MIRA INFORM REPORT
|
Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM INDIA LIMITED (w.e.f. 06.06.2012) |
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Formerly Known
As : |
ALSTOM PROJECTS INDIA LIMITED |
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Registered
Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.09.1992 |
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Com. Reg. No.: |
11-068379 |
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Capital
Investment / Paid-up Capital : |
Rs.672.300 Millions |
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CIN No.: [Company Identification
No.] |
L74140MH1992PLC068379 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The company engaged in engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipment and transportation systems covering traction, signaling and train control for the railways and metros. |
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No. of Employees
: |
4625 (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 32000000 |
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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, France. It is a well-established
and reputed company having a fine track record. The rating reflects strong financial risk profile supported by low
dependence on external debt adequate liquidity position and decent
profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limit “AA” |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
31.10.2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits “A1+” |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
31.10.2013 |
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.: 91-22-61330605
LOCATIONS
|
Registered Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91- 22- 22000487/ 490/ 528/ 22051256 |
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Fax No.: |
91-22- 22000324/ 22086905 |
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E-Mail : |
pradeepta.puhan@power.alstom.com
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Website : |
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Corporate Office : |
IHDP Building, Plot No.7, Sector – 127, Noida – 201301, Uttar Pradesh,
India |
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Head Office/
Manufacturing Facility : |
Erda Road, GIDC, Maneja, Vadodara – 390013, Gujarat, India |
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Tel. No.: |
91-265-6613000 |
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Fax No.: |
91-265-6613081 |
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Factory : |
· P.O. Maneja, Vadodara - 390 013, Gujarat, India · Durgapur - 713 206, West Bengal, India · Shahabad - 585 229, Karnataka, India · Coimbatore – 641 402, Tamilnadu, India · Noida – 201309, Uttar Pradesh, India |
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Marketing/ Other
Offices : |
Located At: ·
Bangalore ·
Chennai ·
Hyderabad ·
Kolkata ·
Mumbai ·
Nagpur ·
New Delhi ·
Noida ·
Vadodara ·
Varanasi ·
Jaipur |
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Branch Office : |
KG Masterpiece, 1st Floor – 144, Nelson Manickkam Road,
Mehta Nagar, Aminjikarai, Chennai – 600029, Tamilnadu, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Sunand Sharma |
|
Designation : |
Chairman and Whole-time Director |
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Qualification : |
Mechanical Engineer |
|
DIN No. : |
00275238 |
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Name : |
Mr. Francois Carpentier (upto 01 October, 2012) |
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Designation : |
Vice Chairman and Managing Director |
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DIN No. : |
03124495 |
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Name : |
Mr. Patrick Ledermann (w.e.f. 01 October, 2012) |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. S.M. Momaya |
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Designation : |
Whole-Time Director and Chief Financial Officer |
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DIN No. : |
00017199 |
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Name : |
Mr. Dominique Pouliquen (upto 05 September 2012) |
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Designation : |
Director |
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DIN No. : |
02462113 |
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Name : |
Mr. K. Vasudevan |
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Designation : |
Director |
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DIN No. : |
00018023 |
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Name : |
Mr. A. K. Thiagarajan |
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Designation : |
Director |
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DIN No. : |
00292757 |
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Name : |
Dr. Uddesh Kohli |
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Designation : |
Director |
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Qualification : |
Degree in Engineering (IIT, Roorkee), Post Graduate in Management (Manchester) and Doctorate in Economics (Delhi School of Economics). |
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DIN No. : |
00183409 |
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Name : |
Mr. Surya Prakash Sethi (Upto18 March, 2013) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Asim |
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Designation : |
