MIRA INFORM REPORT
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Report No. : |
337481 |
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Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ALSTOM T AND D INDIA LIMITED |
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Formerly Known
As : |
AREVA T AND D INDIA LIMITED |
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Registered
Office : |
A-18, First Floor, Okhla Industrial Area, Phase II, New Delhi – 110020 |
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Tel. No.: |
91-120-4790000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
13.03.1957 |
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Com. Reg. No.: |
55-193993 |
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Capital
Investment / Paid-up Capital : |
Rs.512.100 Million |
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CIN No.: [Company Identification
No.] |
L31102DL1957PLC193993 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in the business relating to products, projects and systems for electricity transmission and related activities. |
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No. of Employees
: |
2,974 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (74) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 37480000 |
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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 ÄLSTOM Holdings”, France. Subject
manufacturing power transmission equipment in India. It manufactures a wide range
of products that include power transformers, circuit breakers, gas insulated
switchgears, and air insulated switchgears, instrument transformers,
protection relays and power system automation equipment. For the financial year ended 2015, company possesses healthy
operational performance and it has achieved total revenue of Rs.37221.000
million with profit of Rs.1205.000 million as compared to previous revenue
(2014) of Rs.35670.000 million along with a profit of Rs. 1170.000 million. Rating takes into consideration ATDIL’s proven track record of
business operations along with strong market position in the high voltage
power transmission segment, arising mainly out of technical and managerial
strengths of the Alstom group. Further rating also takes into consideration strong financial risk
profile backed by experience management team and adequate liquidity profile
of the company. However, rating strength partially offset by competitive pressures
from domestic as well as international competitors and the order book of the
company remain concentrated towards few high value HDVC orders from PGCIL;
timely execution of these orders remains key for future revenues of the
company. Trade relations are reported as decent. Payments are reported to be
regular and as per commitment. In view of aforesaid, 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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Fund based limits : (AA-) |
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Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
January 12, 2015 |
|
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 12, 2015 |
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
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (91-120-4790000)
LOCATIONS
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Registered
Office : |
A-18, First
Floor, okhla industrial Area, Phase II, New Delhi
- 110020, India |
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Tel. No.: |
91-11-41610660 |
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Fax No.: |
91-11-41610659 |
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E-Mail : |
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Website : |
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Country Office: |
A-7, Sector - 65, Noida - 201 301, Uttar Pradesh, India |
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Tel No.: |
91-120-4790000 |
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Fax No.: |
91-120-4791140 |
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Head Office /
Regional Office 1 : |
457, Anna Salai,
Teynampet, Chennai – 600018, Tamilnadu, India |
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Regional Office
1 : |
D-2 Gillander House, Netaji Subhas Road, Kolkata – 700001,
West Bengal, India |
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Regional Office
2 : |
Narottam Morarji Marg, Ballard Estate, Mumbai – 400038,
Maharashtra, India |
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Branch Office 3 / Factory 1 : |
A-7, Sector – 65,
Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2405421/
22/ 23/ 4790000 |
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Fax No.: |
91-120-2405439/
40/ 4791140 |
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Factory 2: |
Plot No.46,
SIPCOT Industrial Works, Hosur – 635126, Tamilnadu, India |
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Factory 3 : |
Naini Works, Mirzapur
Road P. O. Naini, Allahabad – 211008, Uttar Pradesh, India |
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Tel No.: |
91-532-2697422/
424 |
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Fax No.: |
91-532-2697604 |
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Factory 4 : |
Plot No. 142, Salamangalam Village, Padappai, Sriperumbudur T.K., Kancheepuram - 601301, Tamilnadu, India |
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Factory 5 : |
19/1, GST Road,
Pallavaram, Chennai – 600043, Tamilnadu, India |
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Tel. No.: |
91-44-22368621/
8723/ 8917/ 22640033/ 37 |
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Fax No.: |
91-44-22367276/
22640040 |
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Factory 6 : |
