MIRA
INFORM REPORT
|
Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ABB LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, East Wing Khanija Bhawan, 49, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
24.12.1949 |
|
|
|
|
Com. Reg. No.: |
08-032923 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.423.817 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32202KA1949PLC032923 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19181B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA3834B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of switchgears, pollution and environment control equipments and motors/alternators/generators. It is also into manufacture of electrical items such as motors, transformers, etc. |
|
|
|
|
No. of Employees
: |
5535 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 100000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Fundamentals are strong
and healthy. Directors are reported to be experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are reported to be regular 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 Wing Khanija Bhawan, 49, |
|
Tel. No.: |
91-80-22949150/54 |
|
Fax No.: |
91-80-22949148 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office: |
Plot No. 79, Street No. 17, Nashik-422007, Maharashtra, India |
|
|
|
|
Factory: |
|
|
|
|
|
Marketing and Service Centre: |
LOCATED AT :
|
|
|
|
|
Branch Offices : |
LOCATED AT –
|
|
|
|
|
Regional Offices : |
LOCATED AT –
|
|
|
|
|
Manufacturing Units : |
Tel. No.: 91-80-22949725
Tel. No.: 91-80-22949660
Tel. No.: 90-80-22949449 / 22949650 to 70
Tel. No.: 91-129-2275592
Tel. No.: 91-129-5023001 to 05 Halol Tel. No.: 91-2676-220999 Haridwar
Tel. No.: 91-1334-235447/50 Mumbai
Tel. No.: 91-22-66717272/73/74 Vadodara
Tel. No.: 91-265-2642141/42 |
DIRECTORS
As on 31.12.2011
|
Name : |
Mr. Gary Steel |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Bazmi R. Husain |
|
Designation : |
Managing Director (w.e.f. 01.01.2011) |
|
|
|
|
Name : |
Mr. N. S. Raghavan |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Darius E Udwadia |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. Peter Leupp |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Kanti Dasgupta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Francis
Duggan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. B. Gururaj |
|
Designation : |
Company Secretary
|
|
|
|
|
Country Management Committee: |
|
|
|
Mr. Bazmi R.
Husain Mr. Amlan Datta
Majumdar Mr. N. Venu Mr. Pitamber Shivnani Priteesh Mahajan Mr. R. Narayanan Mr. Raja Radhakrishnan Stefan Backstrom Tajinder Vohra Tommy Andreasson Ulf L Moberg Vikram V Kanth |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
158,931,282 |
75.00 |
|
|
158,931,282 |
75.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
158,931,282 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3,215,265 |
1.52 |
|
|
24,022,617 |
11.34 |
|
|
6,790,599 |
3.20 |
|
|
34,028,481 |
16.06 |
|
|
|
|
|
|
1,136,795 |
0.54 |
|
|
|
|
|
|
16,950,684 |
8.00 |
|
|
381,735 |
0.18 |
|
|
479,398 |
0.23 |
|
|
3,500 |
- |
|
|
328,860 |
0.16 |
|
|
59,496 |
0.03 |
|
|
87,542 |
0.04 |
|
|
18,948,612 |
8.94 |
|
Total Public shareholding (B) |
52,977,093 |
25.00 |
|
Total (A)+(B) |
211,908,375 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
211,908,375 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of switchgears, pollution and environment control equipments and motors/alternators/generators. It is also into manufacture of electrical items such as motors, transformers, etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Motors and other machines |
HP |
4389000 |
4021646 |
|
Switchgear of all types |
Nos. |
17229216 |
10528361 |
|
PLCC Equipment |
Nos. |
3500 |
2696 |
|
Multiplexures |
Nos. |
100 |
25 |
|
Telemetering Equipments |
Nos. |
