MIRA INFORM REPORT
|
Report Date : |
30.04.2014 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. There appears some dip in the profitability of the company during
2012. However, the rating reflects company’s established market position in
the power and automation technology segments marked by healthy financial
risk, adequate liquidity position and decent capital structure. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The Company can be considered good for normal 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term rating AAA |
|
Rating Explanation |
Highest degree of safety. It carry lowest
credit risk. |
|
Date |
10.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term rating A1+ |
|
Rating Explanation |
Very strong degree of safety. It carry
lowest credit risk. |
|
Date |
10.04.2013 |
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
|
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 |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(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 |
|
|
|
|
|
|
|
|
2765401 |
1.30 |
|
|
23087204 |
10.89 |
|
|
9333852 |
4.40 |
|
|
35186457 |
16.60 |
|
|
|
|
|
|
1074880 |
0.51 |
|
|
|
|
|
|
16058922 |
7.58 |
|
|
255360 |
0.12 |
|
|
401475 |
0.19 |
|
|
3500 |
0.00 |
|
|
298765 |
0.14 |
|
|
10656 |
0.01 |
|
|
88554 |
0.04 |
|
|
17790637 |
8.40 |
|
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 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Instrument and Electric Motor. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Others |
|
|
|
|
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 : |
Ashwin Solanki and Associates Cost Accountants |
|
|
|
|
Name : |
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 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
|
Name of
Shareholder |
Number
of Shares |
Rs. In Millions |
|
ABB Asea Brown Boveri Limited - the holding company |
146390952 |
292.800 |
|
ABB Norden Holding AB - a fellow subsidiary |
12540330 |
25.100 |
Details of equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% 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 |
|
|
|
|
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 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
19700.200 |
17416.400 |
17859.000 |
22038.700 |
|
Total Expenditure |
18634.800 |
16326.500 |
16804.800 |
20544.100 |
|
PBIDT (Excl OI) |
1065.400 |
1089.900 |
1054.200 |
1494.600 |
|
Other Income |
13.800 |
37.800 |
9.200 |
6.900 |
|
Operating Profit |
1079.200 |
1127.700 |
1063.400 |
1501.500 |
|
Interest |
197.500 |
256.000 |
269.900 |
287.900 |
|
Exceptional Items |
881.700 |
871.700 |
0.000 |
0.000 |
|
PBDT |
246.100 |
259.300 |
793.500 |
1213.600 |
|
Depreciation |
635.600 |
612.400 |
257.300 |
270.000 |
|
Profit Before Tax |
210.000 |
209.000 |
536.200 |
943.600 |
|
Tax |
425.600 |
403.400 |
180.100 |
357.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
425.600 |
403.400 |
356.100 |
585.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
24.600 |
0.000 |
|
Net Profit |
425.600 |
403.400 |
380.700 |
585.900 |
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
423.817 |
423.800 |
423.800 |
|
Reserves & Surplus |
23813.219 |
24921.400 |
25556.700 |
|
Net
worth |
24237.036 |
25345.200 |
25980.500 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
0.000 |
0.000 |
3276.800 |
|
Total
borrowings |
0.000 |
0.000 |
3276.800 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.126 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
62,871.118 |
74,489.700 |
75,649.900 |
|
|
|
18.480 |
1.558 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
62,871.118 |
74,489.700 |
75,649.900 |
|
Profit |
632.303 |
1,845.400 |
1,374.100 |
|
|
1.01% |
2.48% |
1.82% |
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
LITIGATION
DETAILS:
|
CASE DISPOSED
|
||||||||||||||||||||||||||||||||||||
UNSECURED LOAN:
|
Particulars |
31.12.2012 Rs. In Millions |
31.12.2011 Rs. In Millions |
|
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.
