MIRA
INFORM REPORT
|
Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM BHARAT FORGE POWER LIMITED |
|
|
|
|
Registered
Office : |
14th Floor, Antariksh Bhavan, 22 Kasturba Gandhi Marg, New
Delhi – 110001 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.01.2010 |
|
|
|
|
Com. Reg. No.: |
55-197807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1447.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29111DL2010FLC197807 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELA25261F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA1334J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
of Turbines and Generators for Thermal Power Projects. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3600000 |
|
|
|
|
Status : |
Yet to commence its operations |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 51:49 joint venture between “Alstom Power Holding SA” and
“Bharat Forge Limited”. It is an established company being yet to commence
its business operations. The company was incorporated as on January 08, 2010 and has led delays
in project completion resulting in not starting of its commercial operations
as the high court of Gujarat has instructed. The subject to cease all
construction activities in Adani Port special economic zone until it obtains
environmental clearance from ministry of environment and forests, Government
of India. Moreover, the subject has fast tracked and finalized an alternative
location in Sanand and construction has already started which will enable the
management to further start the proposed activity up till FY 15. As per the financial statements, the company shows some visibility in
revenues as a result of current order book for supplying five generators to
NTPC for which the order is still not fully executed. Trade relations are improving. Business is active. Payment terms are
unknown. In view of technical, managerial and financial support that the
company received from both the sponsors, the subject can be considered for
business dealings with some caution. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Term Loans: BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk |
|
Date |
November, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based (LC): A2+ |
|
Rating Explanation |
Have strong degree of safety and carry
higher credit risk. |
|
Date |
November, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-120-4731100
LOCATIONS
|
Registered Office : |
14th Floor, Antariksh Bhavan, 22 Kasturba Gandhi Marg, New
Delhi – 110001, India |
|
Tel. No.: |
91-11-23357035 |
|
Fax No.: |
91-11-23357083 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
IHDP Building, 4th Floor, Plot # 7, Sector 127, Noida –
201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4731100 |
|
Fax No.: |
91-120-4731200 |
DIRECTORS
(AS ON 05.07.2013)
|
Name : |
Mr. Alain Christian Spohr |
|
Designation : |
Managing Director |
|
Address : |
C-473, First Floor, Defence Colony, New Delhi – 110024, India |
|
Date of Birth/Age : |
31.08.1959 |
|
Date of Appointment : |
19.07.2013 |
|
DIN No.: |
03581607 |
|
|
|
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
|
Designation : |
Director |
|
Address : |
Amit 221/A, Kalyani Nagar, Yerawada, Pune – 411006, Maharashtra, India
|
|
Date of Birth/Age : |
07.01.1949 |
|
Date of Appointment : |
08.01.2010 |
|
DIN No.: |
00089380 |
|
PAN No.: |
ABIPK5782A |
|
|
|
|
Name : |
Mr. Sunil Kumar Chaturvedi |
|
Designation : |
Director |
|
Address : |
D-16, Sector 39, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
05.02.1963 |
|
Date of Appointment : |
08.01.2010 |
|
DIN No.: |
02183147 |
|
PAN No.: |
ADMPC8520C |
|
|
|
|
Name : |
Mr. Andreas Peter Lusch |
|
Designation : |
Director |
|
Address : |
Toblerstrasse 94 8044 Zurich Zurichberg, Switzerland Surich Zurichberg
Switzerland |
|
Date of Birth/Age : |
29.06.1969 |
|
Date of Appointment : |
28.09.2011 |
|
DIN No.: |
03626651 |
|
|
|
|
Name : |
Mr. Philippe Henri Camille Cochet |
|
Designation : |
Director |
|
Address : |
3, Rue Paul Rollet 92250 LA Garenne Colombes La Garenne Colombes
France |
|
Date of Birth/Age : |
09.05.1960 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
05240622 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Chandra Mahapatra |
|
Designation : |
Company Secretary |
|
Address : |
C-1, Pocket 6, Kendriya Vihar 2, Sector 82, Noida – 201305, Uttar
Pradesh, India |
|
Date of Birth/Age : |
27.11.1972 |
|
Date of Appointment : |
09.12.2011 |
|
PAN No.: |
AGNPM0751F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 05.07.2013)
|
Name of
Shareholders |
|
No of Shares |
|
|
|
|
|
Alstom Power Holdings SA, France |
|
73822499 |
|
Bharat Forge Limited |
|
70927496 |
|
Babasaheb Neelkanth Kalyani |
|
1 |
|
Sunil Kumar Chaturvedi |
|
1 |
|
Amit Babasaheb Kalyani |
|
1 |
|
Srinivas Balwant Kanade |
|
1 |
|
Sunand Sharma |
|
1 |
|
|
|
|
|
Total
|
|
144750000 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Bodies corporate |
|
49.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Turbines and Generators for Thermal Power Projects. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant
