MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM T AND D INDIA LIMITED (w.e.f.
31.01.2012) |
|
|
|
|
Formerly Known
As : |
AREVA T AND D INDIA LIMITED |
|
|
|
|
Registered
Office : |
A-18, First
Floor, okhla
industrial Area, Phase II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.03.1957 |
|
|
|
|
Com. Reg. No.: |
55-193993 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 478.210
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31102DL1957PLC193993 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
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. |
|
|
|
|
No. of Employees
: |
3894 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 36400000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
subsidiary of Grid Equipments Limited, India. It is a well-established and
reputed company having fine track record. There appears dip
in the profit of the company. However, general position appears to be decent.
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as the
cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing
attacks during the third quarter, according to a study by RSA. India ranks
fourth in the list of nations hit by phishing
attacks. The US remained at the top of the charts. Phishing
is the process of acquiring information such as user names, passwords and
credit card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 |
|
Tel. No.: |
91-11-47629100/
41610660 |
|
Fax No.: |
91-11-47629129/
30/ 41610659 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Head Office / Regional Office 1 : |
457, Anna Salai, Teynampet, Chennai –
600018, Tamilnadu, India |
|
|
|
|
Regional Office 2 : |
D-2 Gillander House, Netaji Subhas Road, Kolkata – 700001, West Bengal, India |
|
|
|
|
Regional Office 3 : |
Narottam Morarji
Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India |
|
|
|
|
Branch Office : |
A-7, Sector – 65,
Noida – 201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2405421/
22/ 23/ 4790000 |
|
Fax No.: |
91-120-2405439/
40/ 4791140 |
|
|
|
|
Factory 1 : |
Plot No.46,
SIPCOT Industrial Works, Hosur – 635126, Tamilnadu, India |
|
|
|
|
Factory 2 : |
Naini Works, Mirzapur
Road P. O. Naini, Allahabad – 211008, Uttar
Pradesh, India |
|
Tel No.: |
91-532-2697422/
424 |
|
Fax No.: |
91-532-2697604 |
|
|
|
|
Factory 4 : |
Plot No. 142, Salamangalam Village, Padappai, Sriperumbudur T.K., Kancheepuram - 601301, Tamilnadu, India |
|
|
|
|
Factory 5 : |
19/1, GST Road, Pallavaram, Chennai – 600043, Tamilnadu,
India |
|
Tel. No.: |
91-44-22368621/
8723/ 8917/ 22640033/ 37 |
|
Fax No.: |
91-44-22367276/
22640040 |
|
|
|
|
Factory 6 : |
Kotambi Village, Vadodara
– Halol Highway, Milestone No.87, Taluka Waghodia, Vadodara – 391510, Gujarat, India |
|
|
|
|
Factory 7 : |
19/1, GST Road, Pallavaram, Chennai - 600043, Tamilnadu,
India |
|
|
|
|
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) |
|
Date of Birth/Age : |
65 Years |
|
Qualification
: |
Bachelor of Commerce (Honours)
from Delhi University and a Fellow Member of The Institute of Chartered
Accountants of India (ICAI). |
|
|
|
|
Name : |
Mr. Rathindra Nath Basu |
|
Designation : |
Managing Director
|
|
Address : |
C-302, |
|
Date of Birth/Age : |
13.07.1954 |
|
Experience : |
35 Years |
|
Date of Appointment : |
01.02.2007 |
|
PAN No.: |
AAFPB7016C |
|
DIN No : |
01192973 |
|
|
|
|
Name : |
Mr. Pierre Laprote |
|
Designation : |
Director |
|
Address : |
8, Rue De La Paroisse, Versailles,
France-78000 |
|
Date of Birth/Age : |
17.08.1961 |
|
Qualification
: |
Masters Degree in Business Law. |
|
Date of Appointment : |
25.04.2008 |
|
DIN No : |
02146282 |
|
|
|
|
Name : |
Mr. Michel Augonnet |
|
Designation : |
Director |
|
Address : |
47, Rue Perronet, |
|
Date of Birth/Age : |
28.09.1950 |
|
Qualification
: |
Graduate in Electrical Engineering from Ecole Superieure d' Electricite (France). |
|
Date of Appointment : |
09.05.2005 |
|
DIN No : |
00276267 |
|
|
|
|
Name : |
Mr.
Michel Serra |
|
Designation : |
Director (w.e.f. 04.02.2011) |
|
Date of Birth/Age : |
56 Years |
|
Qualification
: |
Graduate of the Ecole Nationale Superieure des Arts et Metiers (ENSAM). |
|
|
|
|
Name : |
Mr. Chandan Roy |
|
Designation : |
Director (w.e.f. 06.08.2011) |
|
Date of Birth/Age : |
62 Years |
|
Qualification
: |
Graduate in Mechanical
Engineering. |
|
|
|
|
Name : |
Mr. Ravi Kumar Krishnamurthy |
|
Designation : |
Alternate Director (Appointed as an Alternate Director to Mr. Pierre Laporte on 06.08.2011 and due to Mr. Laporte's
presence in India at various times, Mr. Krishnamurthy ceased to be an
Alternate Director for short spells of time and was intermittently reappointed
as an alternate Director to Mr. Pierre Laporte from
time to time. |
|
Date of Birth/Age : |
45 Years |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Prasad Singh |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee |
|
|
Name : |
· T.S. Vishwanath, Chairman Mr. Pierre Joseph Jean Marie Laprote Mr. Chandan Roy |
|
|
|
|
Share Transfer and
Shareholders / Investors Grievance Committee |
|
|
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 |
|
|
|
|
|
|
|
|
175492524 |
68.54 |
|
|
175492524 |
68.54 |
|
|
|
|
|
|
16542372 |
6.46 |
|
|
16542372 |
6.46 |
|
Total shareholding of Promoter and Promoter Group (A) |
192034896 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
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 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to 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. |
||||||||||
|
|
|
||||||||||
|
Products/ Services : |
|
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) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
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 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Shome and Banerjee Cost Accountants |
|
|
|
|
Ultimate
Holding Company : |
ALSTOM SA, France |
|
|
|
|
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) |
|
|
|
|
Immediate
Holding Company : |
· Grid Equipments Limited, India (w.e.f. February 1, 2012) ALSTOM Grid SAS, France (upto
January 23, 2012) |
|
|
|
|
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 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
5660.000 |
8168.300 |
|
Total Expenditure |
|
5252.700 |
7410.900 |
|
PBIDT (Excl OI) |
|
407.300 |
757.400 |
|
Other Income |
|
197.600 |
10.400 |
|
Operating Profit |
|
604.900 |
767.900 |
|
Interest |
|
170.400 |
236.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
434.500 |
531.300 |
|
Depreciation |
|
206.700 |
216.000 |
|
Profit Before Tax |
|
227.800 |
315.300 |
|
Tax |
|
77.400 |
107.200 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
150.400 |
208.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
150.400 |
208.100 |
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 |
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
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90331839 |
01/09/2005 * |
150,000,000.00 |
UTI BANK LIMITED |
NO. 19, M.G ROAD, BANGALORE, KARNATAKA, INDIA |
- |
|
2 |
90252583 |
03/10/1997 * |
450,000,000.00 |
CANARA BANK |
VALLUVAR KOTTAM HIGH ROAD, NUNGAMBAKKAM, CHENNAI - 600034, TAMILNADU, INDIA |
- |
* Date of charge modification
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/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. 62.18 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
67 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.