MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	ABB INDIA LIMITED (w.e.f. 14.06.2013)

Formerly Known As :	ABB LIMITED

Registered Office :	2^nd Floor, East Wing Khanija Bhawan, 49, Race Course Road, Bangalore – 560 001, Karnataka

Country :	India

Financials (as on) :	31.12.2013

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 :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturing of Instrument and Electric Motor.

No. of Employees :	6371 (Approximately)

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-term rating AAA
Rating Explanation	Highest degree of safety. It carry lowest credit risk.
Date	01.07.2014

Rating Agency Name	CRISIL
Rating	Short-term rating A1+
Rating Explanation	Very strong degree of safety. It carry lowest credit risk.
Date	01.07.2014

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 31-03-2014.

INFORMATION DECLINED

Management Non Cooperative (91-22-66159859)

LOCATIONS

Registered Office :	2^nd Floor, East Wing Khanija Bhawan, 49, Race Course Road, Bangalore – 560 001, Karnataka, India
Tel. No.:	91-80-22949150/ 54
Fax No.:	91-80-22949148
E-Mail :	ashay.khandwala@in.abb.com b.gururaj@in.abb.com investor.helpdesk@in.abb.com
Website :	http://www.abb.co.in
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 :	485/6, 14^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80 2294 9449

Factory 4 :	Plot No.79, Street No.17, MIDC Satpur, Nashik – 422007, Maharashtra, India

Factory 5 :	A1 and A2, III Stage, Peenya Industrial Area, Bangalore – 560058, Karnataka, India

Factory 6 :	88/3 – 88/6, Basavanahalli Village, Kasaba, Bangalore North, Nelamangala – 562123, Karnataka, India

Factory 7 :	AP LV Control Products, Plot No 5&6, 2nd Phase-Peenya Industrial Area Bangalore – 560048, Karnataka, India

Factory 8 :	Also Located At: Haridwar Mumbai Mysore

DIRECTORS

As on 31.12.2013

Name :	Mr. Gary Steel
Designation :	Chairman

Name :	Mr. Bazmi R. Husain
Designation :	Managing Director

Name :	Mr. N. S. Raghavan
Designation :	Director

Name :	Mr. Nasser Munjee
Designation :	Director

Name :	Mr. Darius E Udwadia
Designation :	Director

Name :	Mr. Arun Kanti Dasgupta
Designation :	Director

Name :	Mr. Peter Leupp
Designation :	Director

Name :	Mr. Francis Duggan
Designation :	Director

Name :	Mr. Renu Sud Karnad
Designation :	Director

KEY EXECUTIVES

Name :	Mr. B. Gururaj
Designation :	Company Secretary

Audit Committee	Nasser Munjee, Chairman of the Committee Darius E. Udwadia Peter Leupp Renu Sud Karnad

Shareholders’ / Investors’ Grievance Committee	Darius E. Udwadia, Chairman of the Committee Bazmi R. Husain Renu Sud Karnad

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	158931281	75.00
Sub Total	158931281	75.00
Total shareholding of Promoter and Promoter Group (A)	158931281	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2936625	1.39
Financial Institutions / Banks	22632219	10.68
Foreign Institutional Investors	10094271	4.76
Sub Total	35663115	16.83
(2) Non-Institutions
Bodies Corporate	1136809	0.54
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	15580879	7.35
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	194000	0.09
Any Others (Specify)	402291	0.19
Non Resident Indians	297721	0.14
Trusts	23656	0.01
Clearing Members	80914	0.04
Sub Total	17313979	8.17
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	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 :	6371 (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 Morgan Chase Bank, N.A. State Bank of India Standard Chartered Bank The Hongkong and Shanghai Banking Corporation Limited The Royal Bank of Scotland N.V. The Bank of Tokyo-Mitsubishi UFJ, Limited YES Bank Limited


Banking Relations :	---

Auditors :
Name :	S. R. Batliboi and Company Chartered Accountant

Cost Auditors:
Name :	Ashwin Solanki and Associates Cost Accountants

Ultimate Holding Company	ABB Limited, Zurich, Switzerland

Holding Company :	ABB Asea Brown Boveri Limited, Zurich, Switzerland

Subsidiary :	Baldor Electric India Private Limited., Pune, India (from December 1, 2011 till March 31, 2012.)

