MIRA INFORM REPORT
|
Report No. : |
331971 |
|
Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM BHARAT FORGE POWER LIMITED |
|
|
|
|
Registered
Office : |
14th Floor, Antariksh Bhavan, 22 Kasturba Gandhi Marg, New
Delhi – 110001 |
|
Tel. No.: |
91-11-23357035 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.01.2010 |
|
|
|
|
Com. Reg. No.: |
55-197807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1447.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29111DL2010FTC197807 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELA25261F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA1334J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
of Turbines and Generators for Thermal Power Projects. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Alstom Power Holdings, SA,
France (APH) and Bharat Forge Limited,
India It is an established company having a satisfactory track record. The
company has achieved a decent profit during FY 2014 which has reduced major
part of its accumulated losses Further, the rating also takes into consideration, support received to
the subject from its joint venture entities. Trade relations are reported as fair. Business is active. Payment term
are reported to be usually correct. In view of strong support received from its joint venture entities,
the company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits = BBB+ |
|
Rating Explanation |
Moderate degree of safety and carry moderate
credit risk |
|
Date |
March, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based Limits = A2+ |
|
Rating Explanation |
Strong degree of safety and carry very low
credit risk. |
|
Date |
March, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
LOCATIONS
|
Registered Office : |
14th Floor, Antariksh Bhavan, 22 Kasturba Gandhi Marg, New
Delhi – 110001, India |
|
Tel. No.: |
91-11-23357035 |
|
Fax No.: |
91-11-23357083 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
IHDP Building, 4th Floor, Plot # 7, Sector 127, Noida –
201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4731100 |
|
Fax No.: |
91-120-4731200 |
|
|
|
|
Factory: |
Sanand, Ahmedabad, Gujarat, India
|
DIRECTORS
As on 21.07.2014
|
Name : |
Mr. Alain Christian Spohr |
|
Designation : |
Managing Director |
|
Address : |
C-473, First Floor, Defence Colony, New Delhi – 110024, India |
|
Date of Birth/Age : |
31.08.1959 |
|
Date of Appointment : |
19.07.2013 |
|
DIN No.: |
03581607 |
|
|
|
|
Name : |
Mr. Babasaheb Neelkanth Kalyani |
|
Designation : |
Director |
|
Address : |
Amit 221/A, Kalyani Nagar, Yerawada, Pune – 411006, Maharashtra, India
|
|
Date of Birth/Age : |
07.01.1949 |
|
Date of Appointment : |
08.01.2010 |
|
DIN No.: |
00089380 |
|
PAN No.: |
ABIPK5782A |
|
|
|
|
Name : |
Mr. Gopal Krishan Agarwal |
|
Designation : |
Additional director |
|
Address : |
B-10, Varsha Park, 263/4, Baner Road, Aundh,, Pune, 411045, Maharashtra, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
00037678 |
|
|
|
|
Name : |
Mr. Andreas Peter Lusch |
|
Designation : |
Director |
|
Address : |
Toblerstrasse 94 8044 Zurich Zurichberg, Switzerland Surich Zurichberg
Switzerland |
|
Date of Birth/Age : |
29.06.1969 |
|
Date of Appointment : |
28.09.2011 |
|
DIN No.: |
03626651 |
|
|
|
|
Name : |
Mr. Philippe Henri Camille Cochet |
|
Designation : |
Director |
|
Address : |
3, Rue Paul Rollet 92250 LA Garenne Colombes La Garenne Colombes
France |
|
Date of Birth/Age : |
09.05.1960 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
05240622 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Chandra Mahapatra |
|
Designation : |
Company Secretary |
|
Address : |
C-1, Pocket 6, Kendriya Vihar 2, Sector 82, Noida – 201305, Uttar
Pradesh, India |
|
Date of Birth/Age : |
27.11.1972 |
|
Date of Appointment : |
09.12.2011 |
|
PAN No.: |
AGNPM0751F |
|
|
|
|
Name : |
Mr. Nirjhar Sarkar |
|
Designation : |
CFO |
|
Address : |
B-5,Kailash Park, Near Aims Oxygen,Old Padra Road, Baroda - 390020, Gujarat, India |
|
Date of Appointment : |
AEPPS0530L |
|
PAN No.: |
17/07/2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.07.2014
|
Name of
Shareholders |
|
No of Shares |