Admin Department |
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Name : |
Mr. Pradeepta Puhan |
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Designation : |
Company Secretary |
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MANAGEMENT TEAM |
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|
Name : |
Mr. Sunand Sharma |
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Designation : |
Country President, India and South Asia |
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|
Name : |
Mr. Patrick Ledermann |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. S.M. Momaya |
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Designation : |
Country Finance Director, India |
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Name : |
Mr. Amaresh Singh |
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Designation : |
Country Human Resources Director, India |
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Name : |
Mr. Hiren Vyas |
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Designation : |
Country Legal Director |
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Name : |
Mr. Vandana Dhir |
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Designation : |
Country communication Director, India |
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Name : |
Mr. Ashish Ohri |
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Designation : |
Regional Director, India, End User Service and Support |
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Name : |
Mr. Nirmal Jha |
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Designation : |
Vice President Area India, Thermal Services |
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|
Name : |
Alain Spohr |
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Designation : |
Vice President –Steam Plant |
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Name : |
Mr. Peter Kunz |
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Designation : |
Managing Director Gas India |
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Name : |
Debes Kumar Bhattacharya |
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Designation : |
Managing Director Environment Control System, India |
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Name : |
Mr. Rajeev Sharma |
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Designation : |
Vice President Power Automation Control India and ME |
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|
Name : |
Mr. Sanjeev Agarwal |
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Designation : |
Managing Director Auxiliaries, India |
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|
Name : |
Steve Schmidt |
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Designation : |
Managing Director Boiler India |
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|
Name : |
Frederic Teyssedou |
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Designation : |
Managing Director Hydro India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
46088294 |
68.56 |
|
|
46088294 |
68.56 |
|
Total shareholding
of Promoter and Promoter Group (A) |
46088294 |
68.56 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5945556 |
8.84 |
|
|
2355699 |
3.50 |
|
|
259742 |
0.39 |
|
|
1357905 |
2.02 |
|
|
784931 |
1.17 |
|
|
10703833 |
15.92 |
|
|
|
|
|
|
2461707 |
3.66 |
|
|
|
|
|
|
6888669 |
10.25 |
|
|
730915 |
1.09 |
|
|
354053 |
0.53 |
|
|
14048 |
0.02 |
|
|
15520 |
0.02 |
|
|
8383 |
0.01 |
|
|
228009 |
0.34 |
|
|
88093 |
0.13 |
|
|
10435344 |
15.52 |
|
Total Public
shareholding (B) |
21139177 |
31.44 |
|
Total (A)+(B) |
67227471 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
67227471 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in engineering, procurement,
manufacturing, construction and servicing etc. of power plants and power equipment
and transportation systems covering traction, signaling and train control for
the railways and metros. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
4625 (Approximately) |
|
|
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|
Bankers : |
· Bank of Baroda · ICICI Bank Limited · Canara Bank · Union Bank of India |
|
|
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|
Facilities : |
-- |
|
|
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|
Banking
Relations : |
-- |
|
|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
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Holding Company: |
· ALSTOM Holdings, France |
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Parent Company : |
· ALSTOM, France |
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Immediate
Holding Company: |
· ALSTOM Finance BV, Netherlands |
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|
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|
Subsidiaries : |
·
ALSTOM Power Boilers Services Limited, India ·
ALSTOM Boilers India Limited, India |
|
|
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|
Fellow Subsidiaries
: |
·
Air Preheater Equipamentos LTDA, ·
ALSTOM Middle East Limited ·
ALSTOM (Switzerland) Limited ·
ALSTOM (Thailand) Limited ·
ALSTOM Asia Pacific Sdn Bhd ·
ALSTOM Austria GmbH ·
ALSTOM Beijing Engineering and Technology Company Lt ·
ALSTOM Belgium SA ·
ALSTOM Bharat Forge Power Limited ·
Alstom Boiler Deutschland GmbH ·
ALSTOM Brasil Energia e Transporte Ltda, ·
ALSTOM Bulgaria EOOD ·
ALSTOM China Investment company Limited ·
ALSTOM CROATIA Limited ·
ALSTOM Deutschland AG ·
ALSTOM Egypt Power and Transp Projects SAE ·
