MIRA INFORM REPORT
|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABB INDIA LIMITED [w.e.f. 14.06.2013] |
|
|
|
|
Formerly Known
As : |
ABB LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, East Wing Khanija Bhawan, 49, Race
Course Road, Bangalore – 560001, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
24.12.1949 |
|
|
|
|
Com. Reg. No.: |
08-032923 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 423.800 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 Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of Instrument and Electric Motor. |
|
|
|
|
No. of Employees
: |
1000 (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 103922000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Kaushal Patil |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66159800 |
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 : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Marketing Office: |
ABB House, Dr. S B Path, Old Goa Street, Ballard Estate, Mumbai – 400025, Maharashtra, India |
|
Tel No.: |
91-22-66159800 |
|
|
|
|
Factory 1 : |
32, Industrial Area, NIT, Faridabad-121001, Haryana, India |
|
Tel No.: |
91-129-2448100 |
|
|
|
|
Factory 2 : |
Menaja Village, Vadodara - 390013, Gujarat, India |
|
|
|
|
Factory 3 : |
Also Located At:
|
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. Gary Steel |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Bazmi R. Husain |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. N. S. Raghavan |
|
Designation : |
Managing Director |
|
|
|
|
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
|
|
|
|
|
Name : |
Mr. Kaushal Patil |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
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 |
|
|
|
|
|
|
|
|
2005341 |
0.95 |
|
|
24081125 |
11.36 |
|
|
8573977 |
4.05 |
|
|
34660443 |
16.36 |
|
|
|
|
|
|
876261 |
0.41 |
|
|
|
|
|
|
16702018 |
7.88 |
|
|
295614 |
0.14 |
|
|
442758 |
0.21 |
|
|
3500 |
0.00 |
|
|
355274 |
0.17 |
|
|
59396 |
0.03 |
|
|
24588 |
0.01 |
|
|
18316651 |
8.64 |
|
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 : |
1000 (Approximately) |
|
|
|
|
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
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountant |
|
|
|
|
Cost Auditors: |
|
|
Name : |
Cost Accountants
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 Bailey Beijing Engineering Company Limited,
Beijing, China ·
ABB Bailey Japan Limited, Shizuoka-Ken, Japan ·
ABB Beijing Drive Systems Company Limited,
Beijing, China
· ABB D.o.o., Ljubljana, Slovenia
· ABB High Voltage Switchgear Company Limited, Beijing, China
· ABB Mexico S.A. de C.V., Tlalnepantla, Mexico
· ABB Research Limited, Zurich, Switzerland
· ABB s.r.o., Prague, Czech Republic · ABB Schweiz AG, Baden, Switzerland
· ABB Sp. zo.o., Warsaw, Poland · ABB Stotz-Kontakt GmbH, Heidelberg, Germany
· ABB Technology Limited, Zurich, Switzerland · ABB Technology SA, Abidjan, Cote D'Ivoire
· ABB Turbo-Systems AG, Baden, Switzerland · ABB Turbochargers S.A.E., Suez, Egypt
· ABB Xiamen High Power Rectifier Company Limited, Xiamen, China
|
CAPITAL STRUCTURE
AS ON 31.12.2012
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 |
|
31.12.2012 |
31.12.2011 |
|
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 |
|
|
31.12.2010 |
|
|
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 |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
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 |
|
|
|
|
Purchase of trade goods |
2635.000 |
3201.600 |
|
|
|
|
(increase) decrease in inventories of finished goods work-in-progress
and traded goods |
(6.900) |
(845.300) |
|
|
|
|
Subcontracting charges |
4793.400 |
4346.700 |
|
|
|
|
Employee benefit |
6196.000 |
5868.200 |
|
|
|
|
Other expenses |
11810.700 |
11302.600 |
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
855.100 |
546.900 |
607.178 |
|
|
|
|
|
|
|
|
|
|
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 |
850.400 |
855.100 |
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 |
31.03.2013 |
30.06.2013 |
|
Type |
4th
Quarter |
5th
Quarter |
|
Net Sales |
19700.200 |
17416.400 |
|
Total Expenditure |
18634.800 |
16326.500 |
|
PBIDT (Excl OI) |
1065.400 |
1089.900 |
|
Other Income |
13.800 |
37.800 |
|
Operating Profit |
