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ANNUAL REPORTALSTOM India Limited
2013/14
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Contents
Company OverviewAlstom Group 02
Welcome to Alstom India 04
Key Facts 06
5 Years Financial Performance 08
Key Highlights 2013-14 09
Board of Directors 10
Corporate Information 11
Statutory ReportsDirectors' Report 12
Management Discussion &Analysis Report 28
Corporate Governance Report 39
Financial StatementsStandalone Financials 53
Consolidated Financials 99
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Alstom is a globalleader in powergeneration, powertransmission andrail infrastructure.
Alstom is shaping
the future
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2
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
AlstomGroup
ECO80 onshore wind turbine
Karlovac factory, Croatia, site overview
Transformation of existing grid infrastructures
Istanbul tramway model
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
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3Annual Report 2013-14
Statutory ReportsCompany Overview Financial Statements
With strong presence in allspheres of infrastructure,Alstom is at the forefrontof economic, social andenvironmental progress.Alstom designs and buildsthe fastest train and thehighest capacity automatedmetro in the world,provides turnkey integrated
power plant solutions andassociated services for allenergy sources, includinghydro, nuclear, gas, coaland wind, and it offers awide range of solutions forpower transmission, with afocus on smart grids.
Alstom Thermal Power sector designs,
manufactures and delivers solutionswhich allow customers to generate
competitive, eco-friendly, reliable and
exible power. It has the industry's
most wide-ranging portfolio of thermal
technologies - coal, gas, oil and
nuclear and holds leading positionsin turnkey power plants, power
generation equipment, air qualitycontrol systems and services for the
installed base. It is also a pioneer in
carbon capture technologies.
Thermal Power has a workforce of
36,500 and booked orders of
9 billion in 2013-14.
Thermal Power
Grid has a workforce of 17,000 and
booked orders of 3.5 billion in 2013-14.
Alstom Grid is a world leadingmanufacturer of engineered solutions
for electrical grid applications in utility
and industry settings. It provides
integrated and customised turnkeysolutions such as alternating current
and direct current substations, frommedium up to ultra-high voltages.
Alstom's solutions enable the efcient
transmission of electricity and support
the development of Smart Grids and
Super Grids.
Grid
Renewable Power has a workforce
of 9,200 and booked orders of 2.5
billion in 2013-14.
Alstom Renewable Power offers
the most comprehensive range ofrenewable power generation solutions
for integrated power plants covering
hydroelectricity, wind, geothermal,biomass, solar (concentrated
thermal and photovoltaic) as well
as wave and tidal stream energies.In addition, it provides individual
components including all types ofturbines and generators and has a
full range of services, including plant
modernisation, maintenance andoperational support.
Renewable Power
Transport has a workforce of 28,300
and booked orders of 6.4 billion in2013-14.
Alstom Transport continuouslydevelops, supplies and maintains
rail systems that run smoothly
and efciently to meet the new
challenges of smarter mobility. Itproposes complete solutions for trains,
signalling, infrastructures and servicesadapted to each railway system:
urban, suburban, regional, main lines
and freight. It offers its customersthe most efcient technologies
and materials in order to reduceenvironmental footprint throughout
the lifecycle of the product, from
manufacturing to recycling.
Transport
THE GROUP EMPLOYS
93,000 PEOPLE IN
AROUND 100 COUNTRIES.
IT HAD SALES OF OVER
20 BILLION AND BOOKED
CLOSE TO 21.5 BILLION
IN ORDERS IN 2013-14.
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4
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Welcome to
Alstom IndiaPresent in India since1911, Alstom hasstrong capabilitiesin engineering,manufacturing, projectmanagement and supplyof products and solutions
for infrastructure. Alstomhas four R&D centresin India: Transport inBengaluru, Hydro GlobalTechnology Centre inVadodara and GridR&D centres in Hosur &Padappai.
It has two engineeringcentres for Power inNoida and Kolkata andtwelve manufacturingunits dedicated to:Power- Hydro inVadodara, Boilers inDurgapur, AuxiliaryComponents(Power Millsand Air Pre-heaters)in Shahabad, Steamturbines in Gujarat,Transportat Coimbatoreand SriCity and GridinPadappai, Pallavaram,Hosur, Vadodara, Nainiand Noida.
370MW Utran CCPP
Gas
Nuclear Steam Turbine for Kakrapar Project
Nuclear
Power Portfolio
Steam Turbine blades
Steam
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5Annual Report 2013-14
Statutory ReportsCompany Overview Financial Statements
Integration of Solar farms into smart grids
Solar
Control room with ALSPA HMI from ALSPASeries 6 system
Power Automationand Control
EnvironmentalControl System
ECS reference - Manjung 4
Nant de Drance Hydropower plant
Hydro
Thermal Services workshop at Vadodara LP,L-0 stage being bladed India, 2011
Thermal Services
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6
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Key Facts
Largest eet of supercriticalboilers are equipped with
Alstomstechnology
15GWinstalled power capacityacross India by Alstom
More than 50mills for 660MWsupercritical boilerssupplied worldwide fromShahabad unit
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7Annual Report 2013-14
Statutory ReportsCompany Overview Financial Statements
More than 90%of the countrysaluminium smelters useAlstoms pollution controlsystems
First to deliverand installhighefciency advanced classgas turbines for 370 MWUtran CCPP
Leading player inhydrowith a growingmarket share
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8
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
5 Years Financial Performance
(Rupees in million)Order Backlog
09-10
34,066
10-11
57,728
11-12
52,827
12-13
49,568
13-14
54,563
(%)Dividend
09-10
100
10-11
100
11-12
100
12-13
100
13-14
140
(Rupees in million)Networth
09-10
4,965.0
10-11
5,873.0
11-12
6,937.0
12-13
8,021.1
13-14
9,303.5
(Rupees)Earning Per Share
09-10
24.95
10-11
25.20
11-12
24.95
12-13
27.33
13-14
34.31
(Rupees in million)Revenue
09-10
20,828.4
10-11
18,579.8
11-12
24,901.0
12-13
28,839.0
13-14
26,960.3
(Rupees in million)Prot After Tax
09-10
1,672.5
10-11
1,689.0
11-12
1,677.5
12-13
1,837.3
13-14
2,306.5
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9Annual Report 2013-14
Statutory ReportsCompany Overview Financial Statements
Key Highlights,2013-14
Successful commissioning of 2x55MW Chuzachen hydro-electric project
First 800MW supercritical boiler manufactured by Durgapur factoryfor Krishnapatnam
Successful commissioning of Uri II 4x60MW hydro project in Baramulla
PowerGen India and Central Asia, 2013
ECS customer event at Mumbai
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10
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Board ofDirectors
From left to right
S.M. Momaya
A.K. Thiagarajan
Rathindra Nath Basu
K. Vasudevan
Dr. Uddesh Kohli
Patrick Ledermann
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11Annual Report 2013-14
Statutory ReportsCompany Overview Financial Statements
CorporateInformation
BOARD OF DIRECTORS
Rathindra Nath BasuChairman & Non-Executive Director
(w.e.f. 01 April 2014)
Sunand SharmaChairman & Whole-time Director
(till 31March 2014)
Patrick LedermannVice-Chairman & Managing Director
S.M. MomayaDirector
K. VasudevanIndependent Director
A.K. ThiagarajanIndependent Director
Dr. Uddesh KohliIndependent Director
COMPANY SECRETARY
Pradeepta Puhan
AUDITORS
S.N. Dhawan & Co.
REGISTERED OFFICE
The International, 5th Floor,
16, Marine Lines Cross Road No. 1Off Maharshi Karve Road,
Churchgate, Mumbai 400020
Telephone + 91 (22)66399260/66399255
Fax + 91 (22) 66399259
Website : www.alstom.com/IndiaEmail : pradeepta.puhan@power.
alstom.com
REGISTRAR & SHARE TRANSFER
AGENT
Karvy Computershare Private Limited7, Andheri Industrial Estate
Off Veera Desai Road
Andheri (West)Mumbai 400053
Telephone + 91 (22)
26730799/26730843Fax + 91 (22) 26730152
Email : [email protected]
MANAGEMENT TEAM
Rathindra Nath Basu
Country President, India &
South Asia (w.e.f. 01 April 2014)
Patrick Ledermann
Vice Chairman & Managing Director
Vijay Sharma
Chief Financial Ofcer
Amaresh SinghCountry Human Resources
Director, India
Sapna Lalwani
Country Communications Director
Hiren Vyas
Country Legal Director
Ashish Ohri
Regional Director, India,
End User Service & Support
Frederic TeyssedouMD Hydro India
Alain Spohr
VP-Steam Plants
Neeraj Nanda
GM Gas India
Sudhanshu GoelMD Boiler India
Anoop Roy
MD ECS India (w.e.f. 01September 2014)
Rajeev SharmaManaging Director, Local Service
Centre Thermal Services India
Rajeev Sharma
VP, Power Automation Control India & ME
Sanjeev Agarwal
MD Power Mills, India
CORPORATE OFFICE
IHDP Building, Plot No, 7, Sector 127,
Noida 201301, Uttar Pradesh, India
WORKS
Durgapur, Shahabad, Vadodara, Noida
MARKETING/OTHER OFFICES
Bengaluru, Chennai, Hyderabad,
Kolkata, Mumbai, Nagpur, Noida,Vadodara, Varanasi
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ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
12
Dear Shareholders,
Your Directors have pleasure in presenting the 22ndAnnual Report of the Companyand the Audited Accounts for the year ended 31 March 2014.
