MIRA
INFORM REPORT
|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABB INDIA LIMITED [w.e.f. 14.06.2013] |
|
|
|
|
Formerly Known
As : |
ABB LIMITED |
|
|
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|
Registered
Office : |
2nd Floor, East Wing Khanija Bhawan, 49, Race
Course Road, Bangalore – 560001, Karnataka |
|
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|
Country : |
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Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.12.1949 |
|
|
|
|
Com. Reg. No.: |
08-032923 |
|
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 423.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32202KA1949PLC032923 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19181B |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACA3834B |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
Line of Business
: |
Manufacturing of Instrument and Electric Motor. |
|
|
|
|
No. of Employees
: |
Not Available |
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 103922000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and reputed company having an excellent
track record. There appears some dip in the profitability of the company
during 2012. However, 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 praiseworthy.
Business is active. Payments are reported to be regular and as per
commitments. The Company can be considered excellent for any 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 |
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 10, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term rating A1+ |
|
Rating Explanation |
Very strong degree of safety. It carry lowest credit risk. |
|
Date |
April 10, 2013 |
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 |
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E-Mail : |
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|
Website : |
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|
Factory : |
32, Industrial Area, NIT, Faridabad-121001, Haryana, India |
|
Tel No.: |
91-129-2448100 |
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|
|
|
Factory : |
Also Located At: ·
Bangalore ·
Haridwar · Mumbai · Mysore · Nasik · Vadodara |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Gary Steel |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Bazmi R. Husain |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. N. S. Raghavan |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Darius E Udwadia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Arun Kanti Dasgupta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Peter Leupp |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Francis
Duggan |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. B. Gururaj |
|
Designation : |
Company Secretary
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
158931281 |
75.00 |
|
|
158931281 |
75.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
158931281 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2090296 |
0.99 |
|
|
24045207 |
11.35 |
|
|
8460365 |
3.99 |
|
|
34595868 |
16.33 |
|
|
|
|
|
|
920262 |
0.43 |
|
|
|
|
|
|
16724830 |
7.89 |
|
|
296590 |
0.14 |
|
|
439544 |
0.21 |
|
|
3500 |
0.00 |
|
|
348301 |
0.16 |
|
|
59396 |
0.03 |
|
|
28347 |
0.01 |
|
|
18381226 |
8.67 |
|
Total Public shareholding (B) |
52977094 |
25.00 |
|
Total (A)+(B) |
211908375 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
211908375 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Instrument and Electric Motor. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Axis Bank Limited · Bank of America, N.A. · Barclays PLC · Canara Bank · Deutsche Bank AG · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · JP Morgen Chase Bank, N.A. · State Bank of India · Standard Chartered Bank · The Hongkong and Shanghai Banking Corporation Limited · The Royal Bank of Scotland N.V. · The Bank of Tokyo-Mitsubishi UFJ, Limited ·