Fellow subsidiaries:	ABB (Asea Brown Boveri), S.A., Paco de Arcos, Portugal ABB (China) Limited, Beijing, China ABB (Hong Kong) Limited, Hong Kong, Hong Kong ABB (Namibia) (Pty) Limited, Windhoek, Namibia ABB (Private) Limited, Harare, Zimbabwe ABB (Pty) Limited, Gaborone, Botswana ABB (Pvt) Limited, Lahore, Pakistan ABB A/S., Skovlunde, Denmark ABB AB., Västerås, Sweden ABB AG, Vienna, Austria ABB AG., Mannheim, Germany ABB AS., Billingstad, Norway ABB AS., Jüri, Estonia ABB Australia Pty Limited., Sydney, Australia ABB Automation Company Limited, Riyadh, Saudi Arabia ABB Automation EOOD, Rakovski, Bulgaria ABB Automation GmbH., Mannheim, Germany ABB Automation L.L.C., Abu Dhabi, United Arab Emirates ABB Automation Products GmbH., Ladenburg, Germany ABB B.V., Rotterdam, Netherlands ABB Bailey Beijing Engineering Company Limited, Beijing, China ABB Bailey Japan Limited, Shizuoka-Ken, Japan ABB Beijing Drive Systems Company Limited, Beijing, China ABB Bulgaria EOOD., Sofi a, Bulgaria ABB BV, Rotterdam, Netherlands ABB Capital, B.V., Amsterdam, Netherlands ABB Chongqing Transformer Company Limited, Chongqing, China ABB CL Logistic S.A., Montevideo, Uruguay ABB Contracting Company Limited, Riyadh, Saudi Arabia ABB D.o.o., Ljubljana, Slovenia ABB d.o.o., Belgrade, Serbia ABB Ecuador S.A., Quito, Ecuador ABB Electrical Industries (ABB ARAB) S.A.E., Cairo, Egypt ABB Electrical Industries Limited, Riyadh, Saudi Arabia ABB Electrical Machines Limited, Shanghai, China ABB Elektrik Sanayi A.S., Istanbul, Turkey ABB Engg. Technologies Co. (KSCC)., Safat, Kuwait ABB Engineering (Shanghai) Limited, Shanghai, China ABB Engineering Trading and Service Limited, Budapest, Hungary ABB Equity Limited., St. Peter’s Port, Guernsey ABB ESAP Limited., St. Peter’s Port, Guernsey ABB for Electrical Industries (ABB ARAB) S.A.E., Cairo, Egypt ABB France., Les Ulis, France ABB FZ-LLC., Dubai, United Arab Emirates ABB Genway Xiamen Electrical Equipment Company Limited, Xiamen, China ABB Global Industries and Services Limited, Bengaluru, India ABB Global Marketing FZ LLC., Dubai, United Arab Emirates ABB Group Accounting Services B.V., Rotterdam, Netherlands ABB Hefei Transformer Company Limited, Hefei, China ABB High Voltage Switchgear (Xiamen) Company Limited, Xiamen, China ABB High Voltage Switchgear Company Limited, Beijing, China ABB Holdings Sdn. Bhd., Subang Jaya, Malaysia ABB Import and Export Services Limited, Oranjestad/Aruba (NA), Aruba (Nl) ABB Inc., Cary, NC, United States ABB Inc., St. Laurent, Quebec, Canada ABB Industries (L.L.C.)., Dubai, United Arab Emirates ABB Industries FZ., Dubai, United Arab Emirates ABB Information Systems Limited, Zurich, Switzerland ABB International Marketing Limited, Zurich, Switzerland ABB Intra AG, Zurich, Switzerland ABB Jiangjin Turbo Systems Company Limited, Chongqing, China ABB K.K., Tokyo, Japan ABB Limited., Auckland, New Zealand ABB Limited, Bangkok, Thailand ABB Limited, Dar Es Salaam, United Republic of Tanzania ABB Limited, Dhaka, Bangladesh ABB Limited, Nairobi, Kenya ABB Limited, Warrington, United Kingdom ABB Limited Jordan LLC., Amman, Jordan ABB LLC., Doha, Qatar ABB LLC., Muscat, Oman ABB LLP., Almaty, Kazakhstan ABB Logistics Center Europe GmbH., Menden, Germany ABB Limited, Dublin, Ireland ABB Limited, Hanoi, Vietnam ABB Limited, Kampala, Uganda ABB Limited, Kyiv, Ukraine ABB Limited, Lusaka, Zambia ABB Limited, Moscow, Russian Federation ABB Limited, Seoul, South Korea ABB Limited, Taipei, Taiwan, Province of China ABB Limited, Zagreb, Croatia ABB Ltda., Osasco, Brazil ABB LV Installation Materials Company Limited, Beijing, China ABB Malaysia Sdn Bhd., Subang Jaya, Malaysia ABB Management Services Limited, Zurich, Switzerland ABB Manufacturing Sdn. Bhd., Subang Jaya, Malaysia ABB