1079.200 |
1127.700 |
|
Interest |
197.500 |
256.000 |
|
PBDT |
881.700 |
871.700 |
|
Depreciation |
246.100 |
259.300 |
|
Profit Before Tax |
635.600 |
612.400 |
|
Tax |
210.000 |
209.000 |
|
Profit After Tax |
425.600 |
403.400 |
|
Net Profit |
425.600 |
403.400 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 COP 127/2013 CASE PENDING
|
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As
on 31.12.2012 |
As
on 31.12.2011 |
|
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 |
31.12.2012 |
31.12.2011 |
|
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 UNAUDITED RESULTS FOR THE QUARTER
AND SIX MONTHS ENDED 30. 09.2013
(Rs. In Millions)
|
|
Particulars |
3 months ended 30.09.2013 |
Preceding 3 months ended 30.06.2013 |
Year to date figures for current period
ended 30.09.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from operations (a) Net sales/Income from
operations (Net of excise duty) |
17624.000 |
17299.500 |
54567.100 |
|
|
(b) Other operating income |
235.000 |
212.000 |
614.100 |
|
|
Total Income from operations (net) |
17859.000 |
17511.500 |
55181.200 |
|
2 |
Expenses |
|
|
|
|
|
(a)Cost of raw materials and components consumed and project bought
outs |
10635.500 |
10041.500 |
33449.100 |
|
|
(b)Purchases of stock-in-trade |
859.700 |
761.500 |
2112.100 |
|
|
(c)Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(179.400) |
38.000 |
(382.700) |
|
|
(d)Subcontracting charges |
1080.300 |
1151.300 |
3540.500 |
|
|
(e)Employee benefits expense |
1626.500 |
1564.100 |
4893.000 |
|
|
(f)Depreciation and amortisation expense |
257.300 |
259.500 |
763.100 |
|
|
(g)Other expenses |
2782.200 |
2876.300 |
8364.600 |
|
|
Total expenses |
17062.100 |
16692.200 |
52739.700 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional items (1-2) |
796.900 |
819.300 |
2441.500 |
|
4 |
Other income |
9.200 |
38.400 |
63.000 |
|
5 |
Profit / (Loss) from ordinary activities, before finance costs and exceptional
items (3+4) |
806.100 |
857.700 |
2504.500 |
|
6 |
Finance costs |
269.900 |
256.000 |
723.400 |
|
7 |
Profit / (Loss) from ordinary activities after finance costs and
exceptional items (5-6) |
536.200 |
601.700 |
1781.100 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit / (Loss) from ordinary activities before tax (7+8) |
536.200 |
801.700 |
1781.100 |
|
10 |
Tex expense |
180.100 |
205.400 |
598.100 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
.356.100 |
396.300 |
1183.000 |
|
12 |
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the period (11-12) |
356.100 |
396.300 |
1183.000 |
|
14 |
Impact of scheme of amalgamation relating to previous year (refer note
3) |
24.600 |
0.000 |
24.600 |
|
15 |
Net Profit/(Loss) for the period after Impact of scheme of amalgamation
relating to previous year (13+14) |
380.700 |
396.300 |
1207.600 |
|
16 |
Paid-up Equity Share Capital (Face value per share - Rs. 21-
each) |
423.800 |
423.800 |
423.800 |
|
17 |
Reserves excluding Revaluation Reserves as per Balance Sheet of
previous accounting year |
|
|
|
|
18 |
i) Earnings per share (before extraordinary items) -(of Rs. 21- each) (not annualised) |
|
|
|
|
|
a) Basic |
1.68 |
1.87 |
5.58 |
|
|
b) Diluted |
1.68 |
1.87 |
5.58 |
|
|
ii) Earnings per share (after extraordinary items) -(of Rs. 21- each) (not annualised) |
|
|
|
|
|
a)Basic |
1.68 |
1.87 |
5.58 |
|
|
b)Diluted |
1.68 |
1.87 |
5.58 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
Number of shares |
52977094 |
52977094 |
52977094 |
|
|
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) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of shares |
158931281 |
158931281 |
158931281 |
|
|
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% |
|
|
|
3 months ended |
|
|
Particulars |
(30.09.2013) |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
125 |
|
|
Disposed of during the quarter |
125 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
REVENUES, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS
|
|
Particulars |
3 months ended 30.09.2013 |
Preceding 3 months ended 30.06.2013 |
Year to date figures for current period
ended 30.09.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment Revenues |
|
|
|
|
|
Power Systems |
4532.900 |
5035.100 |
17087.200 |
|
|
Power Products |