Road, Worli, Mumbai – 400018, Maharashtra, India · Axis Bank Limited 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110001, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Warehouse Chartered Accountants |
|
Address : |
Building 8, 7th and 8th Floor, Tower B, DLF,
Cybercity India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Holding Company : |
·
Alstom Holdings, France |
|
|
|
|
Other Related Parties : |
·
Alstom, France ·
Alstom Power Holdings SA, France ·
Bharat Forge Limited, India |
|
|
|
|
Fellow Subsidiary Company: |
· ALSTOM India Limited, India · Alstom Power SA, France · Alstom Technology Limited, Switzerland · Alstom (Switzerland) Limited, Switzerland · Alstom Power Gmbh, Germany · Kalyani Alstom Power Limited, India · Alstom Power Systems SA, France · Alstom S&E Africa (Pty), South Africa |
CAPITAL STRUCTURE
(AS ON 05.07.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
186300000 |
Equity Shares |
Rs.10/- each |
Rs.1863.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144750000 |
Equity Shares |
Rs.10/- each |
Rs.1447.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1447.500 |
1447.500 |
1447.500 |
|
(b) Reserves & Surplus |
(559.409) |
(416.064) |
(200.654) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
888.091 |
1031.436 |
1246.846 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
974.000 |
560.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
22.510 |
10.801 |
3.996 |
|
Total Non-current Liabilities (3) |
996.510 |
570.801 |
3.996 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
150.000 |
0.000 |
0.000 |
|
(b) Trade payables |
88.540 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
4341.172 |
293.063 |
149.490 |
|
(d) Short-term provisions |
102.989 |
1.745 |
0.217 |
|
Total Current Liabilities (4) |
4682.701 |
294.808 |
149.707 |
|
|
|
|
|
|
TOTAL |
6567.302 |
1897.045 |
1400.549 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1107.186 |
658.138 |
0.194 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
436.187 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
39.967 |
18.735 |
11.130 |
|
(d) Long-term Loan and Advances |
1241.218 |
891.571 |
312.547 |
|
(e) Other Non-current assets |
222.464 |
100.115 |
47.962 |
|
Total Non-Current Assets |
2610.835 |
1668.559 |
808.020 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
12.554 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
2907.402 |
11.051 |
570.625 |
|
(e) Short-term loans and
advances |
965.780 |
27.062 |
21.062 |
|
(f) Other current assets |
70.731 |
190.373 |
0.842 |
|
Total Current Assets |
3956.467 |
228.486 |
592.529 |
|
|
|
|
|
|
TOTAL |
6567.302 |
1897.045 |
1400.549 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2167.982 |
0.000 |
0.000 |
|
|
|
Other Income |
63.313 |
5.269 |
21.253 |
|
|
|
TOTAL (A) |
2231.295 |
5.269 |
21.253 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1748.354 |
(180.862) |
0.000 |
|
|
|
Employee Benefits Expenses |
235.981 |
241.666 |
79.800 |
|
|
|
Other Expenses |
401.746 |
158.504 |
153.231 |
|
|
|
TOTAL (B) |
2386.081 |
219.308 |
233.031 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(154.786) |
(214.039) |
(211.778) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
9.442 |
8.873 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(164.228) |
(222.912) |
(211.778) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.349 |
0.103 |
0.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(164.577) |
(223.015) |
(211.783) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(21.232) |
(7.605) |
11.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(143.345) |
(215.410) |
(222.913) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(416.064) |
(200.654) |
(416.064) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(559.409) |
(416.064) |
(638.977) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.99) |
(1.49) |
(2.41) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(6.42)
|
(4088.25) |
(1048.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.59)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.52)
|
(11.87) |
(22.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19)
|
(0.22) |
(0.17) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.27
|
0.54 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84
|
0.78 |
3.96 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1447.500 |
1447.500 |
1447.500 |
|
Reserves & Surplus |
-200.654 |
-416.064 |
-559.409 |
|
Net worth |
1246.846 |
1031.436 |
888.091 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
560.000 |
974.000 |
|
Short term borrowings |
0.000 |
0.000 |
150.000 |
|
Total borrowings |
0.000 |
560.000 |
1124.000 |
|
Debt/Equity ratio |
0.000 |
0.543 |
1.266 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
0.000 |
0.000 |
2167.982 |
|
|
|
|
|
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
0.000 |
0.000 |
2167.982 |
|
Profit |
(222.913) |
(215.410) |
(143.345) |
|
|
|
|
(6.61%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
GENERAL INFORMATION
The Company is a closely
held Company, incorporated on January 8, 2010, registered with the Registrar of
Companies, New Delhi.