FINANCIAL HIGHLIGHTS
(Rupees millions)
Particulars For the year ended31 March 2014
For the year ended31 March 2013
Prots before Etraordinar items,Ta, Interest and Depreciation
2,680.5 3,394.7
Less: Interest/Finance Cost 39.6 24.9
Less: Depreciation 610.8 550.8
Prot before Ta 2,030.1 2,819.0
Less: Provision for Taation
Crrent Ta (1,124.0) (939.3)
Deferred Ta 231.4 (42.4)
Prot after Ta 2,306.5 1837.3
Balance broht forward from
previous year
4,948.3 4076.1
Adjustment on account ofamalgamation and treatment of
derivatives
Nil Nil
Prot available for Appropriation 7,254.8 5,913.4
Appropriations
a) Transferred to General Reserve (230.7) (183.7)
b) Proposed Dividend (941.2) (672.3)
c) Corporate Dividend Ta (Net) (165.0) (109.1)
d) Dividend paid to erstwhile
ALSTOM Holdins (India)
Limited, eliminated on accountof amalgamation
Nil Nil
Balance Carried forward to BalanceSheet
5,917.9 4,948.3
Directors' Report
Francis Rnner manfactrin at Vadodara nit
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Statutory ReportsCompany Overview Financial Statements
13Annual Report 2013-14
CHALLENgINg yEAR
yET SuCCESSFuL
BREAkTHROugHS
DIVIDEND
The Directors are pleased to recommend
a dividend of Rs. 14/- per eqit share
(i.e. 140%) of the face vale of Rs.10/-
each, which incldes a special one-
time dividend of Rs. 4/- per share on
account of sale of Transport Business,
for the year ended 31 March 2014
[previos ear dividend - Rs. 10/- per
share (i.e. 100%)].
OPERATION
The year in review: Successfulbreakthroughs and achievements
The maret for power eneration
eqipment was modest drin the ear
2013-14. The last nancial ear trned
ot to be the weaest ear in terms of
order of new power plants in almost a
decade. While the rst two qarters of
the nancial ear for new power plants
was lean, in the last two qarters, or
Compan booed a few orders, mostl
from overnment-owned tilities.
In the thermal power sector, the maret
was marred b non-availabilit of coal
as well as natral as. Domestic coal
prodction remained at drin the
year and resulted in high imports at
major commercial ports to meet the
reqirements of the power sector. In
the renewable power sector, the rate
of addition of hdropower has been
etremel low. The isses inclded
land acqisition, environmental and
forest clearances, access to the sites
(mainl in North East), resettlement
and rehabilitation isses and occasional
law and order problems. However, withstabilit in Nepal and areement on a
new proect development strctre
in Bhutan, opportunities for future
development of hdropower are
epected in the Soth Asia reion.
Drin the ear nder review, the total
power proects ordered in India was
~14gW ot of which or Compan
participated in 8GW. This includes the
electro mechanical package for the
larest private hdropower proect inIndia (Ratle) and sppl of components
for spercritical boilers to Sratarh,
Darlipalli, North karanpra and
Banharpali projects.
Thoh Financial year 2013-14 (Fy13-
14) was challenin for the power
industry, your Company has made
some sccessfl breathrohs: It won
the rst fll scope trne limestone
based Wet Fle gas Deslfrization
(WFgD) proect in India, the rst maorhdropower proect won in georia and
the rst rnner repair order of Chhha
in Bhutan.
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14
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
yor Compans strate for epansion
in the Indian power sector is centeredon three pillars:
Growth:Epansion in new prodcts,
markets and technologies.
Technology: Brinin the bestavailable power enerationtechnolo to India that addressesthe nations crrent powerchallenges and harnesses allthe nations available enerresources.
Operational Excellence:Deliveringand eectin proects to thehighest standards resulting incomplete customer satisfaction.
GROWTH
Thermal Power: Harnessingsupercritical technology for Indiaspower sector
Your Company as a market leaderwith over 100 ears of eperience, iswell positioned to offer its new andinnovative power eneration soltionsfor the rapidly evolving energy marketin India. Spercritical technolo isthe best available soltion for Indias
coal-red eneration maret and orCompany is a leader in this segment.Alstom supercritical technology notonl improves efcienc bt alsosbstantiall redces all emissions.
With a total Steam market of 9.7GWin India, spercritical technolorepresents abot 8.2gW. With speriorand innovative spercritical powerplant solutions, your Company is partof 6.2GW of these orders. Alstom is alobal leader in spercritical technolo
and with its interated boiler trbineenerator pacae it loos forward tosecuring more orders in this segment.
Illstration of a Spercritical Boiler
Alstom has a license agreement
with BHEL for sppl of spercriticalboiler technolo in India. Drin the
year, your Company received ordersfrom BHEL to sppl eqipment for
the followin e spercritical boiler
projects.
North Karanpura, 3x660MW for
NTPC Limited:
yor Compan will sppl
spercritical boiler components forNorth karanpra Sper Thermal
Power Proect (STPP) locatedALSTOM TECHNOLOgy
FEATuRES IN 82% OF THE
TOTAL MARkET SHARE OF
SuPERCRITICAL PROjECTS
IN INDIAWill feature Alstom technology6.2GW
Total supercritical market share8.2GW
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Statutory ReportsCompany Overview Financial Statements
15Annual Report 2013-14
in jharhand, India for power
eneration with more efcienc
and less environmental impact.
Darlipalli, 2x800MW for NTPC
Limited:
yor Compan will provide sperior
and innovative spercritical power
plant solutions for the key project,
Darlipalli in Sundergarh.
Banharpali 2x660MW for Odisha
Power Generation Corporation
Limited:
under the scope of the proect
or Compan will co-operate
with BHEL in desinin the boilers
and sppl identied pressre
parts of the 660MW supercriticalboilers, alon with windboes
for Banharpalli Super Thermal
Power Proect (STPP) located in
jharsada, Odisha.
Suratgarh, 2x660MW for
Rajasthan Rajya Vidyut Utpadan
Nigam Limited:
yor Compan will sppl
components and services for
the Suratgarh Super Thermal
Power Proect (STPP), located inSuratgarh, Rajasthan.
Thans to stron presence in the power
maret drin the Fy13-14, or
Compan received man rst of its ind
projects.
Vindhyachal Super Thermal
Power Plant, 1x500MW for NTPC
Limited: yor Compans rst fll scope
trne limestone based Wet
Fle gas Deslfrization (WFgD)
proect for NTPCs Vindhachal
sper thermal power plant is located
in Madhya Pradesh. Your Company
will provide desin, enineerin,
manfactrin, testin, civil wors,
erection and commissioning of the
wet limestone based FgD sstem
for the plverized coal-red boiler
nit on a fll trne basis.
Neyveli New Thermal Power
Project (NNTPP), 2x500MW
for Neyveli Lignite Corporation
Limited:
yor Compan will wor with
BHEL in desinin, enineerin
and spplin two tower boilers,
the complete lignite milling and
rin eqipment, and critical
components. It will be enineered
and manufactured in Alstomsworld class facilities in Stttart
(Germany) and in Durgapur and
Shahabad (India).
MILLS
Your Company successfully completed
the dispatch of seven coal mills for
the 11000MW Tann Bin proect in
Malaysia.
GAS
With lare ener Enineerin,
Procurement and Construction
(EPC) capabilities, or Compan
serves several international as-red
eneration proects in the Middle-East
region.
Continuing the success of Al Mansurya
in Iraq as e service provider, or
Compan will participate in maor
contracts won b Alstom Middle East
FZE and Alstom Switzerland Ltd., in theMiddle-East reion for the as power
maret. Alstom India will be providin
the EPC and desin soltions to Zbair
as-red power station and Al-Anbar
as-red combined-ccle power plant
in Fy14-15. Both these new orders
are bein eected with the Indian
operations as the service provider.
RENEWABLE POWER
Cleaner Power Generation
In renewable power, 1.5gW wasordered in Fy13-14. Of this, or
Compan baed the larest hdro
proect (850MW) ordered b an
728MW Al Mansra as power proect in Iraq
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16
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
private compan in India. Followin
are some e proects won b orCompan in the hdropower sement:
Ratle Hydropower Plant
Alstom has been awarded theRatle hdropower plant (850MW)b gVk Power and Infrastrctre
Ltd. The contract includes thesppl of for Francis trbines of
205MW each, and one Francis
trbine of 30MW.