Mexico S.A. de C.V., San Luis Potosi SLP, Mexico ABB N.V., Zaventem, Belgium ABB Near East Trading Limited, Amman, Jordan ABB Norden Holding AB, Västerås, Sweden ABB Oy., Helsinki, Finland ABB Power Equipment (Xiamen) Company Limited., Xiamen, China ABB Pte. Limited, Singapore, Singapore ABB Qatar LLC., Doha, Qatar ABB Research Limited, Zurich, Switzerland ABB S.A., Les Ulis, France ABB S.A., Buenos Aires, Argentina ABB S.A., Casablanca, Morocco ABB S.A., Lima, Peru ABB S.A., Panama, Panama ABB S.A., Santiago, Chile ABB S.p.A., Milan, Italy ABB s.r.o., Prague, Czech Republic ABB Schweiz AG., Baden, Switzerland ABB Sécheron S.A., Satigny, Switzerland ABB Service Company Limited, Al Khobar, Saudi Arabia ABB Shanghai Motors Company Limited, Shanghai, China ABB Shanghai Transformer Company Limited, Shanghai, China ABB SIA., Riga, Latvia ABB South Africa (Pty) Limited, Longmeadow, South Africa ABB Sp. z o.o., Warsaw, Poland ABB Stotz-Kontakt GmbH., Heidelberg, Germany ABB Technologies Limited, Tirat Carmel, Israel ABB Technologies S.A., Dakar, Senegal ABB Technologies W.L.L., Bahrain, Bahrain ABB Technology Limited, Zurich, Switzerland ABB Technology SA, Abidjan, Cote D’Ivoire ABB Transformers S.A.E., El-Nozha El-Gedida, Egypt ABB Transmission and Distribution Limited, Abu Dhabi, United Arab Emirates ABB Turbo Systems (Hong Kong) Limited., Hong Kong, Hong Kong ABB Turbo Systems AG., Baden, Switzerland ABB Turbochargers S.A.E., Suez, Egypt ABB UAB, Vilnius, Lithuania ABB Xiamen Electrical Controlgear Company Limited, Xiamen, China ABB Xiamen Low Voltage Equipment Company Limited, Xiamen, China ABB Xiamen Switchgear Company Limited, Xiamen, China ABB Xi’an High Power Rectifi er Company Limited., Xi’an, China ABB Xi’an Power Capacitor Company Limited., Xi’an, China ABB Xinhui Low Voltage Switchgear Company Limited, Xinhui, China ABB Zhongshan Transformer Company Limited, Zhongshan, China ABB, Inc., Paranaque, Metro Manila, Philippines ABB, s.r.o., Bratislava, Slovakia ABBNG Limited., Lagos, Nigeria Asea Brown Boveri (Pty) Limited, Windhoek, Namibia Asea Brown Boveri Electrica SGPS (Angola) Limitada., Luanda, Angola Asea Brown Boveri Limited, Port Louis, Mauritius Asea Brown Boveri Ltda., Bogotá, Colombia Asea Brown Boveri Ltda., La Paz, Plurinational State of Bolivia Asea Brown Boveri S.A., Caracas, Venezuela Asea Brown Boveri S.A., Douala, Cameroon Asea Brown Boveri S.A., Madrid, Spain Asea Brown Boveri S.A., Metamorphossis Attica, Greece Asea Brown Boveri S.A.E., Cairo, Egypt Baldor Electric (Asia) PTE Limited, Singapore, Singapore Baldor Electric (Shanghai) Company Limited, Shanghai, China Baldor Electric Company de Mexico SA de CV, El Salto., Jalisco, Mexico Baldor Electric Company., Fort Smith, AR, United States Baldor Electric Switzerland AG, Feuerthalen, Switzerland Baldor Holdings Inc., Boreham, United States Baldor UK Limited, Bristol, England, United Kingdom Busch-Jaeger Elektro GmbH., Mannheim/Lüdenscheid, Germany Electrical Materials Center., Riyadh, Saudi Arabia K-Tek Level Engineering Private Limited, Navi Mumbai, India Maska Power Transmission (Changzhou) Company Limited, Changzhou, China Newave Energy AG., Neuenhof, Switzerland Newave SA., Quartino, Switzerland PT ABB Sakti Industri., Jakarta, Indonesia Pucaro Elektro-Isolierstoffe GmbH., Roigheim, Germany Shantou Winride Switchgear Company Limited, Longhu District Shantou, China Striebel and John GmbH and Co. KG., Mannheim, Germany Sucursal Panama de ABB SA., Panama, Panama Thomas and Betts Power Solutions LLC., Delaware, United States Trasfor SA., Monteggio, Switzerland Tropos Networks, Inc., Wilmington, Delaware, United States Turbo Systems United Company Limited, Tokyo, Japan Ventyx (UK) Limited, Surrey, United Kingdom Ventyx Inc., Atlanta, United States