150 |
9 |
|
Turbochargers |
Nos. |
650 |
504 |
|
Transformers |
MVA |
20410 |
12356 |
|
Electronic Control and Supply Units for Variable Speed Drivers and other applications |
Nos. |
102958 |
45147 |
|
Mini Computer/Microprocessor based Systems |
Value Rs. in ‘000 |
4701000 |
2016170 |
|
Power Capacitors of all types |
MVAR |
7280 |
6210 |
|
Robotics |
Nos. |
74 |
56 |
|
Gas Analyzers and Systems |
Nos. |
400 |
299 |
|
Process Control Instruments |
Nos. |
45000 |
29088 |
GENERAL INFORMATION
|
No. of Employees : |
5535 (Approximately) |
|
|
|
|
Bankers : |
· Axis Bank Limited · Canara Bank · Citibank N.A. · DBS Bank Limited · Deutsche Bank AG · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · State Bank of India · Standard Chartered Bank · The Hongkong and Shanghai Banking Corporation Limited · The Royal Bank of Scotland N.V. · Union Bank of India ·
Yes Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
|
|
|
Cost Auditors: |
|
|
Name : |
Ashwin Solanki and Associates Chartered Accountants T.L. Sangameswaran Chartered Accountants |
|
|
|
|
Holding Company: |
ABB Asea Brown Boveri Limited, Zurich, Switzerland |
|
|
|
|
Ultimate Holding Company: |
ABB Limited, Zurich, Switzerland |
|
|
|
|
Subsidiaries : |
Baldor Electric India Private Limited, Pune, Maharashtra, India
[w.e.f. 01.12.2011] |
|
|
|
|
Fellow Subsidiaries: |
· ABB (China) Limited, Beijing, China · ABB LV Installation Materials Company Limited, Beijing, China · ABB (Hong Kong) Limited, Hong Kong · ABB Malaysia Sdn Bhd., Subang Jaya, Malaysia · ABB (Pty) Limited, Gaborone, Botswana · ABB Management Services Limited, Zurich, Switzerland · ABB A/S, Skovlunde, Denmark · ABB Mexico S.A. de C.V., Tlalnepantla, Mexico · ABB AB, Västerås, Sweden · ABB AG, Mannheim, Germany · ABB Near East Trading Limited, Amman, Jordan · ABB AS, Billingstad, Norway · ABB Oy, Helsinki, Finland · ABB AS, Tallinn, Estonia · ABB Power Systems and Automation Technology S.A.E, Cairo, Egypt · ABB Australia Pty Limited, Sydney, Australia · ABB Pte. Limited, Singapore, Singapore · ABB Automation GmbH, Mannheim, Germany · ABB Qatar LLC., Doha, Qatar · ABB Automation Products GmbH, Ladenburg, Germany · ABB Research Limited, Zurich, Switzerland · ABB Azerbaijan LLC, Baku, Azerbaijan · ABB S.A. de CV, San Salvador, El Salvador · ABB Bailey Beijing Engineering Company Limited, Beijing, China · ABB S.A., Buenos Aires, Argentina · ABB Beijing Drive Systems Company Limited, Beijing, China · ABB S.A., Casablanca, Morocco · ABB Bomem Inc., Quebec, Canada · ABB S.A., Lima, Peru · ABB BV, Rotterdam, Netherlands · ABB S.A., Panama, Panama · ABB Capital, B.V., Amsterdam, Netherlands · ABB S.A., Rueil-Malmaison, France · ABB Chongqing Transformer Company Limited, Chongqing, China · ABB S.A., Santiago, Chile · ABB CL Logistic S.A., Montevideo, Uruguay · ABB S.p.A., Milan, Italy · ABB Contracting Company Limited, Riyadh, Saudi Arabia · ABB s.r.o., Prague, Czech Republic · ABB d.o.o., Belgrade, Serbia · ABB Schweiz AG, Baden, Switzerland · ABB D.o.o., Ljubljana, Slovenia · ABB Sécheron S.A., Satigny, Switzerland · ABB Electrical Industries Limited, Riyadh, Saudi Arabia · ABB Service (Private) Limited, Harare, Zimbabwe · ABB Electrical Machines Limited, Shanghai, China · ABB Service Company Limited, Al Khobar, Saudi Arabia · ABB Electroengineering Limited, Moscow, Russian Federation · ABB Shanghai Motors Company Limited, Shanghai, China · ABB Elektrik Sanayi A.S., Istanbul, Turkey · ABB South Africa (Pty) Limited, Modderfontein, South Africa · ABB Engg. Technologies Co. (KSCC), Safat, Kuwait · ABB Sp. zo.o., Warsaw, Poland · ABB Engineering (Shanghai) Limited, Shanghai, China · ABB SRL, Bucharest, Romania · ABB Engineering Trading and Service Limited, Budapest, Hungary · ABB Stotz-Kontakt GmbH, Heidelberg, Germany · ABB ESAP Limited, St. Peter's Port, Guernsey · ABB Technologies S.A., Dakar, Senegal · ABB France SAS, Rueil Malmaison cedex, France · ABB Technologies W.L.L., Bahrain, Bahrain · ABB FZ-LLC, Dubai, United Arab Emirates · ABB Technology AB, Västeras, Sweden · ABB Global Industries and Services Limited, Bangalore, India · ABB Technology Limited, Zurich, Switzerland · ABB Global Marketing FZ LLC, Dubai, United Arab Emirates · ABB Technology SA, Abidjan, Cote D'Ivoire · ABB High Voltage Switchgear (Xiamen) Company Limited, Xiamen, China · ABB Transmission and Distribution Automation Equipment (Xiamen) Company Limited, Xiamen, China · ABB High Voltage Switchgear Company Limited, Beijing, China · ABB Holding AS, Billingstad, Norway · ABB Transmission and Distribution Limited, Abu Dhabi, United Arab Emirates · ABB Holdings (Pty) Limited, Sunninghill, South Africa · ABB Trasmissione and Distribuzione S.p.A., in liquidazione, Milan,Italy · ABB Holdings Sdn. Bhd., Subang Jaya, Malaysia · ABB Turbo Systems (Hong Kong) Limited, Hong Kong, Hong Kong · ABB Inc., Norwalk CT, United States of America · ABB Turbochargers S.A.E., Suez, Egypt · ABB Inc., St. Laurent, Quebec, Canada · ABB Turbo-Systems AG, Baden, Switzerland · ABB Industries (L.L.C.), Dubai, United Arab Emirates · ABB UAB, Vilnius, Lithuania · ABB Industries FZ, Dubai, United Arab Emirates · ABB Xiamen Electrical Controlgear Company Limited, Xiamen, China · ABB Information Systems Limited, Zurich, Switzerland · ABB Instrumentation Limited, Warrington, United Kingdom · ABB Xiamen Switchgear Company Limited, Xiamen, China · ABB International Marketing Limited, Zurich, Switzerland · ABB Xi'an Power Capacitor Company Limited, Xi'an, China · ABB Intra AG, Zurich, Switzerland · ABB Xinhui Low Voltage Switchgear Company Limited, Xinhui , China · ABB Jiangjin Turbo Systems Company Limited, Chongqing, China · ABB, Inc., Paranaque, Metro Manila, Philippines · ABB K.K., Tokyo, Japan · ABB, s.r.o., Bratislava, Slovakia · ABB Limited, Auckland, New Zealand · ABBNG Limited, Lagos, Nigeria · ABB Limited, Bangkok, Thailand · Asea Brown Boveri (Pty) Limited, Windhoek, Namibia · ABB Limited, Nairobi, Kenya · Asea Brown Boveri Electrica SGPS (Angola) Limitada, Luanda, Angola · ABB Limited, Warrington, United Kingdom · Asea Brown Boveri Limited, Port Louis, Mauritius · ABB LLC,, Al Hamriya, Oman · Asea Brown Boveri Ltda., Bogotá, Colombia · ABB LLP., Almaty, Kazakhstan · Asea Brown Boveri Ltda., La Paz, Bolivia · ABB Logistics Center Europe GmbH, Menden, Germany · Asea Brown Boveri S.A., Madrid, Spain · ABB Limited, Dublin, Ireland · Asea Brown Boveri S.A., Metamorphossis Attica, Greece · ABB Limited, Hanoi, Vietnam · Asea Brown Boveri S.A.E., Cairo, Egypt · ABB Limited, Kiev, Ukraine · Busch-Jaeger Elektro GmbH, Mannheim/Lüdenscheid, Germany · ABB Limited, Lusaka, Zambia Electrical Materials Center, Riyadh, Saudi Arabia · ABB Limited, Moscow, Russian Federation PT · ABB Installation Materials, Jakarta, Indonesia · ABB Limited, Seoul, Korea, Republic Of Korea PT · ABB Jasa Indonesia, Jakarta, Indonesia · ABB Limited, Taipei, Taiwan, Province Of China PT · ABB Sakti Industri, Jakarta, Indonesia · ABB Limited, Zagreb, Croatia PT · ABB Transmission and Distribution, Jakarta, Indonesia · ABB Limited, Osasco, Brazil · Pucaro Elektro-Isolierstoffe GmbH, Roigheim, Germany · Turbo Systems United Company Limited, Tokyo, Japan |
CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
212500000 |
Equity Shares |
Rs.2/- each |
Rs.425.000 Millions |
|
750000 |
11% Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs.75.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
211908375 |
Equity Shares |
Rs.2/- each |
Rs.423.817
Millions |
NOTE:
SHARE CAPITAL INCLUDING:
1. 46185525 equity share of Rs.2 each allotted as fully paid up at par,
pursuant to contracts for consideration other than cash.
