MIRA
INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ABB GLOBAL INDUSTRIES AND SERVICES LIMITED RAMAN BOARDS LIMITED AMALGAMATED WITH ABB GLOBAL INDUSTRIES AND
SERVICES LIMITED |
|
|
|
|
Formally Known
As : |
ABB CORPORATE RESEARCH LIMITED (w.e.f. 29.10.2004) ABB INDUSTRIAL IT DEVELOPMENT CENTER LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, East Wingkhanija Bhawan, 49, Race Coures Road,
Bangalore-560001, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
28.09.2001 |
|
|
|
|
Com. Reg. No.: |
08-032179 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3585.930
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200KA2001PLC032179 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Provide IT and engineering services including high quality software in
industrial IT development. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. The
Company is doing well. Trade relations are reported as fair. Business is
active. Payment are reported to be usually correct and as per commitments. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
2nd Floor, East Wingkhanija Bhawan, 49, Race Coures Road,
Bangalore-560001, Karnataka |
|
Tel No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.05.2011
|
Name : |
Mr. Gururaj Rao Bhujanga |
|
Designation : |
Director |
|
Address : |
B-006, Renaissance Park-3, Malleshwaran West, Subramanya Nagar, Bangalore -560055, Karnataka, India |
|
Date of Birth/Age : |
06.02.1959 |
|
Date of Appointment : |
26.02.2010 |
|
DIN No.: |
00134583 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74140KA1996PLC031501 |
ABB
Holdings (South Asia) Limited |
Director |
30-09-03 |
30-09-03 |
- |
Amalgamated |
NO |
|
2 |
L33130GJ1987PLC009305 |
Integra
India Group Company Limited |
Director |
26-10-06 |
26-10-06 |
23-04-08 |
Active |
NO |
|
3 |
U72200KA2001PLC032179 |
ABB
Global Industries And Services Limited |
Director |
29-06-10 |
31-03-07 |
- |
Active |
NO |
|
4 |
U31103PN2004PTC019966 |
Baldor
Electric India Private Limited |
Additional
director |
01-10-11 |
01-10-11 |
- |
Active |
NO |
|
5 |
U74900MH2007PTC172031 |
K-Tek
Level Engineering Private Limited |
Director |
19-12-11 |
19-12-11 |
- |
Active |
NO |
|
Name : |
Mr. Peter Leupp |
|
Designation : |
Director |
|
Address : |
1, Im Isisbeul, Thalwil, Zurich, Swtizerland, 8800s |
|
Date of Birth/Age : |
01.07.1951 |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
01626543 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
L32202KA1949PLC032923 |
ABB
Limited |
Director
appointed in casual vacancy |
26-07-07 |
26-07-07 |
- |
Active |
NO |
|
2 |
U72200KA2001PLC032179 |
ABB
Global Industries And Services Limited |
Director |
23-06-08 |
14-09-07 |
- |
Active |
NO |
|
Name : |
Mr. Amlan Datta Majumdar |
|
Designation : |
Director |
|
Address : |
Flat A-1203, Mantri Greens,
Sampige Road, Malleswaram, Bangalore – 560001, Karnataka, India |
|
Date of Birth/Age : |
21.03.1961 |
|
Date of Appointment : |
29.03.2010 |
|
DIN No.: |
02985470 |
|
Name : |
Mr. Peter Terwiesch |
|
Designation : |
Director |
|
Address : |