Kotambi Village,
Vadodara – Halol Highway, Milestone No.87, Taluka Waghodia, Vadodara –
391510, Gujarat, India |
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Factory 7 : |
19/1, GST Road, Pallavaram,
Chennai - 600043, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Rathindra Nath Basu |
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Designation : |
Managing Director |
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Address : |
C - 302, Pearls Gateway Tower, Plot No. - D 8 A, Sector - 44, Noida - 201301, Uttar Pradesh, India |
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Date of Appointment : |
01.02.2014 |
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DIN No. |
01192973 |
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Name : |
Louis Eugene Michel Augonnet |
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Designation : |
Director |
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Address : |
47 Rue Perronet, Neuilly Sur Seine, Neuilly Sur Seine - 92200, France |
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Date of Appointment : |
09.05.2005 |
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DIN No. |
00276267 |
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Name : |
Chandan Roy |
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Designation : |
Director |
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Address : |
170, Madan Lal Block,, Asiad Games Village, New Delhi - 110049, Delhi, India |
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Date of Appointment : |
23.07.2014 |
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DIN No. |
00015157 |
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Name : |
Subhashchandra Manilal Momaya |
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Designation : |
Whole-Time Director |
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Address : |
A-145, 1st Floor, Shivalik, Near Malviya Nagar, New Delhi - 110017, Delhi, India |
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Date of Appointment : |
23.07.2014 |
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DIN No. |
00017199 |
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Name : |
Bhanu Bhushan |
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Designation : |
Additional Director |
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Address : |
A-3 PWO, Sector 43, Gurgaon - 122001, Haryana, India |
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Date of Appointment : |
23.07.2014 |
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DIN No. |
03602134 |
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Name : |
Isabelle Lucile Compain Gerlier |
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Designation : |
Director |
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Address : |
10, Avenue Du Fief Des Jarries, Lagord, 17140, France |
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Date of Appointment : |
23.07.2015 |
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DIN No. |
07113642 |
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Name : |
Kirit Shantilal Parikh |
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Designation : |
Director |
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Address : |
C-50, Chhota Singh Block, Asian Games Village Complex, Khelgaon, Delhi - 110049, Delhi, India |
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Date of Appointment : |
23.07.2015 |
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DIN No. |
00684234 |
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Name : |
Rakesh Nath |
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Designation : |
Director |
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Address : |
D-II/93, Kaka Nagar, New Delhi - 110003, Delhi, INDIA |
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Date of Appointment : |
23.07.2015 |
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DIN No. |
00045986 |
KEY EXECUTIVES
|
Name : |
Subhashchandra Manilal Momaya |
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Designation : |
CFO |
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Address : |
C-50, Sector 40, Noida, Gautam Budh Nagar, Noida - 201303, Uttar Pradesh, India |
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PAN No.: |
AACPM8771E |
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Name : |
Manoj Prasad Singh |
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Designation : |
Secretary |
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Address : |
96/1, Pkt A3, Sector 7, Rohini, New Delhi - 110085, Delhi, India |
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PAN No.: |
AICPS9618L |
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Audit Committee : |
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Name : |
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Corporate Social
Responsibility Committee : |
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Name : |
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Nomination and
Remuneration Committee : |
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SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
||
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|
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|
175492524 |
68.54 |
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|
175492524 |
68.54 |
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|
16542372 |
6.46 |
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|
16542372 |
6.46 |
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Total
shareholding of Promoter and Promoter Group (A) |
192034896 |
75.00 |
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(B)
