MIRA INFORM REPORT
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Report No. : |
307537 |
|
Report Date : |
11.02.2015 |
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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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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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 Millions |
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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
: |
Subject is engaged in the business of products, solutions
and services, comprising the entire range of transmission equipment up to
Extra and Ultra High Voltages (765 kV and beyond) including air-insulated
switchgear (AIS) and locally manufactured power transformers and
gas-insulated switchgear (GIS). It also provides power electronics solutions
(HVDC, FACTS) to create super highways and offers highly Advanced Power
Management Smart Grid solutions for transmission and distribution including
renewable energies integration. |
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No. of Employees
: |
3894 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 35000000 |
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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 well-established company having fine trade record. The rating reflects company’s health financial risk profile marked by
decent liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
|
Rating |
Fund based limits : (AA-) |
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Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
December 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits : (A1+) |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
December 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 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.: |
91-11-47629100/
41610660 |
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Fax No.: |
91-11-47629129/ 30/
41610659 |
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E-Mail : |
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Website: |
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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 31.03.2014
|
Name : |
T.S. Vishwanath |
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Designation : |
Chairman (w.e.f. 04.02.2011) |
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Date of Birth/Age : |
65 Years |
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Qualification
: |
Bachelor of Commerce (Honours) from Delhi University and
a Fellow Member of The Institute of Chartered Accountants of India (ICAI). |
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Name : |
Mr. Rathindra
Nath Basu |
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Designation : |
Managing Director
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Address : |
C-302, |
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Date of Birth/Age : |
13.07.1954 |
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Experience : |
35 Years |
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Date of Appointment : |
01.02.2007 |
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PAN No.: |
AAFPB7016C |
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DIN No : |
01192973 |
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Name : |
Mr. Pierre Laprote |
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Designation : |
Director |
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Address : |
8, Rue De La Paroisse, Versailles, France-78000 |
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Date of Birth/Age : |
17.08.1961 |
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Qualification
: |
Masters Degree in Business Law. |
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Date of Appointment : |
25.04.2008 |
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DIN No : |
02146282 |
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Name : |
Mr. Michel Augonnet |
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Designation : |
Director |
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Address : |
47, Rue Perronet, |
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Date of Birth/Age : |
28.09.1950 |
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Qualification
: |
Graduate in Electrical Engineering from Ecole Superieure d' Electricite (France). |
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Date of Appointment : |
09.05.2005 |
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DIN No : |
00276267 |
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Name : |
Mr. Michel Serra |
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Designation : |
Director (w.e.f. 04.02.2011) |
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Date of Birth/Age : |
56 Years |
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Qualification
: |
Graduate of the Ecole Nationale Superieure des Arts et Metiers (ENSAM). |
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Name : |
Mr. Chandan Roy |
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Designation : |
Director (w.e.f. 06.08.2011) |
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Date of Birth/Age : |
62 Years |
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Qualification
: |
Graduate in Mechanical
Engineering. |
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Name : |
Mr. Ravi Kumar
Krishnamurthy |
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Designation : |
Alternate Director (Appointed as an Alternate Director to Mr. Pierre
Laporte on 06.08.2011 and due to Mr. Laporte's presence in India at various times,
Mr. Krishnamurthy ceased to be an Alternate Director for short spells of time
and was intermittently reappointed as an alternate Director to Mr. Pierre
Laporte from time to time. |
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Date of Birth/Age : |
45 Years |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Prasad Singh |
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Designation : |
Company Secretary |
