MIRA
INFORM REPORT
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Report No. : |
304839 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM INDIA LIMITED (w.e.f. 06.06.2012) |
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Formerly Known
As : |
ALSTOM PROJECTS INDIA LIMITED |
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Registered
Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.09.1992 |
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Com. Reg. No.: |
11-068379 |
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Capital
Investment / Paid-up Capital : |
Rs. 672.300 Millions |
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CIN No.: [Company Identification
No.] |
L74140MH1992PLC068379 |
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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 engineering, procurement and construction of power plants. It also manufactures steam raising plant, ancillary equipment, parts of steam generator, pressures vessels and pulverizers. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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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 26000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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
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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 |
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Date |
December 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Non Fund Based Limits = A1+ |
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Rating Explanation |
Have very Strong Degree of safety and carry lowest Credit risk |
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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-cooperative (91-265-6613000)
LOCATIONS
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Registered Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91- 22- 22000487/ 490/ 528/ 22051256/ 66399260/66399255 |
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Fax No.: |
91-22- 22000324/ 22086905 / 66399259 |
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E-Mail : |
pradeepta.puhan@power.alstom.com
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Website : |
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Corporate Office : |
IHDP Building, Plot No.7, Sector – 127, Noida – 201301, Uttar Pradesh,
India |
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Head Office/
Manufacturing Facility : |
Erda Road, GIDC, Maneja, Vadodara – 390013, Gujarat, India |
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Tel. No.: |
91-265-6613000 |
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Fax No.: |
91-265-6613081 |
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Factory : |
Located At: · Vadodara · Durgapur · Shahabad · Noida |
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Marketing/ Other
Offices : |
Located At: ·
Bangalore ·
Chennai ·
Hyderabad ·
Kolkata ·
Mumbai ·
Nagpur ·
Noida ·
Vadodara ·
Varanasi |
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Branch Office : |
KG Masterpiece, 1st Floor – 144, Nelson Manickkam Road,
Mehta Nagar, Aminjikarai, Chennai – 600029, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Rathindra Nath Basu |
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Designation : |
Chairman and Non-Executive Director (w.e.f. 01 April 2014) |
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Name : |
Mr. Sunand Sharma |
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Designation : |
Chairman and Whole-time Director (till 31 March 2014) |
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Name : |
Mr. Patrick Ledermann |
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Designation : |
Vice-Chairman & Managing Director |
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Name : |
Mr. S.M. Momaya |
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Designation : |
Director |
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Name : |
Mr. K. Vasudevan |
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Designation : |
Independent Director |
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Name : |
Mr. A.K. Thiagarajan |
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Designation : |
Independent Director |
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Name : |
Mr. Dr. Uddesh Kohli |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Pradeepta Puhan |
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Designation : |
Company Secretary |
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MANAGEMENT TEAM |
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Name : |
Mr. Rathindra Nath Basu |
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Designation : |
Country President, India and South Asia (w.e.f. 01 April 2014) |
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Name : |
Mr. Patrick Ledermann |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Vijay Sharma |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Amaresh Singh |
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Designation : |
Country Human Resources Director, India |
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Name : |
Mr. Sapna Lalwani |
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Designation : |
Country Communications Director |