5195.000 |
5249.500 |
14865.800 |
|
|
Process Automation |
3008.400 |
3211.200 |
9022.200 |
|
|
Discrete Automation and Motion |
4553.800 |
4179.500 |
13264.000 |
|
|
Low Voltage Products |
1733.300 |
1563.400 |
4710.200 |
|
|
Total |
19023.400 |
19238.700 |
58949.400 |
|
|
Unallocated |
116.200 |
96.800 |
318.200 |
|
|
Total |
19139.600 |
19335.500 |
59267.600 |
|
|
Less : Inter segment revenues |
1280.600 |
1824.000 |
4086.400 |
|
|
Total Income tram operations |
17859.000 |
17511.500 |
55181.200 |
|
2 |
Segment Results (Profit Before Tax and Interest) |
|
|
|
|
|
Power Systems |
249.600 |
283.800 |
832.300 |
|
|
Power Products |
428.900 |
449.500 |
1098.400 |
|
|
Process Automation |
73.800 |
102.000 |
354.700 |
|
|
Discrete Automation and Motion |
280.000 |
242.700 |
862.500 |
|
|
Low Voltage Products |
79.700 |
31.200 |
165.100 |
|
|
Total |
1112.000 |
1109.200 |
3313.000 |
|
|
(Add) / Less - Interest |
269.900 |
258.000 |
723.400 |
|
|
- Other unallocated expenditure net off |
305.900 |
251.500 |
808.500 |
|
|
unallocated income |
|
|
|
|
|
Total Profit Before Tax |
536.200 |
601.700 |
1781.100 |
|
3 |
Capital Employed |
|
|
|
|
|
Power Systems |
7675.300 |
6647.600 |
7675.300 |
|
|
Power Products |
9374.200 |
8932.400 |
9375.300 |
|
|
Process Automation |
4398.200 |
4486.500 |
4398.200 |
|
|
Discrete Automation and Motion |
3804.300 |
3621.000 |
3804.300 |
|
|
Low Voltage Products |
3136.600 |
2847.500 |
3136.600 |
|
|
Unallocated |
(1096.800) |
400.800 |
(1096.800) |
|
|
Total |
27291.800 |
26935.800 |
27291.800 |
Note:
- 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 6th November, 2013.
- The auditors have conducted a limited review of the above
financial results for the quarter ended on 30th September, 2013.
- The Hon’ble high court of Bombay vide its order dated 27th
September 20132 has sanctioned the scheme of amatgamation of baldor
electric India Private Limited (boldor) with ABB India Limited (Company).
The Svheme has has become effective from 1st November 2013 with
appointed date being 1st April 2012. Baidor was a wholly owned
subsidiary of the company.
- The financial result of current year incorporates the operating
results of baldor for the three months ended 30th September
2013, preceding three months ended 30th June 2013 (restated)
and nine months period ended 30th September 2013. Net Sales of
Baldor during these periods were Rs. 94.200 Millions and Rs. 94.200
Millions respectively and loss before tax of Baldor during these periods
were Rs. 10.400 Millions, Rs. 10.700 Millions and Rs. 13.500 Millions
respectively. Net profit of Rs. 24.600 Millions of Baldor from the
appointed date.
- The figures of the previous year/ periods have been regrouped/
reclassified, wherever necessary.
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.
ABB WINS $38 MILLION POWER ORDERS TO BOOST ELECTRICITY SUPPLY IN
SOUTHERN INDIA
Power plant and substation solutions to facilitate energy efficiency and grid reliability
Zurich, Switzerland, Aug.6, 2013 – ABB, the leading power and automation technology group, has won orders worth around $38 million for a new 1,320 megawatt (MW) coal-fired power plant, which is under construction in the southern Indian state of Andhra Pradesh. The orders were placed by NCC Limited, the engineering, procurement and construction (EPC) contractor for the plant and a leading Indian construction and infrastructure company and were booked in the second quarter.
ABB is responsible for the design, engineering, installation
and commissioning of the electrical balance of plant (EBoP) as well as a
400-kilovolt (kV) gas insulated switchgear (GIS) substation, scheduled for
completion in 2014.
India has an installed power generation capacity of over 210,000 MW, of which
approximately 57 per cent is based on coal. According to estimates of the
International Energy Agency (IEA), national energy demand is projected to more
than double over the next 25 years. Oil and coal are expected to maintain their
shares in the primary energy mix and India is expected to displace the United
States as the world’s second-largest coal consumer by 2025. Over 60 per cent of
the rise in energy demand comes from the power sector, reflecting the enormous
demand for electricity in India.