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Audit Committee |
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Name : |
· T.S. Vishwanath, Chairman · Mr. Pierre Joseph Jean Marie Laprote · Mr. Chandan Roy |
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Share Transfer and
Shareholders / Investors Grievance Committee |
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Name : |
T.S. Vishwanath, Chairman Mr. Rathindra
Nath Basu Mr. Chandan Roy |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
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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 |
|
(B) Public
Shareholding |
||
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|
|
|
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|
22472313 |
8.78 |
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|
71027 |
0.03 |
|
|
605 |
0.00 |
|
|
2091476 |
0.82 |
|
|
13679235 |
5.34 |
|
|
3518503 |
1.37 |
|
|
41833159 |
16.34 |
|
|
|
|
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|
3142787 |
1.23 |
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|
|
|
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|
17236017 |
6.73 |
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|
343000 |
0.13 |
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|
1456676 |
0.57 |
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|
483014 |
0.19 |
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|
605 |
0.00 |
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|
497633 |
0.19 |
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|
475424 |
0.19 |
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|
22178480 |
8.66 |
|
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 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
256046535 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of products,
solutions and services, comprising the entire range of transmission equipment
up to Extra and Ultra High Voltages (765 kV and beyond) including
air-insulated switchgear (AIS) and locally manufactured power transformers
and gas-insulated switchgear (GIS). It also provides power electronics
solutions (HVDC, FACTS) to create super highways and offers highly Advanced
Power Management Smart Grid solutions for transmission and distribution
including renewable energies integration. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3894 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Citibank N.A. ·
Credit Agricole CIB ·
HDFC Bank Limited ·
HSBC Bank ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Standard Chartered Bank
|
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Auditors : |
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Name : |
M/s. S. N. Dhawan and Company Chartered Accountants |
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Cost Auditors : |
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Name : |
M/s. Shome and Banerjee Cost Accountants |
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Ultimate
Holding Company : |
ALSTOM SA, France |
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Holding
Company : |
ALSTOM Holdings, France |
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Intermediate
Holding Companies : |
· ALSTOM Grid Holding BV, Netherlands (formerly ALSTOM Grid Finance BV, Netherlands) |
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Immediate
Holding Company : |
· Grid Equipments Limited, India |
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Fellow
Subsidiaries : |
* Upto February 15, 2013. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
627,500,000 |
Equity Shares |
Rs. 2/- each |
Rs. 1255.000 Millions |
|
|
|
|
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
256,049,135 |
Equity Shares |
Rs. 2/- each |
Rs. 512.100
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
256,046,535 |
Equity Shares |
Rs. 2/- each |
Rs. 512.100 Millions |
a. Reconciliation of number of shares
|
Equity Shares |
31.03.2014 |
|
|
|
Number of shares |
Rs. in Millions |
|
Balance at the beginning of the year |
239,104,035 |
478.200 |
|
Add: Shares issued |
16,942,500 |
33.900 |
|
Less: Shares bought back |
-- |
-- |
|
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 |
31.03.2014 |
31.03.2013 |
|
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 |
|
|
|
|
|
Total |
192,034,896 |
192,034,896 |
d. Details of shareholders holding more than 5 percent shares in the
Company
|
Equity Shares |
31.03.2014 |
|
|
|
Number of shares |
Rs. in Millions |
|
Grid Equipments 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
|
18,172,551 |
7.100 |
|
|
|
|
|
Total |
210,207,447 |
82.100 |
e. 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 which was completed in
February 2013, 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 current year, 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. Upon issue and
allotment of the above mentioned equity shares,
(i) The promoter’s shareholding in the Company got reduced from 80.314%
as hitherto to 74.999998% and public shareholding increased from 19.686% to
25.000002%.
(ii) The Company’s paid up share capital and securities premium account
stood at Rs.512.100 million and Rs.2, 761.600 million, respectively.
f. The original
equity shares of Rs. 10/- each of the Company were sub-divided into five shares
of Rs. 2/- each with effect from October 31, 2008.
g. Prior to
sub-division of shares:
i. 15,750,000
equity shares of Rs.10/- each were allotted as fully paid bonus shares by
capitalisation of General Reserve, Securities Premium Account and Surplus in
Statement of Profit and Loss.
ii. 19,871,327
equity shares of Rs.10/- each were issued and allotted as fully paid up shares
pursuant to the scheme of amalgamation with The General Electric Company of
India Limited in 1992-93 (11,520,000 shares), GEC Power Engineering Services of
India Limited (PESIL) in 1993-94 (330,000 shares), ALSTOM T&D Distribution Transformers
Limited in 2000-01 (87,992 shares) and with AREVA T&D Systems India
Limited, AREVA T&D Instrument Transformers India Private Limited and AREVA
T&D Lightning Arresters Private Limited in 2007 (7,933,335 shares) without
payment being received in cash.