Shuakhevi in Georgia
yor Compan has been awarded
2 89.3MW Shahevi hdropower
plant located in Georgia. Alstomis prod to be associated with
one of the largest foreign directinvestment projects in Georgia and
will se its technoloical epertise
in redcin the reions carbonfootprint throh renewable power
generation.
Pelton Runners for ChhukhaHydropower Plant
yor Compan will sppl 4 fore-
fabricated Pelton rnners forChhha Hdropower plant of
Dr green Power Corporation
in Bhtan. Rnner will be
manfactred in the Vadodara
hydro manufacturing unit.
This contract is the rst step to
strengthen our presence in the
hdropower sement in Bhtan.
Excellence in project execution
In todas competitive bsiness
scenario, differentiation through
operational ecellence is one of the
best was to ain and retain cstomer
condence.
Your Company successfully
commissioned the 110MW Chzachen
proect in Siim for gATI Infrastrctre
Private Limited and 240MW uri IIproect in jamm & kashmir for NHPC.
Your Company achieved successful
spinnin of all for nits of NHPC's uri-
II hdro-electric proect (HEP) in record
time. Another milestone was when
NHPC, key customer of your Company
was bestowed with the old shield
nder National Award for meritorios
performance in power sector for
Chamera III HEP. The award was iven
on the basis of evalation carried ot b
Central Electricit Athorit (CEA).
377MW Chamera III hdropower proect in Himachal Pradesh
ALSTOM CONTINuES TO
SEEk NEW OPPORTuNITIES
TO CHALLENgE THE
BOuNDARIES IN POWER
gENERATION
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Statutory ReportsCompany Overview Financial Statements
17Annual Report 2013-14
Illstration of a Wet Fle gas Deslphrisation OST Absorber
TECHNOLOGY
Alstom focuses on developing andproviding innovative technologies toredce the impact of Thermal Power
proects on the environment with thehelp of its hih efcienc soltions andair qalit control sstems.
Your Companys latest third generationWet Fle gas Deslphrisation(WFgD)technolo achieves near zero polltantemissions.
WFGD offers following CustomerBenefts
WFgD is a proven technolo andbest in class performance with
hih reliabilit.
Guarantees >99% removal of SO2,even with hih slphr coal.
The parasitic load is only 1 3% oftotal power otpt and ecellentaccessibilit redces maintenancecosts.
The rst implementation of thistechnolo will featre in NTPCs500MW Vindhachal Sper ThermalPower Plant in Madha Pradesh.
Combustion Technology
Alstom has played a pioneering role inthe development of the power sectorin India over several decades. Mostof the boilers crrentl operatin inthe contr are based on technolocontribtion from Alstom. With afocus on clean coal technologies inthe country, Alstom is once again inthe forefront with nearl 45% of the allnew spercritical boiler orders based onAlstom technology.
In addition, in order to address the felchallene faced b the contr, Alstomhas broht in new technolo; Liniteboilers of a size thats bein done forthe rst time in the contr. India hasvast reserves of lignite and infusionof cost effective technology can helpharness the energy potential of lignite.This tower tpe boiler technolo isbein adopted for 2500MW powerstation of Neyveli Lignite Corporation.
EPOQ - Electrostatic Precipitatoroptimisation software for highresistivity y ash for EPIC III
Alstom process eperience in particlate
45% OF ALL NEW
SuPERCRITICAL BOILERS
FEATuRE ALSTOM'S
TECHNOLOgy
control has provided the niqe now-
how to develop the Electrostatic
Precipitator (ESP) optimisin of chare
(EPOQ) process epert software. The
software is a self-adaptin control
alorithm, which minimises emissions
and optimises power consmption inthe case of hih resistivit ash. The
software will featre in Electrostatic
Precipitators Retrot proect,
5120MW at Nalco.
EPIC III with EPOQTM has followin
benets for or Compans cstomer:
Reduces particulate emissions.
Redces overall ESP power
consumption.
Eas interface with distribted
control system and remote
diagnostics.
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18
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Bladin activit for 210MW HP Rotor in proress at Thermal Serv
Beater Wheel Mills
Beater mills (Power Mills) are a
niqe tpe of plverisin eqipment
which carries ot mlti-fnctions
such as crushing, drying, shifting and
transportation of coal all at the same
time. De to its capabilit to rind hihmoisture lignite coal, your Company
received the order to supply 16 Beater
Wheel Mills for the 2500MW Neveli
Power Plant. It will be the rst time that
the static components of Beater Wheel
mill will be manfactred at Alstoms
Shahabad manfactrin facilit.
Power Automation and Control (PAC)
With the set-up of your Companys
rst state-of-the-art facilit for Power
Automation and Controls, Alstomintensied its capabilit and capacit
to deliver advanced lobal soltions
locally.
The facilit started deliverin its rst
set of proects from the third qarter of
the nancial ear 2013-14. These are:
Desin, assembl, testin and
deliver of ecitation sstems forhydro projects: Hulu Teranganu
(Malaysia), Dikchu (Sikkim) and
khatima (uttarahand).
Deliver of ecitation sstem for
the Dhaliana (uttarahand)
hdro-electric power restoration
project in a record time of four
months.
The key products and technologies
manaed b PAC inclde:
Distributed Control Systems (DCS)
Alstoms bsiness nit is enaed in
providing cutting edge technology in
the area of Distribted Control Sstems
(DCS). The Control Sstems bsiness
of PAC involves enineerin, assembl,
testing and commissioning of DCS and
Trbine Control Sstem. The sstem
automates the operations of the entire
plant alon with its tens of thosands of
components with clocwor precision
alon with the safet of critical control
loop.
PAC India has sccessfll eected
projects involving the Alspa Controplant
DCS Systems for the Al Mansurya
(728MW based on gas Trbine-
gT13E2) at Iraq and is crrentl
eectin two lare DCS Sstems
for NTPC Solapr (2660MW) and
NTPC Moda (2660MW) with fll
instrumentation packages.
PAC India also hosts a Lare Thermal
DCS Reference Platform at theNoida facility. This is a one-of-its-kind
platform deploed b PAC in order to
test and enhance the robstness of its
Control Systems platforms.
Vibration Monitoring System (VMS)
yor Compan amented the eistin
PAC bsiness b sinin a strateic
alliance with a technolo partner
in the uk for Vibration Monitorin
Systems. This technology unlocks
sinicant vale for power plant
operators b monitorin of criticaleqipment incldin the main trbines
and Balance of Plant eqipment lie
Pmps, Compressors, Fans and Motors.
PAC now assembles the vibration
monitoring products at Noida facility
and provides fully engineered solutionsto lobal cstomers. The soltion
has made good initial progress and
several key projects are currently under
eection.
Servicing the Installed Base
Alstom has the eperience and
offering to support customers needs
throhot the lifeccle of the power
plant b havin a fll-eded service
oranisation nown as Thermal
Services. Your Company is a full and
dedicated services provider for theentire power plant and focses on
servicin power plants spplied b orCompany and other manufacturers
FIRST STATE-OF-THE-ART
FACILITy FOR POWERAuTOMATION AND
CONTROLS TO DELIVER
ADVANCED SOLuTIONS
LOCALLY
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orshop in Vadodara
installed eet in India as well. yor
Compan has a dedicated worshop
at Vadodara to cater to steam trbinerepairs, rehabilitations, enerator
rewinds and repairs.
Alstom has been able to localise
offerins to sit the Indian maret
and has also been spplin to other
contries from India.
yor Compan is eectin
Electrostatic Precipitators Retrot
project to reduce emissions for the
5120MW plant at Nalco, Anl.
Your Company has installed advanced
control system for emission reductionat NTPC Ramagundam, NTPC Dadri,
and Pnab State Power Corporation
Limited Ropar and has also eected
ESP Restoration wor for Aravali Power
Ltd., jhaar. yor Compan is eectin
Steam Trbine Control Sstem upradeProject at NTPC Rihand for 500MW
stae I nits.
Here are some of the new e service
proects in Fy13-14:
Tamil Nadu Cement Corporation :
ESP prades.
ANTA NTPC: Generator rotor repair.
Rihand NTPC: Grinding Rings,
Boiler.
Torrent Power Sabarmati (Boiler)
TATA Power Tromba Sperheater
Header.
ALSTOM IS A FuLL AND
DEDICATED SERVICE
PROVIDER FOR THE
ENTIRE POWER PLANT
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20
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
OPERATIONAL EXCELLENCE
Strivin to deliver the best qalit to its
customers, your Company continues to
strengthen measures to achieve greateroperational ecellence throh ve e
pillars: Qalit, Lead Time Redction,
Cost Competitiveness, Standardisation
and Modlarisation and EHS.
A single solution for a range of coal
The 660MW supercritical segment in
India is hihl competitive. So, orCompan developed a simplied,
standardised approach to achievesinicant cost and lead time redction.
The platform has inbilt derees
of freedom for the proect specic
cstomisations withot chanin theboiler desin. 2660MW Moda forNTPC is the project that validates thisplatform concept.