Maiacherstrasse 1, Forch, Switzerland, 8127 |
|
Date of Birth/Age : |
07.01.1966 |
|
Date of Appointment : |
17.11.2007 |
|
DIN No.: |
00992483 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72200KA2001PLC032179 |
ABB
Global Industries And Services Limited |
Director |
30-05-11 |
17-11-07 |
23-11-11 |
Active |
NO |
|
Name : |
Mr. Madhava Seshachalapathi
Vemuri |
|
Designation : |
Whole-Time Director |
|
Address : |
799, 15th Main ITI Layout, Near Dr. Ambedkar Institute of
Technology, Malathalli, Bangalore -506656, Karnataka, India |
|
Date of Birth/Age : |
30.08.1965 |
|
Date of Appointment : |
29.03.2010 |
|
DIN No.: |
02985493 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72200KA2001PLC032179 |
ABB Global
Industries And Services Limited |
Whole-time
director |
29-06-10 |
29-03-10 |
30-11-11 |
Active |
NO |
|
Name : |
Mr. Bernhard Jucker |
|
Designation : |
Director |
|
Address : |
Isatzweg 6, Wettingen, Switzerland, 5430 |
|
Date of Birth/Age : |
30.05.1954 |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00351152 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
L32202KA1949PLC032923 |
ABB
Limited |
Alternate
director |
30-04-10 |
24-01-06 |
27-07-10 |
Active |
NO |
|
2 |
U72200KA2001PLC032179 |
ABB
Global Industries And Services Limited |
Director |
23-06-08 |
14-09-07 |
29-11-11 |
Active |
NO |
|
Name : |
Mr. Veli Matti Reinikkala |
|
Designation : |
Director |
|
Address : |
25418, Estes Lake Lane, Katy Houston Texas, USA, 774494 |
|
Date of Birth/Age : |
11.05.1957 |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
01626645 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
L32202KA1949PLC032923 |
ABB
Limited |
Director |
03-06-08 |
26-07-07 |
31-03-09 |
Active |
NO |
|
2 |
U72200KA2001PLC032179 |
ABB
Global Industries And Services Limited |
Director |
30-05-11 |
14-09-07 |
23-11-11 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Karthikeyan E A |
|
Designation : |
Secretary |
|
Address : |
E 43, Shriram Sadhana, MSR Main Road,
Gokula, Bangalore – 560054, Karnataka, India |
|
Date of Birth/Age : |
26.05.1971 |
|
Date of Appointment : |
02.07.2008 |
|
PAN No.: |
AGTPK5381P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.05.2011
|
Names of Shareholders |
No. of Shares |
|
|
|
Preference
Shares |
Equity Shares |
|
ABB Asea Brown Boveri Limited,
Switzerland |
|
180893038 |
|
B Gururaj |
|
1 |
|
Narayana Murthy Anantha |
|
1 |
|
Ramachandran Ramesh |
|
1 |
|
Sheth J Kamlesh |
|
1 |
|
Karnnabiran Rajagopal |
|
1 |
|
Kothari Jagdish |
|
1 |
|
P C Rajiv |
|
1 |
|
ABB Asea Brown Boveri Limited,
Switzerland |
4770000 |
-- |
|
|
4770000 |
180893045 |
As on 30.05.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provide IT and engineering services including high quality software in
industrial IT development. |
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|
Products / Services: |
|
PRODUCTION STATUS
As on 31.12.2010
Installed
Capacity: Installed capacities are as
certified by the managing directors, but not verified by the auditors, being a
technical matter.