iii. During
1994-95, the Company offered 9,950,000 equity shares of Rs.10/- each to the
existing shareholders in the ratio of 1 share for every 3 shares held at a
premium of Rs. 40/- per share as per letter of offer dated May 10, 1994. The
shares, barring 1,034 shares, which were kept in abeyance for technical
reasons, were allotted at the meeting of Committee of Directors held on July
28, 1994. Of the 1,034 shares of Rs.10/- each, kept in abeyance, 514 shares of
Rs.10/- each, were allotted up to 2001-02.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
512.100 |
478.200 |
478.210 |
|
(b) Reserves & Surplus |
11975.500 |
8623.600 |
8286.090 |
|
(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) |
12487.600 |
9101.800 |
8764.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
660.500 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
40.300 |
123.400 |
149.700 |
|
(c) Other long term
liabilities |
0.000 |
1.500 |
8.250 |
|
(d) long-term
provisions |
382.300 |
326.500 |
152.890 |
|
Total Non-current
Liabilities (3) |
422.600 |
1111.900 |
310.840 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4151.600 |
3516.100 |
5935.010 |
|
(b) Trade
payables |
19772.800 |
18154.300 |
15568.120 |
|
(c) Other
current liabilities |
8473.600 |
8239.400 |
5924.710 |
|
(d) Short-term
provisions |
1688.200 |
1330.100 |
960.760 |
|
Total Current
Liabilities (4) |
34086.200 |
31239.900 |
28388.600 |
|
|
|
|
|
|
TOTAL |
46996.400 |
41453.600 |
37463.740 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6394.100 |
6197.600 |
6487.250 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1100.700 |
535.400 |
182.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.040 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
206.500 |
228.200 |
105.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
7701.400 |
6961.300 |
6774.290 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6829.800 |
6941.800 |
5553.530 |
|
(c) Trade
receivables |
22960.800 |
17146.400 |
18023.040 |
|
(d) Cash
and cash equivalents |
364.400 |
781.200 |
331.050 |
|
(e)
Short-term loans and advances |
3421.100 |
3566.200 |
2906.620 |
|
(f) Other
current assets |
5718.900 |
6056.700 |
3875.210 |
|
Total
Current Assets |
39295.000 |
34492.300 |
30689.450 |
|
|
|
|
|
|
TOTAL |
46996.400 |
41453.600 |
37463.740 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35235.400 |
31518.700 |
41390.700 |
|
|
|
Other Income |
435.100 |
168.500 |
153.180 |
|
|
|
TOTAL |
35670.500 |
31687.200 |
41543.880 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
23858.600 |
22288.600 |
29672.3800 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
77.700 |
(1336.000) |
(847.150) |
|
|
|
Employees benefits expense |
3433.800 |
3245.900 |
3636.170 |
|
|
|
Other expenses |
4868.100 |
4844.800 |
4747.060 |
|
|
|
Exceptional items |
0.000 |
(170.200) |
(145.020) |
|
|
|
TOTAL
(B) |
32238.200 |
28873.100 |
37063.440 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3432.300 |
2814.100 |
4480.440 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
787.700 |
774.600 |
655.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2644.600 |
3389.950 |
3752.234 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
870.200 |
813.300 |
1014.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1774.400 |
1226.200 |
2375.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
604.200 |
385.100 |
751.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1170.200 |
841.100 |
1624.050 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7908.400 |
7655.900 |
6697.060 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
118.000 |
85.000 |
165.000 |
|
|
|
Dividend |
460.900 |
430.400 |
430.390 |
|
|
|
Tax on Dividend |
75.000 |
73.200 |
69.820 |
|
|
|
TOTAL |
653.900 |
588.600 |
665.210 |
|
|
BALANCE CARRIED
TO THE B/S |
8427.700 |
7908.400 |
7655.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
4575.600 |
4578.300 |
3479.190 |
|
|
|
Service Income |
309.600 |
212.800 |
168.060 |
|
|
TOTAL EARNINGS |
4885.200 |
4791.100 |
3647.250 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
5363.800 |
3663.900 |
5469.770 |
|
|
|
Capital Goods |
712.700 |
222.400 |
203.700 |
|
|
|
Stores and spare parts |
0.000 |
0.000 |
399.040 |
|
|
TOTAL IMPORTS |
6076.500 |
3886.300 |
6072.510 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.78 |
3.52 |
6.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
3.32
|
2.66 |
3.92 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.74
|
8.92 |
10.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.87 |
3.00 |
6.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.13 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.33 |