2. 1000000 equity shares of Rs.2 each issued to the holders of 40000-8.57%
cumulative preferences shares of Rs.100 each on cancellation of the preferences
shares in terms of a scheme of compromise between the company and its
preferences/ equity shareholders in 1988.
3. 42219465 and 51772945 equity shares of Rs.2 each issued as fully paid up
bonus shares by capitalization of the general reserve account and securities
premium account respectively.
4. 146390952 equity shares of Rs.2 each are held by ABB Brown Boveri
Limited, Zurich, Switzerland, the holding company and 12540330 equity shares of
Rs.2 each are held by ABB Norden Holdings AB, Sweden, a subsidiary of the
holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
423.817 |
423.817 |
423.817 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24921.351 |
23813.219 |
23813.515 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25345.168 |
24237.036 |
24237.332 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25345.168 |
24237.036 |
24237.332 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11684.046 |
7660.842 |
6731.296 |
|
|
Capital work-in-progress |
839.151 |
576.965 |
1163.391 |
|
|
|
|
|
|
|
|
INVESTMENT |
506.973 |
167.958 |
168.792 |
|
|
DEFERREX TAX ASSETS |
223.966 |
45.966 |
0.966 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9255.495
|
6978.526
|
7294.061
|
|
|
Sundry Debtors |
30825.057
|
29259.657
|
28577.298
|
|
|
Cash & Bank Balances |
2643.673
|
5871.250
|
5241.405
|
|
|
Other Current Assets |
3209.552
|
3611.195
|
3203.027
|
|
|
Loans & Advances |
3666.608
|
3541.588
|
3176.861
|
|
Total
Current Assets |
49600.385
|
49262.216
|
47492.652
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18648.587
|
16401.756
|
14784.204
|
|
|
Other Current Liabilities |
16530.249
|
15228.721
|
15085.122
|
|
|
Provisions |
2330.517
|
1846.434
|
1450.439 |
|
Total
Current Liabilities |
37509.353
|
33476.911
|
31319.765
|
|
|
Net Current Assets |
12091.032
|
15785.305
|
16172.887
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25345.168 |
24237.036 |
24237.332 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
73702.691 |
62871.118 |
62372.014 |
|
|
|
Other Income |
948.784 |
855.236 |
725.696 |
|
|
|
TOTAL (A) |
74651.475 |
63726.354 |
63097.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
54785.236 |
48020.949 |
45178.728 |
|
|
|
Personnel Expenses |
5868.160 |
4901.126 |
3892.346 |
|
|
|
Other Expenditure |
10218.457 |
9111.441 |
8026.815 |
|
|
|
Expenses Capitalized |
0.000 |
0.000 |
(15.473) |
|
|
|
TOTAL (B) |
70871.853 |
62033.516 |
57082.416 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3779.622 |
1692.838 |
6015.294 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
306.802 |
173.927 |
256.242 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3472.820 |
1518.911 |
5759.052 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
795.429 |
516.608 |
485.058 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2677.391 |
1002.303 |
5273.994 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(797.351) |
370.000 |
1727.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1845.351 |
632.303 |
3546.391 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
546.910 |
607.178 |
556.632 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
800.000 |
200.000 |
3000.000 |
|
|
|
Proposed Dividend |
635.725 |
423.817 |
423.817 |
|
|
|
Corporate Dividend Tax |
103.131 |
70.391 |
72.028 |
|
|
|
Corporate Dividend Tax (Previous Year) |
(1.637) |
(1.637) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
855.042 |
546.910 |
607.178 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods |
8237.420 |
9315.239 |
8201.205 |
|
|
|
Goods supplied/services rendered locally against foreign
exchange remittances |
2034.128 |
661.455 |
8.597 |
|
|
|
Erection & Other Services |
532.219 |
209.769 |
427.058 |
|
|
|
Other Income |
365.727 |
254.205 |
132.661 |
|
|
TOTAL EARNINGS |
11169.494 |
10440.668 |
8769.521 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components including Spares |
13820.488 |
10321.908 |
11030.965 |
|
|
|
Finished Goods |
1942.305 |
2139.614 |
2301.267 |
|
|
|
Capital Goods including Technical Know-how |
514.068 |
208.838 |
232.0211 |
|
|
|
Project items |
5824.079 |
5541.720 |
6455.914 |
|
|
TOTAL IMPORTS |
22100.940 |
18212.080 |
20020.1671 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.71 |
2.98 |
16.74 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.03.2012 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
17903.100 |
|
Total Expenditure |
|
|
16927.900 |
|
PBIDT (Excl OI) |
|
|
975.200 |
|
Other Income |
|
|
18.600 |
|
Operating Profit |
|
|
993.800 |