Public Shareholding |
||
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|
23393728 |
9.14 |
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|
11731 |
0.00 |
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|
605 |
0.00 |
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|
2091476 |
0.82 |
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|
11906427 |
4.65 |
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|
4641665 |
1.81 |
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|
42045632 |
16.42 |
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|
2870494 |
1.12 |
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
16910679 |
6.60 |
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Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
308200 |
0.12 |
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|
1876634 |
0.73 |
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|
651806 |
0.25 |
|
|
483091 |
0.19 |
|
|
305462 |
0.12 |
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|
435670 |
0.17 |
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|
605 |
0.00 |
|
|
21966007 |
8.58 |
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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 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
256046535 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business relating to products, projects and systems for electricity transmission and related activities. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2,974 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
S.N. Dhawan and Company Chartered Accountants |
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COST
AUDITORS : |
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Name : |
Shome and Banerjee Cost Accountants |
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Name : |
Jugal K. Puri and Associates Cost Accountants |
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Ultimate Holding
Company |
Alstom, France |
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Holding Company |
Alstom Holdings, France (Formerly Alstom Grid Finance Bv, Netherlands) |
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Intermediate
Holding Company: |
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Fellow Subsidiaries
with whom transactions have taken place: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
627,500,000 |
Equity shares |
Rs. 2/- each |
Rs. 1255.000
Million |
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Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
256,049,135 |
Equity shares |
Rs. 2/- each |
Rs. 512.100
Million |
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Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
256,046,535 |
Equity shares |
Rs. 2/- each |
Rs. 512.100
Million |
a. Reconciliation of number of
shares
|
Equity Shares |
As at March 31,
2015 |
|
|
|
Number of Shares |
(Rs. In Million) |
|
Balance at the beginning of the year |
256,046,535 |
512.100 |
|
Add: Shares issued |
-- |
-- |
|
Balance at the end of the year |
256,046,535 |
512.100 |
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 |
31.03.2015 |
31.03.2014 |
|
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 |
16,542,372 |
|
|
|
|
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Total |
192,034,896 |
192,034,896 |
d. Details of shareholders holding more than 5 percent shares in the
Company
|
Equity Shares |
31.03.2015 |
|
|
|
Number of shares |
Rs. in Million |
|
Grid Equipments Private Limited * |
175,492,524 |
68.500 |
|
ALSTOM Holdings, France |
16,542,372 |
6.500 |
|
Reliance Capital Trust Company Limited A/c through its various schemes |
14,867,652 |
5.800 |
* Converted from Public Limited to Private Limited Company with effect from March 24, 2015.
e. During 2012-13 Pursuant to the '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 the Acquirer / Promoter Group shareholding increased from 73.40% to 80.31%as a result of their acquisition of 16,542,372 equity shares. Consequently, the public shareholding reduced to 19.69%. During the year 2013-14, in order to comply with the Securities Contracts (Regulation) Rules, 1957 and Clause 40A of the Equity Listing Agreement with Stock Exchanges, which requires the Company to maintain a minimum public shareholding of 25%, the Company issued and allotted 16,942,500 equity shares of face value of Rs. 2 each at an Issue Price of Rs.165 per equity share (including a premium of Rs.163 per equity share) by way of an Institutional Placement Programme (IPP) 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.
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 reserve 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 |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|||
|
(a) Share Capital |
512.100 |
512.100 |
478.200 |
|
(b) Reserves &
Surplus |
12605.900 |
11975.500 |
8623.600 |
|
(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) |
13118.000 |
12487.600 |
9101.800 |
|
|
|||
|
(3) Non-Current
Liabilities |
|||
|
(a) long-term borrowings |
0.000 |
0.000 |
660.500 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
40.300 |
123.400 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1.500 |
|
(d) long-term provisions |
534.300 |
382.300 |
326.500 |
|
Total Non-current
Liabilities (3) |
534.300 |
422.600 |
1111.900 |
|
|
|||
|
(4) Current Liabilities |
|||
|
(a) Short term borrowings |
2165.800 |
4151.600 |
3516.100 |
|
(b) Trade payables |
18201.500 |
18575.400 |
18154.300 |
|
(c) Other current
liabilities |
9176.200 |
9671.000 |
8239.400 |
|
(d) Short-term provisions |
1727.900 |
1688.200 |
1330.100 |
|
Total Current Liabilities
(4) |
31271.400 |
34086.200 |
31239.900 |
|
|
|||
|
TOTAL |
44923.700 |
46996.400 |
41453.600 |
|
|
|||
|
II.
