MIRA INFORM REPORT

 

 

 

 

Report Date :

17.04.2013

 

IDENTIFICATION DETAILS

 

Name :

ABB LIMITED

 

 

Registered Office :

2nd Floor, East Wing Khanija Bhawan, 49, Race Course Road, Bangalore – 560001, Karnataka

 

 

Country :

India

 

 

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 101000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having fine track record. 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long-term rating AAA

Rating Explanation

Highest degree of safety. It carry lowest credit risk.

Date

April 12, 2012

 

Rating Agency Name

CRISIL

Rating

Short-term rating A1+

Rating Explanation

Very strong degree of safety. It carry lowest credit risk.

Date

April 12, 2012

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered Office :

2nd Floor, East Wing Khanija Bhawan, 49, Race Course Road, Bangalore – 560001, Karnataka, India

Tel. No.:

91-80-22949150/ 54

Fax No.:

91-80-22949148

E-Mail :

ashay.khandwala@in.abb.com

b.gururaj@in.abb.com 

Website:

http://www.abb.co.in

 

 

Corporate Office :

Plot No. 79, Street No. 17, Nashik - 422007, Maharashtra, India

 

 

Factory :

Ø       Nos. 5 and 6, Peenya Industrial Estate, Phase II, Bangalore - 560058, Karnataka, India

 

Ø       P. O. and Village Jalkhura, Budge Trunk Road, Maheshtala, District South 24 Paraganas - 743352, West Bengal, India

 

Ø       Plot No. 22A, Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra, India

 

Ø       Plot No. 79, Street No. 17, MIDC Industrial Estate, Satpur, Nashik - 422007, Maharashtra, India

 

Ø       Maneja, Vadodara - 390013, Gujarat, India

 

Ø       32, Industrial Area, Faridabad - 121001, Haryana, India

 

Ø       Village Numbal, 110, Poonamalle High Road, Chennai - 600077, Tamilnadu, India

 

 

Marketing and Service

Centre :

Located at:

 

Ø       Chandigarh

Ø       Delhi

Ø       Jaipur

Ø       Udaipur

Ø       Vadodara

Ø       Mumbai

Ø       Pune

Ø       Bangalore

Ø       Coimbatore

Ø       Kochi

Ø       Lucknow

Ø       Kanpur

Ø       Bhopal

Ø       Nagpur

Ø       Hyderabad

Ø       Chennai

Ø       Visakhapatnam

Ø       Bhubaneshwar

Ø       Kolkata

Ø       Jamshedpur

 

 

Branch Offices :

Located at:

 

Ø       Ahmedabad

Ø       Bhubaneswar

Ø       Coimbatore

Ø       Dehradun

Ø       Hyderabad

Ø       Jaipur

Ø       Jamshedpur

Ø       Kochi

Ø       Lucknow

Ø       Ludhiana

Ø       Nagpur

Ø       Pune

Ø       Thiruvananthapuram

Ø       Visakhapatnam

 

 

Regional Offices :

Located at:

 

Ø       Bangalore

Ø       Bhopal

Ø       Chandigarh

Ø       Chennai

Ø       Delhi

Ø       Kolkata

Ø       Mumbai

Ø       Raipur

 

 

Manufacturing Units :

Bangalore

Ø       23, KHB Light Industrial Area, Bangalore, Karnataka, India

Tel. No.: 91-80-22949725

 

Ø       538, 4th Phase, Peenya Industrial Area, Bangalore, Karnataka, India

Tel. No.: 91-80-22949660

 

Ø       Plot No.5 and 6, 2nd Phase, Rajanagar Industrial Estate, Bangalore, Karnataka, India

Tel. No.: 90-80-22949449/ 22949650-70

 

 

Faridabad

Ø       14, Mathura Road, Faridabad, Haryana, India

Tel. No.: 91-129-2275592

 

Ø       32, Industrial Area, Faridabad, Haryana, India

Tel. No.: 91-129-5023001-05

 

 

Halol

Ø       Halol-Champaner Road, Halol, Gujarat, India

Tel. No.: 91-2676-220999

 

 

Haridwar

Ø       Integrated Industrial Estate, Haridwar, India

Tel. No.: 91-1334-235447/ 50

 

 

Mumbai

Ø       22A, Shah Industrial Estate, Mumbai, Maharashtra, India

Tel. No.: 91-22-66717272/ 73/ 74

 

 

Vadodara

Ø       Maneja, Vadodara, India

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:

 

Ø       Mr. Bazmi R. Husain

Ø       Mr. Amlan Datta Majumdar

Ø       Mr. N. Venu

Ø       Mr. Pitamber Shivnani

Ø       Priteesh Mahajan

Ø       Mr. R. Narayanan

Ø       Mr. Raja Radhakrishnan

Ø       Stefan Backstrom

Ø       Tajinder Vohra

Ø       Tommy Andreasson

Ø       Ulf L Moberg

Ø       Vikram V Kanth

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2012

 

