MIRA INFORM REPORT
|
Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM BHARAT FORGE POWER LIMITED |
|
|
|
|
Registered
Office : |
14th Floor, Antariksh Bhavan, 22 Kasturba Gandhi Marg, New
Delhi – 110001 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.01.2010 |
|
|
|
|
Com. Reg. No.: |
55-197807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1447.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29111DL2010FLC197807 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELA25261F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA1334J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
of turbines and generators for thermal power projects. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Alstom Holding, France. It is an
established company having a satisfactory track record. The company has incurred continuous accumulated losses over a year. However, the rating takes into consideration technical, managerial and
financial support that company receives from its parent company and
satisfactory long term demand prospects for super-critical technology based
power generation units. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. In view of strong holding support, the company can be considered for
business dealing 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 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Term Loans: BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk |
|
Date |
November, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based (LC): A2+ |
|
Rating Explanation |
Have strong degree of safety and carry
higher credit risk. |
|
Date |
November, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-120-4731100
LOCATIONS
|
Registered Office : |
14th Floor, Antariksh Bhavan, 22 Kasturba Gandhi Marg, New
Delhi – 110001, India |
|
Tel. No.: |
91-11-23357035 |
|
Fax No.: |
91-11-23357083 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
IHDP Building, 4th Floor, Plot # 7, Sector 127, Noida –
201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4731100 |
|
Fax No.: |
91-120-4731200 |
DIRECTORS
(AS ON 05.07.2013)
|
Name : |
Mr. Alain Christian Spohr |
|
Designation : |
Managing Director |
|
Address : |
C-473, First Floor, Defence Colony, New Delhi – 110024, India |
|
Date of Birth/Age : |
31.08.1959 |
|
Date of Appointment : |
19.07.2013 |
|
DIN No.: |
03581607 |
|
|
|
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
|
Designation : |
Director |
|
Address : |
Amit 221/A, Kalyani Nagar, Yerawada, Pune – 411006, Maharashtra, India
|
|
Date of Birth/Age : |
07.01.1949 |
|
Date of Appointment : |
08.01.2010 |
|
DIN No.: |
00089380 |
|
PAN No.: |
ABIPK5782A |
|
|
|
|
Name : |
Mr. Sunil Kumar Chaturvedi |
|
Designation : |
Director |
|
Address : |
D-16, Sector 39, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
05.02.1963 |
|
Date of Appointment : |
08.01.2010 |
|
DIN No.: |
02183147 |
|
PAN No.: |
ADMPC8520C |
|
|
|
|
Name : |
Mr. Andreas Peter Lusch |
|
Designation : |
Director |
|
Address : |
Toblerstrasse 94 8044 Zurich Zurichberg, Switzerland Surich Zurichberg
Switzerland |
|
Date of Birth/Age : |
29.06.1969 |
|
Date of Appointment : |
28.09.2011 |
|
DIN No.: |
03626651 |
|
|
|
|
Name : |
Mr. Philippe Henri Camille Cochet |
|
Designation : |
Director |
|
Address : |
3, Rue Paul Rollet 92250 LA Garenne Colombes La Garenne Colombes
France |
|
Date of Birth/Age : |
09.05.1960 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
05240622 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Chandra Mahapatra |
|
Designation : |
Company Secretary |
|
Address : |
C-1, Pocket 6, Kendriya Vihar 2, Sector 82, Noida – 201305, Uttar
Pradesh, India |
|
Date of Birth/Age : |
27.11.1972 |
|
Date of Appointment : |
09.12.2011 |
|
PAN No.: |
AGNPM0751F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 05.07.2013)
|
Name of
Shareholders |
|
No of Shares |
|
|
|
|
|
Alstom Power Holdings SA, France |
|
73822499 |
|
Bharat Forge Limited |
|
70927496 |
|
Babasaheb Neelkanth Kalyani |
|
1 |
|
Sunil Kumar Chaturvedi |
|
1 |
|
Amit Babasaheb Kalyani |
|
1 |
|
Srinivas Balwant Kanade |
|
1 |
|
Sunand Sharma |
|
1 |
|
|
|
|
|
Total
|
|
144750000 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Bodies corporate |
|
49.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of turbines and generators for thermal power projects. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai – 400018, Maharashtra, India · Axis Bank Limited 2nd floor, Statesman House, 148, Barakhamba Road, New Delhi – 110001, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Warehouse Chartered Accountants |
|
Address : |
Building 8, 7th and 8th Floor, Tower B, DLF,
Cybercity India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Holding Company : |
·
