MIRA INFORM REPORT
|
Report No. : |
344350 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALSTOM INDIA LIMITED (w.e.f. 06.06.2012) |
|
|
|
|
Formerly Known
As : |
ALSTOM PROJECTS INDIA LIMITED |
|
|
|
|
Registered
Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra |
|
Tel. No.: |
91- 22- 22000487/ 490 |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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|
|
Date of
Incorporation : |
02.09.1992 |
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|
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|
Com. Reg. No.: |
11-068379 |
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 672.300 Million |
|
|
|
|
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, manufacturing, construction and servicing etc. of power plants
and power equipment. |
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|
|
|
No. of Employees
: |
3666 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is 68% subsidiary of Alstom SA (flagship company of the group headquartered
in France). It is a well-established company having excellent track record. Financial position of the company seems to be sound and healthy. The ratings also take into consideration, an acceptable share price of
Rs. 634.60/- recorded by the company as against a face value of Rs. 10.00 as
on October 7, 2015. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. In view of strong market position in power equipment industry, 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 = AA |
|
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
31-03-2015.
INFORMATION DENIED
Management Non-cooperative (91-22-66399260/120-4731100)
LOCATIONS
|
Registered Office : |
The International, 5th Floor, 16, Marine Lines, Cross Road No. 1, Off
Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91- 22- 22000487/ 490/ 528/ 22051256/ 66399260/66399255 |
|
Fax No.: |
91-22- 22000324/ 22086905 / 66399259 |
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E-Mail : |
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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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Tel no.: |
91-120-4731100 |
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|
|
|
Head Office/
Manufacturing Facility : |
Erda Road, GIDC, Maneja, Vadodara – 390013, Gujarat, India |
|
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 |
|
|
|
|
Branch Office : |
KG Masterpiece, 1st Floor – 144, Nelson Manickkam Road,
Mehta Nagar, Aminjikarai, Chennai – 600029, Tamilnadu, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Rathindra Nath Basu |
|
Designation : |
Chairman and Non-Executive Director (w.e.f. 01 April 2014) |
|
DIN No.: |
01192973 |
|
|
|
|
Name : |
Mr. Carole Le Couedic |
|
Designation : |
Non-Executive Director (w.e.f.24.01.2015) |
|
DIN No: |
06981006 |
|
|
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|
Name : |
Mr. Patrick Ledermann |
|
Designation : |
Vice-Chairman & Managing Director |
|
DIN No: |
05219344 |
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|
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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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DIN No: |
00018023 |
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|
Name : |
Mr. A.K. Thiagarajan |
|
Designation : |
Independent Director |
|
DIN No: |
00292757 |
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|
|
|
Name : |
Mr. Dr. Uddesh Kohli |
|
Designation : |
Independent Director |
|
DIN No: |
00183409 |
KEY EXECUTIVES
|
Name : |
Mr. Pradeepta Puhan |
|
Designation : |
Company Secretary |
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|
|
MANAGEMENT TEAM |
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|
Name : |
Mr. Rathindra Nath Basu |
|
Designation : |
Country President, India and South Asia (w.e.f. 01 April 2014) |
|
|
|
|
Name : |
Mr. Patrick Ledermann |
|
Designation : |
Vice Chairman and Managing Director |
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|
|
|
Name : |
Mr. Vijay Sharma |
|
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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|
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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 |
|
Designation : |
Regional Director, India, End User Service and Support |
|
|
|
|
Name : |
Mr. Bruno Godin |
|
Designation : |
GM, Hydro India |
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|
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|
Name : |
Mr. Alok Jha |
|
Designation : |
Regioanl V.P. GPS India |