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 YEAR ENDED
31.12.2013
(Rs. In Millions)
|
|
Particulars |
Year Ended (Audited) |
Quarter Ended (Unaudited) |
Year Ended (Audited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Income from operations (a)Net sales/Income from operations (Net of excise duty) |
21749.100 |
17624.000 |
76316.200 |
|
|
(b) Other operating income |
289.600 |
235.000 |
903.700 |
|
|
Total Income from operations (net) |
22038.700 |
17859.000 |
77219.900 |
|
2 |
Expenses |
|
|
|
|
|
(a)Cost of raw materials and components consumed and project bought
outs |
12842.800 |
10635.500 |
46291.900 |
|
|
(b)Purchases of stock-in-trade |
1028.600 |
859.700 |
3140.700 |
|
|
(c)Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
252.900 |
(179.400) |
(219.800) |
|
|
(d)Subcontracting charges |
1141.500 |
1080.300 |
4682.000 |
|
|
(e)Employee benefits expense |
1877.600 |
1626.500 |
6770.600 |
|
|
(f)Depreciation and amortisation expense |
270.000 |
257.300 |
1033.100 |
|
|
(g)Other expenses |
3400.700 |
2782.200 |
11765.300 |
|
|
Total expenses |
20814.100 |
17062.100 |
73463.800 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional items (1-2) |
1224.600 |
796.900 |
3666.100 |
|
4 |
Other income |
6.900 |
9.200 |
69.900 |
|
5 |
Profit / (Loss) from ordinary activities, before finance costs and exceptional
items (3+4) |
1231.600 |
806.100 |
3736.000 |
|
6 |
Finance costs |
287.900 |
269.900 |
1011.300 |
|
7 |
Profit / (Loss) from ordinary activities after finance costs and
exceptional items (5-6) |
943.600 |
536.200 |
2724.700 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit / (Loss) from ordinary activities before tax (7+8) |
943.600 |
536.200 |
2724.700 |
|
10 |
Tex expense |
357.700 |
180.100 |
955.800 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
585.900 |
356.100 |
1768.900 |
|
12 |
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the period (11-12) |
585.900 |
356.100 |
1768.900 |
|
14 |
Impact of scheme of amalgamation relating to previous year (refer note
3) |
0.000 |
24.600 |
24.200 |
|
15 |
Net Profit/(Loss) for the period after Impact of scheme of amalgamation
relating to previous year (13+14) |
5285.900 |
380.700 |
1793.100 |
|
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 |
2.78 |
1.68 |
8.46 |
|
|
b) Diluted |
2.78 |
1.68 |
8.46 |
|
|
ii) Earnings per share (after extraordinary items) -(of Rs.21- each) (not annualised) |
|
|
|
|
|
a)Basic |
2.76 |
1.68 |
8.46 |
|
|
b)Diluted |
2.76 |
1.68 |
8.46 |
|
|
|
|
|
|
|
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 |
(31.12.2013) |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
98 |
|
|
Disposed of during the quarter |
98 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
REVENUES, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS
|
|
Particulars |
Year Ended (Audited) |
Quarter Ended (Unaudited) |
Year Ended (Audited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Segment Revenues |
|
|
|
|
|
Power Systems |
6763.300 |
4532.900 |
23850.500 |
|
|
Power Products |
6438.600 |
5195.000 |
21304.400 |
|
|
Process Automation |
3458.000 |
3008.400 |
12480.200 |
|
|
Discrete Automation and Motion |
4972.500 |
4553.800 |
18236.500 |
|
|
Low Voltage Products |
2058.400 |
1733.300 |
6768.600 |
|
|
Total |
23690.800 |
19023.400 |
82640.200 |
|
|
Unallocated |
112.200 |
116.200 |
430.400 |
|
|
Total |
23803.000 |
19139.600 |
83070.600 |
|
|
Less : Inter segment revenues |
1764.6300 |
1280.600 |
5850.700 |
|
|
Total Income tram operations |
22038.700 |
17859.000 |
77219.900 |
|
2 |
Segment Results (Profit Before Tax and Interest) |
|
|
|
|
|
Power Systems |
106.400 |
249.600 |
938.700 |
|
|
Power Products |
603.000 |
428.900 |
1701.400 |
|
|
Process Automation |
356.500 |
73.800 |
711.200 |
|
|
Discrete Automation and Motion |
389.900 |
280.000 |
1252.400 |
|
|
Low Voltage Products |
87.700 |
79.700 |
252.800 |
|
|
Total |
1543.500 |
1112.000 |
4856.500 |
|
|
(Add) / Less - Interest |
287.900 |
269.900 |
1011.300 |
|
|
- Other unallocated expenditure net off |
312.000 |
305.900 |
1120.500 |
|
|
unallocated income |
|
|
|
|
|
Total Profit Before Tax |
943.600 |
536.200 |
2724.700 |
|
3 |
Capital Employed |
|
|
|
|
|
Power Systems |
6074.500 |
7675.300 |
6074.500 |
|
|
Power Products |
8443.200 |
9374.200 |
8443.200 |
|
|
Process Automation |
3773.100 |
4398.200 |
3773.100 |