CAPITAL STRUCTURE

As on 31.12.2013

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

a) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs 2/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended December 31, 2013, the amount of per share dividend recommended and provided for distribution to equity shareholders is Rs 3.00 (December 31, 2012 : Rs 3.00)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) 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

c) 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%

As per of the Company and other declarations received from shareholders, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	423.800	423.800	423.800
(b) Reserves & Surplus	26351.800	25556.700	24921.400
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	26775.600	25980.500	25345.200

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	41.700	38.900	33.000
(d) long-term provisions	57.100	57.100	57.100
Total Non-current Liabilities (3)	98.800	96.000	90.100

(4) Current Liabilities
(a) Short term borrowings	6201.100	3276.800	0.000
(b) Trade payables	20825.800	18993.700	19654.100
(c) Other current liabilities	13959.500	13945.600	15582.700
(d) Short-term provisions	2634.500	2407.400	2273.500
Total Current Liabilities (4)	43620.900	38623.500	37510.300

TOTAL	70495.300	64700.000	62945.600

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12680.200	10780.600	10302.400
(ii) Intangible Assets	1234.900	1292.800	1381.600
(iii) Capital work-in-progress	474.900	1170.100	744.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	164.700	523.900	506.200
(c) Deferred tax assets (net)	279.300	148.000	224.000
(d) Long-term Loan and Advances	3508.900	2301.800	1638.900
(e) Other Non-current assets	83.000	84.500	84.900
Total Non-Current Assets	18425.900	16301.700	14882.300

(2) Current assets
(a) Current investments	0.800	0.800	0.800
(b) Inventories	9888.500	9204.000	9255.500
(c) Trade receivables	32357.200	32643.800	30825.100
(d) Cash and cash equivalents	3165.800	766.700	2558.800
(e) Short-term loans and advances	2567.700	2283.000	1999.700
(f) Other current assets	4089.400	3500.000	3423.400
Total Current Assets	52069.400	48398.300	48063.300

TOTAL	70495.300	64700.000	62945.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	77219.900	75649.900	74489.700
		Other Income	69.900	70.500	414.600
		TOTAL (A)	77289.800	75720.400	74904.300

Less	EXPENSES
		Cost of Materials Consumed	46291.900	46856.800	47250.800
		Purchases of Stock-in-Trade	3140.700	2635.000	3201.600
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(129.800)	(6.900)	(845.300)
		Subcontracting charges	4682.000	4793.400	4346.700
		Employees benefits expense	6770.600	6196.000	5868.200
		Other expenses	11765.300	11810.700	11302.600
		TOTAL (B)	72520.700	72285.000	71124.600

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4769.100	3435.400	3779.700

Less	FINANCIAL EXPENSES (D)		1011.300	432.400	306.800

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3757.800	3003.000	3472.900

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1033.100	940.900	795.500

	PROFIT BEFORE TAX (E-F) (G)		2724.700	2062.100	2677.400

Less	TAX (H)		955.800	688.000	832.000

	PROFIT AFTER TAX (G-H) (I)		1768.900	1374.100	1845.400

	Profit of Baldor Electric India Private Limited (Baldor) for the period April 1, 2012 to December 31, 2012 of the previous year on amalgamation		24.200	0.000	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		850.400	855.100	546.900

Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000	640.000	800.000
		Proposed Dividend	635.700	635.700	635.700
		Corporate Dividend Tax	108.100	103.100	103.100
		Corporate Dividend Tax (previous years)	4.900	0.000	(1.600)
	BALANCE CARRIED TO THE B/S		894.800	850.400	855.100

	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	9393.600	8706.700	8237.400
		Goods supplied/ services rendered locally against foreign exchange remittances	1081.900	559.600	2034.200
		Erection and other services	838.400	717.600	532.200
		Commission	41.500	41.600	36.600
		Services charges and others	454.100	430.80	329.400
	TOTAL EARNINGS		11809.500	10456.300	11169.800