ALSTOM Estonia AS ·
ALSTOM Ferroviaria S.p.A ·
ALSTOM Finance BV ·
ALSTOM Finland OY ·
ALSTOM general turbo SA ·
ALSTOM Grid SAS ·
ALSTOM Holdings ·
ALSTOM Hong-Kong Limited ·
ALSTOM Hydro France ·
ALSTOM Hydro R&D India Limited ·
ALSTOM Hydro Spain S.L. ·
ALSTOM Hydro Sweden AB ·
ALSTOM INFRASTRUCTURE ROMANIA SRL ·
ALSTOM IS and T SAS ·
ALSTOM K.K. ·
ALSTOM Konstal Spolka Akcyjna ·
ALSTOM Korea Limited ·
ALSTOM Limited ·
ALSTOM MIDDLE EAST Limited ·
ALSTOM Nigeria Limited ·
ALSTOM Norway AS ·
ALSTOM Philippines- Inc. ·
ALSTOM Portugal SA ·
ALSTOM Power and Transport Canada Inc ·
ALSTOM Power Consulting AG ·
ALSTOM Power Conversion SA France ·
ALSTOM Power Hydraulique ·
ALSTOM Power Inc. ·
ALSTOM Power Italia Spa, ·
ALSTOM Power Netherland B.V. ·
ALSTOM Power SA ·
ALSTOM Power Service (Hong Kong) Limited ·
ALSTOM Power Service (Pty) Limited ·
ALSTOM Power Service GmbH ·
ALSTOM Power Service Limited ·
ALSTOM Power Singapore Pte Limited ·
ALSTOM Power Sp.z o.o. ·
ALSTOM Power Sweden AB ·
ALSTOM Power Systems GmbH ·
ALSTOM Power Systems SA ·
ALSTOM S&E Africa (Pty) ·
ALSTOM s.r.o, ALSTOM SA ·
ALSTOM Saudi Arabia Transport and Power Limited ·
ALSTOM Services Sdn Bhd ·
ALSTOM Signalling Inc. ·
ALSTOM Sizhou Elec Power Equipment Limited ·
ALSTOM Strongwish Company Limited ·
ALSTOM T&D India Limited ·
ALSTOM Technical Service Shanghai ·
ALSTOM Technologies AG Switzerland ·
ALSTOM Transport (S) Pte Limited ·
ALSTOM Transport BV ·
ALSTOM Transport India Limited ·
ALSTOM Transport SA ·
ALSTOM Vannkraft AS ·
ALSTOM Vietnam Company Limited ·
Lorelec, Power Service France Protea ·
PT ALSTOM Power Energy Systems Indonesia, Shangai ·
ALSTOM Electrical Equipment Limited ·
Technical Transport Consolidation, Tianjin ·
ALSTOM Hydro Company Limited · WUHAN Boiler Company Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195000000 |
Equity Shares |
Rs.10/- each |
Rs.1950.000 Millions |
|
40500000 |
Preference Shares |
Rs.100/- each |
Rs.4050.000 Millions |
|
|
Total |
|
Rs.6000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67227471 |
Equity Shares |
Rs.10/- each |
Rs.672.300 Millions |
|
|
|
|
|
NOTE:
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting year
|
Equity shares: |
As at 31 March
2013 |
|
|
|
Numbers |
Rupees in
million |
|
|
|
|
|
At the beginning of the year |
67,227,471 |
672.300 |
|
Cancelled during the year |
-- |
-- |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
67,227,471 |
672.300 |
Pursuant to the scheme
of amalgamation approved by the Honorable High Courts of Bombay and Delhi (the
“scheme”), Alstom Holdings (India) Limited (“AHIL” or the “transferor company”)
was merged with the Company with effect from 1 April 2011, the Appointed Date.
The scheme became effective on 20 April 2012 upon filing of the high court
order with the Registrar of Companies. As the appointed date was 1 April 2011
the effect of amalgamation was given in the books of accounts of the Company
for the year ended 31 March 2012, and accordingly, assets, liabilities and
other reserves of the erstwhile AHIL as at 1 April 2011 were taken over at
their book values and AHIL’s holding of 5,894,264 equity shares of the Company
was considered cancelled. This resulted in net increase in the Reserves and
Surplus of the Company by Rs. 43.4 Million for the year ended 31 March 2012.
Pursuant to the scheme of amalgamation the Company issued 6,097,561 equity
shares of Rs.10 each fully paid to Shareholders of AHIL which were considered
as issued and allotted in books of accounts for the year ended 31 March 2012 as
the amalgamation was effective from the Appointed Date of 1 April 2011.
Pursuant to the scheme, name of the Company has changed to Alstom India
Limited w.e.f. 6 June 2012, the date of issue of the revised certificate of
incorporation by the Registrar of Companies.
Terms / rights
attached to equity shares
The Company has
only one class of equity shares having a par value of Rs.10 per share. Each
holder of equity shares is entitled to one vote per share. 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, except in case of interim dividend.
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.
During the year
ended 31 March 2013, the amount of dividend per share recognized as
distribution to equity shareholders was Rs.10. (Previous Year 31 March 2012:
Rs.10).
Shares held by Holding / Ultimate Holding Company and / or their subsidiaries/
associates Equity shares:
|
Particulars |
As at 31 March
2013 |
|
|
|
|
Nil (previous year 6,097,561) equity shares by Alstom Holdings*,
France, the holding company |
-- |
|
46,088,294 (previous year 38,664,708) equity shares by Alstom Finance BV,
Netherlands, the immediate holding Company |
460.900 |
|
Nil (previous year 1,326,025) equity shares by Lorelec, France, subsidiary of
the holding company |
-- |
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
As at 31 March
2013 |
|
|
|
Numbers |
% holding in the class |
|
|
|
|
|
Alstom Finance BV, Netherlands (the
immediate holding company) |
46088294 |
68.56 |
|
Alstom Holdings*, France (The holding company) |
-- |
-- |
Shares allotted as fully paid up pursuant to contract(s) without payment
being received in cash (during 5 years immediately preceding 31 March 2013)
6,097,561 Equity
shares of Rs. 10 each issued to the erstwhile shareholders of ALSTOM Holdings
(India) Limited pursuant to the Scheme of Amalgamation which became effective
on 20 April 2012 with effect from 1 April 2011, the appointed date without
payment being received in cash. Refer note 3(a) above.