Category of Shareholder

Total No. of Shares

% of total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/images/clear.gifBodies Corporate

158931282

75.00

http://www.bseindia.com/images/clear.gifSub Total

158931282

75.00

Total shareholding of Promoter and Promoter Group (A)

158931282

75.00

(B) Public Shareholding

 

 

http://www.bseindia.com/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/images/clear.gifMutual Funds / UTI

3351375

1.58

http://www.bseindia.com/images/clear.gifFinancial Institutions / Banks

24040832

11.34

http://www.bseindia.com/images/clear.gifForeign Institutional Investors

7098721

3.35

http://www.bseindia.com/images/clear.gifSub Total

34490928

16.28

http://www.bseindia.com/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/images/clear.gifBodies Corporate

897274

0.42

http://www.bseindia.com/images/clear.gifIndividuals

 

 

http://www.bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

16848607

7.95

http://www.bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

321590

0.15

http://www.bseindia.com/images/clear.gifAny Others (Specify)

418694

0.20

http://www.bseindia.com/images/clear.gifDirectors & their Relatives & Friends

3500

0.00

http://www.bseindia.com/images/clear.gifNon Resident Indians

332799

0.16

http://www.bseindia.com/images/clear.gifTrusts

59346

0.03

http://www.bseindia.com/images/clear.gifClearing Members

23049

0.01

http://www.bseindia.com/images/clear.gifSub Total

18486165

8.72

Total Public shareholding (B)

52977093

25.00

Total (A)+(B)

211908375

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

211908375

0.00

 

 

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 :

Product Description

ITC Code

Switchgears of all types

83.35

Transformers

85.04

Electronic Control and Supply Units for Variable Speed Drives and other applications

85.04

 

 

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 :

Ø                   Axis Bank Limited

Ø                   Canara Bank

Ø                   Citibank N.A.

Ø                   DBS Bank Limited

Ø                   Deutsche Bank AG

Ø                   HDFC Bank Limited

Ø                   ICICI Bank Limited

Ø                   IDBI Bank Limited

Ø                   State Bank of India

Ø                   Standard Chartered Bank

Ø                   The Hongkong and Shanghai Banking Corporation Limited

Ø                   The Royal Bank of Scotland N.V.

Ø                   Union Bank of India

Ø                   Yes Bank Limited

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. R. Batliboi and Company

Chartered Accountants

Address :

12th and 13th Floor, “UB City” Canberra Block No. 24, Vittal Mallya Road, Bengaluru – 560001, Karnataka, India

Tel. No.:

91-80-40275000

Fax No.:

91-80-22106000

 

 

Cost Auditors:

 

Name :

Ø       Ashwin Solanki and Associates

Cost Accountants

 

Ø       T.L. Sangameswaran

Cost 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.

 

 

LISTING DETAILS:

 

 

Subject Stock Code :

 

BSE : 500002

 

NSE : ABB

 

 

Stock Exchange Place :

 

Ø       Bangalore Stock Exchange Limited

Ø       Calcutta Stock Exchange Association Limited

Ø       Cochin Stock Exchange Limited

Ø       Delhi Stock Exchange Assoc. Limited

Ø       Hyderabad Stock Exchange Limited

Ø       Inter-connected Stock Exchange of India

Ø       Madras Stock Exchange Limited

Ø       MCX Stock Exchange

Ø       National Stock Exchange of India Limited

Ø       Over The Counter Exchange of India Limited

Ø       The Stock Exchange, Ahmedabad

Ø       The Stock Exchange, Mumbai

 

 

Listed Date :

 

08.02.1995

 

 

 

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)

832.040

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

30.06.2012

30.09.2012

 

1st Quarter

2nd Quarter

3rd Quarter

 Sales Turnover

17903.100

18837.900

18086.100

 Total Expenditure

16927.900

17778.000

17422.200

 PBIDT (Excl OI)

975.200

1059.900

663.900

 Other Income

18.600

14.200

9.500

 Operating Profit

993.800

1074.100

673.400

 Interest

54.000

76.500

117.200

 Exceptional Items

0.000

0.000

0.000

 PBDT

939.800

997.600

556.200

 Depreciation

223.400

231.300

240.300

 Profit Before Tax

716.400

766.300

315.900

 Tax

240.000

250.000

102.200

Provision and contingencies

0.000

0.000

0.000

 Reported PAT

476.400

516.300

213.700

Extraordinary Items       

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

476.400

516.300

213.700

 

 

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

8.46

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.37

1.76

9.73

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.11

0.04

0.22

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.00

0.00

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.32

1.47

1.52

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

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

No

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

No

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

PERFORMANCE REVIEW

 

Orders received during the year at Rs 81,888 millions were 29% higher as against Rs 63,496 millions 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 millions as compared to Rs 84,362 millions providing significant revenue visibility for the coming year.