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|
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|
Name : |
Mr. Neeraj Nanda |
|
Designation : |
GM Gas India |
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|
|
|
Name : |
Mr. Sudhanshu Goel |
|
Designation : |
MD Boiler India |
|
|
|
|
Name : |
Mr. Anoop Roy |
|
Designation : |
MD ECS India (w.e.f. 01 September 2014) |
|
|
|
|
Name : |
Mr. Rajeev Sharma |
|
Designation : |
Managing Director, Local Service Centre – Thermal Services India |
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|
|
|
Name : |
Mr. Sanjeev Agarwal |
|
Designation : |
MD, Boiler Product Line |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
46088294 |
68.56 |
|
|
46088294 |
68.56 |
|
Total shareholding of
Promoter and Promoter Group (A) |
46088294 |
68.56 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
8556364 |
12.73 |
|
|
210442 |
0.34 |
|
|
0 |
0.39 |
|
|
1065458 |
1.58 |
|
|
1546523 |
2.30 |
|
|
11378787 |
17.34 |
|
|
|
|
|
|
2080852 |
3.11 |
|
|
|
|
|
|
5671095 |
9.41 |
|
|
699994 |
1.19 |
|
|
248827 |
0.39 |
|
|
5287 |
0.01 |
|
|
192573 |
0.29 |
|
|
37130 |
0.06 |
|
|
422 |
0.00 |
|
|
13415 |
0.03 |
|
|
8700768 |
14.10 |
|
Total Public
shareholding (B) |
20079555 |
31.44 |
|
Total (A)+(B) |
66167849 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
66167849 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of engineering,
procurement, manufacturing, construction and servicing etc. of power plants and
power equipment. |
|
|
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|
Products : |
Not Divulged |
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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 : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
3666 (Approximately) |
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Bankers : |
· Bank of Baroda · ICICI Bank Limited · Canara Bank · Union Bank of India |
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Auditors : |
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|
Name : |
S. N. Dhawan and Company Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Ultimate Holding
Company: |
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Holding Company: |
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Immediate Holding
Company: |
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Parties controlled
by the Company (Subsidiaries): |
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Other related parties
with whom transactions have taken place during the year (fellow
subsidiaries): |
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Joint venture under
the common control of the Ultimate Holding Company: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195000000 |
Equity Shares |
Rs.10/- each |
Rs.1950.000 Million |
|
40500000 |
Preference Shares |
Rs.100/- each |
Rs. 4050.000 Million |
|
|
Total |
|
Rs. 6000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67227471 |
Equity Shares |
Rs.10/- each |
Rs. 672.275 Million |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting year
|
Equity shares: |
As at 31 March
2015 |
|
|
Numbers |
Rupees in
million |
|
|
|
|
|
|
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
2015 |
|
|
|
|
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
2015 |
|
|
|
Numbers |
% holding in the class |
|
|
|
|
|
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 Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
672.300 |
672.300 |
672.300 |
|
(b) Reserves & Surplus |
9113.100 |
8631.200 |
7348.800 |
|
(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) |
9785.400 |
9303.500 |
8021.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(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 |
96.600 |
140.000 |
144.400 |
|
(d) long-term provisions |
467.400 |
515.400 |
414.200 |
|
Total
Non-current Liabilities (3) |
564.000 |
655.400 |
558.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Construction contracts in
progress, liabilities |
13972.300 |
14616.300 |
12556.000 |
|
(b) Trade payables |
2541.200 |
2783.200 |
3346.300 |
|
(c) Other current liabilities |
1555.300 |
1397.700 |
1013.900 |
|
(d) Short-term provisions |
2251.000 |
2396.300 |
1706.800 |
|
Total
Current Liabilities (4) |
20319.800 |
21193.500 |
18623.000 |
|
|
|
|
|
|
TOTAL |
30669.200 |
31152.400 |
27202.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3950.900 |
4418.600 |
4414.000 |
|
(ii) Intangible Assets |
12.900 |
23.900 |
33.200 |
|
(iii) Capital work-in-progress |
499.700 |
241.400 |
373.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.500 |
|
(c) Deferred tax assets (net) |