	IMPORTS
		Raw Materials	1963.900	2006.000	1649.100
		Stores & Spares	12750.600	11433.200	12171.400
		Finished Goods	976.600	1578.500	1942.300
		Capital Goods	499.000	380.300	514.100
		Project Item	3586.700	4040.100	5824.100
	TOTAL IMPORTS		19776.800	19438.100	22101.000

	Earnings Per Share (Rs.)		8.46	6.48	8.71

QUARTERLY RESULTS

PARTICULARS	31.03.2014	30.06.2014
	1^st Quarter	2^nd Quarter
Net Sales	18277.100	1,8221.800
Total Expenditure	17019.900	1,6963.700
PBIDT (Excl OI)	1257.200	1258.100
Other Income	11.300	04.100
Operating Profit	1268.500	1262.200
Interest	220.700	253.600
Exceptional Items	0.000	0.000
PBDT	1047.800	1008.600
Depreciation	274.100	278.600
Profit Before Tax	773.700	730.000
Tax	256.900	253.100
Provisions and contingencies	0.000	0.000
Profit After Tax	516.800	476.900
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	516.800	476.900

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
PAT / Total Income	(%)	2.29	1.81	2.46

Net Profit Margin (PBT/Sales)	(%)	3.53	2.73	3.59

Return on Total Assets (PBT/Total Assets}	(%)	3.92	3.28	4.36

Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.11

Debt Equity Ratio (Total Debt /Networth)		0.23	0.13	0.00

Current Ratio (Current Asset/Current Liability)		1.19	1.25	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	423.800	423.800	423.800
Reserves & Surplus	24921.400	25556.700	26351.800
Net worth	25345.200	25980.500	26775.600

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	3276.800	6201.100
Total borrowings	0.000	3276.800	6201.100
Debt/Equity ratio	0.000	0.126	0.232

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	74489.700	75649.900	77219.900
		1.558	2.075

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	74489.700	75649.900	77219.900
Profit	1845.400	1374.100	1768.900
	2.48%	1.82%	2.29%

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	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
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

LITIGATIONS DETAILS

CASE PENDING

High Court of Karnataka -Bangalore Bench

COP 127/2013

Petitioner/Appnt. Name	BHARAT BIJLEE LIMITED	Respondent/Defnt. Name	ABB LIMITED
Petnr./Appnt. Advocate	MURALIDHARA C	Respnt./Defnt. Advocate	KEERTHIKUMAR D NAIK
Date Filed	28/06/2013	District	Bangalore City

Stage	PENDING FOR ADMISSON	Last Posted For	ADMISSION
Last Action Taken	ADJOURNED	Last Date of Action	25/09/2014
Next Hearing Date :
Latest Order	LIST AFTER 2 WKS
Before Hon'ble Judge/s	A. S. Bopanna

Details of the Daily Order

(Click on date of order to get full order)

Sl No	Honble Judge	Date of Order
1	HONBLE SANJ	06/09/2013
2	HONBLE SANJ	20/09/2013

CORPORATE INFORMATION

Subject has served utility and industry customers for over six decades with the complete range of engineering, products, solutions and services in areas of Automation and Power technology. The Company has extensive installed base for manufacturing and a countrywide marketing and service presence. Besides catering to Indian domestic market, the Company is also playing an increasing role in the global market.

PERFORMANCE REVIEW

The Company secured orders valued Rs 671.700 Millions in 2013 as against Rs 696.600 Millions in the previous year. Base orders from wider spectrum of customers helped offset the paucity of large projects in the market. Exports grew annulling the effect of a contraction in domestic market opportunities. The company continued to tap sectors like Renewable energy, Data center, Railways, Grid stability, Mining that look increasingly promising now and for the future. The order backlog at the end of the year stood at Rs 770.900 Millions which continued to give more visibility to the future revenue streams. The revenues for the Company for the year 2013 stood at Rs 763.200 Millions as against Rs 756.500 Millions in the previous year, reflecting stability of operations in an uncertain market situation. Profit before tax was at Rs 27.200 Millions in 2013 improved as compared to Rs 20.600 Millions in the previous year mainly due to operational excellence initiatives, supply chain efficiencies, focus on project management and localization of the products inspite of higher interest costs. Net profit after tax stood at Rs 17.900 Millions for the current year as compared to Rs 13.700 Millions in the previous year. Consequently the earnings per share for 2013 stood at Rs 8.46 per share as compared to Rs 6.48 in 2012.