The Company is a joint
venture between ALSTOM Power Holdings SA (APH), France and Bharat Forge Limited
(BFL), India. APH and BFL hold 51% and 49% of the shareholding respectively in
the Company. It has been set up for manufacturing of turbines and generators
for thermal power projects in the sub-critical and super-critical range with
manufacturing capacity of 5,000 MW per year. The current year operations
include the execution of Solapur 660*2 MW power project for supply of turbine
generator islands and engineering services to other group companies.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10479584 |
31/12/2013 |
4,100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. |
B97189518 |
|
2 |
10461411 |
28/09/2013 |
2,000,000,000.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN HOUSE,
148, BARAKHAMBA ROAD, NEW DELHI -110001, INDIA |
B90026931 |
|
3 |
10356768 |
20/07/2012 * |
18,900,000,000.00 |
Axis Trustee Services
Limited |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA
- 400025, INDIA |
B45333127 |
|
4 |
10309443 |
20/07/2012 * |
13,500,000,000.00 |
Axis Trustee Services
Limited |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B45167632 |
* Date of charge modification
FIXED ASSETS:
·
Furniture and Fixtures
·
Office Equipment
·
Mobile
Phone
NEWS:
ALSTOM BHARAT FORGE
PLANS TO START SANAND UNIT BY FEB 2015
NEW DELHI, JUNE 30:
Alstom Bharat Forge Power Limited (ABFPL), the joint venture between France’s Alstom and Kalyani Group’s Bharat Forge, aims to start production of power equipment from its alternate site in Sanand, Gujarat, by February 2015.
ABFPL had decided to shift the project to an alternate site after the original location, the Mundra special economic zone promoted by the Adani Group, was denied environmental clearance.
“The Mundra site had run into problems about a year ago because Adani had not received environmental clearance. But, the location continues to remain with us. We have fast-tracked an alternative location in Sanand and construction has already started. Both partners are investing around Rs 1,800 crore in the plant,” said Sunil Chaturvedi, Executive Director and Chief Operating Officer of Bharat Forge, speaking to Business Line.
POWER VENTURES
Alstom and Bharat Forge have two joint ventures. While ABFPL will manufacture supercritical turbines and generators, Kalyani Alstom Power Ltd will make ancillary equipment such as heaters used with turbines and generators.
At present, the focus is on ABFPL, which has bagged orders worth around Rs.45000.000 Millions.
In February, it secured an order for nearly €350 million (Rs.27100.000 Millions) to supply three units of 660 MW supercritical coal turbine islands to Nabinagar power station, an NTPC and Bihar State Electricity Board project. Other orders are for an upcoming power plant in Solapur, Maharashtra. Asked if the company would be able to deliver the orders on time, Chaturvedi said, “All machinery for the Sanand plant has been ordered. We are expecting the plant to be completely commissioned by February 2015. We are fully compliant with NTPC’s phased manufacturing programme.”
Heat exchangers and condensers will start getting delivered 14-15 months from now. Turbines would be delivered in two years, he added.
Alstom and Bharat Forge are yet to decide if they want to manufacture ancillary equipment under the second joint venture, Kalyani Alstom Power.
According to Chaturvedi, the equipment can be sourced cheaper from the market than by manufacturing.