RP6OO Power Block Solution
With the obective of optimising cost
and schedule, your Company hasdeveloped a pre-enineered PowerBloc soltion (Trbine Hall, Boiler,
ESP and DCS) of 660MW Spercriticalplant with domestic and blended coal.The reference plant has achieved itssuccessful completion meeting itstaret in terms of Bill of Qantities
(BOQ) redction in strctral steeland piping, civil cost reduction andreduction in engineering time andoverall proect eection schedle.
Closer ties with stakeholders
In a rapidl chanin maret, orCompany stays close to customers torow in new marets and anticipate theneeds of eistin cstomers. This helpsor Compan to offer qalitative, cost-effective solutions to its customers.Drin Fy13-14 constant efforts were
made b or Compan for enhancedenaement and connect with Indiastechnological opinion leaders andcustomers.
Powergen: Alstom mared a stronpresence in the twelfth editionof Powergen India and CentralAsia staed in Mmbai from 06May to 08 May 2013 under thetheme of "Indian Power - Time todeliver". yor Compan showcasedits cutting edge offerings andsolutions across the conventional
as well as renewable sorces ofpower. Alstom presented seventechnical papers on varied topics.Customers also got an opportunityto interact with Alstom's lobaleperts on technoloical advancesmade b Alstom in rapidlemerin Renewable Power sectorand the Supercritical ThermalPower Sector.
Environment Control System(ECS) Cstomer Meets were
held on 07 May and 10 May2013 at Mmbai and New Delhirespectively to reach out to
majority of the customers. These
events witnessed participationfrom varios technical eperts
from prominent customers suchas Tata Power, NTPC, jSW etc.
This initiative effectively positioned
your Company as an industryleader. Alstoms ECS team has all
the technoloical soltions to bild
clean power in India.
India Nclear Ener, was held
drin 28 November to 30November 2013 in Mmbai,
India. Alstom's nclear eperts
participated in this conference toupdate the major customers on
the latest development in Alstoms
best in class Nclear Trbine IslandTechnology.
SUMMARY
Your Companys key priorities are to
deliver operational ecellence, deliver
advanced technology solutions andto achieve customer satisfaction.
Alstom is continuously striving toprovide competitive and reliable qalit
soltions to the Indian maret. It has
strong focus on increasing localisation
of high technology products andsoltions Alstom India is crrentl
developin eqipment manfactrinplatforms for 660MW and 800MW
supercritical units to optimise costs and
reduce delivery lead times.
ECS Cstomer Meet, 2013 India Nclear Ener, 2013 Power gen India and Central Asia, 2013
OPERATIONAL ExCELLENCE
IS THE BEST WAy TO gAIN
AND RETAIN CuSTOMER
CONFIDENCE
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Alstom is also focusing on developing
and providing innovative technologiesto redce the impact of thermal power
plants on the environment with its
hih efcienc soltions and air qalitcontrol systems. Your Company ensures
that its cstomer is served in the best
possible wa.
CONSOLIDATED FINANCIALSTATEMENTS
In compliance with the applicable
Clases of Listin Areements with
the Stoc Echanes, the Companhas prepared Consolidated Financial
Statements as per the Accounting
Standard on Consolidated FinancialStatements (AS 21) issed b the
Institte of Chartered Accontants
of India. The Adited Consolidated
Financial Statements alon with the
Aditors' Report thereon have been
anneed to this Annal Report.
CORPORATE GOVERNANCE
Your Company has fully complied
with the reqirements and disclosresthat have to be made nder the
Code of Corporate Governance as
reqired nder Clase 49 of the
Listin Areement entered into with
the National Stoc Echane of India
Limited (NSE) and BSE Limited (BSE)
(the Stoc Echanes). As a listed
company, necessary measures are taken
to compl with the Listin Areements
with the Stoc Echanes. A report
on Corporate governance, alon with
a certicate of compliance from the
Statutory Auditors, forms part of this
Annal Report. The Vice-Chairman
& Manain Directors declaration
reardin compliance with ALSTOM
India Limited Code of Condct for Board
Members and Senior Manaement is
attached to the Corporate GovernanceReport.
MANAGEMENT DISCUSSION AND
ANALYSIS
The Management Discussion and
Analysis is presented in a separate
section, which forms part of the Annal
Report.
Stacp of HP 1103 Mill at Shahabad Factor for Mann 11000MW Proect in Malasia
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22
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Demo and trainin centre at Noida Power Atomation Control nit
LISTING
The eqit shares of the Compan are
listed at BSE Ltd. (BSE) and National
Stoc Echane of India Ltd. (NSE).
The Company has paid the listing fee for
the ear 2014-2015 to BSE and NSE.
DIRECTORS' RESPONSIBILITY
STATEMENT
Pursuant to Section 217(2AA) of the
Companies Act, 1956, the Directors of
or Compan conrm:
(i) that the applicable accontin
standards have been followed in
preparation of nal acconts and
there are no material departres;
(ii) that such accounting policies
have been selected and applied
consistently and such judgements
and estimates made are reasonable
and prudent so as to give a true and
fair view of the state of affairs of
the Company as at 31 March 2014
and of the prot of the Compan
for the ear ended on that date;
(iii) that proper and sfcient care has
been taen for the maintenance
of adeqate accontin records
in accordance with the provisions
of the Companies Act, 1956 for
safeguarding the assets of the
Company and for preventing
and detecting fraud and other
irrelarities;
(iv) that the annual accounts have
been prepared on a oin concernbasis.
SUBSIDIARY COMPANIESyor Compan has followin two
wholl owned sbsidiaries in India:
(a) ALSTOM Power Boilers Services
Limited, and
(b) ALSTOM Boilers India Limited
The Ministry of Corporate Affairs,government of India vide general
Circlar No: 2 /2011 dated 8 Febrar
2011 has directed that provisions ofSection 212 of the Companies Act,
1956 shall not apply in relation tosbsidiaries of those companies whichfll the conditions contemplated in the
aforesaid circlar. yor Compan flls
the conditions contemplated in the saidcircular. Therefore, the Annual Report
and other particlars of the sbsidiar
companies are not attached with thisAnnal Report. However, a statement
of particlars of the sbsidiarcompanies has been attached alon
with the adited Consolidated Financial
Statements.
The Company shall provide the copy of
Annual Report and other documents ofits sbsidiar companies as reqired
under Section 212 of the Companies
Act, 1956 to the Shareholders of theCompany and also to the Shareholders
of the sbsidiar companies on
demand, free of cost. The Annual
Report containing the annual accounts
of the sbsidiar companies is alsoept open for inspection b an
Shareholder at the Reistered Ofce of
the Compan and that of the sbsidiarcompanies. The details of accounts of
the sbsidiar companies have been
placed on the website of the Compan.The Consolidated Financial Statements
presented b the Compan inclde
nancial reslts of its sbsidiarcompanies.
CORPORATE RESTRUCTURING
Sale and transfer of the CompanysTransportation Undertaking:
The Board of Directors of the Company
in its meetin held on 15 janar 2014had accorded its approval, sbect to
the approval of the shareholders of the
Company and such other approvals,consents, permissions and sanctions
as ma be deemed necessar, to the
sale and transfer b the Compan of itstransportation systems undertaking to
a group company, ALSTOM TransportIndia Limited (ALSTOM Transport), as
a oin concern on a slmp sale basis,
for a lmp sm consideration withot
vales bein assined to individalassets and liabilities, for a total
consideration not less than Rs. 176.9crores (Rupees One Hundred Seventy
Si Crores Ninet Lacs onl) in cash,
as enterprise vale, sbect to schadjustment for change in Net Asset
Vale ecldin cash and debt (which
was Rs. 60 crores as on 30 September
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2013) and on such terms and conditions
as ma be reqired in this reard. The
shareholders of the Company had
approved the sale of the Transport
undertain to ALSTOM Transport bpassing of a special resolution through
postal ballot on 07 March 2014.
Prsant to and in consonance with the
terms and conditions of the Agreement
to Sell Business dated 06 March 2014
(Areement), the sale and transfer of
the Transport undertain to ALSTOM
Transport, as a going concern on a
slmp sale basis, was completed on
31 March 2014.
OPEN OFFER BY GENERAL ELECTRIC
On 05 Ma 2014, gE Ener Erope B.V.
(Acquirer) and (i) general Electric
Company (GE); and (ii) gE Indstrial
France SAS (and toether with gE, thePACs), in their capacit as persons
actin in concert with the Acqirer,had made a pblic annoncement
(Public Announcement) in termsof Secrities and Echane Board of
India (Sbstantial Acqisition of Shares
and Takeovers) Regulations, 2011(Takeover Regulations), wherein
they have made an open offer for
the acqisition of p to 17,479,143eqit shares, representin 26% of the
total paid-p eqit share capital of
the Compan as of the tenth worinday from the closure of the tendering
period, from the pblic shareholders of
the Company (Offer).
It was claried b the Acqirer that
the detailed pblic statement shall beissed and the Offer proceeded with
onl if the underlin Transaction (as
described in the Pblic Annoncement)is consummated as provided for in
the proviso to Regulation 13(4) of the
Takeover Regulations. Accordingly,if the underlin Transaction is not
consummated for any reason, the
Acqirer and PACs shall not proceedwith the Offer.