|
|
Discrete Automation and Motion |
2925.700 |
3804.300 |
2925.700 |
|
|
Low Voltage Products |
2791.900 |
3136.600 |
2791.900 |
|
|
Unallocated |
2767.200 |
(1096.800) |
2767.200 |
|
|
Total |
26775.600 |
27291.800 |
26775.600 |
|
SOURCES
OF FUNDS |
|
|
31.12.20.13 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
423.800 |
|
(b) Reserves & Surplus |
|
|
26,351.800 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
26,775.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
41.700 |
|
(d) long-term
provisions |
|
|
57.100 |
|
Total Non-current
Liabilities (3) |
|
|
98.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
6,201.100 |
|
(b) Trade
payables |
|
|
20,825.800 |
|
(c) Other
current liabilities |
|
|
13,959.500 |
|
(d) Short-term
provisions |
|
|
2,634.500 |
|
Total Current
Liabilities (4) |
|
|
43,620.900 |
|
|
|
|
|
|
TOTAL |
|
|
70,495.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
14,390.000 |
|
(b) Non-current
Investments |
|
|
164.700 |
|
(c) Deferred tax
assets (net) |
|
|
279.300 |
|
(d) Long-term Loan and Advances |
|
|
3,508.900 |
|
(e) Other
Non-current assets |
|
|
83.000 |
|
Total Non-Current
Assets |
|
|
18,425.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.800 |
|
(b) Inventories |
|
|
9,888.500 |
|
(c) Trade
receivables |
|
|
32,357.200 |
|
(d) Cash
and cash equivalents |
|
|
3,165.800 |
|
(e)
Short-term loans and advances |
|
|
2,567.700 |
|
(f) Other
current assets |
|
|
4,089.400 |
|
Total
Current Assets |
|
|
52,069.400 |
|
|
|
|
|
|
TOTAL |
|
|
70,495.300 |
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 18th February, 2014.
- The auditors have conducted a limited review of the above
financial results for the quarter ended on 31st December 2013.
- The Hon’ble high court of Bombay vide its order dated 27th
September 2013 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. The net
profit of Rs.24.200 Millions of Baldor from the appointed date i.e. 1st
April 2012 to 31st December 2012 f the previous year has been
accounted separately in the previous quarter and figures for the current year
ended 31st December 2013.
- The figure for the last quarter of current and
the previous years are the balancing figures between audited figures for
the full financial years end the unaudited published year-to-date figures
for nine months of respective years.
- The figures of the previous year/ periods have been regrouped/
reclassified, wherever necessary.
INDEX OF CHARGE:
|
Sr. 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, Karnataka - 560001, India |
- |
FIXED ASSETS:
·
Freehold land
·
Leasehold Land
·
Leasehold Improvements
·
Factory Buildings
·
Other Building
·
Residential Quarters
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicle
NEWS:
ABB INDIA LIMITED, REPORTS Q4 AND FULL YEAR 2013 RESULTS
·
Revenues
and orders hold steady in a tough macro environment
·
Base
orders grow, exports surge balancing paucity of new projects
·
Relentless
execution and cost focus improves margin, cash position
·
Board
recommends dividend of Rs. 3/- per share
Vadodara,
February 18, 2014:
ABB
India Limited, reported results for the quarter and the full year ended
December 31, 2013.
|
Key figures: |
|
|
|
Rupees in Millions |
|
|
Q4 2013 |
Q4 2012 |
12 months ended 2013 |
12 months ended 2012 |
|
Orders |
16660.000 |
15790.000 |
67170.000 |
69660.000 |
|
Revenues |
21750.000 |
20530.000 |
76320.000 |
74700.000 |
|
Profit
before tax |
940.000 |
260.000 |
2720.000 |
2060.000 |
|
Profit
before tax % |
4.3 |
1.3 |
3.6 |
2.8 |
|
Profit
after tax |
590.000 |
170.000 |
1790.000 |
1370.000 |
|
Profit
after tax % |
2.7 |
0.8 |
2.3 |
1.8 |
|
Operational EBITDA* |
1720.000 |
1080.000 |
5250.000 |
3850.000 |
|
Operational EBITDA% |
7.9 |
5.3 |
6.9 |
5.1 |
* 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.16660.000 Millions for the quarter ending
December 31,2013 compared to Rs.15790.000 Millions in the corresponding quarter
of the previous year. The order book for the full year 2013 stood at
Rs.67170.000 Millions. Base orders from a wider spectrum of customers helped
offset dearth of large projects in the market. Exports grew annulling the effect
of a contraction in the domestic market opportunities. The company continued to
tap sectors like renewable energy, data center, railways, grid stability,
mining, oil and gas that look increasingly promising.