“ABB has a long-standing presence and a well-established track record in India
and we are pleased to contribute further to the development of the country’s
power infrastructure,” said Brice Koch, head of ABB’s Power Systems division.
“Our extensive local manufacturing footprint and resource capability enable us
to bring best-in-class technologies to our customers and to serve the
electricity needs of this growing economy and its vibrant population.”
The EBoP solution comprises a range of ABB power products, which have been
integrated into an optimized system to suit operational requirements. Some of
the major product supplies include generator circuit breakers, medium- and
low-voltage switchgear, transformers and protection equipment. Based on a
proven fast delivery concept, the solution reduces overall project costs and mitigates
risk. The GIS substation ensures a compact footprint and deploys
state-of-the-art ABB technology to ensure safe and reliable power transmission.
The Nellore plant will be a ‘super-critical’ thermal power plant, which is
considered more efficient than conventional coal-fired power plants as they
generate more energy, consume less coal and produce fewer emissions than
traditional sub-critical technologies. ABB recently delivered a similar EBoP
solution for a new 1,600 MW super-critical power plant owned by the Andhra
Pradesh state utility, APPDCL, which is located close to Nellore in
Krishnapatnam.
ABB 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
145,000 people.
ABB TO ACQUIRE POWER-ONE TO BECOME A GLOBAL LEADER IN SOLAR
PHOTOVOLTAIC (PV) INVERTERS
- The boards of ABB and Power-One have agreed to a transaction in which ABB will acquire Power-One at $6.35 per share or approximately $1 billion equity value, which includes Power-One’s net cash of $266 million
- Combination creates global leader in the most attractive and “intelligent” part of the PV value chain
- Deal gives Power-One access to ABB’s substantial R and D, global service and sales capabilities and complements ABB’s growing inverter business and leadership in power electronics
- Right time: Solar PV industry is set for 10 percent-plus annual growth as PV-generated power rapidly approaches grid parity in many countries and will change the energy mix in the long term
- Management continuity ensured
- Integration with proven approach into the Discrete Automation and Motion division
- Transaction expected to close in 2H 2013, subject to shareholder and regulatory approvals
Zurich, Switzerland, April 22, 2013 – ABB (NYSE: ABB), the leading power and automation technology group, and Power-One, Inc. (NASDAQ: PWER), a leading provider of renewable energy and of energy-efficient power conversion and power management solutions, today announced that their boards of directors have agreed to a transaction in which ABB will acquire Power-One for $6.35 per share in cash or $1,028 million equity value.
The transaction would position ABB as a leading global supplier of solar
inverters – the “intelligence” behind a solar PV system – to a market
forecasted by the International Energy Agency to grow by more than 10 percent
per year until 2021. This rapid growth is being driven by rising energy demand,
especially in emerging markets, rising electricity prices and declining costs.
“Solar PV is becoming a major force reshaping the future energy mix because it
is rapidly closing in on grid parity,” said ABB’s CEO, Joe Hogan. “Power-One is
a well-managed company and is highly regarded as a technology innovator
focusing on the most attractive and intelligent solar PV product. 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.”
Power-One has one of the market’s most comprehensive offerings of solar
inverters, ranging from residential to utility applications, and a broad global
manufacturing footprint. It also has a power solutions portfolio that is
adjacent to ABB’s power conversion business. Power-One employs almost 3,300
people, mainly in China, Italy, the US and Slovakia. In 2012, it generated $120
million in earnings before interest, taxes, depreciation and amortization
(EBITDA) on sales of approximately $1 billion.
“This transaction delivers significant value to our shareholders and will
enable Power-One to accelerate its growth,” said Richard J. Thompson, CEO of
Power-One. “Together we can better address the growing worldwide demand for
innovative, renewable energy solutions and strengthen our global leadership. I
believe ABB is the right partner and now is the ideal time for our companies to
join forces.”
ABB’s leading portfolio in power and automation, global footprint and service
organization make it a natural player in solar PV. For many years ABB has
brought its solutions to the solar PV industry and is on track to generate
sales of more than $100 million in solar inverters in 2013. Solar inverters are
one of the fastest-developing technologies in power electronics, requiring
substantial research and development (R and D) resources. In 2012, ABB invested
about $1.5 billion in R and D overall.