|
Interest |
|
|
54.000 |
|
PBDT |
|
|
939.800 |
|
Depreciation |
|
|
223.400 |
|
Profit Before Tax |
|
|
716.400 |
|
Tax |
|
|
240.000 |
|
Profit After Tax |
|
|
476.40 |
|
Net Profit |
|
|
476.400 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total
Income |
(%) |
2.47
|
0.99 |
5.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.63
|
1.59 |
8.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.31
|
1.76 |
9.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.04 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.48
|
1.38 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.47 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
PERFORMANCE REVIEW
Orders received during the year at Rs 81,888 million were 29% higher as against Rs 63,496 million in the previous year. The year 2011 witnessed strong growth in both large and base orders. Order backlog at the end of 2011 was at Rs 91,288 million as compared to Rs 84,362 million providing significant revenue visibility for the coming year.
Sales and other income for the year was higher by 17% at Rs 74,651 million compared to Rs 63,726 million in the previous year. Revenues of all the segments were higher than the previous year.
Profit before tax for the year was higher at Rs 2,677 million compared to Rs 1,002 million in the previous year, mainly on account of business growth, improved operational efficiencies and favourable foreign exchange impact.
Profit after tax was significantly higher at Rs 1,845 million for the year as compared to Rs 632 million in the previous year. Earning per equity share of face value of Rs 2/- correspondingly increased to Rs 8.71 compared to Rs 2.98 in the previous year.
Acquisitions
MANAGEMENT DISCUSSION
AND ANALYSIS:
ECONOMIC AND
MARKET OVERVIEW
The year 2011 witnessed a paradigm shift by the Government towards promoting investment in alternate energy resources and improving energy consumption while technology and energy efficiency were the key drivers, green sectors like renewables garnered high focus. However, from the economy perspective, 2011 saw a mixed scenario of growth - while the first six months saw signs of the economy picking up, the second half had a chequered pattern. There have been corrections in the GDP growth rate estimate which is currently forecasted around 7.0% from the initial 9.0%. Starting from high growth rates in 2010, the volatility in the IIP during the year was rather unexpected. Added to this, the impact of inflation, credit squeeze in the markets, delayed financial closures of projects, continued fuel linkage and environmental concerns had its impact on the decisions of the industry and power plants.
OPERATIONS OVERVIEW During 2011, the Company continued to deliver power and automation solutions that help our customers meet the challenges of the rapidly- changing world. Foremost among these are solutions to use electrical energy more efficiently and with less impact on environment. The Company continued with its long term commitment to provide the customers with high end & high-efficiency technology for power transmission and automation and control systems to manage complex processes. As a step towards achieving this objective, the Company strengthened its management team, by induction of specialists for Technology and Operations.
Despite the uncertainties surrounding the economic situation in 2011, the Company leveraged upon the broad scope of the portfolio. Signs of recovery were witnessed during the year in our early-cycle businesses such as Low Voltage Products and Discrete Automation. This helped the Company to offset the downturn in the later cycle businesses such as Power Products and Process Automation.
The Company secured orders of Rs 81,888 million against Rs 63,496 million in the previous year. The year 2011 witnessed strong growth in both large and base orders. There were two landmark large orders comprising of PGCIL NE Agra HVDC Project and Isolux that were booked during the year. Order backlog at the end of the year stood at Rs 91,288 million thereby providing significant revenue visibility for the coming year. Revenues during the year were at Rs 74,651 million as compared to Rs 63,726 million in the previous year. Profit before tax was Rs 2,677 million against previous year of Rs 1,002 million. Business growth, improved operational efficiencies and favourable forex impact resulted in improved profits during the year. Net profit after tax was Rs 1,845 million for the year compared to Rs 632 million in the previous year. Earning per equity share (face value of Rs 2) was significantly higher at Rs 8.71 compared to Rs 2.98 in the previous year.