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Name : |
Mr. Hiren Vyas |
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Designation : |
Country Legal Director |
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Name : |
Mr. Ashish Ohri |
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Designation : |
Regional Director, India, End User Service and Support |
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Name : |
Mr. Frederic Teyssedou |
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Designation : |
MD Hydro India |
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Name : |
Mr. Alain Spohr |
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Designation : |
VP-Steam Plants |
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Name : |
Mr. Neeraj Nanda |
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Designation : |
GM Gas India |
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Name : |
Mr. Sudhanshu Goel |
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Designation : |
MD Boiler India |
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Name : |
Mr. Anoop Roy |
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Designation : |
MD ECS India (w.e.f. 01 September 2014) |
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Name : |
Mr. Rajeev Sharma |
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Designation : |
Managing Director, Local Service Centre – Thermal Services India |
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Name : |
Mr. Rajeev Sharma |
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Designation : |
VP, Power Automation Control India and ME |
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Name : |
Mr. Sanjeev Agarwal |
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Designation : |
MD Power Mills, India |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter
and Promoter Group |
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|
46088294 |
68.56 |
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|
46088294 |
68.56 |
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Total shareholding of Promoter
and Promoter Group (A) |
46088294 |
68.56 |
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(B) Public Shareholding |
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|
6528832 |
9.71 |
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|
2101610 |
3.13 |
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|
259742 |
0.39 |
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1087343 |
1.62 |
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|
1262698 |
1.88 |
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11240225 |
16.72 |
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|
2104005 |
3.13 |
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|
6827575 |
10.16 |
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674810 |
1.00 |
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|
292562 |
0.44 |
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|
14048 |
0.02 |
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|
18587 |
0.03 |
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|
8383 |
0.01 |
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|
234799 |
0.35 |
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|
16564 |
0.02 |
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|
181 |
0.00 |
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|
9898952 |
14.72 |
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Total Public shareholding (B) |
21139177 |
31.44 |
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Total (A)+(B) |
67227471 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
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|
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) |
67227471 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of engineering, procurement and construction of power plants. It also manufactures steam raising plant, ancillary equipment, parts of steam generator, pressures vessels and pulverizers. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Bank of Baroda · ICICI Bank Limited · Canara Bank · Union Bank of India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. N. Dhawan and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company: |
· ALSTOM, France |
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Holding Company: |
· ALSTOM Holdings, France |
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Immediate Holding
Company: |
· ALSTOM Finance BV, Netherlands |
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Parties controlled by
the Company (Subsidiaries): |
· ALSTOM Power Boilers Services Limited, India · ALSTOM Boilers India Limited, India |
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Other related
parties with whom transactions have taken place during the year (fellow
subsidiaries): |