The Board too note of above anddecided to tae an conseqential
steps only upon the consummation ofaforesaid underlying transaction.
CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION,FOREIGN EXCHANGE EARNINGSAND OUTGO
The particlars as prescribed ndersb-section (1)(e) of Section 217 of the
Companies Act, 1956, read with theCompanies (Disclosure of Particulars in
the Report of Board of Directors) Rules,
1988, are iven in Annere-A whichforms part of this Directors' Report.
ENVIRONMENT COMPLIANCE
The Compan complies with all
reqirements reardin manaement
of pollutants of manufacturing unitsand also condcts Environmental
Audits of its units at regular intervals.
The Compan has obtained allenvironmental consents such as
air, water and hazardos wasteauthorisation from respective Pollution
Control Boards and are in compliance
with the present environmentallegislation.
ENVIRONMENT, HEALTH ANDSAFETY (EHS)
Your Company considers the Safety,
health and well-bein of or
employees, contractors, customers andother staeholders, to be of the tmost
importance. Your Company also strivesto take care of the environment andEHS
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24
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
are committed to continually reducing
the environmental impact wherever we
operate.
The Compan condcts its bsiness
operations fully respectingInternational and Local relations
in addition to followin Alstom EHS
Directives and Instrctions to protectthe employees, contractors, customers
and other staeholders. EHS is iven
highest priority and hence managedand controlled through integrated
EHS Manaement Sstem. AlstomEHS Roadmap Standards are
deployed and measured to evaluate
the EHS performance and continalimprovements.
High Risk Activities are of prime focusand manaed throh Alstom Zero
Deviation Plan lanched in jne 2012 to
prevent accidents in high risk activities.Compliance to Alstom Zero Deviation
Plan is evaluated through Cross Sector
Audits for further improvement actionswherever needed.
All maor locations have well eqippedhealth care facilities/arranements.
Alstom universit stronl spportsEHS trainin initiatives to create annderstandin of Environment, Health
and Safet and hence in bildin safet
culture among employees to achieve
organisation goal.
CORPORATE SOCIAL RESPONSIBILITY(CSR)
The Companys Corporate Social
Responsibilit (CSR) activities, reect
its philosoph of helpin to bild a
better, more sstainable societ b
taking into account the societal needs
of the community. After assessing the
needs of community, your Company
is engaged in several programmes to
benet the societ and the commnit
of which it is a part of. As a part of the
education initiative, your Companysfacilities in Drapr and Shahabad
have constrcted a school bildin
and provided it with the infrastrctre
alon with nancial assistance for the
children residing in those areas.
PARTICULARS OF EMPLOYEES
The total nmber of emploees of the
Compan as on 31 March 2014 was
4640.
Information in accordance with the
provisions of Section 217(2A) ofthe Companies Act, 1956, read with
Companies (Particlars of Emploees)
Rules, 1975, forms part of this
Directors Report. However, as per
the provisions of Section 219(1)(b)
(iv) of the Companies Act, 1956, the
Report and Acconts are bein sentto all Shareholders of the Company
ecldin the Statement of Particlars
of Emploees nder Section 217(2A)
of the Companies Act, 1956. Any
Shareholder interested in obtainin
a copy of the said Statement may
write to the Compan Secretar at the
Reistered Ofce of the Compan, and
the same will be sent b post.
FIXED DEPOSITS
The Company has not accepted anyed deposits drin the ear nder
review.
BOARD OF DIRECTORS
In accordance with the Articles of
Association of the Compan, Mr. k.
Vasdevan, Director retires b rotation
from the Board of Directors of the
Compan and shall hold ofce p to the
date of the forthcoming Annual General
Meetin of the Compan and is eliible
for reappointment.Alstom management had transferred
the services of Mr. S.M. Momaya
from Alstom India Limited to Alstom
640MW Lower jrala hdro proect in Andhra Pradesh
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T&D India Limited with effect from
01 September 2013. Accordinlthe Board of Directors had passed
necessary resolutions on 20 August2013 to accept his resignation from
the position of Whole-time Director &
Chief Financial Ofcer of the Companwith effect from close of bsiness hors
on 31 August 2013 and to continue his
directorship on the Board as a Non-Eective Director with effect from
01 September 2013, liable to retire b
rotation. As per the provisions of theArticles of Association of the Company
and the applicable provisions of the
Companies Act, 2013, Mr. Momayashall hold ofce p to the date of the
forthcoming Annual General Meetingof the Compan and is eliible for
reappointment.
In accordance with the Articles of
Association of the Company, the tenure
of ofce of Mr. Rathindra Nath Bas,who was appointed as an Additional
Director and designated as Chairman
of the Compan with effect from 01April 2014, shall hold ofce p to the
date of the forthcoming Annual General
Meetin and is eliible for appointment.
The Company has received a notice inwritin from a member proposin his
candidatre for the ofce of Director.
Pursuant to the provisions of Section
149 and other applicable provisionsof the Companies Act, 2013, your
Directors are seeking appointment ofMr. k. Vasdevan, Mr. A. k. Thiaaraan
and Dr. uddesh kohli as an Independent
Director for ve consective earswith effect from the conclsion of the
forthcoming Annual General Meeting
pto 24 jl 2019.
The particulars of Directors proposed
to be appointed/re-appointed, as thecase ma be, are iven in the Corporate
Governance Report of this Annual
Report.
Drin the ear nder review, Mr.
Sunand Sharma resigned from theposition of Chairman & Whole-time
Director of the Compan with effect
from close of worin hors of 31 March2014. The Board places on record its
appreciation for the contribtions made
b Mr. Sharma drin his tenre with
the Company.
TRANSFER OF AMOUNTS TO
INVESTOR EDUCATION ANDPROTECTION FUND
Pursuant to the provisions of Section205A(5) of the Companies Act, 1956,relevant amonts which remainedunpaid or unclaimed for a period of7 ears have been transferred b theCompan to the Investor Edcation andProtection Fnd.
Frther, as per the reqirements of theInvestor Edcation and Protection Fnd(uploadin of information reardin
unpaid and unclaimed amounts lyingwith companies) Rles, 2012, thestatement containing information ofthe unclaimed amounts of dividendlying for seven years from the date oflast Annual General Meeting i.e. 30jl 2013 has been ploaded on thewebsite of the Compan and necessarforms/retrns have also been led withthe Ministry of Corporate Affairs.
AUDITORS
Messrs S. N. Dhawan & Co., Chartered
Accontants (Firm ReistrationNmber 000050N), StattorAditors of the Compan, holds ofceuntil the conclusion of the ensuingAnnual General Meeting and areeliible for re-appointment.
The Company has received a letterpursuant to Section 139 and 141of the Companies Act, 2013 fromMessrs S. N. Dhawan & Co., CharteredAccontants, reardin their eliibilitfor re-appointment as Auditors of the
Company.
For and on behalf of the Board of Directors
Rathindra Nath Basu Patrick Ledermann
Chairman & Non-Executive Director Vice-Chairman & Managing Director
(DIN 01192973) (DIN 05219344)
Place : Noida
Date : 05 jne 2014
The Board of Directors recommend to
the Members of the Compan for the re-
appointment of Messrs. S.N. Dhawan
& Co., Chartered Accontants (FRN
000050N) as Statutory Auditors of theCompan to hold the ofce for a term
of four years from the conclusion of
ensuing 22nd Annual General Meeting
of the Company till the conclusion of
26th Annual General Meeting of the
Compan (sbect to ratication b
members at ever Annal general
Meetin) and to their remneration.
The Notes to Accounts referred to in the
Aditors Report are self-eplanator
and do not call for any further
comments.
COST AUDITORS
The Central Government has approved
the appointment Messrs Shome &
Banerjee, Cost Auditors for conducting
Cost Adit for the nancial ear 201314.
APPRECIATION
The Board of Directors take
this opportunity to thank all its
Shareholders, valed cstomers, bans,
government and statutory authorities,
investors and stoc echanes for their
continued support to the Company.
yor Directors also wish to place on
record their deep sense of appreciation
for the committed services b or
Companys employees. Your Directors
acnowlede with ratitde the
encoraement and spport etended
b or valed Shareholders and the
Promoters of the Company.
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ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Conservation of Energy, TechnologyAbsorption, Foreign Exchange
Earnings and Outgo Companies(Disclosure of Particulars in the
Report of Board of Directors) Rules,
1988
A. Conservation of Energy
a. Energy Conservation measures
taken during 2013-14
1. Adopted power factor
correction panel both in
factor and township and
availed rebate on electricit
bills approimatel Rs.800000/- per month on an
averae at Drapr unit.
2. Arrested Compressed Air
Leakage at various locations
inside plant (total 136
nos points) to improve
energy consumptions of
compressors and reducing
wastae of ener.
3. Optimised the usage of
compressors b redcin
unloading hours of running
compressors.
4. Overhaled one 1000 CFM
compressor to improve its
efcienc.