|
|
|
|
|
Alstom Power Holdings SA, France |
|
73822499 |
|
Bharat Forge Limited |
|
70927496 |
|
Babasaheb Neelkanth Kalyani |
|
1 |
|
Sunil Kumar Chaturvedi |
|
1 |
|
Amit Babasaheb Kalyani |
|
1 |
|
Srinivas Balwant Kanade |
|
1 |
|
Sunand Sharma |
|
1 |
|
|
|
|
|
Total
|
|
144750000 |
Equity Share Break up (Percentage of Total Equity)
As on 21.07.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
51 |
|
Bodies corporate |
49 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Turbines and Generators for Thermal Power Projects. |
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|
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|
Products : |
|
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|
|
|
||||
|
Brand Names : |
Not Available |
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|
|
||||
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Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Bankers : |
· Yes Bank Limited 9th Floor, Nehru Centre,
Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India · Axis Bank Limited 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110001, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
S. N. Dhawan and Company Chartered Accountants |
|
Address : |
C - 3 7 ,Connaught Place, New Delhi - 110001, India |
|
Tel. No.: |
91-11-43684444 |
|
Fax No.: |
91-11-43684445 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAQFS0580H |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding
company: |
|
|
|
|
|
Other Related Parties : |
CIN No.:L25209PN1961PLC012046 |
|
|
|
|
Holding company: |
|
|
|
|
|
Fellow Subsidiary
company: |
CIN No.:L74140MH1992PLC068379
CIN No.:U29128DL2010PLC197806
|
CAPITAL STRUCTURE
After 21.07.2014
Authorised Capital : Rs. 5500.000
Million
Issued, Subscribed & Paid-up Capital : Rs. 3098.500 Million
As on 21.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
186300000 |
Equity Shares |
Rs.10/- each |
Rs. 1863.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144750000 |
Equity Shares |
Rs.10/- each |
Rs. 1447.500
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
1447.500 |
1447.500 |
1447.500 |
|
(b) Reserves & Surplus |
(245.565) |
(559.409) |
(416.064) |
|
(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) |
1201.935 |
888.091 |
1031.436 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
857.000 |
974.000 |
560.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
41.557 |
22.509 |
10.801 |
|
Total Non-current
Liabilities (3) |
898.557 |
996.509 |
570.801 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3150.000 |
150.000 |
0.000 |
|
(b) Trade
payables |
1725.871 |
88.540 |
0.000 |
|
(c) Other
current liabilities |
5508.987 |
4341.171 |
293.063 |
|
(d) Short-term
provisions |
639.825 |
102.990 |
1.746 |
|
Total Current
Liabilities (4) |
11024.683 |
4682.701 |
294.809 |
|
|
|
|
|
|
TOTAL |
13125.175 |
6567.301 |
1897.046 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4865.144 |
1107.186 |
658.138 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
27.130 |
39.967 |
18.735 |
|
(d) Long-term Loan and Advances |
1629.621 |
1255.242 |
891.571 |
|
(e) Other
Non-current assets |
377.854 |
222.463 |
100.115 |
|
Total Non-Current
Assets |
6899.749 |
2624.858 |
1668.559 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
2035.920 |
12.554 |
|
|
(d) Cash
and cash equivalents |
1262.366 |
2907.402 |
11.051 |
|
(e)
Short-term loans and advances |
2664.456 |
951.756 |
27.062 |
|
(f) Other
current assets |
262.684 |
70.731 |
190.374 |
|
Total
Current Assets |
6225.426 |
3942.443 |
228.487 |
|
|
|
|
|
|
TOTAL |
13125.175 |
6567.301 |
1897.046 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8033.602 |
2167.982 |
0.000 |
|
|
Other Income |
142.395 |
63.312 |
5.269 |
|
|
TOTAL
|
8175.997 |
2231.294 |
5.269 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
7044.424 |
1748.353 |
(180.862) |
|
|
Employees benefits expense |
307.439 |
235.981 |
241.666 |
|
|
Other expenses |
430.649 |
401.737 |
158.504 |
|
|
TOTAL
|
7782.512 |
2386.071 |
219.308 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
393.485 |
(154.777) |