0.45 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.10 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
478.210 |
478.200 |
512.100 |
|
Reserves & Surplus |
8286.090 |
8623.600 |
11975.500 |
|
Net worth |
8764.300 |
9101.800 |
12487.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
660.500 |
0.000 |
|
Short term borrowings |
5935.010 |
3516.100 |
4151.600 |
|
Total borrowings |
5935.010 |
4176.600 |
4151.600 |
|
Debt/Equity ratio |
0.677 |
0.459 |
0.332 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
41390.700 |
31518.700 |
35235.400 |
|
|
|
(23.851) |
11.792 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
41390.700 |
31518.700 |
35235.400 |
|
Profit |
1624.050 |
841.100 |
1170.200 |
|
|
3.92% |
2.67% |
3.32% |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Unsecured Loans from Related Party |
0.000 |
660.500 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Unsecured loans from banks |
691.600 |
597.100 |
|
Unsecured loans from related parties |
3460.000 |
2919.000 |
|
Total |
4151.600 |
4176.600 |
INDEX OF CHARGES
NO CHARGES EXIST FOR THE 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
YEAR OF SUSTAINED
PERFORMANCE AND MARKET LEADERSHIP
During the year 2013-14, the Indian economy further slowed down for fourth consecutive year to a ten year low GDP growth rate of 4.7%, owing to various challenges, like delay in reforms, domestic structural constraints and inflationary pressures. The overall economic sentiment also impacted India’s power cycle, resulting in contraction of the T&D market for the second consecutive year in the last decade.
A 36% increase in non-performing assets of financial banks, crossing 2.43 lakh crore mark, led to significant reduction in sectorial lending to power and infrastructure leading to low investments in the sector throughout the year.
Power generation saw a stranded capacity of 30-40 GW due to the inability of State Electricity Boards to purchase power, while new projects failed to take off, owing to hurdles of clearances, availability of land and resources.
Poor investment in T&D infrastructure the across states during the 11 Plan hindered the wheeling of power from surplus regions in the country to power deficient demand centers. Even though, the Financial Restructuring Plan (FRP) by the Government to States was available, it could not significantly take off due to the national elections.
Industry and infrastructure saw a dampened investment scenario, with many private players opting for Corporate Debt Restructuring plan and facing liquidity crisis.
Despite the trying business environment, the performance of the Company sustained these challenges during the year under report and retained its market leadership position forth sixth year in a row.
The Company’s constant focus on improving margins and profitability was key to its strategy of selecting orders.
Overall, the Company successfully achieved a balanced portfolio of orders, resulting in sustained leadership and improved profitability.
PREFERRED CHOICE OF
CUSTOMERS IN THE HV AND EHV SEGMENT
The Company is the leader in India in High Voltage (HV) and Extra High Voltage (EHV) technology domains, for both AC and DC technology, and has made a significant contribution in building the T&D infrastructure in the country. A pioneer in introducing 765 kV technology in the country, the Company, anticipating the future grid requirements, went ahead and localised the HV and EHV products. This enabled the Company to develop in-house, cost-effective products for the grid.
Over 50% of India's 765 kV Extra High Voltage substations are built with Alstom’s technology and solutions. This follows on from the huge number of 400/220/132/66 kV substations that the Company has already built for India's central as well as the state grids.
In 2013-14, the Company’s status as the preferred choice for grid technologies in HV and EHV segment can be easily ascertained from the fact that it was the recipient of several orders to deploy transmission equipment across a number of Important projects in the country.
Power Grid, world’s second largest transmission utility chose the Company for several projects spread across India.
- In the Western region, the Company won two contracts for supply, erection, testing and commissioning of 400 kV substation extension packages, including shunt reactors.
- The Company will also supply 765 kV circuit breakers for various substations across India. Alstom is the first global manufacturer to localise production of spring operating high voltage circuit breakers up to 765 kV in India.