ASSETS |
|||
|
(1) Non-current assets |
|||
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6867.200 |
6394.100 |
6197.600 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
701.700 |
1100.700 |
535.400 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets
(net) |
86.700 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
85.800 |
206.500 |
228.200 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
7741.500 |
7701.400 |
6961.300 |
|
|
|||
|
(2) Current assets |
|||
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
6932.000 |
6829.800 |
6941.800 |
|
(c) Trade receivables |
21478.000 |
22960.800 |
17146.400 |
|
(d) Cash and cash
equivalents |
815.100 |
364.400 |
781.200 |
|
(e) Short-term loans and
advances |
3538.500 |
3421.100 |
3566.200 |
|
(f) Other current assets |
4418.600 |
5718.900 |
6056.700 |
|
Total Current Assets |
37182.200 |
39295.000 |
34492.300 |
|
|
|
|
|
|
TOTAL |
44923.700 |
46996.400 |
41453.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
37107.200 |
35235.400 |
31518.700 |
|
|
Other Income |
113.800 |
435.100 |
168.500 |
|
|
TOTAL INCOME |
37221.000 |
35670.500 |
31687.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
25931.000 |
23858.600 |
22288.600 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(543.300) |
77.700 |
(1336.000) |
|
|
Employees benefits
expense |
3457.200 |
3433.800 |
3245.900 |
|
|
Other expenses |
5122.000 |
4868.100 |
4844.800 |
|
|
Exceptional Items |
0.000 |
0.000 |
(170.200) |
|
|
TOTAL EXPENSES |
33966.900 |
32238.200 |
28873.100 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3254.100 |
3432.300 |
2814.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
733.700 |
787.700 |
774.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
2520.400 |
2644.600 |
2039.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
818.600 |
870.200 |
813.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1701.800 |
1774.400 |
1226.200 |
|
|
|
|
|
|
|
Less |
TAX |
496.100 |
604.200 |
385.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
1205.700 |
1170.200 |
841.100 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
8424.700 |
7908.400 |
7655.900 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
118.000 |
85.000 |
|
|
Proposed Dividend |
460.900 |
460.900 |
430.400 |
|
|
Dividend Distribution Tax |
93.800 |
75.000 |
73.200 |
|
|
Other(CSR and
Depreciation Adjustments) |
20.600 |
0.000 |
0.000 |
|
|
Total |
575.300 |
653.900 |
588.600 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
9055.100 |
8424.700 |
7908.400 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4896.800 |
4575.600 |
4578.300 |
|
|
Services income |
383.500 |
309.600 |
212.800 |
|
|
TOTAL EARNINGS |
5280.300 |
4885.200 |
4791.100 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials and components |
6036.200 |
5363.800 |
3663.900 |
|
|
Capital goods |
351.500 |
712.700 |
222.400 |
|
|
TOTAL IMPORTS |
6387.700 |
6076.500 |
3886.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.71 |
4.78 |
3.52 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
638.800 |
783.000 |
0.000 |
|
Cash generated from operations |
5697.200 |
(868.500) |
4205.700 |
|
Net cash (used) / generated from operating activities |
5020.800 |
(1411.800) |
4123.700 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin |
(%) |
3.25 |
3.32 |
2.67 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
8.77 |
9.74 |
8.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.86 |
3.87 |
3.00 |
|
|
|
|
|
|
|
Return on Investment
(ROI) (PBT/Networth) |
|
0.13 |
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.40 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current
Liability) |
|
1.19 |
1.15 |
1.10 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.524.55/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT
EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
478.200 |
512.100 |
512.100 |
|
Reserves & Surplus |
8623.600 |
11975.500 |
12605.900 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
9101.800 |
12487.600 |
13118.000 |
|
|
|
|
|
|
long-term borrowings |
660.500 |
0.000 |
0.000 |
|
Short term borrowings |
3516.100 |
4151.600 |
2165.800 |
|
Current Maturities of
Long Term Debt |
0.000 |
783.000 |
638.800 |
|
Total borrowings |
4176.600 |
4934.600 |
2804.600 |
|
Debt/Equity ratio |
0.459 |
0.395 |
0.214 |
YEAR-ON-YEAR
GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
31518.700 |
35235.400 |
37107.200 |
|
|
|
11.792 |
5.312 |
NET
PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
31518.700 |
35235.400 |
37107.200 |
|
Profit |
841.100 |
1170.200 |
1205.700 |
|
|
2.67% |
3.32% |
3.25% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
NO CHARGES EXIST FOR COMPANY
GENERAL INFORMATION
ALSTOM T&D India Limited (‘ATDIL’ or ‘the Company’) 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.