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 |
672.300 |
672.300 |
670.200 |
|
(b) Reserves & Surplus |
7348.800 |
6264.700 |
5202.800 |
|
(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) |
8021.100 |
6937.000 |
5873.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
7.700 |
|
(c)
Other long term liabilities |
144.400 |
112.300 |
102.400 |
|
(d)
long-term provisions |
414.200 |
305.500 |
183.100 |
|
Total
Non-current Liabilities (3) |
558.600 |
417.800 |
293.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Construction contracts in Progress, Liabilities |
12556.000 |
14587.700 |
17584.100 |
|
(c)
Trade payables |
3346.300 |
2686.600 |
2249.300 |
|
(d)
Other current liabilities |
1695.000 |
1544.500 |
1534.600 |
|
(e)
Short-term provisions |
1025.700 |
1278.200 |
1090.900 |
|
Total
Current Liabilities (4) |
18623.000 |
20097.000 |
22458.900 |
|
|
|
|
|
|
TOTAL |
27202.700 |
27451.800 |
28625.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4414.000 |
3687.700 |
3486.700 |
|
(ii)
Intangible Assets |
33.200 |
43.600 |
46.400 |
|
(iii)
Capital work-in-progress |
373.500 |
954.900 |
447.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.500 |
0.500 |
0.000 |
|
(c) Deferred tax assets
(net) |
108.200 |
124.500 |
0.000 |
|
(d) Long-term Loan
and Advances |
675.500 |
693.500 |
648.900 |
|
(e)
Other Non-current assets |
77.700 |
40.200 |
0.000 |
|
Total
Non-Current Assets |
5682.600 |
5544.900 |
4629.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
877.800 |
739.700 |
415.200 |
|
(c)
Construction contracts in progress, assets |
2091.200 |
2384.800 |
6108.100 |
|
(d)
Trade receivables |
10977.000 |
10290.600 |
6811.400 |
|
(e)
Cash and cash equivalents |
1097.600 |
2232.000 |
7360.600 |
|
(f)
Short-term loans and advances |
6018.500 |
5889.700 |
3226.600 |
|
(g)
Other current assets |
458.000 |
370.100 |
73.800 |
|
Total
Current Assets |
21520.100 |
21906.900 |
23995.700 |
|
|
|
|
|
|
TOTAL |
27202.700 |
27451.800 |
28625.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
27858.400 |
24183.000 |
15742.000 |
|
|
|
Other Income |
980.600 |
718.000 |
471.800 |
|
|
|
TOTAL (A) |
28839.000 |
24901.000 |
16213.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material cost and erection services |
16003.900 |
13508.100 |
8142.400 |
|
|
|
(Increase)/Decrease in Inventories of finished goods and stock in trade |
22.900 |
(15.100) |
(3.500) |
|
|
|
Employee benefit expense |
5098.100 |
4425.900 |
2726.900 |
|
|
|
Other expenses |
4319.400 |
3967.800 |
2025.000 |
|
|
|
TOTAL (B) |
25444.300 |
21886.700 |
12890.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3394.700 |
3014.300 |
3323.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.900 |
6.500 |
6.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3369.800 |
3007.800 |
3316.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
550.800 |
510.500 |
408.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2819.000 |
2497.300 |
2907.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
981.700 |
819.800 |
1218.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1837.300 |
1677.500 |
1689.000 |
|
|
|
|
|
|
|
|
|
|
Adjustment on
account of amalgamation and treatment of derivatives |
0.000 |
37.200 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4076.100 |
3257.500 |
2513.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
183.700 |
167.800 |
168.900 |
|
|
|
Proposed Dividend |
672.300 |
672.300 |
670.200 |
|
|
|
Corporate dividend tax |
109.100 |
109.100 |
106.200 |
|
|
|
Earlier year’s provision no longer required |
0.000 |
(53.100) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4948.300 |
4076.100 |
3257.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
6146.100 |
4880.800 |
2701.600 |
|
|
TOTAL EARNINGS |
6146.100 |
4880.800 |
2701.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
797.900 |
2276.200 |
2010.300 |
|
|
|
Components & maintenance spare parts |
115.200 |
180.500 |
833.500 |
|
|
|
Capital Goods |
148.900 |
177.900 |
37.800 |
|
|
|
Project items |
3908.900 |
1896.700 |
223.400 |
|
|
TOTAL IMPORTS |
4970.900 |
4531.300 |
3105.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.33 |
24.95 |
25.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.37
|
6.74 |
10.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.12
|
10.33 |
18.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.55
|
9.47 |
10.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.36 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.09 |
1.07 |
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 |
670.200 |
672.300 |
672.300 |
|
Reserves & Surplus |
5,202.800 |
6,264.700 |
7,348.800 |
|
Net
worth |
5,873.000 |
6,937.000 |
8,021.100 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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) |
|
Sales |
15,742.000 |
24,183.000 |
27,858.400 |
|
|
|
53.621 |
15.198 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
15,742.000 |
24,183.000 |
27,858.400 |
|
Profit |
2,907.500 |
2,497.300 |
2,819.000 |
|
|
18.47% |
10.33% |
10.12% |
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 |
No |
|
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 |
No |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CORPORATE
RESTRUCTURINGS
MERGER OF ALSTOM HOLDINGS
(INDIA) LIMITED IN TO THE COMPANY:
Hon’ble High
Courts of Delhi and Bombay had sanctioned the Scheme of Amalgamation (the
“Scheme”) amongst
ALSTOM Projects
India Limited (presently known as ALSTOM India Limited), ALSTOM Holdings
(India) Limited (a group company) and their respective shareholders on 23
February 2012 and 31 March 2012, respectively, under Sections 391 to 394 of the
Companies Act, 1956 and hence the merger between the two companies has been
completed. The aforesaid Scheme became effective on 20 April 2012. Necessary
post-merger activities viz. change of name of the Company, allotment and
extinguishment of shares pursuant to the said Scheme were effected during the
year.