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
|
Vacuum Interrupters |
Nos. |
50000 |
36079 |
|
Low Voltage Breakers |
Nos. |
628000 |
169258 |
|
Insulation Material |
Nos. |
12000 |
10070 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
Not Available |
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|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountants |
|
Address : |
12th Floor, No. 24, Vittal Mallya Road, Bangalore – 560001,
Karnataka, India |
|
PAN.: |
AALFS0506L |
|
|
|
|
Holding Company : |
ABB Asea Brown Boveri Limited, Switzerland |
|
|
|
|
Ultimate Holding Company : |
ABB Limited, Switzerland |
|
|
|
|
Fellow
Subsidiary : |
·
ABB Inc., Canada ·
ABB Schweiz AG, Switzerland ·
ABB Management Services Limited, Switzerland ·
ABB Information Systems Limited, Switzerland ·
ABB International Marketing Limited, Switzerland ·
ABB Research Limited, Switterland ·
ABB Technology Limited, Switzerland ·
ABB (China) Limited, China ·
ABB Engineering (Shanghai) Limited, China ·
ABB Xinhui Low Voltage Switchgear Company
Limited, China ·
ABB Xiamen Low Voltage Equipment Company Limited
.China ·
ABB s r.o .Czech Republic ·
ABB AG..Germany ·
ABB Automation Products GmbH..Germany ·
ABB Automation GmbH .Germany ·
ABB Logistics Center Europe GmbH-, Germany ·
Pucaro Elektro-Isotierstoffe GmbH .Germany ·
ABB A/S., Denmark ·
Asea Brown Boveri S.A., Spain ·
ABB Oy .Finland ·
ABB France SAS. France ·
ABB Limited..United Kingdom ·
ABB Limited. .India ·
ABB S.p A. ltaly ·
ABB Capital B.V..Netherlands ·
ABB AB .Sweden ·
ABB Pte. Limited .Singapore ·
ABB Inc .United States ·
ABB Automation L.L.C..United Arab Emirates ·
ABB Industrie! FZ., United Arab Emirates ·
ABB Industries (L.L.C.),United Arab Emirates ·
ABB Australia Ply Limited .Australia ·
ABB Import and Export Services Limited .Nigeria ·
ABB Ltda .Brazil ·
ABB Chongqing Transformer Company Limited .China ·
ABB Transmission and Distribution Automation
Equipment (Xiamen) Company Limited, China ·
ABB Beijing Drive System Company Limited, China ·
ABB S.A .France ·
Asea Brown Boveri S.A. Greece ·
ABB (Hong Kong) Limited .Hong Kong ·
PT ABB Sakti Industri, Indonesia ·
PT ABB Transmission and Distribution. .Indonesia ·
ABB Limited, Ireland ·
ABB Bailey Japan Limited , Japan` ·
ABB Limited., Republic Of Korea ·
ABB Engineering
Technologies Company (KSCC) .Kuwait ·
Asea Brown Boveri Limited .Mauritius ·
ABB Malaysia Sdn Bhd.,Milaysia ·
ABB AS.,Norway ·
ABB Limited .New Zealand ·
ABB, Inc, Philippines ·
ABB (Private) Limited .Pakistan ·
ABB Sp. zo.o. .Poland ·
ABB (Asea Blown Boveri), S.A .Portugal ·
ABB Qatar LLC .Qatar ·
ABB SRI,.,Romania ·
ABB Contracting Company Limited. Saudi Arabia ·
ABB Electrical Industries Limited, Saudi Arabia ·
ABB Automation Company Limited .Saudi Arabia ·
Electrical Materials Center, Saudi Arabia ·
ABB Service Company Limited .Saudi Arabia ·
ABB Technology AB .Sweden ·
ABB Treasury Center (Asia Pacific) Pte Limited
.Singapore ·
ABB LIMITED .Thailand ·
ABB Elektrifc Sanayi A.S .Turkey ·
ABB Limited,Taiwan ·
Ventyx Inc. .United States ·
ABB Limited .Vietnam ·
ABB South Africa (Pty) Limited .South Africa |
CAPITAL STRUCTURE
As on 30.05.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185000000 |
Equity Shares |
Rs.10/- each |
Rs.1850.000 Millions |
|
18500000 |
Preference Shares |
Rs.100/- each |
Rs.1850.000 Millions |
|
|
Total |
|
Rs.3700.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180893045 |
Equity Shares |
Rs.10/- each |
Rs.1808.930
Millions |
|
4770000 |
Preference Shares |
Rs.100/-
each |
Rs.477.000
Millions |
|
|
Total |
|
Rs.2285.930 Millions |
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185000000 |
Equity Shares |
Rs.10/- each |
Rs.1850.000 Millions |
|
18500000 |
Cumulative, Redeemable Preference
Shares |
Rs.100/- each |