Order backlog
The Company is well positioned with an order backlog of Rs.77090.000 Millions
as on December 31, 2013, providing necessary visibility to future revenues.
Revenues and operations
The Company achieved revenues of Rs.21750.000 Millions for the quarter ending
December 31, 2013 compared to Rs.20530.000 Millions in the previous quarter
last year. The revenue for the full year was Rs.76320.000 Millions in 2013.
Key highlights include 50 MW solar power plant commissioned in record time,
successful test of 1200 kV Ultra High Voltage transformer, all with an eye for
maintaining market share and a keen focus on cost for increased efficiencies.
The Company inaugurated GIS (Gas Insulated Switchgear) / PASS (Plug and Switch
System) and Dry type and Distribution transformer factories in November as part
of its strategy to improve competitiveness and remain aligned with the evolving
trends in the market.
“2013 witnessed a steady improvement in margins of the Company. While market
uncertainties continue, our intensified efforts to remain cost competitive and
strengthen project management have borne visible results. Our capacities are
ready to address the next phase of growth as the market improves – the new
PASS, GIS factory reinforces our technology focus and commitment to the India
growth story. Overall, we remain aligned to charting a course of profitable
growth backed by business led collaboration and relentless execution” said
Bazmi Husain, Managing Director, ABB India Limited
Net Profit
The Company reported profit before tax of Rs.94 crore for the quarter ending
December 31, 2013 compared to Rs.260.000 Millions in same period in 2012. The
profit before tax for the year stood at Rs.2720.000 Millions.
Net profit after tax for the quarter ending December 31, 2013 was at Rs.590.000
Millions as against Rs.170.000 Millions in the corresponding quarter of the
previous year. The profit after tax for the year ended 31st
December, 2013 stood at Rs.1790.000 Millions.
In addition, the company also generated a healthy operating cash flow in the
midst of a tight liquidity market.
Dividend
The Board of Directors has recommended a dividend of Rs.3/- per share (150
percent), subject to the approval of shareholders at the forthcoming Annual
General Meeting.
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 150,000 people.
PRESS RELEASE
ABB WINS POWER PRODUCTS ORDERS WORTH
RS.3100.000 MILLIONS IN INDIA
Power transformers and shunt
reactors to help strengthen ultrahigh voltage transmission grid
Bengaluru, February 20, 2014 -
ABB, the leading power and automation technology group, has won orders worth
around Rs.310 crore ($56 million) from Power Grid Corporation of India Limited
(POWERGRID), India’s central power transmission utility, to supply power
transformers and shunt reactors for substations being built to support the
country’s ultrahigh voltage transmission grid development. The orders were
booked in the fourth quarter of 2013 and in the first quarter of 2014.
India is investing in its ultrahigh voltage network to strengthen its power
transmission grid and ABB is playing a key role in supporting this development
through turnkey substation solutions and a range of power products including
switchgear and transformers.
Fourteen 500 megavolt ampere (MVA), 765 kilovolt (kV) ultrahigh voltage
single-phase auto-transformers based on ABB’s proven technology will be
installed at Greenfield substations being constructed in Kanpur and Varanasi.
These substations, will receive power from the neighboring states of Jharkhand
and West Bengal, and distribute it in the northern Indian state of Uttar
Pradesh (UP) to meet growing demand in the region. UP is India’s most populous
state with more than 200 million citizens and one of the largest states in the
country comparable in size to the United Kingdom.
ABB will also supply 26 units of 80 MVAr and 10 units of 110 MVAr, 765 kV
ultrahigh voltage single-phase shunt reactors for four substations being built
in southern and eastern India.
“These transformers and shunt reactors will help enhance grid reliability and
ensure the highest standards of efficiency with reduced life-cycle costs”, said
Bernhard Jucker, head of ABB’s Power Products division. “We are pleased to
continue supporting India’s efforts to strengthen its transmission
infrastructure and improve power availability.”
Transformers are integral components of an electrical grid, and essential for
the efficient and safe conversion of electricity between diverse voltage
systems. ABB’s transformer portfolio includes power transformers rated up to
1,200 kV, dry- and liquid-distribution transformers, traction and special
application transformers as well as related services and components.
POWERGRID is one of the largest transmission utilities in the world. It owns
and operates over 100,000 circuit kilometers of transmission lines and 178
substations and is playing a vital role in India’s infrastructure development
by developing a robust integrated national grid as part of the government’s
aspirational program to provide ‘power for all’ across the country.
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 more than 150,000 people.
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.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.60.50 |
|
UK Pound |
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
DEFAULTER |
|
|
|
--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.