MANAGEMENT’S DISCUSSION AND ANALYSIS

ECONOMY AND MARKET OVERVIEW

The economic landscape in 2013 continued to remain under pressure with year-on-year growth in gross domestic product declining to sub 5 percent, where the growth came primarily from agriculture and services. On the contrary, industry growth through the year remained flat and new project announcements fell to a third over a two year period. High interest rates, low policy visibility, delayed environmental clearances, issues around land acquisitions and fuel linkages, along with increasing inflation continued to impact global investor confidence in India. During the year, the rupee depreciated to an all-time low. Towards the end of the year, certain focused measures by the government and central bank, helped to bring in some positive trends as rupee stabilized, exports increased, current account deficit declined and project clearances were fast-tracked.

OPERATIONS OVERVIEW

During the year, the Company’s performance was mainly driven by continued penetration into new markets viz. renewables, energy efficiency solutions, data centers, railways and operational excellence initiatives. Focus on project management, supply chain efficiencies, aggressive localization, productivity improvement and various other optimization initiatives led to improved quality of execution across business segments. These initiatives also helped address market challenges, thereby reflecting in steady improvement of results. The Company has reported a healthy turnaround in cash in the midst of a tight liquidity market.

The year was marked by successful commissioning of several landmark projects – including 765/400 kV air insulated substation for Power Grid Corporation of India Limited, supporting the integration of the northern and southern grid, thereby help realizing the ‘one nation – one grid’ vision of the country. The Company also successfully commissioned the 2x25 MW of solar PV project for Mahagenco a/c Megha Engineering in the state of Maharashtra. While short cycle projects continued to be in focus, the Company remained selective in projects and sectors that offered better profitability and cash, which included higher content of its own manufactured items. There were, however, specific segments that faced some strain due to slowing investments in domestic industries. The cost of imports was also adversely impacted by currency volatility. Exports witnessed healthy growth, bolstered by orders for products and solutions with further penetration into new geographies.

With a strategic long-term focus, the Company added new capacity in 2013. The Company invested in new factories for Gas Insulated Switchgears (GIS), Plug and Switch Systems (PASS), oil-type and dry-type distribution transformers at Savli near Vadodara, along with a new miniature circuit breaker line at Nelamangala in Bangalore.

The Company secured orders valued at Rs 6,717 crores in 2013 as against Rs 696.600 Millions in the previous year. Base orders from wider spectrum of customers helped offset the paucity of large projects in the market. Exports grew annulling the effect of a contraction in domestic market opportunities. The Company continued to tap sectors like renewable energy, data center, railways, grid stability, mining, that look increasingly promising now and for the future.

The revenues for the Company for the year stood at Rs 763.200 Millions as against Rs 747.000 Millions in 2012, reflecting stability of operations in an uncertain market situation.

The order backlog at the end of the year stood at Rs 770.900 Millions, which continued to give more visibility to the future revenue streams.

Profit before tax was at Rs 27.200 Millions in 2013 as compared to Rs 20.600 Millions in the previous year. Net profit after tax stood at Rs 17.900 Millions for the current year as compared to Rs 13.700 Millions in the previous year. Consequently the earnings per share for 2013 stood at Rs 8.46 per share as compared to Rs 6.48 in 2012.

EXPORTS

During 2013, exports grew by well over 20 percent. Export revenue was driven by increased focus on market development and improving product quality. Significant export orders included those for dry type transformers, Safe Link circuit breaker, high voltage breakers and transformers, and miniature circuit breakers. Exports were spread over Europe, the Middle East, Brazil, Bangladesh, Bhutan, Nigeria, Oman, Angola, Australia, etc.

OUTLOOK

Led by the current macro trends, various projections peg inflation to remain at current levels, thus keeping interest rates elevated. While infrastructure investments by the government are expected to continue, the impending national elections introduce uncertainty in the investment climate in 2014. Towards the end of 2013, measures to fast-track project implementation gained traction. With respect to supply of coal to the power sector, signing of fuel supply agreements is likely to address the fuel linkage issues to a certain extent. Debt recast plans for state electricity boards is gaining momentum with a few states already in the fold. Interest in renewable energy saw a revival in 2013 with more orders in wind and larger installations for solar power. Investment in power quality improvement, grid reliability and stability, renewables, rail, oil and gas, and mining are likely to provide growth opportunities.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.12.2013	31.12.2012
Excise duty / Service tax and sales tax liabilities in dispute	3848.300	3646.800
Custom duty liabilities in dispute	161.400	20.200
Claims against the Company not acknowledged as debts	88.500	88.500
Income tax matters in dispute	2107.000	2540.500