DEMERGER OF BOILER
BUSINESS
The Board of
Directors at its meeting held on 25 October 2011, had approved the demerger of
the boiler business, forming part of the power segment of the Company, subject
to necessary approvals, to ALSTOM Boilers India Limited(ABIL), a wholly owned
subsidiary of the Company, from Appointed date of 01 April 2011. Accordingly,
the boiler business to be demerged was being considered as discontinuing
operations with effect from that date. Following the issuance of the SEBI
Circular CIR/CFD/DIL/5/2013 dated 04 February 2013, the no-objection certificated
issued by the stock exchanges in September 2012 in relation to the demerger scheme have expired. As the demerger
scheme is yet to be resubmitted in terms of the said Circular, the boiler
business is no longer being disclosed as discounting operations in the
financial statements of the Company for the year ended 31 March 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OVERVIEW
The Power Sector
is ranked sixth among the sectors of the Indian economy, and has attracted 4.6
billion USD in foreign direct investment (FDI) since the year 2000, according
to the Ministry of Commerce and Industry’s Department of Industrial Policy and
Promotion (DIPP). Power sector has huge potential to growand geberate
significant gains for the investors due to the huge market size. The
government’s efforts to some extent are paving way for electricity in every
household of nation.
Securing long term
access and availability of energy resources at competitive prices is a decisive
factor determining sustained growth of economy. Energy security, perse, is a
complex function of ever changing uncertainties; nevertheless right policy and
regulatory framework has the ability to mitigate the risks substantially.
Globally energy scenario has witnessed shifts and realignments. Shale Gas
discoveries are proving to be game-changer in the global energy scenario, after
Fukushima accident nuclear programme have been revisited, technological and
cost breakthroughs have accelerated renewable, climate change measures have
been sluggish and surrounded by uncertainties. Slow growth of domestic coal
production combined with polices changes in coal of exporting countries has
necessitated us to look for alternate options.
It is universally
recognized that transport is crucial for sustained growth and modernization.
Adequacy of this vital infrastructure is an important determinant of the
success of a nation’s effort in diversifying its production base, expanding
trade and linking together resources and markets into an integrated economy.
The Government of
India recognizes the importance of the private sector in bridging the resource
gap in investment and improving the operational and managerial efficiency in
the transport sector in order to address capacity constraints and deficiencies
in the existing transport infrastructure and meet rapidly growing demand. The
Government is actively pursuing policies to promote private sector involvement
in the development of transport infrastructure and services.
OPERATING RESULTS OF
THE COMPANY
The key financial figures on the performance of the Company vis-ŕ-vis previous year are presented below:
|
Particulars |
Year ended 31st March 2013 |
Year ended 31st March 2012 |
|
|
|
|
|
Orders Received |
24517.000 |
27506.000 |
|
Revenues |
27775.000 |
24121.000 |
|
Order in Hand |
49568.000 |
52827.000 |
|
Profit before taxation |
2819.000 |
2497.000 |
|
Profit after taxation |
1837.000 |
1678.000 |
|
EPS (in Rs.) |
27.33 |
24.95 |
Orders received
during the year were worth Rs.24517.000 Millions.
Major orders
received during the year for supply of components of supercritical boilers from
BHEL were Gadarwara for Rs.3718.000 millions, Nabinagar for Rs.3021.000
millions, Mouda for Rs.3139.000 millions and services for Rajasthan Atomic
Power Project, Rawatbhata of Nuclear Power Corporation of India Limited for
Rs.465.000 millions. In addition to the above, The Company secured orders for
supply of Environment Control Systems from Yanbu (Saudi Arabia) for Rs.1820.000
millions and NMDC Nagarnar for Rs.493.000 millions.