Rs.1850.000 Millions |
|
|
Total |
|
Rs.3700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180893045 |
Equity Shares |
Rs.10/- each |
Rs.1808.930
Millions |
|
17770000 |
7% Redeemable 10 year, Cumulative Preference Shares |
Rs.100/-
each |
Rs.1777.000
Millions |
|
|
|
|
Rs.3585.930 Millions |
Notes:
a) In
2008, pursuant to a scheme of amalgamation approved by the honorable High Court
of Karnataka, on August 20, 2008, ARB Holding (South Asia) Limited and Raman
Hoards Limited merged with the Company effective April 1, 2008 Consequent to
the scheme of amalgamation 80,893,000 equity shares of Rs 10 each held in ABB
Molding (South Asia) United. on August 20, 2008, were cancelled and allotted lo
ABB Asea Brown Boveri Limited, Switzerland During the year 2008, the Company
had alloted additional 100,000,000 equity shares of Rs.10 each for cash to ABB
Asea Brown Boveri Limited, Switzerland. As at December 31, 2010 180,893,038
equity shares (Previous Year 180,893,038 equity shares) are held by ABB Asea
Brown Boveri Limited, Switzerland, the holding company.
b) In
2008, pursuant to the scheme of amalgamation 2,000,000 7% Redeemable 10 year.
Cumulative Preference Shares of Rs 100 each held by ABB Asea Brown Boveri
Limited, Zurich in ABB Holding (South Asia) Limited were cancelled and
2,000,000 7% Redeemable 10 year. Cumulative Preference Shares of Rs.100 each in
the Company were allotted to the holding company. As at December 31, 2010
17,770,000 preference shares (Previous Year 17,770,000 preference shares) are
held by the holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3585.930 |
3585.930 |
3585.930 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0000 |
|
|
3] Reserves & Surplus |
346.874 |
55.344 |
38.595 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(418.212) |
|
|
NETWORTH |
3932.804 |
3641.274 |
3206.313 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
319.770 |
387.682 |
372.979 |
|
|
2] Unsecured Loans |
0.00 |
0.000 |
0.331 |
|
|
TOTAL BORROWING |
319.770 |
387.682 |
373.310 |
|
|
DEFERRED TAX LIABILITIES |
106.966 |
81.088 |
94.090 |
|
|
|
|
|
|
|
|
TOTAL |
4359.540 |
4110.044 |
3673.713 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2545.123 |
2244.126 |
1708.143 |
|
|
Capital work-in-progress |
260.876 |
505.492 |
570.144 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
7.329 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
279.536
|
217.977 |
222.845 |
|
|
Sundry Debtors |
1746.450
|
1418.646 |
1208.445 |
|
|
Cash & Bank Balances |
328.448
|
572.592 |
507.041 |
|
|
Other Current Assets |
167.847
|
69.390 |
0.000 |
|
|
Loans & Advances |
701.796
|
666.834 |
610.064 |
|
Total
Current Assets |
3224.077
|
2945.439 |
2548.395 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1245.911
|
1229.632 |
936.924 |
|
|
Other Current Liabilities |
59.996
|
51.838 |
174.371 |
|
|
Provisions |
364.629
|
303.543 |
49.003 |
|
Total
Current Liabilities |
1670.536
|
1585.013 |
1160.298 |
|
|
Net Current Assets |
1553.541
|
1360.426 |
1338.097 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4359.540 |
4110.044 |
3673.713 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6356.875 |
5148.997 |
3779.470 |
|
|
|
Other Income |
44.138 |
42.516 |
34.708 |
|
|
|
TOTAL (A) |
6401.013 |
5191.513 |
3814.178 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost Of Material and Services |
1911.208 |
1280.754 |
1240.848 |
|
|
|
Personal Expenses |
1534.457 |
1202.156 |
812.429 |
|
|
|
Other Expenses |
1675.582 |
1400.276 |
1119.231 |
|
|
|
TOTAL (B) |
5121.247 |
3883.186 |
3172.508 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1279.766 |
1308.327 |
641.670 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
67.626 |
71.399 |
85.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1212.140 |