If clearances come through, Kalyani Alstom plans to use the Mundra site in the second phase, to make nuclear power equipment.
NUCLEAR OPTION
Nuclear turbines are larger in size than conventional thermal turbines. This is because nuclear turbines rotate at nearly half the speed of a thermal power generating turbine.
Therefore, a bigger space is required to manufacture equipment for nuclear power generation.
With the Government pushing reforms in the power sector, companies are looking to bag new orders.
In the past two years, bulk tendering by power developers fell drastically because of uncertainties and a fund crunch in the power sector.
“We are looking to bag another three-four project orders this year,” said Chaturvedi.
ALSTOM-BHARAT FORGE JOINT VENTURE TO SUPPLY
THREE TURBINE ISLANDS FOR COAL-FIRED POWER PLANTS IN INDIA
03/10/2013
Alstom Bharat Forge Power Limited (ABFPL), the joint venture company between Alstom and Bharat Forge, has secured in India an order worth over €350 million (Rs.22510.000 Millions). ABFPL will supply three units of 660 MW supercritical coal turbine islands to Nabinagar Power Generating Company Private Limited, a joint venture between NTPC and Bihar State Electricity Board in Nabinagar, located in the state of Bihar. Alstom’s share of the contract amounts to around €185 million.
ABFPL’s scope of work includes engineering, manufacturing, supply, erection and commissioning of three 660 MW supercritical units. This order is part of the NTPC bulk tender for the supply of eleven 660 MW turbine generator islands. This award follows the €250 million order won by ABFPL in April 2012 for the supply of two 660 MW supercritical units to NTPC Limited’s Solapur site in Maharashtra, India.
Alstom’s supercritical technology uses steam with very high temperatures and pressure, resulting in a much higher efficiency (above 40 per cent) than conventional sub-critical coal fired plants. This means that a supercritical unit burns much less coal, generating less emission per megawatt of power output. This meets India’s needs to increase electricity production for their development whilst limiting CO2 emissions.
“The Solapur and Nabinagar orders confirm our commitment to further
expand on the local steam market in India. Thanks to its strong expertise,
technology, product portfolio, Alstom, together with its JV partner Bharat
Forge, is well positioned to address the power requirements of the fast growing
country,” commented, Andreas Lusch, Senior Vice President of
Alstom’s Steam business.
About
Alstom in India
Alstom is a global leader in power
generation, power transmission and rail infrastructure. Present in India since
1911, Alstom has strong capabilities in engineering, manufacturing, project
management and supply of products and solutions for infrastructure. Alstom has
four R&D centres in India: Transport in Bengaluru, Hydro Global Technology
Centre in Vadodara and Grid R&D centre in Hosur and Padappai. It has two
engineering centres for Power in Noida and Kolkata and eleven manufacturing
units dedicated to: Power - Hydro in Vadodara, Boilers in Durgapur, auxiliary
components and air-pre heaters in Shahabad, Steam turbines in Mundra
(upcoming), Transport at Coimbatore and SriCity and Grid in Padappai,
Pallavaram, Hosur, Vadodara and Naini.
About Alstom-Bharat Forge Power
Alstom Bharat Forge Power Limited is a joint
venture between Alstom and Bharat Forge Limited, created to participate in the
Indian market of turbines islands (steam turbines and generators, heat
exchangers and all associated equipment). Alstom has a majority stake in this
joint venture. This JV Company has set the cornerstone of its new manufacturing
facility in India. The main orders for machine tools for this
manufacturing facility have already been placed and the construction is
on-going. The JV manufacture 300-800MW subcritical and supercritical equipment
with an annual capacity of 5000 MW.
About Bharat Forge
Bharat Forge Limited (BFL) is the flagship
company of the USD 2.5 billion Kalyani Group -- a global provider of high
performance, innovative, safety critical components and solutions to various
industrial sectors including Automotive, Oil and Gas, Aerospace and Rail and
Marine. BFL today has the largest repository of metallurgical knowledge in the
region and offers complete end-to-end capability from concept to testing and validation
to marquee global OEM’s. At the cusp of a breakout growth and transformation
into an engineering conglomerate through its aggressive foray in capital goods
and infrastructure sectors, BFL is committed to proactively expedite India’s
transformation into a global economic giant.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.77 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.