MILLIONS FROM POWERGRID CORP
02/12/2013
Alstom T&D India Limited said that the company has received an order from Powergrid Corporation of India Limited worth Rs 790.000 millions.
The order to provide 14 shunt reactors for the 765 kv electrical substations at
Kanpur and Jhatikara in the Uttar Predesh state, due to be delivered in 2015,
the company said in a filing to the Bombay Stock Exchange.
Commenting on the development, Alstom T & D, Managing Director, Rathin
Basu, said, “This contract further reinforces the confidence that Powergrid has
in Alstom’s capabilities to deliver 765 Kv products and solutions from its
state of the art manufacturing facilities.”
All 765 Kv equipments for these projects will be manufactured in Alstom’s
transformer and reactor manufacturing facility at Vadodara in India.
ALSTOM T&D INDIA WILL SUPPLY ITS
WORLD-LEADING ENERGY MANAGEMENT SYSTEM TO POWER GRID
Nov 11, 2013
Alstom T&D India will help monitor and
control India’s electricity supply network with two contracts worth INR 1
billion awarded by Power Grid Corporation of India.
Alstom T & D India Ltd has informed BSE regarding a Press Release dated
November 11, 2013, titled "Alstom T&D India will supply its
world-leading energy management system to Power Grid Corporation of India"
Alstom T&D India will help monitor and control India’s electricity supply
network with two contracts worth INR 1 billion awarded by Power Grid
Corporation of India. Alstom will supply its world-leading energy management
system to enable reliable, secure and efficient operation of the electric power
system.
ALSTOM T&D INDIA BAGS ORDER FROM
NABINAGAR POWER GENERATING
Oct 21, 2013
This order, worth approximately Rs.
1055.000 Millions (euro 14 million), covers the design, engineering,
manufacture, supply, testing, erection and commissioning of generator
transformers and associated power transformers and shunt reactor.
Alstom T&D India today said it has bagged Rs. 1055.000 Millions order for
supplying equipment for Nabinagar Power Generating Company's thermal power
plant in Bihar.
"Alstom
T&D India will supply a power transformer package for Nabinagar Power
Generating Company's thermal power project located in Bihar," the company
said in a statement. The project is part of a bulk tender which has been set up
to accelerate the pace of thermal capacity addition in the country.
This order, worth
approximately Rs. 1055.000 Millions (euro 14 million), covers the design,
engineering, manufacture, supply, testing, erection and commissioning of
generator transformers and associated power transformers and shunt reactor, the
statement said.
All equipment will
be manufactured by Alstom T&D India's transformer manufacturing and testing
facility in Naini (Uttar Pradesh). "With strong references, Alstom T&D
India has a wide range of short circuit test compliant generator transformers
and associated power transformers designed specifically for super critical
power projects," Alstom T&D India Managing Director Rathin Basu said
in the statement. The Nabingar power transformer package is due to be delivered
by October 2017.
Alstom T&D stock price
On November 14,
2013, Alstom T&D India closed at Rs. 165.00, up Rs. 4.15, or 2.58 percent.
The 52-week high of the share was Rs. 212.50 and the 52-week low was Rs.
110.00.
The company's
trailing 12-month (TTM) EPS was at Rs. 4.13 per share as per the quarter ended
September 2013. The stock's price-to-earnings (P/E) ratio was 39.95. The latest
book value of the company is Rs. 38.07 per share. At current value, the
price-to-book value of the company is 4.33.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Stand0ards :
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. 60.32 |
|
|
1 |
Rs. 100.04 |
|
Euro |
1 |
Rs. 82.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.