PERFORMANCE REVIEW
During the year, the country underwent a change in government amidst high expectations of key policy reforms and optimism. Against this backdrop, the growth rate of Indian economy was 7.4% [as per the new methodology of Gross Domestic Product (GDP)]. However, the deceleration in the preceding three years had severely impacted the industry and infrastructure capital expenditure.
Asset quality of public sector banks remains a concern with Non-Performing Assets (NPAs) of the banks in the country at Rs. 4.7 trillion at end of March 2015. The key factors are stalled projects, sluggish economic growth in recent past, frozen credit and highly leveraged balance sheets of corporate sector. This increase in NPAs has led to significant reduction in sectoral lending to power and infrastructure sector throughout the year.
Power Generation continues to struggle with stranded capacities and delays due to cancellation and subsequent auction of coal mines. The State Electricity Boards, Discoms are struggling with financial losses and are neither able to purchase power nor able to pay Gencos and equipment suppliers. This is impacting fresh investments in the state T&D sector.
The value of stalled projects at the end of December 2014 was Rs.8.8 trillion or 7% of GDP. The private sector accounted for Rs. 1.8 trillion while public sector accounted for Rs. 7.7 trillion. Out of these infrastructure and manufacturing projects dominated the total value of stalled projects. The sector with a large number of stalled projects for both public and private sector was electricity. At the end of third quarter of 2014-15, 80 projects were stalled in this sector, of which 75 were in generation sector, thus, impacting the ordering for T&D equipment segment. Stalled projects severely affected the balance sheet of the corporate sector and public sector banks, which in turn limited private sector investments.
Amidst the challenging business environment, the Company sustained its performance with improved profitability, revenues and order backlog during the year, and retained its market leadership position for the seventh year in a row. The Company’s constant focus on investments in technology, localized customer centric solutions, strategy of selective bidding for orders and timely execution of projects were key to moving ahead in a market with moderate growth opportunities. Overall, The Company successfully achieved a balanced portfolio of Orders, resulting in sustained leadership and improved performance.
YEAR OF MILESTONES:
HVDC SUPERGRID
SOLUTIONS
During the year, Alstom Group was awarded Rs. 32,500 million HVDC super grid solutions order to build the Phase II of the 1,365 km long “energy highway” between Champa in central India and Kurukshetra in northern India. The Company’s share in the said contract was Rs. 14,300 million. This project, once completed, will enable, bulk power transfer efficiently from the Chhattisgarh region - a hub of Independent Power Producers - to the load center in the northern region of the country. This new ±800 kV, 3000 MW UHVDC link will run in parallel with the first UHVDC transmission link (awarded to Alstom in 2012), increasing the total bulk power transmission capacity of the advanced UHVDC system to 6000 MW.
This contract confirms their customer’s confidence in Alstom’s expertise in HVDC solutions and adds to the list of HVDC milestones achieved by the Company. In the past, Alstom has supplied HVDC systems for Vizag (Andhra Pradesh), Chandrapur (Maharashtra) and Sasaram (Bihar) thereby developing the Supergrid highways for the Indian national grid.