· ALSTOM (Switzerland) Limited · ALSTOM (Thailand) Limited · ALSTOM Asia Pacific Sdn Bhd · ALSTOM Austria GmbH, · ALSTOM Belgium SA · ALSTOM Bharat Forge Power Limited · ALSTOM Brasil Energiae transporte Ltda, · Alstom Egypt Power and Transp Projects SAE · ALSTOM Estonia AS · ALSTOM Ferroviaria S.p.A · Alstom Hydro France · ALSTOM Hydro Spain S.L. · ALSTOM Hydro Sweden AB · ALSTOM K.K · ALSTOM Konstal Spolka Akcyjna · ALSTOM Korea Limited · ALSTOM Limited · ALSTOM Limited · ALSTOM MIDDLE EAST Limited · ALSTOM Power and Transport Canada Inc · ALSTOM Power GmbH · ALSTOM Power Inc · ALSTOM Power Italia Spa · ALSTOM Power Service GmbH · ALSTOM Power Service Limited · ALSTOM Power Sp.z o.o. · ALSTOM Power Sweden · AB ALSTOM Power Systems GmbH · Alstom Power Systems SA · ALSTOM Renewable (Switzerland) Limited · ALSTOM Renewable Austria GmbH · ALSTOM Renewable Malaysia Sdn Bhd · ALSTOM Renovables Espana S.L · ALSTOM Saudi Arabia Transport and Power Limited · Alstom Services Sdn Bhd · ALSTOM Taiwan Limited · ALSTOM Technical Service Shanghai · ALSTOM Transport India Limited · ALSTOM Transport SA · ALSTOM Vannkraft AS · ALSTOM Vietnam Company Limited · PT ALSTOM Power Energy Systems Indonesia Shangai · ALSTOM Electrical Equipment Limited · Tianjin ALSTOM Hydro Company Limited · ALSTOM Asia Pte Limited · ALSTOM Beijing Engineering and Technology Company Limited · ALSTOM Grid SAS ALSTOM Holdings · ALSTOM Hong-Kong Limited · ALSTOM Hydro R and D India Limited · ALSTOM International Mobility Management Limited · ALSTOM IS and T SAS · ALSTOM Norway AS · ALSTOM Philippines- Inc. · ALSTOM Power Boilers Services Limited · ALSTOM Power Consulting AG · ALSTOM Power Service · ALSTOM Power Service (Hong Kong) Limited · ALSTOM S&E Africa (Pty) · ALSTOM Signalling Inc. · ALSTOM Technologie AG Switzerland · ALSTOM Transport (S) Pte Limited · ALSTOM Transport BV · PT ALSTOM Transport Indonesia · ALSTOM Nigeria Limited · ALSTOM Limited. · ALSTOM CROATIA Limited · ALSTOM general turbo SA · ALSTOM Hellas SA · ALSTOM Portugal SA · ALSTOM Power Conversion SA France · Alstom Power Inc Warrenville · ALSTOM Sizhou Elec Power Equipment Limited · ALSTOM Strongwish Company Limited · ALSTOM T and D India Limited · Power Service France Protea · ALSTOM Bulgaria EOOD · ALSTOM China Investment Company Limited · ALSTOM Deutschland AG, · Alstom Hydro China Company Limited · ALSTOM SA · Alstom Power Asia Pacific Sdn Bhd · ALSTOM Power Singapore Pte Limited · WUHAN Boiler Company Limited · Alstom Boiler Deutschland GmbH · ALSTOM Combined Cycles International Limited · ALSTOM Israel Limited · ALSTOM Maroc SA · ALSTOM Support France · ALSTOM Finance BV, Lorelec · ALSTOM Boilers India Limited, · ALSTOM Power Hydraulique. |
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Joint venture under
the common control of the Ultimate Holding Company: |
· NTPC ALSTOM Power Services Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195000000 |
Equity Shares |
Rs.10/- each |
Rs.1950.000 Millions |
|
40500000 |
Preference Shares |
Rs.100/- each |
Rs. 4050.000 Millions |
|
|
Total |
|
Rs. 6000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67227471 |
Equity Shares |
Rs.10/- each |
Rs. 672.275 Millions |
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Reconciliation of the
shares outstanding at the beginning and at the end of the reporting year
|
Equity shares: |
As at 31 March
2014 |
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|
Numbers |
Rupees in
million |
|
|
|
|
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|
At the beginning of the year |
67,227,471 |
672.300 |
|
Outstanding at the end of the year |
67,227,471 |
672.300 |
Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation of Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shares held by
holding / ultimate holding Company and / or their subsidiaries/ associates
|
Particulars |
As at 31 March
2014 |
|
|
|
|
46,088,294 (previous year 46,088,294) equity shares by Alstom Finance BV,
Netherlands, the immediate holding Company |
460.900 |
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
As at 31 March
2014 |
|
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|
Numbers |
% holding in the class |
|
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|
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|
Alstom Finance BV, Netherlands (the
immediate holding company) |
46088294 |
68.56 |
Shares allotted as fully
paid up pursuant to contract(s) without payment being received in cash (during
5 years immediately preceding 31 March 2014)
6,097,561 Equity shares of Rs. 10 each issued to the erstwhile shareholders of ALSTOM Holdings (India) Limited pursuant to the Scheme of Amalgamation which became effective on 20 April 2012 with effect from 1 April 2011, the appointed date without payment being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
672.300 |
672.300 |
672.300 |
|
(b) Reserves &
Surplus |
8631.200 |
7348.800 |
6264.700 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
9303.500 |
8021.100 |
6937.000 |
|
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|
(3) Non-Current
Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
140.000 |
144.400 |
112.300 |
|
(d) long-term provisions |
515.400 |
414.200 |
305.500 |
|
Total Non-current
Liabilities (3) |
655.400 |
558.600 |
417.800 |
|
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|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Construction
contracts in Progress, Liabilities |
14616.300 |
12556.000 |
14587.700 |
|
(b) Trade payables |
2783.200 |
3346.300 |
2686.600 |
|
(c) Other current
liabilities |
1397.700 |
1013.900 |
1544.500 |
|
(d) Short-term provisions |
2396.300 |
1706.800 |
1278.200 |
|
Total Current Liabilities
(4) |
21193.500 |
18623.000 |
20097.000 |
|
|
|
|
|
|
TOTAL |
31152.400 |
27202.700 |
27451.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4418.600 |