 

Sales and other income for the year was higher by 17% at Rs 74,651 millions compared to Rs 63,726 millions 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 millions compared to Rs 1,002 millions 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 millions for the year as compared to Rs 632 millions 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  their 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  and 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 their 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 millions against Rs 63,496 millions 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 millions thereby providing significant  revenue  visibility for the coming year. Revenues  during  the year  were  at Rs 74,651 millions as compared to Rs 63,726  millions  in  the previous year. Profit before tax was Rs 2,677 millions against previous year of Rs 1,002 millions. 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 millions 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.

 

 

STATEMENT OF AUDITED RESULTS FOR THE QUARTER ENDED 31.12.2012

(Rs. in millions)

Particular

3 Months ended 31.12.2012

Previous 3 months ended 30.09.2012

Current accounting year ended 31.12.2012

 

(Audited)

(Unaudited)

(Audited)

Income from Operations

 

 

 

Net Sales/Income from Operations

20527.600

17860.600

74703.100

Other Operating Income

295.200

225.500

946.800

Total Income from operations (net)

20822.800

18086.100

75649.900

 

 

 

 

Expenses

 

 

 

(a) Cost of materials consumed and purchase of projects items

13128.500

11096.600

46857.200

(b) Purchase of stocks in trade

703.500

652.600

2634.600

(c) Changes in inventories of finished goods, work in progress and stocks in trade

420.600

(280.400)

(6.900)

(d) Subcontracting charges

1235.800

1179.300

4793.400

(e) Employee benefit expenses

1458.600

1495.200

6196.000

(f) Depreciation and amortization expenses

245.900

240.300

940.900

(g) Other Expenses

3209.900

3278.900

11810.700

Total Expenses

20402.800

17662.500

73225.900

Profit from Operations before Other Income, Finance costs and Exceptional item

420.000

423.600

2424.000

Other Income

28.200

9.500

70.500

Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item

448.200

433.100

2494.500

Finance costs

184.700

117.200

432.400

Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item

263.500

315.900

2062.100

Exceptional item

0.000

0.000

0.000

Profit/ Loss from Ordinary Activities before tax

263.500

315.900

2062.100

Tax Expenses

95.800

102.200

688.000

Net Profit/ Loss from Ordinary Activities after tax

167.700

213.700

1374.100

Extraordinary Items

0.000

0.000

0.000

Net Profit for the period

167.700

213.700

1374.100

Paid- up Equity Share Capital

(Face value of the share – Rs. 10)

423.800

423.800

423.800

Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year

 

 

 

Earnings per share (before extraordinary items)

(of Rs. 10/- each) (not annualized)

-          Basic

0.79

1.01

6.48

                   -  Diluted

0.79

1.01

6.48

Earnings per share (after extraordinary items)

(of Rs. 10/- each) (not annualized)

 - Basic

0.79

1.01

6.48

- Diluted

0.79

1.01

6.48

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

Number of Shares

52977093

52977093

52977093

Percentage of Shareholding

25.00%

25.00%

25.00%

2. Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

--

--

--

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

--

--

--

- Percentage of Shares (as a % of the Total Share Capital of the Company)

--

--

--

 

 

 

 

Non - encumbered

 

 

 

- Number of Shares

158931282

158931282

158931282

- Percentage of Shares

(as a % of the total shareholding of promoter

and promoter group)

100.00%

100.00%

100.00%

- Percentage of Shares

(as a % of the total share capital of the

company)

75.00%

75.00%

75.00%

 

 

 

Particulars

3 Months Ended 31.12.2012

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

Nil

 

Received during the quarter

92

 

Disposed of during the quarter

92

 

Remaining unresolved at the end of the quarter

Nil

 

 

REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS

 

(Rs. In Millions)

Particulars

3 Months ended 31.12.2012

Previous 3 months ended 30.09.2012

Current accounting year ended 31.12.2012

 

(Audited)

(Unaudited)

(Audited)

1. Segment Revenue

 

 

 

a. Power Systems

5989.900

5055.000

22421.600

b. Power Products

5844.300

5150.600

20853.000

c. Process Automation

4097.900

3136.000

13566.300

d. Discrete Automation and Motion

4933.900

4171.700

17752.500

e. Low Voltage Products

1682.600

1539.300

6173.800

Total

22548.600

19052.600

80767.200

Unallocated

129.900

82.200

361.000

Total

22678.500

19134.800

81128.200

Less: Inter – segment revenue

1855.700

1048.700

5478.300

Total income from operations (net)