Alstom Holdings, France |
|
|
|
|
Other Related Parties : |
·
Alstom, France ·
Alstom Power Holdings SA, France ·
Bharat Forge Limited, India |
|
|
|
|
Fellow Subsidiary Company: |
· ALSTOM India Limited, India · Alstom Power SA, France · Alstom Technology Limited, Switzerland · Alstom (Switzerland) Limited, Switzerland · Alstom Power Gmbh, Germany · Kalyani Alstom Power Limited, India · Alstom Power Systems SA, France · Alstom S&E Africa (Pty), South Africa |
CAPITAL STRUCTURE
(AS ON 05.07.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
186300000 |
Equity Shares |
Rs.10/- each |
Rs.1863.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144750000 |
Equity Shares |
Rs.10/- each |
Rs.1447.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1447.500 |
1447.500 |
1447.500 |
|
(b) Reserves & Surplus |
(559.409) |
(416.064) |
(200.654) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1)+(2) |
888.091 |
1031.436 |
1246.846 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
974.000 |
560.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
22.510 |
10.801 |
3.996 |
|
Total Non-current
Liabilities (3) |
996.510 |
570.801 |
3.996 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
150.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
88.540 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
4341.172 |
293.063 |
149.490 |
|
(d) Short-term
provisions |
102.989 |
1.745 |
0.217 |
|
Total Current
Liabilities (4) |
4682.701 |
294.808 |
149.707 |
|
|
|
|
|
|
TOTAL |
6567.302 |
1897.045 |
1400.549 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1107.186 |
658.138 |
0.194 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
436.187 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
39.967 |
18.735 |
11.130 |
|
(d) Long-term Loan and Advances |
1241.218 |
891.571 |
312.547 |
|
(e) Other
Non-current assets |
222.464 |
100.115 |
47.962 |
|
Total Non-Current
Assets |
2610.835 |
1668.559 |
808.020 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
12.554 |
0.000 |
0.000 |
|
(d) Cash and
cash equivalents |
2907.402 |
11.051 |
570.625 |
|
(e)
Short-term loans and advances |
965.780 |
27.062 |
21.062 |
|
(f) Other
current assets |
70.731 |
190.373 |
0.842 |
|
Total
Current Assets |
3956.467 |
228.486 |
592.529 |
|
|
|
|
|
|
TOTAL |
6567.302 |
1897.045 |
1400.549 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2167.982 |
0.000 |
0.000 |
|
|
|
Other Income |
63.313 |
5.269 |
21.253 |
|
|
|
TOTAL (A) |
2231.295 |
5.269 |
21.253 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1748.354 |
(180.862) |
0.000 |
|
|
|
Employee Benefits Expenses |
235.981 |
241.666 |
79.800 |
|
|
|
Other Expenses |
401.746 |
158.504 |
153.231 |
|
|
|
TOTAL (B) |
2386.081 |
219.308 |
233.031 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(154.786) |
(214.039) |
(211.778) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.442 |
8.873 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(164.228) |
(222.912) |
(211.778) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.349 |
0.103 |
0.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(164.577) |
(223.015) |
(211.783) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(21.232) |
(7.605) |
11.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(143.345) |
(215.410) |
(222.913) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(416.064) |
(200.654) |
(416.064) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(559.409) |
(416.064) |
(638.977) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.99) |
(1.49) |
(2.41) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(6.42)
|
(4088.25) |
(1048.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.59)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.52)
|
(11.87) |
(22.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
(0.22) |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.27
|
0.54 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84
|
0.78 |
3.96 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1447.500 |
1447.500 |
1447.500 |
|
Reserves & Surplus |
-200.654 |
-416.064 |
-559.409 |
|
Net worth |
1246.846 |
1031.436 |
888.091 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
560.000 |
974.000 |
|
Short term borrowings |
0.000 |
0.000 |
150.000 |
|
Total borrowings |
0.000 |
560.000 |
1124.000 |
|
Debt/Equity ratio |
0.000 |
0.543 |
1.266 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
0.000 |
0.000 |
2167.982 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
0.000 |
0.000 |
2167.982 |
|
Profit |
(222.913) |
(215.410) |
(143.345) |
|
|
|
|
(6.61%) |
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 |
GENERAL INFORMATION
The Company is a closely held
Company, incorporated on January 8, 2010, registered with the Registrar of
Companies, New Delhi.