Yes Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountant |
|
|
|
|
Cost Auditors: |
|
|
Name : |
·
Ashwin Solanki and Associates Cost Accountants ·
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 (Asea Brown Boveri), S.A., Paco de Arcos,
Portugal ·
ABB (China) Limited, Beijing, china ·
ABB (Hong Kong) Limited, Hong Kong, China ·
ABB (Pty) Limited Gaborone, Botswana ·
ABB A/S, Skovlunde, Denmark ·
ABB AB, Västerĺs, Sweden ·
ABB AG, Mannheim, Germany ·
ABB AG, Vienna, Austria ·
ABB AS, Billingstad, Norway ·
ABB AS, Jüri, Estonia ·
ABB Australia Pty Limited, Sydney, Australia ·
ABB Automation Company Limited., Riyadh, Saudi
Arabia ·
ABB Automation EOOD, Rakovski, Bulgaria ·
ABB Automation GmbH, Mannheim, Germany ·
ABB Automation L.L.C., Abu Dhabi, United Arab
Emirates ·
ABB Automation Products GmbH, Ladenburg, Germany ·
ABB Bailey Beijing Engineering Company Limited,
Beijing, China ·
ABB Bailey Japan Limited, Shizuoka-Ken, Japan ·
ABB Beijing Drive Systems Company Limited,
Beijing, China ·
ABB BV, Rotterdam, Netherlands ·
ABB Capital, B.V., Amsterdam, Netherlands ·
ABB Chongqing Transformer Company Limited.,
Chongqing, China ·
ABB CL Logistic S.A., Montevideo, Uruguay ·
ABB Contracting Company Limited Riyadh, Saudi
Arabia ·
ABB d.o.o., Belgrade, Serbia · ABB D.o.o., Ljubljana, Slovenia ·
ABB Ecuador S.A., Quito, Ecuador ·
ABB Electrical Industries (ABB ARAB) S.A.E.,
Cairo, Egypt ·
ABB Electrical Industries Limited, Riyadh, Saudi
Arabia ·
ABB Electrical Machines Limited ,Shanghai, China ·
ABB Elektrik Sanayi A.S., Istanbul, Turkey ·
ABB Engg. Technologies Company (KSCC), Safat,
Kuwait ·
ABB Engineering (Shanghai) Limited ,Shanghai,
China ·
ABB Engineering Trading and Service Limite,
Budapest, Hungary ·
ABB Equity Limited, St. Peter’s Port, Guernsey ·
ABB France, Les Ulis, France ·
ABB FZ-LLC, Dubai, United Arab Emirates ·
ABB Genway Xiamen Electrical Equipment Company
Limited, Xiamen, China ·
ABB Global Industries and Services Limited,
Bengaluru, India ·
ABB Global Marketing FZ LLC, Dubai, United Arab
Emirates ·
ABB Group Accounting Services B.V., Rotterdam,
Netherlands ·
ABB High Voltage Switchgear (Xiamen) Company
Limited,Xiamen, China · ABB High Voltage Switchgear Company Limited, Beijing, China ·
ABB Holdings Sdn. Bhd., Subang Jaya, Malaysia ·
ABB Import and Export Services Limited,
Oranjestad, Aruba ·
ABB Inc., Cary, NC, United States ·
ABB Inc., St. Laurent, Quebec, Canada ·
ABB Industries (L.L.C.), Dubai, United Arab
Emirates ·
ABB Industries FZ, Dubai, United Arab Emirates ·
ABB K.K., Tokyo, Japan ·
ABB Limited, Auckland, New Zealand ·
ABB Limited, Bangkok, Thailand ·
ABB Limited, Dhaka, Bangladesh ·
ABB Limited, Nairobi, Kenya ·
ABB Limited, Warrington, United Kingdom ·
ABB Limited/Jordan LLC., Amman, Jordan ·
ABB LLC, Muscat, Oman ·
ABB Limited, Dublin, Ireland ·
ABB Limited, Hanoi, Vietnam ·
ABB Limited, Kampala, Uganda ·
ABB Limited, Kiev, Ukraine ·
ABB Limited, Lusaka, Zambia ·
ABB Limited Moscow, Russian Federation ·
ABB Limited, Seoul, South Korea ·
ABB Limited, Taipei, Taiwan, Province Of China ·
ABB Limited Zagreb, Croatia ·
ABB Ltda., Osasco, Brazil ·
ABB Malaysia Sdn Bhd., Subang Jaya, Malaysia ·
ABB Management Services Limited, Zurich,
Switzerland ·
ABB Manufacturing Sdn. Bhd., Subang Jaya,
Malaysia · ABB Mexico S.A. de C.V., Tlalnepantla, Mexico ·
ABB N.V., Zaventem, Belgium ·
ABB Near East Trading Limited, Amman, Jordan ·
ABB Norden Holding AB, Västerĺs, Sweden ·
ABB Oy, Helsinki, Finland ·
ABB Power Equipment (Xiamen) Company, Limited.,
Xiamen, China ·
ABB Pte. Limited, Singapore ·
ABB Qatar LLC., Doha, Qatar · ABB Research Limited, Zurich, Switzerland ·
ABB S.A., Buenos Aires, Argentina ·
ABB S.A., Casablanca, Morocco ·
ABB S.A., Les Ulis, France ·
ABB S.A., Lima, Peru ·
ABB S.A., Panama, Panama ·
ABB S.A., Santiago, Chile ·
ABB S.p.A., Milan, Italy · ABB s.r.o., Prague, Czech Republic · ABB Schweiz AG, Baden, Switzerland ·