4414.000 |
3687.700 |
|
(ii) Intangible Assets |
23.900 |
33.200 |
43.600 |
|
(iii) Capital
work-in-progress |
241.400 |
373.500 |
954.900 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.500 |
0.500 |
|
(c) Deferred tax assets
(net) |
339.600 |
108.200 |
124.500 |
|
(d) Long-term Loan and Advances |
413.300 |
675.500 |
693.500 |
|
(e) Other Non-current
assets |
37.900 |
77.700 |
40.200 |
|
Total Non-Current Assets |
5474.700 |
5682.600 |
5544.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
513.500 |
877.800 |
739.700 |
|
(c)
Construction contracts in progress, assets |
3012.300 |
2091.200 |
2384.800 |
|
(c) Trade receivables |
11183.300 |
10977.000 |
10290.600 |
|
(d) Cash and cash
equivalents |
2794.000 |
1097.600 |
2232.000 |
|
(e) Short-term loans and
advances |
6527.600 |
6018.500 |
5889.700 |
|
(f) Other current assets |
1647.000 |
458.000 |
370.100 |
|
Total Current Assets |
25677.700 |
21520.100 |
21906.900 |
|
|
|
|
|
|
TOTAL |
31152.400 |
27202.700 |
27451.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
26053.100 |
27858.400 |
24183.000 |
|
|
Other Income |
907.200 |
980.600 |
718.000 |
|
|
TOTAL (A) |
26960.300 |
28839.000 |
24901.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
14867.800 |
16168.700 |
13508.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
22.900 |
(15.100) |
|
|
Employees benefits
expense |
5675.500 |
5098.100 |
4425.900 |
|
|
Other expenses |
3736.500 |
4154.600 |
3967.800 |
|
|
Profit
on sale of transport business |
(1169.000) |
0.000 |
0.000 |
|
|
TOTAL (B) |
23110.800 |
25444.300 |
21886.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
3849.500 |
3394.700 |
3014.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
39.600 |
24.900 |
6.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3809.900 |
3369.800 |
3007.800 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
610.800 |
550.800 |
510.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
3199.100 |
2819.000 |
2497.300 |
|
|
|
|
|
|
|
Less |
TAX (H) |
892.600 |
981.700 |
819.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
2306.500 |
1837.300 |
1677.500 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
4948.300 |
4076.100 |
3257.500 |
|
|
|
|
|
|
|
Add |
Adjustment on account of
amalgamation and treatment of derivatives (K) |
0.000 |
0.000 |
37.200 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
230.700 |
183.700 |
167.800 |
|
|
Proposed Dividend |
941.200 |
672.300 |
672.300 |
|
|
Corporate dividend tax |
165.000 |
109.100 |
109.100 |
|
|
Earlier year’s provision no
longer required |
0.000 |
0.000 |
(53.100) |
|
|
Total (L) |
1336.900 |
965.100 |
896.100 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J+K-L) |
5917.900 |
4948.300 |
4076.100 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5058.700 |
5146.100 |
4880.800 |
|
|
Deemed Exports |
0.000 |
74.300 |
192.300 |
|
|
Goods/services supplied/rendered locally against
foreign exchange remittance |
1299.000 |
3810.000 |
3504.300 |
|
|
Erection and other
services |
1528.100 |
1046.500 |
737.700 |
|
|
Global Sourcing Service |
0.000 |
0.000 |
17.900 |
|
|
Service Income |
1724.100 |
825.600 |
78.700 |
|
|
TOTAL EARNINGS |
9609.900 |
10902.500 |
9411.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1768.700 |
1665.500 |
2276.200 |
|
|
Components & maintenance
spare parts |
287.700 |
115.200 |
180.500 |
|
|
Capital Goods |
75.000 |
148.900 |
177.900 |
|
|
Project items |
1873.600 |
3041.300 |
1896.700 |
|
|
TOTAL IMPORTS |
4005.000 |
4970.900 |
4531.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
34.31 |
27.33 |
24.95 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
8.85 |
6.60 |
6.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.78 |
12.19 |
12.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.46 |
10.55 |
9.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.35 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.16 |
1.09 |
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 |
672.300 |
672.300 |
672.300 |
|
Reserves & Surplus |
6264.700 |
7348.800 |
8631.200 |
|
Net worth |
6937.000 |
8021.100 |
9303.500 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
24183.000 |
27858.400 |
26053.100 |
|
|
|
15.198 |
(6.480) |
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 |
24183.000 |
27858.400 |
26053.100 |
|
Profit |
1677.500 |
1837.300 |
2306.500 |
|
|
6.94% |
6.60% |
8.85% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
25/07/2014 |
|
|||
|
Lodging No.:- |
CPL/518/2014 |
Filing Date:- |
25/07/2014 |
|
|
|
Petitioner:- |
ISGEC HEAVY ENGINEERING
LIMITED |
Respondent:- |
ALSTOM INDIA LIMITED CIN
L74140MH1992PLC068379 |
|
Petn.Adv.:- |
M/S DESAI AND DIWANJI (814) |
|
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
Last Date:- |
01/08/2014 |
Stage:- |
|
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR.
MASTER |
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
391 TO 394 |
OPERATION
The year in review:
Successful breakthroughs and achievements
The market for power generation equipment was modest during the year 2013-14. The last financial year turned out to be the weakest year in terms of order of new power plants in almost a decade. While the first two quarters of the financial year for new power plants was lean, in the last two quarters, the Company booked a few orders, mostly from government-owned utilities.