1236.928 |
555.812 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
452.685 |
428.619 |
319.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
759.455 |
808.309 |
236.583 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
176.189 |
133.378 |
57.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
583.266 |
674.931 |
179.094 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.749 |
(60.497) |
197.895 |
|
|
|
|
|
|
|
|
|
Add |
Preference
Dividend Written Back |
0.000 |
0.000 |
0.678 |
|
|
|
|
|
|
|
|
|
Less |
Transfer
to General Reserve |
0.000 |
357.715 |
377.667 |
|
|
Add |
Transfer
from General Reserve |
0.000 |
0.000 |
(357.715) |
|
|
Add |
Brought
Forward loss on Amalgamation of ABB Holding (South |
0.000 |
0.000 |
(60.497) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Preference Shares |
124.390 |
124.390 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
126.625 |
81.400 |
0.000 |
|
|
|
Corporate Dividend on Tax |(Preference) |
20.179 |
20.660 |
0.000 |
|
|
|
Corporate Dividend on Tax |(Equity) |
20.542 |
13.520 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
308.279 |
16.749 |
(418.212) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Earnings |
542.677 |
493.109 |
358.518 |
|
|
|
Other Earnings |
3212.442 |
2696.124 |
2180.390 |
|
|
|
TOTAL EARNINGS |
3755.119 |
3189.233 |
2538.908 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
905.496 |
641.127 |
532.973 |
|
|
|
Capital Goods |
229.039 |
200.724 |
125.080 |
|
|
|
Others |
103.686 |
208.632 |
55.804 |
|
|
|
TOTAL IMPORTS |
1238.221 |
1050.483 |
713.857 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.43 |
2.93 |
5.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
9.11
|
13.00 |
4.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.95
|
15.70 |
6.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.16
|
15.58 |
5.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.22 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
1.05 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
1.86 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
Operation and
future outlook :
The company’s vision is to take forward the global foot print initiative
by building each of the following operating area in line with the needs of the
ABB Group.
·
Research and Development
·
Engineering Services
·
Global Sourcing
·
Manufacturing
Accordingly the following units have become part of ABB Global
Industries and Services Limited.
Research and
Development:
During 2010, They have achieved the following:
·
Squirrel - All planned transitions completed on time
(31 out of 34 transition projects). Predictability for Squirrel projects in
terms of schedule and effort was very good.
·
5.1 released in
June 2010 with huge contribution from
INCRC (Engineering improvements, Ethernet l/P and MOD5 protocol, STT,
Complete Product Documentation)
·
5.0 SP2 Rev-D
released in Q3 2010 with complete STT carried out first time from INCRC.
·
cpmPlus History
1.0 released (Q2). Global project management was handled from INCRC after failure
to release this
to market 5 times.
·
Lab Infrastructure is in place for L4 support, L3
support and STT.
·
2 development projects initiated for IM region with
INOPC (Progressing reasonably weil). Supported INABB in ESSAR FAT, device
integration support
Power Technology
Released GMS 1.0 Product
Market released in Q4 2010
PCM 600 2.3 release in Q3 2010
SATEEN 4.0 release in Q2 2010
670 Series 1.2 market released
Research
1. Established User Experience
and Wireless Sensor Networks Lab
2. Passed G5 in 12 CRC projects,
with total NPV of these projects > 100 MUSD
3. IP - 53 disclosures and 29
approved first filings
4. Publications -12 journal papers
and 28 conference papers
Robotics:
Established our role as global Test Center for Robotics Software.
