.MIRA INFORM REPORT
|
Report Date : |
27.01.2014 |
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, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
24.12.1949 |
|
|
|
|
Com. Reg. No.: |
08-032923 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.423.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32202KA1949PLC032923 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19181B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA3834B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of Instrument and Electric Motor. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 103922000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having an excellent
track record. There appears some dip in the profitability of the company
during 2012. However, financial position of the company appears to be sound.
Fundamentals are strong and healthy. Directors are reported to be experienced
and respectable businessmen. Trade relations are reported as praiseworthy.
Business is active. Payments are reported to be regular and as per
commitments. The Company can be considered excellent for any business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August,
28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB
variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The
Securities and Exchange Board of India has approved the trading of currency
futures on the Bombay Stock Exchange. The exchange plans to launch the currency
futures platform with advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term rating AAA |
|
Rating Explanation |
Highest degree of safety. It carry lowest credit
risk. |
|
Date |
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 |
|
Date : |
24.01.2014 |
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: ·
Bangalore ·
Haridwar · Mumbai · Mysore · Nasik |
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
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(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 |
|
|
|
|
|
|
|
|
2432608 |
1.15 |
|
|
23661044 |
11.17 |
|
|
8733536 |
4.12 |
|
|
34827188 |
16.44 |
|
|
|
|
|
|
1058524 |
0.50 |
|
|
|
|
|
|
16414920 |
7.75 |
|
|
244090 |
0.12 |
|
|
432372 |
0.20 |
|
|
3500 |
0.00 |
|
|
320569 |
0.15 |
|
|
59146 |
0.03 |
|
|
49157 |
0.02 |
|
|
18149906 |
8.56 |
|
Total Public shareholding (B) |
52977094 |
25.00 |
|
Total (A)+(B) |
211908375 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
211908375 |
0.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS 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 ·
Yes Bank 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 (Asea Brown Boveri), S.A., Paco de Arcos,
Portugal ·
ABB (China) Limited, Beijing, china ·
ABB (Hong Kong) Limited, Hong Kong, China ·
ABB (Pty) Limited Gaborone,
Botswana ·
ABB A/S, Skovlunde,
Denmark ·
ABB AB, Västerĺs,
Sweden ·
ABB AG, Mannheim, Germany ·
ABB AG, Vienna, Austria ·
ABB AS, Billingstad,
Norway ·
ABB AS, Jüri, Estonia ·
ABB Australia Pty Limited, Sydney, Australia ·
ABB Automation Company Limited., Riyadh, Saudi
Arabia ·
ABB Automation EOOD, Rakovski,
Bulgaria ·
ABB Automation GmbH, Mannheim, Germany ·
ABB Automation L.L.C., Abu Dhabi, United Arab
Emirates ·
ABB Automation Products GmbH, Ladenburg, Germany ·
ABB Bailey Beijing Engineering Company Limited,
Beijing, China ·
ABB Bailey Japan Limited, Shizuoka-Ken, Japan ·
ABB Beijing Drive Systems Company Limited,