In the thermal power sector, the market was marred by non-availability of coal as well as natural gas. Domestic coal production remained flat during the year and resulted in high imports at major commercial ports to meet the requirements of the power sector. In the renewable power sector, the rate of addition of hydropower has been extremely low. The issues included land acquisition, environmental and forest clearances, access to the sites (mainly in North East), resettlement and rehabilitation issues and occasional law and order problems. However, with stability in Nepal and agreement on a new project development structure in Bhutan, opportunities for future development of hydropower are expected in the South Asia region.
During the year, the total power projects ordered in India was ~14GW out of which the Company participated in 8GW. This includes the electro mechanical package for the largest private hydropower project in India (Ratle) and supply of components for supercritical boilers to Suratgarh, Darlipalli, North Karanpura and Banharpali projects.
Though Financial Year 2013-14 (FY13-14) was challenging for the power industry, the Company has made some successful breakthroughs: It won the first full scope turnkey limestone based Wet Flue Gas Desulfurization (WFGD) project in India, the first major hydropower project won in Georgia and the first runner repair order of Chhukha in Bhutan.
MARKET OVERVIEW
The market for conventional power generation equipment was modest in Financial Year 2013-14 (FY13-14). There was no major order for new power plant during the first half (H1) of the financial year. There were few orders, mostly from government owned utilities during the second half (H2) of the year. Nevertheless, the year FY13-14 proved to be the weakest year in terms of ordering of new conventional power plants in almost a decade.
The market was marred by fuel availability concerns – coal as well as natural gas. Production of domestic coal remained flat during FY13-14. The largest domestic coal producer, Coal India Limited (CIL) registered ~2% or ~9MT growth in production whereas, the other public sector coal producer, Singareni Collieries Company Limited (SCCL) reported a decline of ~6% or ~3MT in production during FY13-14 vis-ŕ-vis FY12-13. As a result, import of thermal coal increased by ~15% at major commercial ports to meet the requirements of power sector. Imports, though expected to become a major source, would be sustainable only if related concerns such as passthrough
tariff, improvement in port and transport infrastructure are addressed.
Domestic gas production declined further from 3173 million cubic meters (MCM) in March 2013 to 2756 MCM in January 2014. Gas-fuelled power generation declined accordingly, more so with City Gas Distribution being accorded higher priority. Gas based power generation capacity operated at less than 25% load factor during FY13-14. RIL KG basin, based on which many gas based power plants were set up, does not supply gas to any power project due to sharp decline in gas production from this field. Liquefied natural gas (LNG), due to high cost, continues to be an unviable fuel for these plants. With large gas based capacity under execution and now stranded, there is an need to address the future of gas based power plants in India.
Apart from fuel availability, the major reasons for delay in power projects included delays in land acquisition and getting mandatory project clearances such as forest and environmental clearances. In fact, these issues have impacted all large infrastructure projects under implementation as well as development of new projects. Development of mines and transportation projects too has been affected due to these issues, which has compounded the coal supply concerns for Indian power producers.
Developers, such as private independent power producers (IPPs), and consequentially project financiers are staring at huge losses emanating from delays in projects under execution. As a result arranging funds for new power projects has become another challenge for IPPs.
The Government has taken measures to revive the sector such as presidential directive to CIL to implement Fuel Supply Agreements, periodic revision of power tariffs and restructuring package offered to loss making distribution companies (Discoms). The regulator has also approved tariff hike for imported coal based new plants considering increase in import prices; however this has been challenged in the court by affected Discoms.
In terms of commissioning of power plants, the market witnessed continued momentum albeit at a slower pace. As per Central Electrical Authority (CEA), around 21GW power generation capacity got commissioned in FY13-14. Generation capacity of approximate 26GW and 24GW got commissioned in FY11-12 and FY12-13 respectively. Installed base in Indian market has grown at a CAGR of about 10% in the last three years. And, with approximate 45GW capacity addition in FY12-13 and FY13-14, Indian market should meet the power generation capacity addition target of 88GW set for Twelfth Plan period (2012-17), excluding the renewables.
Of the total estimated potential of about 150GW, India has installed hydroelectric power capacity of approximate 41GW only. The rate of addition of hydropower has been rather low. The blocking issues include land acquisition, environmental and forest clearances, access to the sites, resettlement and rehabilitation issues and law and order problems at times. However, with stability in Nepal and agreement on a new project development structure in Bhutan, opportunities for future development of hydropower are expected to improve in this region.
Nuclear power generation in India continues to account for 2% of India’s total Installed base. Though, the Government of India aims to increase installed base through indigenous and foreign cooperation, the international program has largely remained stuck due to financing problems, civil liability concerns and lack of support from the local population. Currently the Nuclear capacity addition is expected to grow with help from the domestic 700MW nuclear power program.