Taken full RandD
responsibility for RobotStudio PowerPacs (Paint, ScreenMaker, ACM) and
integrated AC500 PLC in the robot controller.
Nature of Operations:
Subject is public limited company incorporated under the companies Act,
1956 in 2001.
The company undertakes to provide IT engineering services including high
quality software in industrial IT development and development for the ABB group
globally. The company has implemented an ERP to provide IT support to fellow
subsidiaries of the ultimate holding company in the south Asia region. The
company is also in the business of manufacturer of vacuum interrupters, paper
board and low voltage products.
Amalgamation
The honorable High Court of Karnataka at
Bangalore have approved on July 3,2008 the arrangement as embodied in the
scheme of amalgamation (‘the Scheme’) of ABB Holdings (South Asia) Limited
(transferor company 1) and Raman Boards Limited (Transferor company 2) with ABB
Global Services Limited (the transferee company)and their respective
shareholders. On complying with the requisite formalities, the Scheme became effective on August 20, 2008 (the Effective Date)
operative retrospectively from April 1, 2008 (the Appointed Date). Accordingly
the whole of the undertaking of the transferor companies transferred to and
vested in the Company as a going concern and the transferor companies, without
any further act, stood dissolved without winding up.
ABB Holdings (South
Asia) Limited was a wholly-owned subsidiary of ABB Asea Brown Boveri
Limited,
Raman Boards Limited was a leading supplier of transformer boards, specialty
insulation materials and
moulded parts for the electrical and power industry. As at March 31, 2008,
3,082,434 equity shares were
held by ABB GlobaL Industries and Services Limited along with its nominees.
The amalgamation has
been accounted under the pooling of interest method and specific provisions of
the scheme. Accordingly all assets, liabilities and reserves of the transferor
companies as on the effective date
have been recorded at their carrying values by the transferee company.
Upon the Scheme
coming into effect, in consideration of the transfer of and vesting of the
transferor
companies in the transferee company, 80,893,045 equity shares of Rs 10 each and
2,000,000 7% cumulative preference shares of Rs 100 each have been allotted on
October 3, 2008 date to ABS Asca Brown Boveri Limited, Zurich and 450,000
equity shares of the Company, held by ABB Holding (South Asia) Limited were
cancelled.
Upon the Scheme coming into effect, Rs l35,O82
thousand being the excess of purchase value of investments, over the net assets
of Raman Boards Limited, was debited to the Profit and Loss Account of the
Company. Further, carry forward loss of ABB Holding (South Asia) Limited
amounting to Rs 60,497 thousand was debited to the Profit and Loss Account of’
the Company.
In accordance with the scheme, the
investment by the transferee company in the share capital of the transferor
Company 2 was required to be cancelled and the excess value of the investment
over the face value of the shares of the transferor Company 2 be debited to the
General Reserve Account in the books of the transferee Company. As at the
Appointed Date the excess value of the investment over the face value of the
shares of the transferor Company 2 exceeds the balance in General Reserve
Account of the transferee company.
Based on a legal opinion, the Company had transferred the available surplus of
profit and loss account of the transferee Company to the General Reserve
Account on the Appointed Date to set off the excess value of the investment
over the thee value of the shares of the transferor company 2. Further based on
such legal opinion, the loss, to the extent not Set off against available
surplus on the Appointed Date, was accounted under the head “Profit and Loss
Account” in the balance sheet to be set off in the General Reserve Account as
and when crested Out of profits of the Company.
During the year the Company has transferred Rs 357,715 thousand to the general
reserve account to set
off the remaining toss on amalgamation of Raman Boards Limited with the Company
Fixed Assets:
·
Freehold Land
·
Leasehold Land
·
Factory buildings
·
Computer hardware
·
Plant And Machinery
·
Office Equipment
·
Furniture And Fixtures
·
Vehicles
·
Leasehold Improvements
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.68 |
|
|
1 |
Rs.78.17 |
|
Euro |
1 |
Rs.65.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.