298.400 |
339.600 |
108.200 |
|
(d) Long-term Loan and Advances |
587.500 |
413.300 |
675.500 |
|
(e) Other Non-current assets |
0.000 |
37.900 |
77.700 |
|
Total
Non-Current Assets |
5349.400 |
5474.700 |
5682.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
495.900 |
513.500 |
877.800 |
|
Construction contracts in
progress, assets |
3572.400 |
3012.300 |
2091.200 |
|
(c) Trade receivables |
9646.600 |
11183.300 |
10977.000 |
|
(d) Cash and cash equivalents |
7168.200 |
2794.000 |
1097.600 |
|
(e) Short-term loans and
advances |
3752.600 |
6527.600 |
6018.500 |
|
(f) Other current assets |
684.100 |
1647.000 |
458.000 |
|
Total
Current Assets |
25319.800 |
25677.700 |
21520.100 |
|
|
|
|
|
|
TOTAL |
30669.200 |
31152.400 |
27202.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
21242.900 |
26053.100 |
27858.400 |
|
|
Other Income |
1232.300 |
907.200 |
980.600 |
|
|
TOTAL
|
22475.200 |
26960.300 |
28839.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Material cost and erection
services |
10960.300 |
14867.800 |
16168.700 |
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
22.900 |
|
|
Profit on sale of business |
(485.900) |
(1169.000) |
0.000 |
|
|
Transfer from revaluation
reserve |
(4.000) |
(4.000) |
0.000 |
|
|
Employees benefits expense |
5026.000 |
5675.500 |
5098.100 |
|
|
Other expenses |
3570.600 |
3736.500 |
4154.600 |
|
|
TOTAL
|
19067.000 |
23106.800 |
25444.300 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3408.200 |
3853.500 |
3394.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
10.400 |
39.600 |
24.900 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3397.800 |
3813.900 |
3369.800 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
734.500 |
614.800 |
550.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2663.300 |
3199.100 |
2819.000 |
|
|
|
|
|
|
|
Less |
TAX |
892.600 |
892.600 |
981.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1770.700 |
2306.500 |
1837.300 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5917.900 |
4948.3 |
4076.100 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
230.700 |
183.700 |
|
|
Proposed Dividend |
672.300 |
941.200 |
672.300 |
|
|
Corporate dividend tax |
136.900 |
165.000 |
109.100 |
|
|
Earlier year’s provision no
longer required |
34.000 |
0.000 |
0.000 |
|
|
Total
|
843.200 |
1336.900 |
965.100 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
6845.400 |
5917.900 |
4948.300 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5232.500 |
5058.700 |
5146.100 |
|
|
Deemed Exports |
0.000 |
0.000 |
74.300 |
|
|
Goods/services supplied/rendered locally against
foreign exchange remittance |
1235.800 |
1299.000 |
3810.000 |
|
|
Erection and other services |
342.500 |
1528.100 |
1046.500 |
|
|
Global Sourcing Service |
0.000 |
0.000 |
0.000 |
|
|
Service Income |
1391.000 |
1724.100 |
825.600 |
|
|
TOTAL
EARNINGS |
8201.800 |
9609.900 |
10902.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
563.200 |
1768.700 |
1665.500 |
|
|
Components and Stores parts |
541.900 |
287.700 |
115.200 |
|
|
Capital Goods |
164.000 |
75.000 |
148.900 |
|
|
Project items |
2928.400 |
1873.600 |
3041.300 |
|
|
TOTAL
IMPORTS |
4197.500 |
4005.000 |
4970.900 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
26.34 |
34.31 |
27.33 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
2,868.900 |
2,631.700 |
1,030.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.34 |
8.85 |
6.60 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.04 |
14.79 |
12.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.92 |
10.46 |
10.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.34 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.21 |
1.16 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.634.60/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
672.300 |
672.300 |
672.300 |
|
Reserves & Surplus |
7348.800 |
8631.200 |
9113.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8021.100 |
9303.500 |
9785.400 |
|
|
|
|
|
|
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 |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
27858.400 |
26053.100 |
21242.900 |
|
|
|
(6.480) |
(18.463) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
27858.400 |
26053.100 |
21242.900 |
|
Profit |
1837.300 |
2306.500 |
1770.700 |
|
|
6.60% |
8.85% |
8.34% |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
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 |
GENERAL INFORMATION
Subject is a publicly owned Company, incorporated on 2 September 1992 as Asea Brown Boveri Management Limited, registered with the Registrar of Companies, Maharashtra.