ABB Service Company Limited, Al Khobar, Saudi
Arabia ·
ABB Shanghai Motors Company Limited, Shanghai,
China ·
ABB Shanghai Transformer Company Limited,
Shanghai, China · ABB Sp. zo.o., Warsaw, Poland · ABB Stotz-Kontakt GmbH, Heidelberg, Germany ·
ABB Technologies Limited, Tirat Carmel, Israel ·
ABB Technologies S.A., Dakar, Senegal ·
ABB Technologies W.L.L., Bahrain · ABB Technology Limited, Zurich, Switzerland · ABB Technology SA, Abidjan, Cote D'Ivoire ·
ABB Transmission and Distribution Limited, Abu
Dhabi, United Arab Emirates ·
ABB Turbo Systems (Hong Kong) Limited, Hong Kong · ABB Turbo-Systems AG, Baden, Switzerland · ABB Turbochargers S.A.E., Suez, Egypt ·
ABB UAB, Vilnius, Lithuania ·
ABB Xiamen Electrical Controlgear Company
Limited, Xiamen, China ·
ABB Xiamen Low Voltage Equipment Company Limited,
Xiamen, China ·
ABB Xiamen Switchgear Company Limited, Xiamen,
China · ABB Xiamen High Power Rectifier Company Limited, Xiamen, China ·
ABB Xi’an Power Capacitor Company Limited, Xi’an,
China ·
ABB Xinhui Low Voltage Switchgear Company
Limited, Xinhui , China ·
ABB Zhongshan Transformer Company Ltd.,
Zhongshan, China ·
ABB, Inc., Paranaque, Metro Manila, Philippines ·
ABB, S.R.O., Bratislava, Slovakia ·
ABBNG Limited, Lagos, Nigeria ·
Asea Brown Boveri (Pty) Limited, Windhoek,
Namibia ·
Asea Brown Boveri Electrica SGPS (Angola)
Limitada, Luanda, Angola ·
Asea Brown Boveri Limited, Port Louis, Mauritius ·
Asea Brown Boveri Ltda., Bogotá, Colombia ·
Asea Brown Boveri Ltda., La Paz, Bolivia ·
Asea Brown Boveri S.A., Caracas, Venezuela ·
Asea Brown Boveri S.A., Madrid, Spain ·
Asea Brown Boveri S.A., Metamorphossis Attica ,
Greece ·
Asea Brown Boveri S.A.E., Cairo, Egypt ·
Baldor Electric Company de Mexico SA de CV,EL
Salto, Jailsco, Mexico ·
Baldor Electric Company, Fort Smith, AR, United
States ·
Baldor Electric India Private Limited, Pune,
India (upto November 30, 2011) ·
Baldor Electric Switzerland AG,
Feuerthalen, Switzerland ·
Baldor Holdings Inc, Boreham, USA ·
Busch-Jaeger Elektro GmbH, Mannheim /
Lüdenscheid, Germany ·
Electrical Materials Center, Riyadh, Saudi Arabia ·
K-Tek Level Engineering Private Limited., Navi
Mumbai, India ·
PT ABB Sakti Industri, Jakarta, Indonesia ·
Pucaro Elektro-Isolierstoffe GmbH, Roigheim,
Germany ·
Shantou Winride Switchgear Company Limited,
Longhu District Shantou, China ·
Turbo Systems United Company Limited, Tokyo,
Japan |
CAPITAL STRUCTURE
AS ON 31.03.2012
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. 423.800
Millions |
|
|
|
|
|
Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
|
Particular |
Number |
Rs. In Millions |
|
ABB Asea Brown Boveri Limited - the holding company |
146390952 |
292.800 |
|
ABB Norden Holding AB - a fellow subsidiary |
12540330 |
25.100 |
|
|
158931282 |
317.900 |
Details of
shareholders holding more than 5% of the shares in the Company
|
Particular |
Number |
% of holding |
|
ABB Asea Brown Boveri Limited - the holding company |
146390952 |
69.08% |
|
ABB Norden Holding AB - a fellow subsidiary |
12540330 |
5.92% |
|
Life Insurance Corporation of India |
20196092 |
9.53% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
423.800 |
423.800 |
|
(b) Reserves & Surplus |
|
25556.700 |
24921.400 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
25980.500 |
25345.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
38.900 |
33.000 |
|
(d) long-term
provisions |
|
57.100 |
57.100 |
|
Total Non-current
Liabilities (3) |
|
96.000 |
90.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
3276.800 |
0.000 |
|
(b)
Trade payables |
|
18993.700 |
19654.100 |
|
(c) Other
current liabilities |
|
13945.600 |
15582.700 |
|
(d) Short-term
provisions |
|
2407.400 |
2273.500 |
|
Total Current
Liabilities (4) |
|
38623.500 |
37510.300 |
|
|
|
|
|
|
TOTAL |
|
64700.000 |
62945.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