OPERATIONAL
EXCELLENCE
Continuing its efforts to create differentiation through Operational Excellence, The Company has once again reached major landmarks in execution of product and project portfolio in 2014-15.
During the year, The Company demonstrated its expertise in execution of turnkey projects by commissioning 51 AIS and GIS substations. The first 765 kV substation of Rajasthan at Anta was commissioned by the Company during the year. Apart from this, turnkey projects were also executed and commissioned for Company’s major customers: PGCIL, MSETCL, WBSETCL, GETCO, CSPTCL and APTRANSCO.
Service business commissioned 11 substations and under took more than 100 major retrofit jobs of circuit breakers, disconnectors and current transformers. It also continued to execute five major Annual Maintenance Contracts including Delhi and Chennai Airport’s power distribution systems.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
MARKET OVERVIEW
The year 2014-15 was very challenging like the preceeding three years of the market de-growth. The opportunity pipeline was driven primarily by the Central and State Utilities while Power Generation, Industry and Infrastructure sectors continue to be plagued by low investments, poor cash flow, project delays due to lack of availability of land and supply. Power Grid Corporation, responsible for developing the transmission infrastructure at the national level, continues to implement its Capex as per 12th plan. Strengthening of 765 kV network in the Grid, building bulk power transmission schemes with HVDC technology, development of the green energy corridors for evacuation of renewable energy, strengthening of North Eastern Power system scheme and modernisation of assets are the key areas that Power Grid continues to invest.
The State Electricity Boards (SEBs) / Discoms however, continue to struggle with financial losses of over Rs. 300.000 Million (Rs. 3 trillion) and have significantly affected the entire value chain. Many of the SEBs/ Discoms are neither able to purchase power nor able to pay on time and, thus, have severely impacted the cash flow of the GENCOs and the T&D suppliers. IPPs, who had made huge investments in the Gencos in the past, are unable to realise their investments. This has delayed the execution of the power and T&D projects in India leading to huge congestion in the T&D network. Only a limited number of states are investing in the state T&D infrastructure to unblock T&D network congestion.
Cancellation of 214 coal blocks and subsequent auction of coal mines have further delayed the power generation
capacity addition in the country. The industry and infrastructure sector are awaiting implementation of reforms as most of the promoters continue to struggle with highly leveraged balance sheets. Owing to the economic slowdown in the past years, the ratio of bad loans or NPAs in the Indian banks has doubled over the past three years forcing the Bankers to limit their exposure to industry and infrastructure projects.
Thus, the overall investment climate, in power generation, industry and infrastructure sectors remain suppressed.
All these uncertainties impacted the sales plan and cash flow of the Company.
On the positive side, the new government has initiated several reforms to unclog the power sector bottlenecks and facilitate investments in the power and T&D sectors. Similarly RBI and the banks need to urgently remove the bottlenecks to reduce NPAs and help the stressed investments and assets to come back to normalcy.
The Company is clearly watching these developments and adapting its strategies.
With the Central Government focused on increasing private participation in the transmission sector, several Tariff Based Competitive Bidding (TBCB) projects are expected to be rolled out for strengthening the grid infrastructure.
Thus, the year 2015-16 is expected to be a year of flat or moderate growth depending on the speed of implementation of the reforms process.
OUTLOOK
The long term outlook is positive. The new government is making efforts to drive the economic growth at 8 to 9% rate. The focus on Power and T&D sector is high. The issues are to accelerate the key reforms on bank financing driving growth, making land available for new investments, simplifying GST and improving the ease of doing business. ‘Making in India’ initiatives need to be practiced by both Central and State sector buyers as many of them seem to prefer East Asian The long term outlook is positive. The new government is making efforts to drive the economic growth at 8 to 9% rate. The focus on Power and T&D sector is high. The issues are to accelerate the key reforms on bank financing driving growth, making land available for new investments, simplifying GST and improving the ease of doing business. ‘Making in India’ initiatives need to be practiced by both Central and State sector buyers as many of them seem to prefer East Asian products which are not localised and thus, do not allowlocal after sales support.