The Company has investment in ALSTOM Power Boilers Services Limited (‘APBSL’) and ALSTOM Boilers India Limited (‘ABIL’), which are its wholly owned subsidiaries. The Company and its subsidiaries (hereinafter collectively referred to as ‘the Group’) are incorporated in India and are engaged in the business of engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipment.
OPERATIONS - THE YEAR
IN REVIEW
The Indian economy remained moderate during financial year 2014-15 (FY14-15). First half of the year witnessed very limited activity due to elections in the country as latter half showed movement with new government taking the centerstage. India has very low per capita power consumption of ~970 units per annum as compared to world average of ~3500 units. New government has given priority to address the needs of Infrastructure sector. It has issued an ambitious plan of ‘Electricity for all by 2019’, schemes to support power generation sector.
Thermal power sector looked positive with the increase in domestic coal supply. Domestic coal production in FY14-15 went up by >8% over FY13-14 to reach 614 million tonnes. This growth in coal production has improved the coal availability at power stations across the country.
Indian government focused on renewable power sector with various incentives like the National Clean Energy cess which was doubled from `50 to `100 per metric tonne of coal to finance renewable energy initiatives.
OUTLOOK
Long term potential of Indian power market is intact. All market drivers are in place – large unmet demand, growing economy and low per capita power consumption. With favourable government policies, Indian market looks promising. It may take some time to actually pick up, at least till all stuck projects are cleared, executed and commissioned.
With stated policy support, future of renewable businesses, especially Solar looks very encouraging under National Solar Mission. The mission of having 100GW capacity by 2022, if pursued and supported effectively, would propel India to be one of the largest solar installed base market by 2022. Significant market for Solar CSP with thermal storage should also emerge by then. Similar support is expected for Wind under National Wind Energy Mission. India is already having fifth largest installed base market for wind energy and wind energy has already achieved grid parity in this market.
With off-shore wind market yet to be explored and replacement/upgrade opportunities of older existing onshore wind turbines, India is likely on course to achieve its mission to have 60GW wind installed base by 2022.
Despite tariff policy supporting efficiency improvement measures for power plants, retrofit and upgrade market has remained subdued, may be due to lack of confidence in these solutions. Alstom has won a major order in this market during the year. It is confident of delivering the projects with agreed performance parameters. With successful delivery of few such projects, we expect retrofit and upgrade market to open up significantly in next few years.
Indian market continues to face domestic gas supply shortage scenario. Large investment, from IPPs as well as from banking sector, is trapped in gas based power plants, which are either operating at sub-optimal levels or not operating at all. To address this situation, Government of India has
come up with a scheme to support LNG based power generation. However, the success of the scheme is doubtful. And, even if the scheme proves successful, it is not expected to attract fresh investment in this segment. Gas based power plant orders are likely to pick up after few years once new domestic production facilities are commissioned.
We expect Indian power generation industry to recover albeit slowly, in next two to three years, as substantial volume of investment has already gone into this sector. These investment needs to be recovered before more significant investment, especially from IPPs, is made in this sector. As fundamentals of the market are intact, we expect Indian market to remain attractive for long term investment considerations. However, due to overcapacity in manufacturing, pressure on price is likely to continue in short term.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMY
For global economy, year 2014 proved to be another disappointing year. Despite sharp decline in crude prices, it barely managed to match growth achieved in 2013. IMF estimated global economic growth of ~3.3%, i.e. same as in 2013. OECD estimated the growth of G-20 economies, which constitute ~90% of global GDP, at ~3.4% against ~3.2% achieved during 2013. Major reasons for the setback include slowdown in growth in China and Japan, which nullified the positive impact of better growth in India, UK, USA and Eurozone, which grew by 0.9% vis-à-vis contraction of ~0.5% in 2013, as per OECD estimates.
Growth projections for 2015 has been revised downward to
<4% by most of the agencies. IMF growth projection for developed economies
is ~2.4% for 2015 and 2016 with United States doing well but weaker outlook for
Euro zone and Japan. Growth projections for emerging economies, is broadly
stable at 4.3% in 2015 against 4.4% estimated for 2014. This is expected to
increase to 4.7% in 2016. While growth of Chinese economy is expected to slip
further to below 7%, Russian economy is expected to shrink due to sharp decline
in crude prices
However, India, ASEAN, South America, South Africa, and
rest of the economies expected to do better, aided by lower crude prices.