5. Overhaled one 315 CFM
compressor to improve its
efcienc.
6. Installed Ener Meters
almost at all electrical
installations to enablemonitoring and analysing
power consmption pattern
for the unit at Durgapur.
7. Plugged 20 nos. of
redundant compressed air
points in various locations
to redce wastae of ener.
8. Procurement of energy
efcient Inverter tpe
weldin machines and
phased ot old transformer/
diode based weldinmachines. New inverter
machines are more energy
efcient.
9. Maintained energy saving
modles with or old
rectier tpe weldinmachines.
10. LED street lihts installed in
Township.
11. Timers provided for
atomatic switchin ON/
OFF of lihts in parin
spaces in the factor, it will
reduce unnecessary energy
consumption for lights.
12. Day light sensor provided for
shop O/H lihts, resltin in
less energy consumption.
13. Timers provided for
atomatic switchin ON/
OFF of Tower lihts in ard
area.
14. 2 nos. new goliath cranes
have been procred
(capacity 15 Ton each) for
material handlin in tbe
yard area and commissioned
with all Variable FreqencDrive (VFD) controlled
motors. VFD controlled
motors are 15-20% more
ener efcient and hence
saving in energy cost.
15. Ener efcient T5 lamps
sed in place of 40w tbe
lights.
16. Refrbishment of Vlcan
frnace with fel efcient
brners.17. Replacement of Conventional
High pressure Mercury
vapor hih ba liht ttins
with Ener efcient gE
(mae) 4F54 T5 liht ttins
at Pulveriser and foundry
shop has effected energy
saving of 1,69,593 units per
annum.
18. Installed 30hp pmp motor
in place of 55hp pump
motor for water sppl atTownship. Hence redced
the ener consmption b
60,000 units per annum.
19. Replacement of Conventionalorescent liht ttins at
varios ofce locations withEner Efcient LED lihtttins has affected enersaving of 6500 units perannum.
20. In heat treatment process,stricter adherence to rate ofheating and cooling as perASME Section VIII Div-1.This has resulted in averagereduction of 70MT LPGconsumption per year for
the same amount of historicchare weiht.
21. Optimisation of electricityconsumption for electricalfrnace b improved loadper cycle, this has resultedin reduction of 30 to 40hours in average cycle timeof heat treatment.
22. Power consmption radicallredced b disconnectinall lihtin load from uPS
and providing only minimalconnected load to ensuresafet drin power failres.
23. Ener consmptionmonitoring implementedwith actions taen evermonth to sta within totalbdet in terms of cost perunit.
24. Relar awareness toswitch off electrical
appliances when emploeesnot at worstation.
25. Power switch off between12:30 to 13:30 hours andafter 17:30 hors has beenimplemented and deviationwith strict approval onlfrom factory head.
b. Additional investments andproposals, if any, beingimplemented for reduction ofconsumption of energy:
Proposals for the year 2014-15:
1. Phase wise replacement of shopO/H metal halide lihts withener efcient LED lamps.
Annexure A to Directors Report
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2. In new paint shop area LED
lamps are bein pt instead of
metal halide lamps.
3. Water recirculation system for
Writz bendin machine.
4. Soft starters for Air compressors.
5. Refrbishment of Stress
Relievin frnace with fel
efcient brners.
c. Impact of above measures
for reduction of energy
consumption and consequent
impact on cost of production ofgoods.
Ependitre on ener forms a
very small part of the cost of
production. Hence, reduction of
energy consumption does not
have an sinicant impact on
the cost of production of goods.
B. Technology Absorption, Adaptationand Innovation
(e) Efforts made towards technolo
absorption, adaptation and
innovation
The Compan has been main
continos efforts towards
improvement of its products
through suggestion schemes,
innovation award and relar
research and development.
(1) Benets derived as a result of
above efforts:
- Product improvement
- Cost Reduction- Lead time reduction
(2) Future plan of action forCompanys factory/ofces are as
under:
Retrottin Ener Efcient
20w/28w T5 lamps in place
of eistin Conventional
orescent tbe (40W) lihts.
Replacement of old DSL with
new shroded bs bar for power
sppl to EOT cranes.
Replacement of old metallic
weldin pl and socet with
non-metallic and locable
plug and socket to improve
productivity and safety.
Replacement of all old room
ACs with modern ener
efcient sstems.
In phased manner, replacement
of 400W Metal Halide Lamps
with ener efcient 150w LED
lamps in shop oor.
Connecting lighting circuit
throh servo stabilizers with205 volts to obtain better
efcienc and sstained life
of lamps in shops and to
reduce connected lighting load
approimatel 15%.
Introdction of Da liht sensors
for shops and timer circuits for
ard area tower lihts.
New Boie frnace is bein
commissioned with enerefcient brners.
New CNC drill machine has
been procred with ener
efcient servo motors and
latest CNC sstem which will
contribte in savin ener
cost.
Refrbishment of Stress
relievin frnaces with fel
efcient brners to improveenergy cost and productivity.
(3) Expenditure on R & D
a) Capital Nil
b) Recrrin - Nil
c) Total - Nil
d) Total R & D ependitre as a % of
total turnover Nil
(4)In case of imported technolo
(import drin the last ve earsreconed from the beinnin
of the nancial ear), followin
information to be frnished:
Technologyimported
Yearof
import
Hastechnology
been fullyabsorbed
If notfully
absorbed,areaswhere
this hasnot taken
place,reasonsthere
for andfuture
plans ofaction
Nil N.A N.A. N.A.
C. Foreign Exchange Earnings and
Outgoa. Activities relating to exports,
initiatives to increase exports,Developments of new exportmarkets for Products and Servicesand Export Plans:
One of the maor orders received bthe Compan drin the nancialear 2013-14 was Shahevi(Hydro) for Rs. 1,353 million.
The total eport earnins fromengineering and other services
were Rs. 1,528 million.
b. Total foreign exchange used andearned:
(Rupees million)
Forein Echaneearned
: 9,609.9
Forein Echaneused
: 6,349.1
Net ForeinEchane earned
: 3,260.8
For and on behalf of the Board of
Directors
Rathindra Nath Basu
Chairman & Non-Executive Director
(DIN 01192973)
Patrick Ledermann
Vice-Chairman & Managing Director
(DIN 05219344)
Place : Noida
Date : 05 jne 2014
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ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
28
FORWARD-LOOKING STATEMENTS
This report contains forward-looking
statements, which may be identifed by their
use of words like plans, anticipate, believe,
estimate, expect, intend, will, projects,
or other words of similar expression, as they
relate to the Company or its business and
these words are intended to identify such
forward-looking statements. All statements
that address expectations or projections
about the future, including, but not limited
to statements about the Company's strategy
for growth, development, market position,
expenditures, and fnancial results, are
forward-looking statements. Forward-
looking statements are based on certain
assumptions and expectations of future
events. The Company cannot guaranteethat these assumptions and expectations are
accurate or will be realised. The Company
undertakes no obligations to publicly update
or revise forward-looking statements,
whether as a result of new information,
future events, or otherwise. Actual results,
performances or achievements could differ
materially from those expressed or implied
in such statements. Therefore as a matter
of caution, undue reliance on the forward-
looking statements should not be made as
they speak only of their dates. The following
discussion and analysis should be read in
conjunction with the Companys fnancial
statements included herein and the notes
thereto.
Management Discussion
and Analysis Report
Larest Distribtor manfactred and shop assembled b Vadodara unit
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Statutory ReportsCompany Overview Financial Statements
MARKET OVERVIEW
The maret for conventional power
eneration eqipment was modest in
Financial year 2013-14 (Fy13-14).
There was no maor order for new
power plant drin the rst half (H1)
of the nancial ear. There were few
orders, mostl from overnment owned
utilities during the second half (H2) of
the ear. Nevertheless, the ear Fy13-
14 proved to be the weaest ear in
terms of orderin of new conventional
power plants in almost a decade.
The maret was marred b fel
availabilit concerns coal as well as
natural gas. Production of domestic
coal remained at drin Fy13-14. The
largest domestic coal producer, Coal
India Limited (CIL) reistered ~2% or
~9MT rowth in prodction whereas,
the other pblic sector coal prodcer,
Singareni Collieries Company Limited
(SCCL) reported a decline of ~6% or
~3MT in prodction drin Fy13-14
vis--vis Fy12-13. As a reslt, import
of thermal coal increased b ~15%
at major commercial ports to meet
the reqirements of power sector.
Imports, thoh epected to become
a maor sorce, wold be sstainable
only if related concerns such as pass-
through tariff, improvement in port and
transport infrastructure are addressed.
Domestic gas production declined
frther from 3173 million cbic meters
(MCM) in March 2013 to 2756 MCM
in janar 2014. gas-felled power
generation declined accordingly, more
so with Cit gas Distribtion bein
accorded hiher priorit. gas based
power eneration capacit operated at
less than 25% load factor drin Fy13-
14. RIL kg basin, based on which man
as based power plants were set p,
does not sppl as to an power proect
due to sharp decline in gas production
from this eld. Liqeed natral as
(LNG), due to high cost, continues to
be an nviable fel for these plants.