- The Company will also provide 14 shunt reactors for Power Grid’s 765 kV electrical substations at Kanpur and Jhatikara in Uttar Pradesh. Alstom’s shunt reactors will have the highest power rating (110 MVAR 1 Ph, 765 kV) installed on India’s EHV 765 kV grid.
- The Company will also supply 765 kV shunt reactors for Padghe, Bhiwani, Aurangabad and Meerut substations and 400 kV reactors for Khandwa, Purnia, Gajuwaka, Bariapada and Bhiwani. These reactors will strengthen the power transmission network in northern and western regions of India.
The Company was awarded a bulk tender for NTPC’s supercritical Nabinagar power project, located in Bihar, where the scope covers design, engineering, manufacture, supply, testing and commissioning of generator transformers, power transformers and shunt reactors. The Company secured the order to supply 400 kV substation packages, including shunt reactors in India’s western region.
BALANCED MIX OF
SUCCESSES ACROSS UTILITIES, POWER GENERATION, INDUSTRY AND INFRASTRUCTURE
While the Indian utilities, both central and states, were the key drivers for the T&D market in 2013-14, power generation, industry and infrastructure provided limited market opportunities. Despite the limited opportunities, the Company succeeded in having a diverse and balanced mix of projects from utilities, power generation, and industry and infrastructure segment.
Himachal Pradesh Power Transmission Corporation Limited (HPPTCL) and L&T awarded two 400/220/66 kV GIS substations at Wangtoo and Gumma in Himachal Pradesh, to improve the transmission capacity of HPPTCL, for the transport of electricity generated by the hydro power sources across the state.
Bihar State Power Transmission Company Limited (BSPTCL) also awarded the Company a turnkey AIS substation at Bihta and associated 220/132/33 kV bays extensions at various locations in Bihar, to strengthen the state’s transmission network at 220 kV level - a first in a series of energy expansion plans of the state.
West Bengal State Electricity Transmission Company Limited (WBSETCL) chose the Company for executing three contracts for manufacturing, supply, erection and commissioning of 220/132 kV GISprojects, to feed the industrial units coming up in the state. The Company will also provide a 400 kV substation and 220 kV transformer bay for evacuating power from the 2 x 500 MW Sagardighi Power Plant
(Phase II).
APTransco awarded the Company two AIS substation projects of 400/220/132 kV, to meet the growing power demand in the state.Bajaj Infrastructure Development Company also selected the Company to supply e-BoP package for their upcoming 3x660 MW Super Thermal Power Project in Lalitpur, Uttar Pradesh. This will bring power to 200 million inhabitants in the state.
Reliance Industries Limited selected the Company to provide
power transformer packages for the expansion of Jamnagar refinery, the world’s
largest single location refinery complex, located in Gujarat.The above projects
manifest the Company’s successful strategy, expertise, reputation andability to
be the first choice of customers across the entire power cycle.
LOCALISED GLOBAL
TECHNOLOGY
Alstom is known as a leading technology player in the T&D sector worldwide. Alstom’s ability to innovate its technology and localise as per the requirements of national grid has given it a competitive edge and positioned it as a technological leader.
The Company took the early initiative to be local, and therefore has a strong local manufacturing base.
The Company has built world-class manufacturing facilities for products like switchgears, power transformers, instrument transformers, automation products etc, using the same processes and technologies as used by the parent Company - all of which accelerate the deployment of a first class network for India.
The Company also inaugurated India’s first Digital Substation Automation Competence Centre at Pallavaram, Chennai. The opening of the Competence Centre will allow further advancement of High, Extra High and Ultra High Voltage as well as Renewable Power concept, thus enabling the Company tomaintain its leadership position in the transmission market.In terms of localisation of large transformers of Extra High Voltage 765 kV, the Company achieved a 765 kV transformer for Power Grid in October 2013 from its Vadodara unit, a remarkable feat that the Company achieved in 4 years.
SIGNIFICANT
CONTRIBUTION IN BUILDING ‘ONE COUNTRY-ONE GRID-ONE FREQUENCY’
On December 31, 2013, India, with over 230 GW grid, became world’s largest single frequency grid, truly becoming ‘One Country-One Grid-One Frequency’. The Indian National Grid achieved a major milestone by AC synchronisation of the southern grid with the rest of India.