As a part of consolidation and business synergies, during the year the Company bought the operating businesses from ABB Global Industries and Services Limited which complemented the existing business lines in power products and low voltage products segment.
OUTLOOK
They expect the long term outlook to be positive in power
sector with the government addressing specific issues and fostering
investments to boost the
sector. Also steps to push green initiatives and low carbon emissions will see
a shift in demand for
high technology products.
Additional government
initiatives in the infrastructure
space will augment overall demand for power industry resulting in an increased
demand supply gap. In the industry
and manufacturing space, there will be a likely shift
from green field investments to enhancing operational efficiencies
including capacity
utilization, energy and process
efficiency and productivity. Keeping in
view the above, ABB Group`s continued
unstinted support and engagement, comfortable
order backlog position, adequate
manufacturing infrastructure and engineering capabilities, the
management is confident of sustainable
profitable growth in
coming years, barring
unforeseen circumstances.
FINANCE Even under challenging liquidity environment, the Company was able to arrange finance at competitive rates to meet the increased working capital needs and to fund the acquisitions. As a result of frequent increase in the basic interest rates by the banks and higher borrowings the interest costs for the Company increased to Rs 307 million against Rs 174 million in the previous year. Due to reasons mentioned above, there was deterioration in the cash balance at the end of year, which was Rs 2,643 million compared to Rs 5,871 million in the previous year. The Company continued its policy to hedge all its foreign currency exposures for imports and exports to protect the contract margins. As in the past, the company maintained excellent relationship with the major banks in India and was able to avail and negotiate favourable terms for various banking facilities.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Excise duty/
service tax and sales tax liabilities |
4202.610 |
2719.044 |
|
Custom duty
liabilities |
38.308 |
23.007 |
|
Claims against the
company not acknowledged as debts |
88.457 |
214.413 |
|
Income tax
matters in dispute |
192.207 |
110.936 |
|
Total |
4521.582 |
3067.400 |
Fixed Assets:
·
Freehold land
·
·
Leasehold Improvements
·
Factory Buildings
·
Other Building
·
Residential Quarters
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicle
WEBSITE DETAILS:
PRESS RELEASES
ABB commissions
765 kV substations in India
Bangalore, India, April 19, 2012 - Substations to link
generation hubs to load centers in Western and Central parts of the country
ABB, the leading power and automation technology group, has
recently commissioned three 765 kV substations for Powergrid Corporation of
India Limited (PGCIL). The substations are located in Wardha, Seoni and
Bilaspur in the Indian states of Maharashtra, Madhya Pradesh and Chhattisgarh,
respectively.
The projects form part of PGCIL’s plans for building a
strong national grid by 2012. From the current inter-regional power flow
capacity of 27950 MW, the utility aims to take the capacity up to, 80000 MW
through four main regional transmission grids. An extensive 800 kV extra high
voltage (EHV) network will form the backbone of this network.
ABB executed the project on a turnkey basis with end-to-end
power equipment supply and project management. The overall project scope
comprised the design, engineering, manufacturing, testing, erection and
commissioning of the 765 kV and 400 kV switchyards, including civil works.
“ABB has partnered with PGCIL to play an important role in
establishing the 765 kV network in India. ABB’s EHV equipment is based on
cutting-edge technologies to provide maximum system reliability. We are
presently executing several more 765 kV substation projects in India and are
pleased to continue supporting the development of the country’s power
infrastructure,” said N Venu, head of the Power Systems division for ABB in
India.
The three substations will enable more power to reach
consumers, help meet increasing electricity demand and support the growing
economy of the region. They will also strengthen the transmission and
distribution network and improve efficiency and reliability of power supply.
Substations are key installations in the power grid that
transform voltage levels and facilitate the safe and efficient transmission and
distribution of electricity. They include equipment that protects and controls
the flow of electrical power, enhancing grid reliability.
ABB (www.abb.com) is a leader in power and automation
technologies that enable utility and industry customers to improve their
performance while lowering environmental impact. The ABB Group of companies
operates in around 100 countries and employs about 135,000 people.
ABB to invest
Rs.2500.000 Millions to expand power products manufacturing base in India
Bangalore, India, April 16, 2012 - Investment to enable local production
of gas insulated switchgear and dry-type transformers
ABB, the leading power and automation technology group, will invest
around Rs. 2500.000 millions to build new facilities in India to manufacture
high-voltage power products and transformers. The expansion is part of ABB’s
strategy to develop, manufacture and market products that meet the needs of
Indian customers, as well as serving as an export hub.