INDEX OF CHARGES

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

80017474

08/09/2003

150,000,000.00

ICICI BANK LIMITED

ICICI BANK TOWERS, 1,COMMISSORIAT ROAD, BANGALORE, KARNATAKA - 560001, INDIA

* Date of charge modification

FIXED ASSETS

Freehold land
Leasehold Land
Leasehold Improvements
Factory Buildings
Other Building
Residential Quarters
Plant and Machinery
Furniture and Fixture
Vehicle

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.06.2014

Rs. In Millions

Particulars		3 Months ended	Preceding 3 Months ended	Year to date figures for current period ended
		30.06.2014	31.03.2014	30.06.2014
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	17944.000	18099.800	36043.800
	(b) Other Operating Income	277.800	177.300	455.100
	Total income from operations (net)	18221.800	18277.100	36498.900
2	Expenses
	(a) Cost of materials consumed	10925.400	10333.500	21258.900
	(b) Purchases of stock-in trade	657.000	823.300	1480.300
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(175.700)	103.900	(71.800)
	(d) Subcontracting Charges	929.300	1076.000	2005.300
	(e) Employee benefits expense	1697.100	1681.400	3378.600
	(f) Depreciation and Anmortisation Expenses	278.600	274.100	552.700
	(g) Other Expenses	2930.600	3001.800	5932.400
	Total expenses	17242.300	17294.000	34536.300
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	979.500	983.100	1962.600
4	Other Income	4.100	11.300	15.400
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	983.600	994.400	1978.000
6	Finance Costs	253.600	220.700	474.300
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	730.000	773.700	1503.700
8	Exceptional items	0.000	0.000	0.000
9	Profit/ (Loss) from ordinary activities before tax (7+8)	730.000	773.700	1503.700
10	Tax expenses	253.100	256.900	510.000
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	476.900	516.800	993.700
12	Extraordinary item (net of tax expense)	0.000	0.000	0.000
13	Net Profit / (Loss) for the period (11-12)	476.900	516.800	993.700
14	Share of profit' (loss) of associates	--	--	--
15	Minority Interest	--	--	--
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	476.900	516.800	993.700
17	Paid up equity share capital (Face Value of Rs2/-each)	423.800	423.800	423.800
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	--	--	--
19.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	2.25	2.44	4.69
	(b) Diluted	2.25	2.44	4.69
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	2.25	2.44	4.69
	(b) Diluted	2.25	2.44	4.69

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 & 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 & 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%

B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	144
	Disposed off during the quarter	144
	Remaining unresolved at the end of the quarter	Nil

REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS

Rs. In Millions

Particulars		3 Months ended	Preceding 3 Months ended	Year to date figures for current period ended
		30.06.2014	31.03.2014	30.06.2014
		Unaudited	Unaudited	Unaudited
1	Segment Revenue
	a Power Systems	5364.700	4766.100	10130.800
	b Power Products	5535.600	5739.000	11274.600
	c Process Automation	3016.900	2890.600	5907.500
	d Discrete Automation and Motion	3955.100	4352.900	8308.000
	e Low Voltage Products	1931.600	1814.800	3746.400
	Total	19803.900	19563.400	39367.300
	Unallocated	147.700	104.000	251.700
	Total	19951.600	19667.400	39619.000
	Less: Inter-Segment revenue	1729.800	1390.300	3120.100
	Net Sales I Income from Operations	18221.800	18277.100	36498.900

2	Segment Results Profit I (Loss) (before tax, finance cost and exceptional items) from Segment
	a Power Systems	314.700	231.300	546.000
	b Power Products	349.700	579.700	929.400
	c Process Automation	282.300	205.500	487.800
	d Discrete Automation and Motion	209.900	192.100	402.000
	e Low Voltage Products	112.800	78.200	191.000
	Total	1269.400	1286.800	2556.200
	Less:
	i) Finance costs	253.600	220.700	474.300
	ii) Other un-allocable expenditure net off un-allocable income	285.800	292.400	578.200
	Total Profit(Loss) before Tax	730.000	773.700	1503.700

3	Segment Capital employed
	a Power Systems	9189.000	7324.900	9189.000
	b Power Products	8229.200	9017.100	8229.200
	c Process Automation	4399.500	4093.200	4399.500
	d Discrete Automation and Motion	3758.200	3901.000	3758.200
	e Low Voltage Products	3011.200	2989.000	3011.200
	f Unallocated	(817.800)	(32.800)	(817.800)
	Total Segment Capital Employed	27769.300	27292.400	27769.300