The HVDC link created between Sholapur 765 kV substation and Raichur 765 kV substation started with aload of 15 MW. The link will carry approximately 2,000 MW of power, once it is fully charged.
The Company has played a major role in achieving this milestone. Specifically for this project, the Company delivered high technology products such as current transformers, disconnectors, reactors and substation automation solutions to Raichur substation and CVTs, disconnectors to Sholapur 765 kV substation.
The Company played a pivotal role in inter-connecting the electrical regions of India via 3 HVDC back-to-back stations as well as a large number of 765 kV substations built with Alstom's technologies.
OPERATIONAL
EXCELLENCE
Continuing there efforts to create differentiation through Operational Excellence, the Company has once again reached major landmarks in execution of product and project portfolio in 2013-14.
Utilising fully the Company’s expertise in executing turnkey projects across the wide spectrum of T&Dsector, the Solutions group successfully executed AIS and GIS substations, Electrical Balance of Plant, Industrial & Infrastructure and Rectifier substations. Some of the major customers for whom the Company executed turnkey projects during the year were Power Grid, MSETCL, WBSETCL, GETCO, SAIL, Hindalco, L&T, RRVPNL and Essar.
In addition to contributing to the growth and stability of Grid, the Company also took some unique steps in engineering, technology, manufacturing and project execution during the year under report.
During the year, the Company demonstrated its expertise in commissioning of 765 kV substations. A part from commissioning of Dhule substation in less than 10 months from start of site work. The Company implemented for the first time in India double switching scheme for bus reactors at 765 kV level. In addition, the Company commissioned first 765 kV project for RRVPNL, while first 765 kV substation for MSETCL is under execution.
the Company’s focus on managing operating working capital through execution efficiency ensured closing out old projects and collection of retention and dues of over Rs.1700 million during the year under report.
During the year, Service business commissioned 13 substations, carrying out 6 major AMC contracts including 2 Metro airport distribution systems including GIS, GCB and transformer overhauling service
QUALITY AND
INDUSTRIAL EXCELLENCE
The year saw the deployment of ALSTOM Production System (APS), the global industrial excellence model of Alstom Grid, has continued to progress quite well in all manufacturing units, in line with global targets. APS model provides the necessary road maps and standards to improve and sustain Safety, Quality, Cost and Delivery (SQCD) performance and measure progress towards industrial excellence.
The Company remains committed to continuous improvement towards industrial excellence. Following key actions were realised by the employees at all levels:
- 33 Lean 6 Sigma improvement projects contributed to significant operational performance improvement.
- APS workshops conducted at SMP, HVM and RMK units were recognised as best practices by grid APS community.
- Transformer manufacturing unit at Naini received Greentech Gold Safety Award-2013 by Greentech foundation of USA, in Engineering - Manufacturing sector, for its outstanding achievement in safety management.
- PCP unit received best EPC supplier award from GETCO.
- Transformer manufacturing unit at Vadodara received Letter of Appreciation from Power Grid, for the commissioning of 6 numbers of 80 MVAR shunt reactors in Indore and Bina sites in a short time.
- UHV Testing Laboratory of Vadodara unit received NABL accreditation certificate, as per ISO/IEC 17025:2005. Hosur unit received a renewal of NABL accreditation certificate for laboratories, as per ISO/IEC 17025:2005.
- All units have certified management systems for Quality and EHS with periodic recertification.
The Company’s Quality and Continuous Improvement team presented the 22 successful continuous improvement projects, including Lean and 6 Sigma projects executed across the units in the country, to management team during their India visit. During the visit, Mr. Michel Serra, Senior Vice President - Products, Alstom Grid, awarded ten lean 6-sigma green belt certificates to acknowledge the successful completion of the team’s respective green belt projects, and congratulated the teams for their efforts. APS operator training was also deployed in AIS, GIS, PTR and Automation units, in order to enhance the scope of APS deployment to the operations' personnel (including operators and supervisors) in the shop floor. This is an important step in APS deployment to ensure that APS principles are spread across the industrial community. 518 participants across the units have been trained so far.