Sales at
Rs.27775.000 Millions reflect execution schedule of orders in hand.
FINANCE
The nature of the long term projects necessitates a focus on cash. The
Company’s ability and emphasis on negotiation and collection of customer
advances and milestone payments is an important element of its working capital
management. Despite economic slowdown, the Company has been able to maintain a
positive cash situation throughout the year. The net cash position at the end
of the year was Rs.1,044.000 millions after payment of Rs.781.000 millions as
dividend (including Corporate Dividend Tax) and capital expenditure of Rs. 837
million. In addition, the Company has placed inter corporate deposits amounting
to Rs.2,645.000 millions as at the end of the year.
The Company follows a conservative and prudent hedging policy to manage
significant
currency exposures. It has proved
successful in protecting against the effect of fluctuations in the foreign
exchange market.
POWER - OUTLOOK
India is the fifth
largest producer of electricity preceded by China, US, Japan, Russia. India is
ranked 150 in per capita terms. Annual per capita electricity consumption is
800-850 kWh in India, which is one fourth of the world’s average. Given the
very low per capita consumption it is foreseen that the demand for electricity
will continue to stay and grow further.
TRANSPORT - OUTLOOK
Despite the uncertainties of the past year, the market for rail
transportation in India, both for urban and mainline railways looks promising
in the long term. The urban transport market seems well poised for explosive
growth with on-going projects in Delhi, Bangalore, Chennai, Jaipur and Mumbai
and having started to mature, they will be participating in these with their
signaling solutions. Many new signaling projects are on the anvil in several
other cities including Kochi, Navi Mumbai, Lucknow among others and they hope
to participate in many of these opportunities. On Mainline, Indian Railways
proposes to modernize its signaling system by introduction of modern train
protection warning system.
GENERAL
INFORMATION
ALSTOM India Limited (Formerly known as ALSTOM Projects India Limited )
(‘AIL’ or ‘the Company’) is a publicly owned Company, incorporated on 2
September 1992 as Asea Brown Boveri Management Limited, registered with the
Registrar of Companies, Maharashtra.
Its operations includes a composite range of activities viz. engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipment and transportation systems covering traction, signaling and train control for the railways and metros.
Contingent
Liabilities (As on 31.03.2013)
(a) Demands
relating to Tax matters :-
(i) Sales Tax matters
- Rs 75.000 millions (previous year - Rs 16.800 millions)
(ii) Work Contract
Tax matters - Rs 13.800 millions (previous year - Rs 13.800 millions)
(iii) Excise Duty
matters - Rs 236.700 millions (previous year - Rs 233.100 millions)
(iv) Service Tax
matters - Rs 88.200 millions (previous year - Rs 85.500 millions)
(b) Demand
relating to Labour Cess matter - Rs 18.600 millions (previous year - Rs 18.600
millions)
(c) Various other
claims not acknowledged as debts Rs. 6.600 millions (previous year – Rs. 1.500
millions).
Based on the
favorable decision in similar cases / legal opinions taken by the Company /
discussions with the solicitors etc., the Company believes that it has good
cases in respect of all the items listed under (a), (b) and (c) above and hence
no provision there against is considered necessary.
It is not
practicable for the company to estimate the timings of cash outflows, if any in
respect of the above rending resolution of the respective proceedings.