OPPORTUNITIES
India continues to be a large and growing market for power generation equipment manufacturers. All import market drivers – economic growth, population having access to electricity and per capita consumption of electricity - indicate to the long term potential of this market.
The reserve margin, which is an indicator of demand-supply gap in electricity, is still negative indicating captured demand exceeding supply of power in the market. It is estimated that a large segment of population in India do not have access to electricity. Due to poor financial health of distribution companies (DISCOMs), even consumers – household as well as industrial - having access to grid-connected electricity do not get uninterrupted 24X7 power. As a result, per capita electricity consumption in India at ~970 units per annum is barely 1/3rd of global average of ~3500 units per annum.
It is evident that power sector in India offers substantial opportunities in terms of unmet demand as well as political willingness to address the issue. The new government in its maiden full-year budget has clearly listed out its agenda for the power sector. It envisages a sustainable power sector with higher generation, increased transmission capacity and efficient distribution to support growth of Indian economy. Equipment manufacturer, is well placed to support India in its efforts to meet electricity requirements. Alstom has a deep presence in India, with more than 100 years of presence, network of offices, workshops and manufacturing facilities, and localization of supply chain, which enables it to offer competitive products and solutions in this market. It always strives to offer the most economical solutions yet the most advanced technology without causing any adverse impact on the environment.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2015
(Rs. In Million)
|
|
|
Three Month Ended |
|
|
30.06.2015 |
|||
|
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
4245.800 |
|
|
|
b. Other Operating Income |
17.700 |
|
|
|
Total Income from
Operations (Net) |
4263.5 |
|
|
2 |
Expenditure |
|
|
|
|
Cost of material Consumed |
2271.900 |
|
|
|
Employees Benefit Expenses |
1227.000 |
|
|
|
Depreciation and Amortisation Expenses |
144.300 |
|
|
|
Other expenses |
804.900 |
|
|
|
Total Expenses |
4448.100 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(184.600) |
|
|
4 |
Other Income |
309.900 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
125.300 |
|
|
6 |
Finance Costs |
1.100 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
124.200 |
|
|
8 |
Exceptional items |
0.000 |
|
|
9 |
Profit from
ordinary activities before tax |
124.200 |
|
|
10 |
Tax Expense |
|
|
|
|
- Current Tax |
35.700 |
|
|
|
- Deferred Tax |
8.000 |
|
|
11 |
Net Profit from
ordinary activity after tax |
80.500 |
|
|
12 |
Extraordinary Items |
- |
|
|
13 |
Net Profit After
Tax |
80.500 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
|
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
6723 |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
1.20 |
|
|
|
Diluted EPS |
1.20 |
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
21139177 |
|
|
|
- Percentage of shareholding |
31.44 |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
-- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
|
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
46088294 |
|
|
|
- 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) |
68.56 |
|
|
|
Particulars |
3 Months ended 30 June 2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
24 |
|
|
Disposed off during the quarter |
24 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Note:
- The above results for the quarter ended June 30, 2015 have been reviewed by Audit Committee and approved by the Board of Directors at their meeting held on July 22, 2015.
- The figures for the previous year / period have been regrouped / reclassified wherever considered necessary.
- The figures for the previous periods are not comparable with that of current periods as the previous periods include values for the discontinued operations of Auxiliary Component business.
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. 91.100 million (previous year – Rs. 85.500 million)
ii) Work Contract Tax matters – Rs. 13.800 million (previous year – Rs. 13.800 million)
iii) Excise Duty matters – Rs. 182.700 million (previous year – Rs. 247.300 million)
iv) Service Tax matters – Rs. 145.300 million (previous year – Rs. 93.400 million)
b) Demand relating to Labour Cess matter – Rs. 18.600 million (previous year - Rs 18.600 million)
c) Various other claims not acknowledged as debts Rs. NIL (previous year – Rs. NIL).
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
77 |
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.