10780.600 |
10302.400 |
|
(ii)
Intangible Assets |
|
1292.800 |
1381.600 |
|
(iii)
Capital work-in-progress |
|
1170.100 |
744.300 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
523.900 |
506.200 |
|
(c) Deferred tax
assets (net) |
|
148.000 |
224.000 |
|
(d) Long-term Loan and Advances |
|
2301.800 |
1638.900 |
|
(e) Other Non-current
assets |
|
84.500 |
84.900 |
|
Total Non-Current
Assets |
|
16301.700 |
14882.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.800 |
0.800 |
|
(b)
Inventories |
|
9204.000 |
9255.500 |
|
(c)
Trade receivables |
|
32643.800 |
30825.100 |
|
(d) Cash
and cash equivalents |
|
766.700 |
2558.800 |
|
(e)
Short-term loans and advances |
|
2283.000 |
1999.700 |
|
(f)
Other current assets |
|
3500.000 |
3423.400 |
|
Total Current
Assets |
|
48398.300 |
48063.300 |
|
|
|
|
|
|
TOTAL |
|
64700.000 |
62945.600 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
423.817 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
23813.219 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
24237.036 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
24237.036 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7660.842 |
|
|
Capital work-in-progress |
|
|
576.965 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
167.958 |
|
|
DEFERREX TAX ASSETS |
|
|
45.966 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6978.526
|
|
|
Sundry Debtors |
|
|
29259.657
|
|
|
Cash & Bank Balances |
|
|
5871.250
|
|
|
Other Current Assets |
|
|
3611.195
|
|
|
Loans & Advances |
|
|
3541.588
|
|
Total
Current Assets |
|
|
49262.216 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
16401.756
|
|
|
Other Current Liabilities |
|
|
15228.721
|
|
|
Provisions |
|
|
1846.434
|
|
Total
Current Liabilities |
|
|
33476.911 |
|
|
Net Current Assets |
|
|
15785.305 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
24237.036 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
75649.900 |
74489.700 |
62871.118 |
|
|
|
Other Income |
70.500 |
414.600 |
855.236 |
|
|
|
TOTAL (A) |
75720.400 |
74904.300 |
63726.354 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed and consumed and project bought outs |
46856.800 |
47250.800 |
-- |
|
|
|
Raw Material Consumed |
-- |
-- |
48020.949 |
|
|
|
Purchase of trade goods |
2635.000 |
3201.600 |
-- |
|
|
|
Personnel Expenses |
-- |
-- |
4901.126 |
|
|
|
(increase) decrease in inventories of finished goods work-in-progress
and traded goods |
(6.900) |
(845.300) |
0.000 |
|
|
|
Subcontracting charges |
4793.400 |
4346.700 |
-- |
|
|
|
Employee benefit |
6196.000 |
5868.200 |
-- |
|
|
|
Other expenses |
11810.700 |
11302.600 |
9111.441 |
|
|
|
TOTAL (B) |
72285.000 |
71124.600 |
62033.516 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3435.400 |
3779.700 |
1692.838 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
432.400 |
306.800 |
173.927 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3003.000 |
3472.900 |
1518.911 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
940.900 |
795.500 |
516.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2062.100 |
2677.400 |
1002.303 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
688.000 |
832.000 |
370.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1374.100 |
1845.400 |
632.303 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
851.910 |
546.910 |
607.178 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
640.000 |
800.000 |
200.000 |
|
|
|
Dividend |
635.700 |
635.700 |
423.817 |
|
|
|
Tax on Dividend |
103.100 |
103.100 |
70.391 |
|
|
|
Dividend distribution tax reversal for
earlier year |
0.000 |
1.600 |
(1.637) |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
847.210 |
851.910 |
546.910 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
8706.700 |
8237.400 |
9315.239 |
|
|
|
Goods supplied/ services rendered locally against foreign exchange
remittances |
559.600 |
2034.200 |
661.455 |
|
|
|