The Company does not expect any reimbursements in respect of the above
contingent liabilities.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR QUARTER AND NINE MONTHS ENDED 31ST DECEMBER
2013
(Rs. In Millions)
|
SLNo. |
Particulars |
31.12.2013 Unaudited |
30.09.2013 Unaudited |
31.12.2013 Unaudited |
|
|
|
|
|
|
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations (Net of excise duty) |
8471.700 |
8022.460 |
22089.700 |
|
|
(b) Other Operating Income |
11.530 |
145.800 |
419.230 |
|
|
Total income from
operations (net) |
8483.230 |
8168.260 |
22508.930 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
(a) Materials and related cost |
5586.790 |
5942.610 |
15525.200 |
|
|
(b) Purchase of stock-in-trade |
-- |
-- |
-- |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
295.330 |
(670.200) |
(918.460) |
|
|
(d) Employee benefits expenses |
829.200 |
842.650 |
2519.020 |
|
|
(e) Depreciation and amortization expense |
224.980 |
216.040 |
647.700 |
|
|
(f) Other expenses |
1050.220 |
1295.790 |
3299.260 |
|
|
Total Expenses |
7986.520 |
7626.890 |
21072.720 |
|
3. |
Profit / (Loss) from
operations before other income, finance costs and exceptional items (1-2) |
496.710 |
541.370 |
1436.210 |
|
4 |
Other Income |
20.070 |
10.440 |
30.640 |
|
5 |
Profit / (Loss)
from ordinary activities before finance costs and exceptional items (3 + 4) |
516.780 |
551.810 |
1466.850 |
|
6 |
Finance Costs |
229.970 |
236.560 |
636.910 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items (5
+ 6) |
286.810 |
315.250 |
829.940 |
|
8 |
Exceptional Items - Profit on sale of properties |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
286.810 |
315.250 |
829.940 |
|
10 |
Tax expense |
97.480 |
107.160 |
282.100 |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 + 10) |
189.330 |
208.090 |
547.840 |
|
12 |
Extraordinary items |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11 +12) |
189.330 |
208.090 |
547.840 |
|
14 |
Share of profit / (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (13 - 14 - 15) |
189.330 |
208.090 |
547.840 |
|
17 |
Paid-up equity share capital (Face Value Rs.10/- per Share fully paid-up) |
512.090 |
478.210 |
512.09 |
|
18 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
19i |
Earnings Per Share (EPS) (being same before and before extraordinary items) of Rs. 10/- each (not Annualized) |
|
|
|
|
|
(a) Basic |
0.78 |
0.87 |
2.28 |
|
|
(b) Diluted |
0.78 |
0.87 |
2.28 |
|
19ii |
Earnings Per Share (EPS) (being same before and after extraordinary items) of Rs. 10/- each (not Annualized) |
|
|
|
|
|
(a) Basic |
0.78 |
0.87 |
2.28 |
|
|
(b) Diluted |
0.78 |
0.87 |
2.28 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
64011639 |
47069139 |
64011639 |
|
|
- Percentage of Shareholding |
25.00% |
19.69% |
25.00% |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
|
|
|
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
|
|
|
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
192034896 |
192034896 |
192034896 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
75.00% |
80.31% |
75.00% |
|
PARTICULARS |
3 Months Ended
31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
disposed off during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
The above unaudited results for the quarter and nine months ended 31st December 2013 were reviewed by the Audit Committee and have been approved by the Board of Directors at its meeting held on 31st January 2014.
The Company is engaged in the business relating to products, projects and systems for electricity transmission and related activities only. Accordingly, the Company has only one business segment.
Upon shareholders’ approval for creation and issue of equity shares, the Company has issued and allotted 16,942,500 equity shares on 4th December 2013 by way of an Institutional Placement Programme to Qualified Institutional buyers in terms of Chapter VIII-A of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements ) Regulations, 2009 at an issue price of Rs. 165 per equity share including premium of Rs. 163 per equity share. Consequently the promoters’ shareholding in the Company stands reduced from 80.314% as hitherto to 74. 999998% and the public shareholding increased from 19.686% to 25.000002% in line with Clause 40A ( ii)(d) of the Equity Listing Agreement. Upon issue and allotment of aforesaid equity shares, the Company’s paid up share capital and share premium account stood at Rs. 512.090 Millions and Rs. 2,761.630 Millions, respectively.
The Company accordingly has complied with the provisions of Rule 19A of the Securities Contracts (Regulation) Rules, 1957 and Regulation 7(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 well within the stipulated time frame of 8th February 2014.
Out of the proceeds of Rs.2795.510 Millions from the aforementioned issue of shares, Rs. 2493.210 Millions has been utilised for repayment of loans (including interest) and balance proceeds was used to meet the working capital requirement as envisioned in the Prospectus dated 30th November 2013.
The Company has entered into an ‘Agreement for Sale’ on 16th December 2013 with a large Indian Business Group Company in respect of its property in Bengaluru for a consideration of approximately Rs. 1,200 Millions. The eventual sale is subject to the mutual satisfaction of terms, conditions and obligations mentioned in the ‘Agreement for Sale’; and is likely to be concluded upon execution of the sale in due course.
Previous periods / year figures including denominations from Rupees Lakhs to Rupees Millions have been reclassified / regrouped / rearranged wherever necessary to conform to current period presentation.