With lare as based capacit ndereection and now stranded, there is
an urgent need to address the future of
as based power plants in India.
Apart from fel availabilit, the maor
reasons for dela in power proectsinclded delas in land acqisition and
getting mandatory project clearances
such as forest and environmental
clearances. In fact, these isses have
impacted all large infrastructure
projects under implementation
as well as development of new
projects. Development of mines and
transportation proects too has been
affected de to these isses, which has
compounded the coal supply concerns
for Indian power prodcers.
Developers, such as private
independent power prodcers (IPPs),
and conseqentiall proect nanciers
are staring at huge losses emanating
from delas in proects nder eection.
As a reslt arranin fnds for new
power proects has become another
challene for IPPs.
The Government has taken measures
to revive the sector such as presidential
directive to CIL to implement FelSupply Agreements, periodic revision
of power tariffs and restrctrin
package offered to loss making
distribtion companies (Discoms). The
regulator has also approved tariff hike
for imported coal based new plants
considerin increase in import prices;
however this has been challened in
the cort b affected Discoms.
In terms of commissionin of power
plants, the maret witnessed contined
momentm albeit at a slower pace. Asper Central Electrical Athorit (CEA),
arond 21gW power eneration
capacit ot commissioned in Fy13-
14. generation capacit of approimate
26GW and 24GW got commissioned
in Fy11-12 and Fy12-13 respectivel.
Installed base in Indian maret has
rown at a CAgR of abot 10% in the
last three ears. And, with approimate
45gW capacit addition in Fy12-13
and Fy13-14, Indian maret shold
meet the power eneration capacitaddition taret of 88gW set for Twelfth
Plan period (2012-17), ecldin the
renewables.
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ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Of the total estimated potential ofabot 150gW, India has installed
hydroelectric power capacit ofapproimate 41gW onl. The rateof addition of hdropower has beenrather low. The blocin isses incldeland acqisition, environmental andforest clearances, access to the sites,resettlement and rehabilitation issesand law and order problems at times.However, with stabilit in Nepaland areement on a new proectdevelopment structure in Bhutan,opportunities for future development ofhdropower are epected to improve in
this region.
Nclear power eneration in Indiacontines to accont for 2% of Indiastotal Installed base. Thoh, the
government of India aims to increaseinstalled base throh indienos and
foreign cooperation, the internationalprogram has largely remained stuckde to nancin problems, civil liabilitconcerns and lack of support from thelocal population. Currently the Nuclearcapacit addition is epected to rowwith help from the domestic 700MWnclear power proram.
There has been a thrst to increasethe renewable ener share in thetotal installed base of India. There hasbeen polic and relator spport tothe renewable ener sector (mostlwind and solar) throh accelerateddepreciation, attractive feed-in-tariffrates, renewable ener certicates(REC) tradin and carbon credits.
As a result, the Solar Photovoltaic
(PV) maret and onshore wind based
capacit has rown rapidl over the lastve ears in India. Freqent chanes in
the incentive strctre and inabilit of
Discoms to off-tae renewable power at
higher tariff are some of the challenges
to the rowth of this sement. With the
induction of advanced solar technology
sch as concentrated solar power for
lare plants as well as the introdction
of molten salt storae techniqes solar
power eneration is liel to et a
boost.
Thermal Service eperts at wor in Vadodara worshop
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Statutory ReportsCompany Overview Financial Statements
OPPORTUNITIES AND THREATS
Opportunities
Power Generation Equipment
The reserve marin, which is an
indicator of demand-supply gap, is lessthan zero in India. This indicates that
current electricity generation is not
sfcient to meet the captred demand.
The norm in developed economies is to
maintain a comfortable srpls reserve
margin. Additionally, there is large
latent demand in the Indian maret.
It is estimated that lare poplation in
India do not have access to electricit.
Consmers of rid based electricit
still lac 247 access to it. Indstries
and bsiness establishments are forcedto operate on diesel based power, as
the bacp sorce, de to insfcient
electricit sppl. Hence, despite bein
the third largest producer of electricity,
per capita consmption of power in
India is ~930 nits, which is less than
one-third of the lobal per capita
consmption re of ~3200 nits and
sbstantiall lower as compared to
developed economies. Therefore, power
sector in India has ood potential to
row and enerate sinicant ains for
the investors. In power sector, Alstomcaters to engineering, procurement,
constrction and servicin of power
eqipment and plants.
The overnment has acnowleded
the need and potential of the sector
and recognised the private sectors
sinicant role in it. It has come p with
varios policies, relator framewor
and schemes to address the electricity
situation in the country. These policies
have resulted in electricity production
increasin with demand and sinicantimprovement in electricity transmission
as well. However, as the statistics
point ot, a lot needs to be done in the
electricity sector.
Over the years, the Government has
realised the importance of healthy
distribtion sstem in its obective
of providing electricity access to all.
Lately, it has started addressing the
isses faced b Discoms. Restrctrin
and corporatisation of state electricity
boards and privatisation of distribtionfnction throh licenses are eamples
of how initiatives taen to improve
the health of the sector. Strong policy
push from the government supported
b nancial reforms can accelerate the
development of the power sector.
Alstom, bein a lobal maor in
technoloical prodcts, is well placedto harness opportnities in the power
sector in India. It has sbstantial
investments in India to achieve hiher
localisation, which enables it to
access silled worforce and to offer
its prodcts at competitive prices. Its
obective is to provide its cstomers
economical solutions deploying the
most advanced technolo with least
impact on the environment.
Threats
The slowdown in order in-ows and
supplier overcapacity in the present
scenario are potent threats to the power
sector in India. The government is aware
of the sitation and has latel become
active to address the blocin isses.
Financial health of IPPs and Discoms is
not in ood shape with over 246,000
crore of losses in SEB/Discom and
he debt in most of the IPPs, the
power sector toda is strlin for
cash. While periodic tariff revision isbein implemented, Discoms need to
improve their recover efcienc as
well as redce areate technical and
commercial (AT&C) losses. Some of the
private Discoms have already achieved
sbstantial improvement in these
aspects.
Slowdown in economic rowth has
also impacted electricity demand.
unless corrective measres are taen
to qicl remove the hrdles of
the power sector, the rowth in thissement wold remain low.
OUTLOOK
With annual per capita electricity
consumption at ~930 units, it is
foreseen that the demand for electricity
will row frther, both in the short as
well as in the lon term.
Given the impact of stranded projects
on the banin sector, the government
is epected to address the immediate
concerns of infrastructure sector ineneral and power sector in particlar.
Moreover, as the targets for the 13th
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32
ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Five year Plan are annonced, it is
epected that the orderin for power
eqipment and services will pic p
in the near ftre. Coal has been
identied as the maor fel for power
generation and wold drive the rowth
in the spercritical sement. growth
is also epected in nclear, hdro and
renewable ener sements.
Of late, the central electricity regulator,
CERC, has decided to lead the Indian
power indstr to the net level of
operational efcienc and reliabilit. In
the new tariff reime, it has proposed
sinicant measres to promote
efcienc improvement in power plant
operations. In addition, the increasinawareness and concern for environment
has compelled thermal power plant
operators to install pollution control
measures. Both these developments
enhance bsiness opportnities in
power sector as well as for Alstom.
Driven b hiher efcienc and lowemission, the maret is epected tobe coal based mainl for fel-efcientsupercritical (SC) technology fortilities and IPPs as observed drinthe past two ears.
gas based power plants are nlielto be ordered ntil the isses of aspricin and availabilit of eistinand stranded plants are addressed.Alstom has bilt a stron enineerin,procrement and constrction (EPC)
team at Noida to address the domesticas maret, once bottlenecs areremoved. Crrentl Alstom India
gas EPC team is addressin epertopportnities in Middle-East and SothAsia in collaboration with Alstomslobal as bsiness.
Government has announced a strongpolic spport to the renewable power
sector. Distribted rid and off-rid
power sorces ma et polic spport
in the overnments obective to
achieve 100% electrication.
Overall, bsiness environment is
epected to remain challenin. Pricin
pressre on marins wold be a e
challenge. Your Company has a strong
order boo and is condent to address
such challenges and to deliver value
over lon term to its shareholders withepectation that Power Sector orderin
will pic p in fture.
Steam Trbine
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Statutory ReportsCompany Overview Financial Statements
OPERATING RESULTS OF THE COMPANY
The e nancial res on the performance of the Compan vis--vis previos
ear are presented below:
(Rupees millions)
Year ended31 March 2014
Year ended31 March 2013
Orders received 40,131 24,517
Revenues 25,948 27,775
Orders in hand 54,563 49,568
Prot before taation 3,199 2,819
Prot after taation 2,307 1,837
EPS (in Rs.) 34.31 27.33
Orders received during the year underreview were worth Rs. 40,131 million.