Beijing, China ·
ABB BV, Rotterdam, Netherlands ·
ABB Capital, B.V., Amsterdam, Netherlands ·
ABB Chongqing
Transformer Company Limited., Chongqing, China ·
ABB CL Logistic S.A., Montevideo, Uruguay ·
ABB Contracting Company Limited Riyadh, Saudi
Arabia ·
ABB d.o.o., Belgrade,
Serbia ·
ABB D.o.o., Ljubljana,
Slovenia ·
ABB Ecuador S.A., Quito, Ecuador ·
ABB Electrical Industries (ABB ARAB) S.A.E.,
Cairo, Egypt ·
ABB Electrical Industries Limited, Riyadh, Saudi
Arabia ·
ABB Electrical Machines Limited ,Shanghai, China ·
ABB Elektrik Sanayi A.S., Istanbul, Turkey ·
ABB Engg. Technologies
Company (KSCC), Safat, Kuwait ·
ABB Engineering (Shanghai) Limited ,Shanghai,
China ·
ABB Engineering Trading and Service Limite, Budapest, Hungary ·
ABB Equity Limited, St. Peter’s Port, Guernsey ·
ABB France, Les Ulis,
France ·
ABB FZ-LLC, Dubai, United Arab Emirates ·
ABB Genway Xiamen Electrical Equipment Company Limited, Xiamen, China ·
ABB Global Industries and Services Limited, Bengaluru, India ·
ABB Global Marketing FZ LLC, Dubai, United Arab
Emirates ·
ABB Group Accounting Services B.V., Rotterdam,
Netherlands ·
ABB High Voltage Switchgear (Xiamen)
Company Limited,Xiamen, China ·
ABB High Voltage Switchgear Company Limited,
Beijing, China ·
ABB Holdings Sdn. Bhd., Subang Jaya, Malaysia ·
ABB Import and Export Services Limited, Oranjestad, Aruba ·
ABB Inc., Cary, NC, United States ·
ABB Inc., St. Laurent, Quebec, Canada ·
ABB Industries (L.L.C.), Dubai, United Arab
Emirates ·
ABB Industries FZ, Dubai, United Arab Emirates ·
ABB K.K., Tokyo, Japan ·
ABB Limited, Auckland, New Zealand ·
ABB Limited, Bangkok, Thailand ·
ABB Limited, Dhaka, Bangladesh ·
ABB Limited, Nairobi, Kenya ·
ABB Limited, Warrington, United Kingdom ·
ABB Limited/Jordan LLC., Amman, Jordan ·
ABB LLC, Muscat, Oman ·
ABB Limited, Dublin, Ireland ·
ABB Limited, Hanoi, Vietnam ·
ABB Limited, Kampala, Uganda ·
ABB Limited, Kiev, Ukraine ·
ABB Limited, Lusaka, Zambia ·
ABB Limited Moscow, Russian Federation ·
ABB Limited, Seoul, South Korea ·
ABB Limited, Taipei, Taiwan, Province Of China ·
ABB Limited Zagreb, Croatia ·
ABB Ltda., Osasco, Brazil ·
ABB Malaysia Sdn Bhd., Subang Jaya, Malaysia ·
ABB Management Services Limited, Zurich,
Switzerland ·
ABB Manufacturing Sdn. Bhd., Subang Jaya, Malaysia ·
ABB Mexico S.A. de C.V., Tlalnepantla,
Mexico ·
ABB N.V., Zaventem,
Belgium ·
ABB Near East Trading Limited, Amman, Jordan ·
ABB Norden Holding AB, Västerĺs, Sweden ·
ABB Oy, Helsinki,
Finland ·
ABB Power Equipment (Xiamen)
Company, Limited., Xiamen, China ·
ABB Pte. Limited,
Singapore ·
ABB Qatar LLC., Doha, Qatar ·
ABB Research Limited, Zurich, Switzerland ·
ABB S.A., Buenos Aires, Argentina ·
ABB S.A., Casablanca, Morocco ·
ABB S.A., Les Ulis,
France ·
ABB S.A., Lima, Peru ·
ABB S.A., Panama, Panama ·
ABB S.A., Santiago, Chile ·
ABB S.p.A., Milan,
Italy ·
ABB s.r.o., Prague,
Czech Republic ·
ABB Schweiz AG, Baden,
Switzerland ·
ABB Service Company Limited, Al Khobar, Saudi Arabia ·
ABB Shanghai Motors Company Limited, Shanghai,
China ·
ABB Shanghai Transformer Company Limited,
Shanghai, China ·
ABB Sp. zo.o., Warsaw,
Poland ·
ABB Stotz-Kontakt GmbH,
Heidelberg, Germany ·
ABB Technologies Limited, Tirat
Carmel, Israel ·
ABB Technologies S.A., Dakar, Senegal ·
ABB Technologies W.L.L., Bahrain ·
ABB Technology Limited, Zurich, Switzerland ·
ABB Technology SA, Abidjan, Cote D'Ivoire ·