Erection and other services |
717.600 |
532.200 |
209.769 |
|
|
|
Commission |
41.600 |
36.600 |
|
|
|
|
Services charges and others |
430.800 |
329.400 |
254.205 |
|
|
TOTAL EARNINGS |
10456.300 |
11169.800 |
10440.668 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2006.000 |
1649.100 |
|
|
|
|
Stores & Spares |
11433.200 |
12171.400 |
|
|
|
|
Finished Goods |
1578.500 |
1942.300 |
18212.080 |
|
|
|
Capital Goods |
380.300 |
514.100 |
|
|
|
|
Project Item |
4040.100 |
5824.100 |
|
|
|
TOTAL IMPORTS |
19438.100 |
22101.000 |
18212.080 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.48 |
8.71 |
2.98 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
18837.900 |
18086.100 |
20822.800 |
19700.200 |
|
Total Expenditure |
17778.000 |
17422.200 |
20156.900 |
18634.800 |
|
PBIDT (Excl OI) |
1059.900 |
663.900 |
665.900 |
1065.400 |
|
Other Income |
14.200 |
09.500 |
28.200 |
13.800 |
|
Operating Profit |
1074.100 |
673.400 |
694.100 |
1079.200 |
|
Interest |
76.500 |
117.200 |
184.700 |
197.500 |
|
PBDT |
997.600 |
556.200 |
509.400 |
881.700 |
|
Depreciation |
231.300 |
240.300 |
245.900 |
246.100 |
|
Profit Before Tax |
766.300 |
315.900 |
263.500 |
635.600 |
|
Tax |
250.000 |
102.200 |
95.800 |
210.000 |
|
Profit After Tax |
516.300 |
213.700 |
167.700 |
425.600 |
|
Net Profit |
516.300 |
213.700 |
167.700 |
425.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.81
|
2.46 |
0.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
3.59 |
1.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.28
|
4.35 |
1.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.13
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.28 |
1.47 |
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 |
No |
|
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 |
Yes |
|
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 |
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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80017474 |
08/09/2003 |
150,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK
TOWERS, 1,COMMISSORIAT ROAD, BANGALORE |
- |
HIGH COURT OF KARNATAKA
|
HIGH COURT OF KARNATAKA - PRINCIPAL BENCH AT
BANGALORE ITA 95/2013
LOWER COURT DETAILS [APPEAL FROM BELOW CASE]
|
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Short term borrowings |
|
|
|
Unsecured overdraft facility from bank |
3276.800 |
0.000 |
|
TOTAL |
3276.800 |
0.000 |
PERFORMANCE REVIEW:
The Company secured orders valued Rs 69660.000 millions in 2012 as against Rs 81890.000 millions in the previous year. The decline in orders in the current year was mainly attributable to delayed decisions on a few large projects unlike in the last year wherein the Company had secured couple of landmark large orders like HVDC project from Power Grid Corporation of India Limited for nearly Rs 6000.000 millions and 765 kV substation order from Isolux for nearly Rs 8000.000 millions. The base orders continued to be stable in a challenging market environment. The order backlog at the end of the year stood at Rs 86720.000 millions which continued to give more visibility to the future revenue streams. The revenues for the Company for the year 2012 stood at Rs 75650.000 millions as against Rs 74490.000 million in the previous year, reflecting stability of operations in an uncertain market situation. Profit before tax was at Rs 2060.000 millions in 2012 as compared to Rs 2680.000 millions in the previous year. Additional costs required executing the orders due to inordinate time delays in the infrastructure projects, unfavorable foreign exchange impact due to rupee volatility and higher interest costs resulted in lower profitability for the Company. Net profit after tax stood at Rs 1370.000 millions for the current year as compared to Rs 1850.000 millions in the previous year. Consequently the earnings per share for 2012 stood at Rs 6.48 per share as compared to Rs 8.71 in 2011.