“The combination of these two successful companies will create significant
value-driven growth based on innovation – which means inverters offer
opportunities for differentiation – global reach, high quality and technology
leadership,” said Ulrich Spiesshofer, head of ABB’s Discrete Automation and
Motion division, into which Power-One will be integrated. “The acquisition
supports the implementation of the division’s strategy for renewable energy and
the goal to build on our strength in power electronics.”
The transaction is structured as a merger and is subject to the satisfaction of
customary closing conditions, including approval of Power One's shareholders at
a special meeting and receipt of customary regulatory approvals. The merger
agreement contains certain agreed deal protection mechanisms. Investment funds
affiliated with Silver Lake Sumeru have entered into an agreement to vote in
favor of the transaction. The transaction is expected to close in the second
half of 2013. ABB will finance the transaction out of its own funds.
Credit Suisse acted as financial advisor to ABB, and Cleary Gottlieb Steen and
Hamilton LLP acted as legal advisor. Goldman Sachs and Company acted as
financial advisor to Power-One, and Gibson, Dunn and Crutcher LLP as legal
advisor.
ABB 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 145,000 people. In the United States, ABB had revenues of $6.7 billion
and its workforce grew to nearly 20,000 employees in 2012.
Power-One, Inc. is a leading provider of renewable energy and energy-efficient
power conversion and power management solutions and a leading designer and
manufacturer of photovoltaic inverters. Its renewable energy products enable
the industry’s highest yielding conversion of power from solar arrays for use
by utilities, commercial enterprises and homes. Power-One has a 40-year history
as a leader in high efficiency and high density power supply products for a
variety of industries including renewable energy, servers, storage and
networking, industrial and network power systems. The company is headquartered
in Camarillo, California, and has operations in Asia, Europe, and the Americas
spanning sales, manufacturing, and R and D.
ABB INDIA LIMITED
ANNOUNCES Q2, 2013 RESULTS
|
Key figures: |
|
|
|
Rupees in crores |
|
|
Q2 2013 |
Q2 2012 |
H1 2013 |
H1 2012 |
|
Orders |
1731 |
2045 |
3262 |
3709 |
|
Revenues |
1720 |
1858 |
3674 |
3631 |
|
Profit before tax |
61 |
77 |
125 |
148 |
|
Profit before tax % |
3.6 |
4.1 |
3.4 |
4.1 |
|
Profit after tax |
40 |
52 |
83 |
99 |
|
Profit after tax % |
2.3 |
2.8 |
2.3 |
2.7 |
|
Operational EBITDA* |
111 |
87 |
239 |
197 |
|
Operational EBITDA% |
6.4 |
4.7 |
6.5 |
5.4 |
Operational EBITDA: Earnings before interest and taxes (EBIT) excluding depreciation and amortization, adjusted for i) unrealized gains and losses on derivatives (FX, commodities, embedded derivatives), ii) realized gains and losses on derivatives where the underlying hedged transaction has not yet been realized, iii) unrealized foreign exchange movements on receivables/payables (and related assets/liabilities), iv) restructuring and restructuring-related expenses, and v) acquisition-related expenses and certain non-operational items.
Orders
The company received orders worth Rs.173.100 millions during the quarter ended
June 30, 2013, compared to an order intake of Rs. 204.500 millions for the same
period last year. This reflects a challenging business environment as customers
continue to exercise caution on large investments. The company continues to
focus on balancing its risk and returns.
The company’s thrust on exports and new business streams yielded results with
export orders demonstrating clear growth over successive quarters. Orders from
sectors such as renewable energy continued on their growth trajectory.
Order backlog
The company’s order backlog stood at Rs. 823.500 millions at the end of the quarter as compared to Rs.917.500 millions during the same period last year.
Revenue and operations
The revenue for the second quarter ended June 30, 2013 was Rs.172.000 millions compared to Rs.185.800 millions for the corresponding period in 2012. ABB India continues to follow a policy of cash over revenue in its businesses to mitigate the credit risk in the market. Localized offerings also enabled the company to stay competitive in a tough economic environment.
Profit
The company posted a profit before tax (PBT) of Rs. 61 crores and a profit
after tax (PAT) of Rs. 40 crores for the quarter. Savings from operational
excellence initiatives and cost take out programs helped offset the impact of
price pressures and the higher cost of working capital.
“The economic environment is now increasingly depressed. Our multiple
productivity and operational excellence initiatives are yielding results. We
are confident that our broad portfolio, cost take out programs, localization
initiatives and the ability to find new opportunities will give us pole
position as the market eventually revives” said Bazmi Husain, Managing
Director, ABB India Limited.
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 145,000 people.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
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.