The “Limited Review” by the Statutory Auditors for the quarter and nine months ended 31st December 2013 as required under clause 41 of the Listing Agreement has been completed and the related Report is being forwarded to the Stock Exchanges. Their report does not have any impact on the above results and above notes which need to be explained.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90215693 |
18/08/2000 |
470,000,000.00 |
BNAK OF BARODA |
CORPORATEV E
BANKING BRACH, SANSAD MRAG, NEW DELHI, DELHI, INDIA |
- |
|
2 |
90215880 |
11/12/2009 * |
19,100,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A75970293 |
|
3 |
80031191 |
05/06/2009 * |
4,650,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH-I, GROUND FLOOR, 38, ANSAL |
A64609753 |
|
4 |
90215881 |
09/09/2005 * |
2,675,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, CONNUGHT PLECE, NEW DELHI, DELHI - 110019, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land (Freehold/
Leasehold)
·
Leasehold
Improvement
·
Factory
buildings
·
Other buildings
·
Plant and
machinery
·
Office
Equipments
·
Furniture and
fixtures
·
Motor vehicles
·
Vehicles
NEWS:
ALSTOM ACHIEVES A NEW MILESTONE FOR INDIA’S SECURE ELECTRICAL GRID
04/02/2014
As part of its
commitment to protect the Indian transmission grid, Power Grid Corporation of
India Limited (PGCIL)[1] has selected Alstom T&D India to
deliver its latest generation of grid security technologies for a critical
energy management programme, entitled ‘The Unified Real-Time Dynamic State’
project. In what will be the world’s largest grid Wide Area Monitoring System,
this game-changing development will enable nation-wide monitoring of power
flows across the grid, responding to fluctuations within a fraction of a
second. Real-time data ensures that PGCIL can intervene immediately to adjust
and match electricity supply to demand.
Valued at
INR 3817 million (€41 million), the contract covers the supply of a
cutting-edge hardware and software solution. For the hardware, Alstom will
provide more than 1,300 MiCOM P847 Phasor Measurement Units (PMU)[2],
to collect over 18,000 real-time synchronised measurements from 351 substations
across the country. Alstom will also equip 34 Control Centres at existing
National, Regional and State Load Dispatch sites with e-terraphasorpoint, a software solution
which analyses weak spots in the system in real-time. It will detect evolving
disturbances, tap into latent electricity capacity across electrical
transmission corridors, and provide actionable information to system operators
to take timely decisions such as to prevent blackouts. Patrick Plas, Senior
Vice President, Power Electronics & Automation of Alstom Grid said, “This is a significant step change in India’s
energy management and Alstom is delighted to play its part in allowing a more
intelligent grid. The timeliness and quality of the data will provide control
room operators with the smartest tool yet to optimise the existing grid assets.
This will ensure reliability, and ultimately provide the highest availability
of electricity to India’s citizens. This is unmatched in the history of grid
management.”
The Indian
electricity network, which today is the world’s largest synchronised Grid with
a capacity of 232 GW, suffered the world’s largest blackout in 2012. The Indian
Grid needs a top-end technological solution to protect the network, as well as
get the best operational performance for power flow and reliability.
Alstom’s Wide Area Monitoring System provides an unprecedented
time-synchronised snapshot of conditions across the entire country. This gives
visibility on power system dynamics and wide-area stress indicators across the
country’s vast circuit of some 102,100 kilometres of electrical grid, which
ranges from 132 kV to 765 kV AC with 172 substations. This is a major milestone
in ensuring the reliability of electricity supply across the country.
ALSTOM TO SUPPLY HVDC
TRANSFORMERS FOR POWERGRID, STRENGTHENING POWER SUPPLY IN INDIA
Alstom T and D India and Alstom Grid UK Limited recently won a €22.75 million (INR 1820 million) contract from Powergrid Corporation of India Limited (PGCIL) to supply and refurbish High Voltage Direct Current (HVDC) converter transformers. These transformers will strengthen the 1000 MW HVDC station at Bhadrawati in Maharashtra, India, which interconnects and moves surplus power from West India to South India.
The turnkey contract includes designing, engineering, manufacturing, refurbishing, erection and commissioning of HVDC converter transformers (234 MVA, 400 kV). These transformers will be manufactured in Alstom’s facilities in Vadodara, India and in Stafford, United Kingdom.
Populated by over 1 billion people, India sees rapid growth in energy consumption. To balance surplus energy supply with deficits between regions, interconnections were built across India to enable energy exchanges. The Bhadrawati HVDC station, complete in 1997 with Alstom equipment, is one such example that serves as a connection point in West India to bring more power to South India. Under the new contract, Alstom’s technology – HVDC converter transformers – will replace Bhadrawati’s old transformers, and extend the life of the existing substation. This strengthens the transmission link with the southern region, and ensures reliable power supply between the Western and the Southern grid.
Mr. Rathin Basu, Managing Director of Alstom T and D India, said, “Alstom’s future-ready, high quality HVDC products and solutions are pivotal to bulk power transport in India. With our world class transformer facilities across Vadodara, Gujarat and Naini, Uttar Pradesh in India, Alstom offers the widest range of fully localised Alternating Current and HVDC transformer solutions up to 800 kV.”
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.60.39 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--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.