(214.039) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
23.363 |
9.451 |
8.873 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
370.122 |
(164.228) |
(222.912) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
9.689 |
0.349 |
0.103 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
360.433 |
(164.577) |
(223.015) |
|
|
|
|
|
|
|
Less |
TAX |
46.590 |
(21.232) |
(7.605) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
313.843 |
(143.345) |
(215.410) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(559.409) |
(416.064) |
(200.654) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(245.566) |
(559.409) |
(416.064) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.17 |
(0.99) |
(1.49) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
N.A |
N.A |
N.A |
|
Cash generated from operations |
N.A |
N.A |
N.A |
|
Net cash flow from operating activity |
(102.831) |
3342.407 |
(505.150) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.91 |
(6.61) |
N.A |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.90 |
(7.14) |
N.A |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.75 |
(2.52) |
(11.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
(0.19) |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.33 |
1.27 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.84 |
0.78 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1447.500 |
1447.500 |
1447.500 |
|
Reserves & Surplus |
(416.064) |
(559.409) |
(245.565) |
|
Net
worth |
1031.436 |
888.091 |
1201.935 |
|
|
|
|
|
|
long-term borrowings |
560.000 |
974.000 |
857.000 |
|
Short term borrowings |
0.000 |
150.000 |
3150.000 |
|
Total
borrowings |
560.000 |
1124.000 |
4007.000 |
|
Debt/Equity
ratio |
0.543 |
1.266 |
3.334 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2167.982 |
8033.602 |
|
|
270.557 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2167.982 |
8033.602 |
|
Profit |
(143.345) |
313.843 |
|
|
(6.61)% |
3.91% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS REVIEW
Progress towards
setting up Manufacturing Facility
As the
Directors informed earlier on the construction status of Mundra SEZ Facility,
the Company had stopped its construction work at site in compliance with the
order of Honorable High Court of Gujarat. However basis of the contents of the
court order and further report submitted by the Sunita Narain Committee, the
Company does not foresee any adverse impact.
In the endeavor of exploring possible mitigation measures, to minimize the operational disruption of Mundra SEZ facility, the Directors are pleased to inform you that the company has identified and selected an alternative new land at Sanand, Ahmadabad and acquired the land from the Gujarat Industrial Development Corporation (GIDC) Sanandand took possession of land on 04th June, 2013.
New Alternate Location-
Factory at Sanand- Ahmedabad- Gujarat
The Director are pleased to inform you that the Company has initiated fast track actions to set up the World Class Manufacturing Facility of Steam Turbine and Generator at GIDC- Sanand land at Sanand Ahmedabad- Gujarat (India), which is approximately 40 K.M. from the City and about 70 K.M. from the Ahmedabad Airport. In this endeavor the Company has inaugurated the site construction work within a week of taking possession of land on 11th June, 2013 with the view of immediately starting construction activities
All the necessary permissions, licenses, registrations etc. are in place facilitating the, Fit to Construct and Erect the Factory, at GIDC-Sanand. A very strong team has been deployed to construct the factory besides, both the promoters i.e. ALSTOM and Bharat Forge are helping in all possible ways towards the construction and erection of factory within scheduled time. All major construction related work viz. Civil Package, Mechanical Package, Electrical package etc. has already been finalized and subcontracted. The construction and erection of the factory is in full swing and going on as per schedule. The major machine tools and equipment’s have already arrived in India and are stored at designated warehouse and are now awaiting assembly and erection at site.