20822.800

18086.100

75649.900

 

 

 

 

2. Segment Results [Profit/ (loss) before tax and interest]

 

 

 

a. Power Systems

(629.200)

(83.200)

(145.400)

b. Power Products

548.700

435.700

1384.400

c. Process Automation

(8.600)

(143.100)

(152.300)

d. Discrete Automation and Motion

645.500

303.000

1956.400

e. Low Voltage Products

114.700

125.600

395.500

Total

671.100

638.000

3438.600

Less: Finance Costs

184.700

117.200

432.400

Other un-allocable expenditure net off un-allocable other operating income

222.900

204.900

944.100

Total Profit Before Tax

263.500

315.900

2062.100

 

 

 

 

3. Capital Employed

 

 

 

a. Power Systems

5025.100

4417.300

5025.100

b. Power Products

8684.100

8616.500

8684.100

c. Process Automation

4425.300

4169.100

4425.300

d. Discrete Automation and Motion

2685.400

3111.100

2685.400

e. Low Voltage Products

2532.300

2504.700

2532.300

Unallocated

2628.300

3732.900

2628.300

Total

25980.500

26551.600

25980.500

 

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. in Millions)

Particulars

As at current year ended 31.12.2012

 

A. EQUITY AND LIABILITIES

Audited

1. Shareholders Funds

 

a] Share Capital

423.800

b] Reserves and Surplus

25556.700

Sub-total – Shareholders’ funds

25980.500

 

 

2. Non-current Liabilities

 

a] Other Long term  Liabilities

38.900

b]  Long term provisions

57.100

Sub-total - Non-current Liabilities

96.000

 

 

3. Current Liabilities

 

a) Short term borrowings

3276.800

b) Trade payables

18993.700

c) Other current liabilities

13945.600

d) Short-term provisions

2407.400

Sub-total -  Current Liabilities

38623.500

TOTAL -  EQUITY AND LIABILITIES 

64700.000

 

 

B ASSETS

 

1. Non-current assets

 

a] Fixed assets

13243.500

b] Non-current investment

523.900

c] Deferred tax assets

148.000

d] long Term loans and Advances

2301.800

e] Other non-current assets

84.500

Sub-total – Non- current assets

16301.700

 

 

2. CURRENT ASSETS

 

 

Current Investments

0.800

 

Inventories

9204.000

 

Trade Receivables

32643.800

 

Cash & Bank Balances

766.700

 

Short Term loans and advances

2283.000

 

Other Current Assets

3500.000

  Sub-total – Current Assets

48398.300

 

 

TOTAL - ASSETS

64700.000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes

 

1.       This statement has been reviewed by the Audit Committee and recommended for approval to the Board and the Board approved at its meeting held on 21st February, 2013.

 

2.       The Board of Directors of the Company have recommended a dividend of Rs 3 per equity share of face value of Rs 2 each for the year ended on 31st December, 2012

 

3.       The Board of Directors have approved the amalgamation of Baldor Electric India Private Limited, Pune (a 100% subsidiary of ABB Limited) with the Company on 26th September, 2012. The amalgamation scheme was filed with the Honourable High Court of Bombay on 27th November, 2012. In terms of the scheme appointed date proposed is 1st April, 2012. Pending approval of the scheme by the High Court, no effects of the amalgamation have been recognised in the financial statements.

 

4.       During the year the Company has discontinued accounting for changes in fair value of embedded derivative contracts, to better present the operating performance of the Company and to align its accounting in line with the policy followed by other peer group companies. Consequent to such change in accounting policy, profit before tax for the current year ended December 31, 2012 is lower by Rs 18.500 Millions

 

5.       The figure for the last quarter of current and the previous years are the balancing figures between audited figures for the full financial years and the unaudited published year-to-date figures for nine months of respective years.

 

6.       The figures of the previous year/ periods have been regrouped/ reclassified, wherever necessary in line with Revised Schedule VI of the Companies Act, 1956.

 

 

CONTINGENT LIABILITIES:

 

Particulars

 

31.12.2011

(Rs. in millions)

31.12.2010

(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:

 

Ø       Freehold land

Ø       Leasehold Land

Ø       Leasehold Improvements

Ø       Factory Buildings

Ø       Other Building

Ø       Residential Quarters

Ø       Plant and Machinery

Ø       Furniture and Fixture

Ø       Vehicle

 

 

WEBSITE DETAILS:

 

PRESS RELEASE

 

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 Limited, 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, India Prisons Service, Interpol, etc.

 

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 inernational 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. 54.33

UK Pound

1

Rs. 83.17

Euro

1

Rs. 71.05

 

 

INFORMATION DETAILS

 

Report Prepared by :

BVA

 

 

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

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.