STANDALONE / CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Particulars		As at 30.06.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	423.800
	b) Reserves & Surplus	27345.500
	Sub Total- Shareholders funds	27769.300
2	Share application money pending allotment	0.000
3	Minority Interest	0.000
4	Non-current liabilities
	(a) Other long term liabilities	43.400
	(b) Long term provisions	57.100
	Sub Total- Non Current Liabilities	100.500
5	Current liabilities
	(a) Short term borrowings	8080.000
	(b) Trade Payables	18553.800
	(c) Other current liabilities	13703.100
	(d) Short term provisions	1977.400
	Sub Total- Current Liabilities	42314.300
	TOTAL-EQUITY AND LIABILITIES	70184.100
B	ASSETS
1	Non-current assets
	(a) Fixed assets	143284
	(b) Non-current Investments	163.900
	(c) Deferred tax assets (net)	99.400
	(d) Long-term Loan and Advances	4092.800
	(e) Other Non-current assets	83.000
	Sub-Total- Non current assets	18767.500
2	Current assets
	a) Current Investments	0.800
	b) Inventories	9980.600
	c) Trade Receivables	31864.000
	d) Cash and cash equivalents	2382.200
	(e) Short term loans and advances	3142.100
	(f) Other current assets	4046.900
	Sub-Total- current assets	51416.600
	TOTAL ASSETS	70184.100

Note:

1. This statement has been reviewed by the Audit Committee and recommended for approval to the Board and the Board approved at its meeting held on July 23, 2014.

2. Net profit of Rs. 24.200 Millions of Baldor Electric India Private Limited (erstwhile wholly owned subsidiary of the Company) on amalgamation, from the appointed date i.e, April 01, 2012 to December 31, 2012 of the earlier year has been accounted separately in the previous year ended December 31, 2013. The Scheme has become effective on November 01, 2013. The financial results for the corresponding 3 months ended June 30, 2013 in the previous year and year to date figures for the previous year ended June 30, 2013 has been restated to include results of operations of Baldor in these periods.

3. The auditors have conducted a limited review of the above financial results for the quarter ended on June 30, 2014.

4. The figures of the previous year/ periods have been regrouped/ reclassified, wherever necessary, to conform with the current year's classification.

AS PER WEBSITE

PRESS RELEASES

ABB WINS POWER PRODUCTS ORDER WORTH OVER $30 MILLION IN THE USA

Gas-insulated switchgear to strengthen transmission infrastructure in New Jersey

Zurich, Switzerland, September 12, 2014 – ABB, the leading power and automation technology group, has won an order worth over $30 million from Public Service Electric and Gas (PSE&G) to supply gas-insulated switchgear (GIS) for substations to boost the reliability of transmission infrastructure in New Jersey.

ABB’s order includes design, supply and commissioning of ABB’s 550 kilovolt (kV) GIS type ELK-3, a compact and modular solution that offers increased reliability and safety.

PSE&G is spending $4 billion between 2014 and 2016 to upgrade its electricity infrastructure to meet demand for electricity that per person has more than doubled since the 1970s. Upgrading the grid is a necessity in a populated area like New Jersey that is focusing on strengthening infrastructure for the state’s expanding high-tech economy.

“ABB has supplied GIS to several PSE&G projects and we are delighted to work with them once again,” said Bernhard Jucker, head of ABB’s Power Products division. ”Our compact GIS technology will help strengthen the transmission network in the region and facilitate reliable supply of electricity to residential and commercial customers.”

In a power system, switchgear controls, protects and isolates electrical equipment to boost the reliability of power supply. With GIS technology, key components including breakers, switches, contacts and conductors are protected with insulating gas. Compactness, reliability and robustness make it an ideal solution in urban areas and other locations where space is limited or in harsh environmental conditions.

ABB pioneered high-voltage GIS in the mid-1960s and continues to drive the technology, offering a full range product portfolio with voltage levels from 72.5kV to 1,200kV. As a market leader in high-voltage GIS technology, ABB has a global installed base of more than 23,000 bays.

PSE&G is New Jersey's oldest and largest publicly owned utility, serving nearly three quarters of state’s population across a 4,200 square-kilometer diagonal corridor. As one of the largest combined electric and gas companies in the United States it provides gas to 1.8 million customers and electricity to 2.2 million customers in more than 300 urban, suburban and rural communities, including New Jersey's six largest cities. PSE&G has consistently been ranked among the most reliable electric utilities in the USA.

ABB (www.abb.com) is a leader in power and automation technologies that enable utility, industry, and transport and infrastructure customers to improve 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, 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SMN

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

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