"The new manufacturing units will further strengthen our local
footprint and enhance our product portfolio. They will enable us to serve our
customers better as we continue to support the development of the country's
power infrastructure" said Pitamber Shivnani, Local Division Manager,
Power Products in India.
The facilities will be located in Savli near Vadodara, Gujarat and
produce high-voltage gas-insulated switchgear (GIS) and PASS (plug and switch
system) hybrid switchgear as well as dry-type and oil immersed distribution
transformers. The facilities are expected to be operational by the end of 2012.
A pioneer in GIS technology, ABB`s latest series can offer space savings
of up to 90 percent compared to conventional air-insulated switchgear. Its
low-weight, robust design enables the equipment to be deployed even in harsh
conditions and enhances system reliability, efficiency and minimizes
maintenance needs.
ABB’s plug and switch system (PASS) is a hybrid switchgear solution that
combines features of air- and gas-insulated technologies. It incorporates the
functions of a complete switchgear bay in a single module, and can be installed
in a few hours. Compared to conventional technology, ABB`s factory-assembled solution
requires up to 60 percent less space, and is easily integrated into existing
substations, which enables bay extensions with minimum down time.
The new transformer factory will manufacture vacuum cast coil dry-type
transformers and oil immersed distribution transformers. It will help to bridge
a gap in the present product offering in India and extend the distribution
transformer range up to 10 megavolt amperes (MVA), 33 kilovolts (kV). It will
also enable localization of vacuum cast coil dry-type transformers.
ABB has global expertise in the design and manufacture of transformers
for special requirements that optimize space and can withstand the most
demanding conditions. Dry-type transformers help reduce environmental impact
and can be deployed in environmentally challenging conditions.
ABB (www.abb.com) is a leader in power and automation technologies that
enable utility and industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in around 100
countries and employs about 135,000 people.
ABB wins
Rs.750.000 Millions order in India to power metro for pink city
Bangalore, India, April 12, 2012 - Substations, electrification and SCADA
system to facilitate reliable and efficient power supply
ABB, the leading power and automation technology group, has won an order
worth Rs.750.000 Millions from Delhi Metro Rail Corporation Limited (DMRC) to
provide power solutions for a planned metro rail network for Jaipur, also known
as the ‘pink city’ and the capital of Rajasthan, a state in northern India. The
order was booked in the first quarter.
The Jaipur Mass Rapid Transport System (MRTS) is being promoted as an
eco-friendly project deploying state-of-the-art technologies and is expected to
carry approximately 11,000 commuters per hour on each rail corridor when fully
operational, reducing road traffic bottlenecks and lowering carbon emissions
from cars.
“ABB’s extensive and broad technology offerings and experience in rail
sector make us a reliable partner,” said Bazmi Husain, Managing Director, ABB
Ltd., India. “As most of India now moves and works out of cities, projects like
metro is set to bring relief to millions of local commuters and easing traffic
congestion.”
The turnkey project includes design, supply, installation and
commissioning of essential power infrastructure for stage 1 of the East-West
Corridor of the Jaipur Mass Rapid Transport System (MRTS). This section will
serve eight passenger stations. ABB will supply 11 auxiliary substations with a
rating of 33kV/415V (kilovolt).
The project scope includes electrification of overhead lines, provision
of auxiliary substations and the supply of a SCADA (Supervisory Control and
Data Acquisition) solution, which enables the monitoring and control of field
equipment and key components of the power distribution system. This facilitates
smooth operations and enables proactive measures to avoid service
interruptions, thereby enhancing performance and optimizing cost-efficiency.
ABB will also deliver key products including the switchgear, dry type
transformers and distribution equipment.
ABB technologies are already helping to power the Delhi, Mumbai, Kolkata
and Bangalore urban rail networks in the country, with highly reliable and
energy efficient solutions, facilitating the concept of ‘green mobility’.
Urbanization, economic growth and environmental concerns in emerging
markets are some of the key trends supporting the expansion of rail networks in
many parts of the world. ABB has a wide range of power and automation products
and solutions for urban, conventional and high-speed rail applications and has
built up an extensive global installed base.
ABB (www.abb.com) is a leader in power and automation technologies that
enable utility and industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in around 100
countries and employs about 135,000 people.
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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.