SUBSIDIARY COMPANY:
During the year the Company acquired 18,45,763 Non- Participating
Redeemable Preference Shares of Rs 10/- each of Baldor Electric India Private
Limited, for a consideration of Rs 18.500 millions.
The Consolidated Accounts have been prepared in accordance
with the prescribed Accounting Standards and in line with the general exemption
granted by Ministry of Corporate Affairs.
As prescribed in the Circular issued by Ministry of
Corporate Affairs, the Board of Directors has, at its meeting held on February
21, 2013, passed a resolution giving consent for not attaching the Balance
Sheet of the Subsidiary Company. The Audited consolidated Accounts, Auditors-
Report thereon and Cash Flow Statement, comprising the Company and its
Subsidiary Company, form part of this Annual Report. Shareholders who wish to
have a copy of the annual report and accounts of the Subsidiary will be
provided on receipt of a written request from them. The above documents will
also be available for inspection by any share holder at the registered office
of the Company as well as registered office of the Subsidiary Company, on any
working day during the business hours.
ECONOMY AND MARKET
OVERVIEW:
The external environment
in 2012 was challenging, GDP growth down to 6 percent from 8percent, IIP growth
down to 1 percent from 5 percent and a 30 percent drop in announcements of new
projects as per Centre for Monitoring of Indian Economy (CMIE).
High inflation,
increasing interest rates, delays in fiscal and market reforms, delays in
environmental clearances, fuel linkages and land acquisitions - all combined
and contributed to the downward trend.
OPERATIONS OVERVIEW
In this challenging
environment, the Company kept its focus on improving operational efficiencies
to remain competitive in existing businesses while preparing for and not losing
sight of emerging opportunities in new areas like renewable energy, energy
efficiency, data centers and smart grids.
Increased focus on short
cycle orders, particularly in the solar power sector – the 2x25 megawatt (MW)
solar project order from Megha Engineering for Rs 3000.000 millions being an
example. This focus has helped in improved performance in all three product
businesses -Discrete Automation and Motion, Power Products and Low Voltage
Products showing growth in revenue and profitability over 2011.
Delayed infrastructure
projects, unfavorable currency movements and higher interest costs have dented
profit before tax, net profit and earnings per share. Operational excellence
initiatives have helped reduce the effect. The combined impact of delays
indecisions for large projects, especially in the Power segment, and the fact
that there were no repeat orders for large transmission projects awarded in
2011, led to reduced order intake in Power Systems and Power Products
divisions. Strategic long-term focus is on projects with higher ABB content to
maintain the Company's leadership position.
SERVICE:
The service business
grew by over 20 percent by leveraging the existing installed base more
effectively, resulting in more service agreements, upgrades, retrofits and life
extension services. At the same time, initiatives were undertaken to add new
services to the portfolio and be better prepared for the future. Examples
include:
- Advanced services like
boiler fingerprint services, loop performance management, paper machine
fingerprint, gas optimization etc.