MARKET OVERVIEW
The year 2013-14 was challenging for the T&D market. For the third year, since 2003, the T&D market in India witnessed a market de-growth of the order of 9%, due to fall in demand, led by low investment in the power segment, in industry and infrastructure and impacted by delays in project execution by the customers.
State Electricity Boards (SEBs) which are reeling under losses of Rs. 2.35 trillion has constricted across the entire generation and T&D value chain, deeply impacting the cash flow of the GENCOs and T&D suppliers. Inability to purchase power has impacted private power operators who, today, have made huge investments in power plants but are unable to recover their investments. This had a ripple effect on us delaying the development and execution of the power and T&D projects in India.
there customers witnessed frequent delays in their projects due to variety of reasons such as land acquisition, environment and lending related issues. Consequently the Company’s sales plans were disturbed and delayed since several of there customers in SEB and IPP segment had cash flow issues due to the poor realisation from their customers. The Company, thus had to face significant delays in payment realisation.
Lack of fuel supply, issues of land acquisition and delayed environmental clearances have put additional stress on the power sector. 50GW of power generation capacity (24% of capacity) is stranded due to fuel supply issues and lack of demand from SEBs. Most of the SEBs have poor T&D infrastructure. Hence power cannot be wheeled through the transmission network within the states. Thus, the investment climate, in power sector, continues to be bleak and uncertain. Most of the new projects are, thus, either delayed or shelved.
Poor consumption cycle in Industry and Infrastructure has slowed down capital investments in metals and mining sector, airports and other industries. Several large Industrial players are struggling with liquidity issues and have gone for debt recasts selling assets and withholding investments. Industrial revival will play a crucial role in 2014-15 for expanding T&D opportunities from industrial customers.
On the positive side, India added 55,000 MW of additional generation capacity to the grid during the 11 plan period followed by 38,000 the MW in the first two years of 12 plan in years 2012-13 and 2013-14. Utilities both at state and central level are strengthening and modernizing their T&D infrastructure to transmit this additional generation and trying to build a more robust grid. Thus, it creates opportunities for the Company for the year 2014-15 and beyond.
Government of India has also finalised the Financial Restructuring Plan (FRP) to help the SEBs to restructure their financial debts and clean up their balance sheets. Eleven major SEBs have agreed, in principle, to go for progress in FRP implementation has been rather slow due to national elections and lack of push from the respective states.
Thus year 2014-15 is expected to be a flat year for growth as the new policies are expected to be announced.
OUTLOOK
Overall, transmission sector outlook is positive as well as challenging, driven by Power Grid and SEB led investments, to evacuate/ transport power generated by capacity added in the 11 Plan.
the Company, with a good order book, localised footprint, high technology based products and solutions and balanced portfolio of products and projects, is well placed to capture the market growth and retain its leadership position in the transmission sector.
As the Indian grid evolves, investments in Super Grids and Smart Grids will offer increased opportunities for high technology solutions like HVDC, STATCOM, SVC and grid stability Equipments. Alstom T&D
India, with its localised portfolio of products and solutions backed by new investment plans in capacity building and technologies, is focused on enhancing its customer base by being the preferred choice for grid technologies and increase its market share in existing as well as in the emerging market opportunities.
The Company, however, recognises that the market conditions in India would pose challenges like, pressure on margins, delayed customer projects, impacting timely sales and cash realisation. Notwithstanding, the Company’s management team remains holistically focused and committed to deliver increased value for its stakeholders.
With the formation of the new government at the centre, the company is optimistic that actions will be taken to revive the economy through increase in capital expenditure in utilities, power generation, industry and infrastructure. This augurs well for the Company's future prospects.