The Company is a joint
venture between ALSTOM Power Holdings SA (APH), France and Bharat Forge Limited
(BFL), India. APH and BFL hold 51% and 49% of the shareholding respectively in
the Company. It has been set up for manufacturing of turbines and generators
for thermal power projects in the sub-critical and super-critical range with
manufacturing capacity of 5,000 MW per year. The current year operations include
the execution of Solapur 660*2 MW power project for supply of turbine generator
islands and engineering services to other group companies.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10479584 |
31/12/2013 |
4,100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. |
B97189518 |
|
2 |
10461411 |
28/09/2013 |
2,000,000,000.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN
HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI -110001, INDIA |
B90026931 |
|
3 |
10356768 |
20/07/2012 * |
18,900,000,000.00 |
Axis Trustee Services
Limited |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B45333127 |
|
4 |
10309443 |
20/07/2012 * |
13,500,000,000.00 |
Axis Trustee Services
Limited |
AXIS HOUSE, 2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA -
400025, INDIA |
B45167632 |
* Date of charge modification
FIXED ASSETS:
·
Furniture and Fixtures
·
Office Equipment
·
Mobile
Phone
NEWS:
ALSTOM-BHARAT FORGE JOINT VENTURE TO SUPPLY
THREE TURBINE ISLANDS FOR COAL-FIRED POWER PLANTS IN INDIA
03/10/2013
Alstom Bharat Forge Power Limited (ABFPL), the joint venture company between Alstom and Bharat Forge, has secured in India an order worth over €350 million (Rs.22510.000 Millions). ABFPL will supply three units of 660 MW supercritical coal turbine islands to Nabinagar Power Generating Company Private Limited, a joint venture between NTPC and Bihar State Electricity Board in Nabinagar, located in the state of Bihar. Alstom’s share of the contract amounts to around €185 million.
ABFPL’s scope of work includes engineering, manufacturing, supply, erection and commissioning of three 660 MW supercritical units. This order is part of the NTPC bulk tender for the supply of eleven 660 MW turbine generator islands. This award follows the €250 million order won by ABFPL in April 2012 for the supply of two 660 MW supercritical units to NTPC Limited’s Solapur site in Maharashtra, India.
Alstom’s supercritical technology uses steam with very high temperatures and pressure, resulting in a much higher efficiency (above 40 per cent) than conventional sub-critical coal fired plants. This means that a supercritical unit burns much less coal, generating less emission per megawatt of power output. This meets India’s needs to increase electricity production for their development whilst limiting CO2 emissions.
“The Solapur and Nabinagar orders confirm our commitment to further
expand on the local steam market in India. Thanks to its strong expertise,
technology, product portfolio, Alstom, together with its JV partner Bharat
Forge, is well positioned to address the power requirements of the fast growing
country,” commented, Andreas Lusch, Senior Vice President of Alstom’s
Steam business.
About
Alstom in India
Alstom is a
global leader in power generation, power transmission and rail infrastructure.
Present in India since 1911, Alstom has strong capabilities in engineering, manufacturing,
project management and supply of products and solutions for infrastructure.
Alstom has four R&D centres in India: Transport in Bengaluru, Hydro Global
Technology Centre in Vadodara and Grid R&D centre in Hosur and Padappai. It
has two engineering centres for Power in Noida and Kolkata and eleven
manufacturing units dedicated to: Power - Hydro in Vadodara, Boilers in
Durgapur, auxiliary components and air-pre heaters in Shahabad, Steam turbines
in Mundra (upcoming), Transport at Coimbatore and SriCity and Grid in Padappai,
Pallavaram, Hosur, Vadodara and Naini.
About Alstom-Bharat Forge Power
Alstom Bharat
Forge Power Limited is a joint venture between Alstom and Bharat Forge Limited,
created to participate in the Indian market of turbines islands (steam turbines
and generators, heat exchangers and all associated equipment). Alstom has a
majority stake in this joint venture. This JV Company has set the cornerstone
of its new manufacturing facility in India. The main orders for machine
tools for this manufacturing facility have already been placed and the
construction is on-going. The JV manufacture 300-800MW subcritical and
supercritical equipment with an annual capacity of 5000 MW.
About Bharat Forge
Bharat Forge
Limited (BFL) is the flagship company of the USD 2.5 billion Kalyani Group -- a
global provider of high performance, innovative, safety critical components and
solutions to various industrial sectors including Automotive, Oil and Gas,
Aerospace and Rail and Marine. BFL today has the largest repository of
metallurgical knowledge in the region and offers complete end-to-end capability
from concept to testing and validation to marquee global OEM’s. At the cusp of
a breakout growth and transformation into an engineering conglomerate through
its aggressive foray in capital goods and infrastructure sectors, BFL is
committed to proactively expedite India’s transformation into a global economic
giant.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.