- Energy assessment
services and building a pool of certified energy auditors
- Improving service
focus by setting up a 24x7 customer Contact Center and service key account
management
Some service orders in
2012 that were significant in opening new avenues included:
- First boiler
fingerprint service order
- First Annual
Maintenance Contract (AMC) for a solar power plant
- First large-scale
Memorandum of Understanding (MoU) with Steel Authority of India (SAIL) for
training over 2000 personnel on ABB products and solutions
EXPORTS:
During 2012, exports
grew by over 20 percent. Increased focus on export market development and
product quality that meets international standards were the main contributors.
Significant export
orders included 72.5 kilovolt (kV) SF6 breakers, medium-voltage (MV) outdoor
circuit breakers, insulation components, Stat cons, disconnections,
high-voltage (HV)instrument transformers etc.
Exports were spread over
countries from the Middle East, Brazil, Sri Lanka, Bangladesh, Nepal, Nigeria,
Turkey, Angola, Gabon, Malaysia, Panama, Mali, Australia, Peru, Columbia etc.
OPERATIONAL EXCELLENCE:
During 2012, the Company
focused on driving improvements in three key areas - supply chain, operational
excellence and global footprint strategy. Structured process improvement
projects and assessments were implemented to drive improvement across
businesses. The projects were conducted at all manufacturing locations within
India, helping identify key areas to improve customer metrics like on time
delivery, lead time and quality.
Operational excellence
projects completed during the year included warranty cost reduction,
minimization in transit damage, localization of manufacturing in some product
lines, inventory reduction initiatives in select businesses, improvement in on
time delivery, leading to improvement in the key business metrics.
OUTLOOK:
While timing of market
recovery is uncertain, the underlying drivers for growth remain intact:
- The 12th Five Year Plan (2012-2017) provides
for planned investments in developing 765 kilovolt (kV) power infrastructure,
which is to form the backbone of India’s power grid. This may lead to additional
investment in HVDC for bulk power transmission
- The expected up
gradation of the transmission infrastructure by state utilities and major
planned investments by PGCIL are likely to provide significant opportunities
for the Company to grow in the power sector in the coming years
- Potential areas like
power quality improvement, better distribution, growing datacenter sector, mass
rapid transport systems, lift irrigation systems are also likely to throw up
big opportunities in the market
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Excise duty / Service tax and sales tax liabilities in dispute |
3646.800 |
4202.600 |
|
Custom duty liabilities in dispute |
20.200 |
38.300 |
|
Claims against the Company not acknowledged as debts |
88.500 |
88.500 |
|
Income tax matters in dispute |
2540.500 |
192.200 |
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 Audited |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
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.
Fixed Assets:
·
Freehold land
·
Leasehold Land
·
Leasehold Improvements
·
Factory Buildings
·
Other Building
·
Residential Quarters
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicle
PRESS RELEASE
ABB TO ACQUIRE US
BASED POWER-ONE FOR OVER USD 1 BN
April 22, 2013,
Power and automation technology firm ABB today said it will acquire US-based solar energy company Power-One for over USD 1 billion (around Rs 54000.000 Millions) to become a global leader in solar photo-voltaic inverters.
"ABB and Power-One today announced that their respective boards have agreed to a transaction in which ABB will acquire Power-One for USD 6.35 per share in cash or USD 1,028 million equity value, which includes Power-One's net cash of USD 266 million," the company said in a statement.
The transaction would position ABB as a leading global supplier of solar photo-voltaic inverters to a market forecast to grow by more than 10 per cent per year until 2021, the statement said.
This rapid growth is being driven by rising energy demand, especially in emerging markets, rising electricity prices and declining costs, it said.
"The combination of Power-One and ABB is fully in line with our 2015 strategy and would create a global player with the scale to compete successfully and create value for customers, employees and shareholders," ABB Chief Executive Officer Joe Hogan said.
ABB's leading portfolio in power and automation, global footprint and service organization makes it a natural player in solar photo-voltaic inverters, he said.
"For many years ABB has brought its solutions to the solar photo-voltaic inverters industry and is on track to generate sales of more than US 100 million of these products in 2013," he added.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.94 |
|
|
1 |
Rs.90.47 |
|
Euro |
1 |
Rs.77.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.