The Company is fully ready to address such growth opportunities in the near future.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(i) Sales tax, Service tax and Excise matters. |
492.800 |
336.800 |
|
(ii) Claims against the Company not acknowledged as debts
pertaining to legal cases and provident fund. |
69.900 |
65.800 |
PART-I
STATEMENT OF UNAUDITED FINANCIAL RESULT FOR QURTER ENDED 30TH
JUNE 2014
|
Sr. No |
Particulars |
3 Months Ended |
|
30th June 2014 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
6711.400 |
|
|
b. Other Operating Income |
21.500 |
|
|
Total Income from
Operations (Net) |
6732.900 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
4868.400 |
|
|
b. Purchase of Stock-in trade |
0.000 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(817.300) |
|
|
d. Employees Benefit Expenses |
842.000 |
|
|
e. Depreciation and Amortisation Expenses |
193.800 |
|
|
f. Other expenses |
1073.800 |
|
|
Total Expenses |
6161.00 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
517.900 |
|
4 |
Other Income |
1.700 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
573.600 |
|
6 |
Finance Costs |
142.500 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
431.100 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from ordinary
activities before tax |
431.100 |
|
10 |
Tax Expense |
146.700 |
|
|
- Income Tax |
|
|
|
- Deferred Tax |
|
|
11 |
Net Profit from
ordinary activity after tax |
284.400 |
|
12 |
Extraordinary Items |
-- |
|
13 |
Net Profit After
Tax |
284.400 |
|
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 |
-- |
|
16 |
Earnings Per Share (of Rs.10 each) (not annualized) |
|
|
|
Basic EPS |
1.11 |
|
|
Diluted EPS |
1.11 |
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 |
|
|
|
- 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 |
|
|
|
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 |
- |
Notes:
- The above unaudited result for the
ended30th June, 2014 reviewed by the audit committee and have been
approved by the board directors at its meeting held on 23rd
July 2014.
- The company is in the business relating
to product, project and system for electricity transaction a related
activities only. Accordingly the company has only one business segment.
- In April 2014, company has reassessed
the estimated useful life of its fixed considering the guidelines under
schedule II of the companies Act 2013. The realignment of the useful lives
have into a capital charge of Rs. 14.400 million (net of deferred tax) to
the opening balance of retained earnings and a reduction in depreciation
in the current quarter by Rs. 27.3000 million.
- GE Energy Europe B.V. (Acquirer) along
with general electric companies (GE), GE Industrial France SAS has made a
public announcement on 5th may 2014 under regulations 3, 4, and
5(1) read with regulation 15(1) of securities and exchange board of India.
Regulations, 2011 for the open offer for acquisition of up to 64011639
shares in the company from public shareholder representing 25% of the
total paid up equity share capital of the company at an offer price of Rs.
26.125 million per share. As per announcement the acquirer will proceed
with offer, only if the understanding transaction to the offer is
consummated. The board of Directors of unlimited holding company ALSTOM SA
has also made its recommendation in favour of acquisition of its thermal
power, renewable power and grid sectors, as well as its corporate and
shares services.
- Previous periods / year’s figures
including denominations from Rupees millions have been reclassified /
regrouped / rearranged wherever necessary to confirm to current period
presentation.
- The “Limited Reviewed” by the statutory
Auditor for the quarter ended 30th June 2014 as required under
41 of the Listing Agreement has been completed and the related report is
being forwarded to the stock exchange. This report does not have any
impact on the above result 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
PRESS RELEASE
ALSTOM T AND D
INDIA WINS Rs. 1515.000 MILLIONS ORDER FROM RAJASTHAN GOVERNMENT
Debabrata Das
NEW DELHI, DEC
16:
Alstom T&D India said on Tuesday that it has secured an order worth ₹ 1515.000 Millions from Rajasthan Rajya Vidyut Prasaran Nigam Limited to supply a 400/220 kV sub-station in Bhadla and expand the existing sub-station in Bikaner.
“The new 400 kV sub-station will help evacuate power from the Bhadla solar park and other upcoming solar parks in the area, while expanding the sub-station at Bikaner will facilitate the exchange of solar power generation with the national grid,” the company said in a statement.
Alstom T&D will design, engineer, manufacture, install and commission the sub-station for Bhadla, while in Bikaner it will provide eight 400 kV bays, transformers, circuit breakers, control and protection relays. All the equipment will be from Alstom’s manufacturing facilities in India.
The projects are part of Rajasthan’s initiative to upgrade and scale the State’s transmission infrastructure for the transmission of clean energy to the national grid.
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. 61.96 |
|
|
1 |
Rs. 94.41 |
|
Euro |
1 |
Rs. 70.20 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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.