The Company, believes that the market conditions in India would continue to be challenging thus, putting pressure on margins and cash flow impacting sales and cash realisation unless government intervention is quick and effective. Notwithstanding, the Company’s management team remains holistically focused and committed to deliver increased value for its stakeholders
.
With the various reforms initiated by the government at the centre, the company is optimistic that actions will quickly result into reviving the economy through increase in capital expenditure in utilities, power generation, industry and infrastructure. The Company is fully ready to address such growth opportunities in the near future.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
(i) Demands relating to |
|
|
|
Sales tax matters |
268.500 |
256.500 |
|
Excise duty and Service tax matters |
236.300 |
236.300 |
|
(ii) Claims against the Company not acknowledged as debts pertaining to legal cases and provident fund. |
66.700 |
69.900 |
UNSECURED LOAN:
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Unsecured loans from banks* |
2165.800 |
691.600 |
|
Working Capital Loans repayable on demand |
0.000 |
3460.000 |
|
Total |
2165.800 |
4151.600 |
|
* ALSTOM Holdings, France, has provided comfort letter to the bankers for loans taken by the Company. |
||
PART-I
STATEMENT OF UNAUDITED FINANCIAL RESULT FOR QURTER ENDED 30TH
JUNE 2015
|
Sr. No |
Particulars |
3 Months Ended |
|
30th June 2015 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
7952.600 |
|
|
b. Other Operating Income |
162.700 |
|
|
Total Income from
Operations (Net) |
8115.300 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
5678.000 |
|
|
b. Purchase of Stock-in trade |
0.000 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(155.300) |
|
|
d. Employees Benefit Expenses |
902.100 |
|
|
e. Depreciation and Amortization Expenses |
211.500 |
|
|
f. Other expenses |
1064.800 |
|
|
Total Expenses |
7701.100 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
414.200 |
|
4 |
Other Income |
2.300 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
416.500 |
|
6 |
Finance Costs |
116.900 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
299.600 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit from
ordinary activities before tax |
299.600 |
|
10 |
Tax Expense |
103.800 |
|
|
- Income Tax |
0.000 |
|
|
- Deferred Tax |
0.000 |
|
11 |
Net Profit from
ordinary activity after tax |
195.800 |
|
12 |
Extraordinary Items |
0.000 |
|
13 |
Net Profit After
Tax |
195.800 |
|
14 |
Paid-up equity share capital (face value of Rs.2 per share) |
512.100 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
0.000 |
|
16 |
Earnings Per Share (of Rs.10 each) (not annualized) |
|
|
|
Basic EPS |
0.76 |
|
|
Diluted EPS |
0.76 |
PART-II
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
64011639 |
|
|
- Percentage of shareholding |
25.00% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
Nil |
|
|
- No. of shares |
Nil |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
192034896 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
75.00% |
|
B |
Investor
Complaints |
Quarter
ended 30.06.2015 |
|
|
Pending at the beginning of the quarter |
1 |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
3 |
|
|
Remaining unsolved at the end of the
quarter |
1 |
NOTE :
The above unaudited results for the quarter ended 30th June, 2015 were reviewed by the Audit Committee and have been approved by the Board of Directors at its meeting held on 23.07.2015.
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.
Previous period's / year's figures have been reclassified / regrouped / rearranged wherever necessary to conform to current period / year presentation.
The "Limited Review" by the Statutory Auditors for the quarter ended 30.06.2015 as required under clause 41 of the Listing Agreement has been completed and the related Report is being forwarded to the Stock Exchanges. This report does not have any impact on the above results and above notes which need to be explained.
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
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. 65.83 |
|
|
1 |
Rs. 103.39 |
|
Euro |
1 |
Rs. 74.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
74 |
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.