Major orders received during theear nder review for sppl ofcomponents of spercritical boilersfrom BHEL were Neveli for Rs. 5,564million, NTPC Darlipali for Rs. 3,929million, NTPC North karanpra forRs. 1,731 million, NTPC Banaharpali forRs. 1,522 million and NTPC Suratgarhfor Rs. 1,030 million, supply of hydrotrbine from gVk power for Ratle for
Rs. 7,372 million and sppl of Flegas Deslphrisation (FgD) sstemfor NTPC Vindachal Rs. 2,035 million.In addition to the above, the Compansecred orders for sppl of trbinefrom Shuakhevi (Georgia) for Rs. 1,353million and from Alpaslan (Turkey) for
Rs. 1,109 million.
Sales at Rs. 25,948 million reect
eection schedle of orders in hand.
Finance
The Companys prudent policies and
focs on cash has enabled eneration
of cash from operations despite thenfavorable economic condition
in the country. The Companys
diciosness in neotiatin terms withits customers and vendors that are
favorable to the cash position of theCompany is an important element of
its approach to effective management
of Working Capital. The Companycontinues to regularly monitor, projects
nder eection, focsin on prompt
collections aainst receivables andadvances on intae of new orders, as
part of the continuous focus on cash
ows. The adeqate cash position at
year end is a successful outcome of thisapproach.
The net cash position at the end of
the ear was Rs. 2,696 million after
payment of Rs. 786 million (including
corporate dividend ta) as dividend
and capital ependitre of Rs. 614
million. The slump sale of the Transport
Business rendered a cash of Rs. 1,504
million net of ta to the Compan. In
addition, the Company has placed
Rs. 3,545 million in inter corporate
deposits as at end of the year.
Even as forein echane marets
remain npredictable, the Compans
conservative hedging policy of the
forein echane eposres has helped
inslate s aainst an sinicant effect
in the Statement of Prot and Loss de
to forein echane ctations.
The long term credit rating of the
Compan for fnd based and non-fnd
based limits has been reafrmed as
[ICRA]AA with neative otloo whichmeans high degree of safety regarding
timel servicin of nancial obliations
and sch instrments carr ver low
credit ris. For short term, the credit
ratin has been reafrmed as [ICRA]
A1+ which means ver stron deree
of safety regarding timely payment
of nancial obliations and sch
instrments carr lowest credit ris.
INTERNAL CONTROL
The Companys internal controlenvironment incldes a well-dened
organisational structure, a formally
docmented and reviewed deleation
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ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
of athorit alon with internal rles
and idelines for condctin bsiness
transactions. The environment and
controls are periodically monitored
throh procedres/processes set b
management, covering all critical andimportant areas.
The monitoring includes an annual
eercise of comprehensive self-
assessment, that encompassed over
215 process owners in 25 nits
(including sites) testing 2,767 controls.
The assessment consists of, assessing in
totalit, how the entire internal control
system addresses risks meaningfully
and how individal controls interface
with each other to create the entire
internal control environment.
The qalit of assessment is reinforced
b and evolves with chanes in
the internal control environment.
Independent tests are applied to
selected key controls. As a part of
the internal controls monitoring and
onoin improvement, internal adit /
process reviews were condcted drin
the ear b independent teams. These
controls that are periodically updated
are sbect to review b internal
aditors. In line with the coverae planfor internal audits, during the year, four
Internal Adits were carried ot, all of
which have been rated satisfactor.
A formal sstem eists for periodicmonitoring and reporting of the results
of internal audits and Self Assessments.The senior manaement reviews the
isses raised b Internal Adits and
their timely remediation. The auditcommittee of the Board of Directors,met four times during the year, inter-
alia, to review the stats of the resltsof the assessment and implementation
of the recommendations of internalaudits.
The management actively implementsthe recommendations of sch reviews.The adit committee reviews the reslt
of self-assessment of internal controlscomprehensively in its meetings.
HUMAN RESOURCES
The employee strength of the Companystood at 4640 as on 31 March 2014.
Indstrial relations remained cordialat all locations and isses, if an, were
amicabl settled with the unions.
Talent Management
Talent Management GovernanceCommittee
Focs on Internal Mobilit
Top Talent identication Contr People Review
Community development
HR Practices sharing
Fla-off of the larest Francis rnner from hdro facilit in Vadodara
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Statutory ReportsCompany Overview Financial Statements
Alstom Employee Services (AES)
Started serving all sectors
Eected maor proects on
Emploee Data cleanp
Implemented AES Brandin b
openin AES Website
AES go Live for emploees: now
emploees can directl write their
qeries to AES India
Lanched rst AES Feedbac
Survey
Started a new initiative of AES HR
Connect formal and structured
interaction form between AES
and Bu HR.
Expat Management Centre India(EMCI)/ALSTOM ExpatriationCompetency Centre (ALEC)
One Team handlin all epat
compliance matters
Compliance on Ta and SocialSecurity
Efcienc and Process Improvement
Cost Redction Immirationwor done in hose for epats
One point contact for Ta
consltant (Ey & kPMg)
Ta retrn lin spport for non-
Long Term Assignment Policyassignees
gradate Enineerin Proramme 2013
Trainin session for manaers condcted at Alstom universit
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ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Compensation and Benets
National Pension Scheme
launched
Recruitment
One Central Recruitment Team for
all Sectors
One Emploee Referral Polic
Launched
University Relations
Ver Low gradate Hirin, leadinto focus on university through:
Collaboration with universit
Connect Proram withCampus
Focs on Internship Proram
Learning and Development
global India trainin offer
Internal Trainer - Develop and
Motivate. Guide lines prepared for
certifin and Rewardin Internal
Trainer
Localisation and deployment of 15
Alstom universit prorams - in
progress
BUSINESS SEGMENT ANALYSIS
The Business of the Company is
cateorised in two sements, namel,
Power and Transport. However,drin the ear nder review, the
transportation systems undertaking of
the Compan was sold and transferred
to a group company, ALSTOM Transport
India Limited (ATIL), as a oin
concern on a slmp sale basis, for a
lmp sm consideration withot vales
bein assined to individal assets and
liabilities, for a total consideration not
less than Rs. 176.9 crores (Rupees One
Hndred Sevent Si Crores Ninet
Lacs only) in cash, as enterprise value,
sbect to sch adstment for chane
in Net Asset Vale ecldin cash and
debt (which was Rs. 60 crores as on 30
September 2013) and on sch terms
and conditions as ma be reqired in
this regard. The shareholders of the
Company had approved the sale of
the Transport undertain to ATIL b
passing of a special resolution throughpostal ballot on 07 March 2014.
Prsant to and in consonance with the
terms and conditions of the Agreement
to Sell Business dated 06 March 2014,
the sale and transfer of the Transport
undertain to ATIL, as a oin concern
on a slmp sale basis, was completed
on 31 March 2014.
370MW utran Combined Ccle Power Plant in garat
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The summarised performance of the segment is as under:- (Rupees millions)
Year ended31 March 2014
Year ended31 March 2013
Orders received 38,205 23,821
Sales 22,796 26,395
Orders in hand 54,563 39,154
For and on behalf of the Board of Directors
Rathindra Nath Basu Patrick Ledermann
Chairman & Non-Executive Director Vice-Chairman & Managing Director
(DIN 01192973) (DIN 05219344)
Place : Noida
Date : 05 jne 2014
Review of the power sement is as
follows:
Power
The wea state of the econom and
poor bsiness sentiments reectedin Alstoms bsiness performance
for the Fy13-14. Sales declined b
~18% during the year, mostly due to
delays in achieving project milestones
due to issues related the delay of
proect faced b or cstomers orother partners. However, Alstom was
able to enerate larer orders drin
the year mostly from its partnership
with BHEL. It also eplored optionsabroad and was able to boo orders.
Shahevi HEP is one sch order. In
addition, Alstom booed the order forRatle HEP (jamm & kashmir) from
gVk Power and Infrastrctre drin
the ear. The Compan was identiedas the preferred partner drin Fy12-
13. Alstom also booed the rst FgD
(Flidized gas Deslphrizer) order bNTPC drin Fy13-14. Conseqent to
the above, orders received b Alstom
increased sinicantl b ~60% andorders in hand for Alstom increased b
~40%.
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ALSTOM India Limited
(Formerly known as ALSTOM Projects India Limited)
Certicate on Corporate Governance
To the Members of ALSTOM India Limited
We have examined the compliance of conditions of Corporate Governance by ALSTOM India Limited, for the year ended March
31, 2014, as stipulated in Clause 49 of the Listing Agreement(s) of the said Company with stock exchange(s) in India.
The compliance of conditions of Corporate Governance is the responsibility of the Companys management. Our examination
was limited to procedures and implementation thereof, adopted by the Company, for ensuring the compliance of the conditionsof Corporate Governance. It is neither an audit nor an expression of opinion on the nancial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Companyhas complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreements.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efciency oreffectiveness with which the management has conducted the affairs of the Company.
For S. N Dhawan & Co.
Firm Reg. No.: 000050N
Chartered Accountants
Rajeev K. Saxena
Date: June 5, 2014 Partner
Place : Noida M. Number: 77974