There has been a thrust to increase the renewable energy share in the total installed base of India. There has been policy and regulatory support to the renewable energy sector (mostly wind and solar) through accelerated depreciation, attractive feed-in-tariff rates, renewable energy certificates (REC) trading and carbon credits.
As a result, the Solar Photovoltaic (PV) market and onshore wind based capacity has grown rapidly over the last five years in India. Frequent changes in the incentive structure and inability of Discoms to off-take renewable power at higher tariff are some of the challenges to the growth of this segment. With the induction of advanced solar technology such as concentrated solar power for large plants as well as the introduction of molten salt storage techniques solar power generation is likely to get a boost.
OUTLOOK
With annual per capita electricity consumption at ~930 units, it is foreseen that the demand for electricity will grow further, both in the short as well as in the long term. Given the impact of stranded projects on the banking sector, the Government is expected to address the immediate concerns of infrastructure sector in general and power sector in particular. Moreover, as the targets for the 13th Five Year Plan are announced, it is expected that the ordering for power equipment and services will pick up in the near future. Coal has been identified as the major fuel for power generation and would drive the growth in the supercritical segment. Growth is also expected in nuclear, hydro and renewable energy segments.
Of late, the central electricity regulator, CERC, has decided to lead the Indian power industry to the next level of operational efficiency and reliability. In the new tariff regime, it has proposed significant measures to promote efficiency improvement in power plant operations. In addition, the increasing awareness and concern for environment has compelled thermal power plant operators to install pollution control measures. Both these developments enhance business opportunities in power sector as well as for Alstom.
Driven by higher efficiency and low emission, the market is expected to be coal based mainly for fuel-efficient supercritical (SC) technology for utilities and IPPs as observed during the past two years.
Gas based power plants are unlikely to be ordered until the issues of gas pricing and availability of existing and stranded plants are addressed. Alstom has built a strong engineering, procurement and construction (EPC) team at Noida to address the domestic gas market, once bottlenecks are removed. Currently Alstom India Gas EPC team is addressing expert opportunities in Middle-East and South Asia in collaboration with Alstom’s global gas business.
Government has announced a strong policy support to the renewable power sector. Distributed grid and off-grid
power sources may get policy support in the government’s objective to achieve 100% electrification. Overall, business environment is expected to remain challenging. Pricing pressure on margins would be a key challenge. The Company has a strong order book and is confident to address such challenges and to deliver value over long term to its shareholders with expectation that Power Sector ordering will pick up in future.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90215693 |
18/08/2000 |
470,000,000.00 |
BNAK OF BARODA |
CORPORATEV E BANKING BRACH, SANSAD MRAG, NEW DELHI, DELHI, INDIA |
- |
|
2 |
90215880 |
21/11/2013 * |
19,100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B91146548 |
|
3 |
80031191 |
05/06/2009 * |
4,650,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH-I, GROUND FLOOR, 38, ANSAL |
A64609753 |
|
4 |
90215881 |
09/09/2005 * |
2,675,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, CONNUGHT PLECE, NEW DELHI, DELHI - 110019, INDIA |
- |
* Date of charge modification
Contingent
Liabilities
a) Demands relating to Tax matters :-
i. Sales Tax matters - Rs. 85.500 million (previous year - Rs. 75.000 million)
ii. Work Contract Tax matters - Rs. 13.800 million (previous year - Rs. 13.800 million)
iii. Excise Duty matters - Rs. 247.300 million (previous year - Rs. 236.700 million)
iv. Service Tax matters - Rs. 93.400 million (previous year - Rs. 88.200 million)
b) Demand relating to Labour Cess matter - Rs. 18.600 million (previous year - Rs. 18.600 million)
Based on the favorable decision in similar cases / legal opinions taken by the Company / discussions with the solicitors etc., the Company believes that it has good cases in respect of all the items listed under (a) and (b) above and hence no provision there against is considered necessary. It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.
The Company does not expect any reimbursements in respect of the above contingent liabilities.
FIXED ASSETS
Tangible assets
· Freehold land
· Leasehold land
· Leasehold improvements
· Factory buildings
· Other buildings
· Plant and Machinery
· Office equipment
· Furniture and fixtures
· Vehicles
Intangible assets
· Software and license Fees
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 records 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. 61.50 |
|
|
1 |
Rs. 93.12 |
|
Euro |
1 |
Rs. 69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.