The Site office at Sanand and Administrative office at Ahmedabad have been established and are operational.
The Directors are confident and looking forward that the Factory at Sanand shall be operational by the mid of Year 2015.
The Progress’ NTPC
-Solapur Project (2x660 MW) Execution
The Directors are pleased to inform you that the project is progressing well and is on schedule.
The Company’s engineering progress is excellent and the procurement activities are progressing very well. Most of the equipment for Unit 1 has been dispatched to Solapur Site and equipment for unit 2 dispatch is also on right track.
The Company site team is already mobilized and the main erection activities will start soon commencing with the erection of Steam Turbine and Generator of unit 1 as soon as the TGdeck shall made available at Site
The Progress of NTPC
Nabinagar Project (3x660 MW) Execution
The Directors are pleased to inform that engineering work for this project is progressing well. The Procurement activities are on track, as all major packages have been ordered. The Nabinagar Unit #1 STG manufacturing is as per schedule and Generator Rotor Final Test is completed
FUTURE OUTLOOK
The company is exploring all possible opportunities available and has been bidding for various other public and private sector power projects. After emerging successful in two tenders during the year, the Company is very positive and looking forward to get more businesses
During the year the Company had participated in various tenders however the company has emerged successful in the following tenders;
NTPC- Tanda, II
(2x660 MW)
The Directors are pleased to inform you that company has emerged successful in the NTPC Tanda-II 2x660 MW - Turbine Island Package. The Company has participated as main bidder and secured the L-1 position and now awaiting the Letter of Intent (LOI) from National Thermal Power Corporation (NTPC).
NSL- Angul (2x660 MW)
The Company has received a Letter of Intent (LOI) from NSL Nagapattanam Power and Infratech Private Limited towards NSL- Angul 2x660 MW BTG Package. The Company has participated in this bid as partner of Alstom India Limited. The Company is waiting for the Notice to Proceed from customer.
AMALGAMATION OF
KALYANI ALSTOM POWER LIMITED (KAPL) WITH THE COMPANY
The Amalgamation of Kalyani ALSTOM Power Limited. With the company is in progress and the company has filed the application at the Honble High Court of Delhi for sanctioning/ approving the amalgamation. The Company has already received an approval from the Competition Commission of India for this Amalgamation. The Directors are very positive to get the Amalgamation order and by which KAPL will get amalgamated with the Company. By this Amalgamation, the company will be able to pursue the products portfolio of KAPL.
GENERAL INFORMATION
ALSTOM Bharat Forge Power Limited (“ABFPL”: or “the Company”) is a closely held Company, incorporated on January 8, 2010, registered with the Registrar of Companies, New Delhi.
The Company is a joint venture between ALSTOM Power Holdings SA (APH), France and Bharat Forge Limited (BFL), India. APH and BFL hold 51% and 49% of the shareholding respectively in the Company. It has been set up for manufacturing of turbines and generators for thermal power projects in the sub-critical and super-critical range with manufacturing capacity of 3,000 MW per year. SSSThe current year operations include the execution of Solapur 660 x 2 MW and Nabinagar 660 x 3 MW power project for supply of turbine generator islands and engineering services to other group companies.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10562406 |
06/04/2015 |
10,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C50479732 |
|
2 |
10525035 |
09/10/2014 |
1,500,000,000.00 |
AXIS BANK
LIMITED. |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA |
C28785251 |
|
3 |
10525039 |
09/10/2014 |
225,000,000.00 |
AXIS BANK
LIMITED. |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, |
C28790137 |
|
4 |
10356768 |
17/04/2015 * |
18,900,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
C50817071 |
FIXED ASSETS
·
Furniture and Fixtures
·
Office Equipment
·
Mobile
Phone
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 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.63.55 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.68.83S |
INFORMATION DETAILS
|
Analysis Done by
: |
RSH |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.