ABB Transmission and Distribution Limited, Abu
Dhabi, United Arab Emirates ·
ABB Turbo Systems (Hong Kong) Limited, Hong Kong ·
ABB Turbo-Systems AG, Baden, Switzerland ·
ABB Turbochargers S.A.E., Suez, Egypt ·
ABB UAB, Vilnius, Lithuania ·
ABB Xiamen Electrical Controlgear Company Limited, Xiamen,
China ·
ABB Xiamen Low Voltage
Equipment Company Limited, Xiamen, China ·
ABB Xiamen Switchgear
Company Limited, Xiamen, China ·
ABB Xiamen High Power
Rectifier Company Limited, Xiamen, China ·
ABB Xi’an Power
Capacitor Company Limited, Xi’an, China ·
ABB Xinhui Low Voltage
Switchgear Company Limited, Xinhui , China ·
ABB Zhongshan
Transformer Company 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, Bolivia ·
Asea Brown Boveri
S.A., Caracas, Venezuela ·
Asea Brown Boveri
S.A., Madrid, Spain ·
Asea Brown Boveri
S.A., Metamorphossis Attica , Greece ·
Asea Brown Boveri
S.A.E., Cairo, Egypt ·
Baldor Electric
Company de Mexico SA de CV,EL Salto, Jailsco, Mexico ·
Baldor Electric
Company, Fort Smith, AR, United States ·
Baldor Electric India
Private Limited, Pune, India (upto
November 30, 2011) ·
Baldor Electric
Switzerland AG, Feuerthalen, Switzerland ·
Baldor Holdings Inc, Boreham, USA ·
Busch-Jaeger Elektro
GmbH, Mannheim / Lüdenscheid, Germany ·
Electrical Materials Center, Riyadh, Saudi Arabia ·
K-Tek Level Engineering
Private Limited., Navi Mumbai, India ·
PT ABB Sakti Industri, Jakarta, Indonesia ·
Pucaro Elektro-Isolierstoffe GmbH, Roigheim,
Germany ·
Shantou Winride Switchgear Company Limited, Longhu
District Shantou, China ·
Turbo Systems United Company Limited, Tokyo,
Japan |
CAPITAL STRUCTURE
As on 31.12.2012
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]
|
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) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
19700.200 |
17416.400 |
17859.000 |
|
Total Expenditure |
18634.800 |
16326.500 |
16804.800 |
|
PBIDT (Excl OI) |
1065.400 |
1089.900 |
1054.200 |
|
Other Income |
13.800 |
37.800 |
9.200 |
|
Operating Profit |
1079.200 |
1127.700 |
1063.400 |
|
Interest |
197.500 |
256.000 |
269.900 |
|
Exceptional Items |
881.700 |
871.700 |
0.000 |
|
PBDT |
246.100 |
259.300 |
793.500 |
|
Depreciation |
635.600 |
612.400 |
257.300 |
|
Profit Before Tax |
210.000 |
209.000 |
536.200 |
|
Tax |
425.600 |
403.400 |
180.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
425.600 |
403.400 |
356.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
24.600 |
|
Net Profit |
425.600 |
403.400 |
380.700 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
1.81
|
2.46 |
0.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
3.59 |
1.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.28
|
4.35 |
1.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.13
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.28 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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
Lower Court
Details [Appeal from below case.]
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 NINE MONTHS ENDED
30. 09.2013
(Rs. In Millions)
|
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1 |
Income from operations (a) Net sales/Income from
operations (Net of excise duty) |
17624.000 |
17299.500 |
54567.100 |
|
|
(b) Other operating income |
235.000 |
212.000 |
614.100 |
|
|
Total Income from operations (net) |
17859.000 |
17511.500 |
55181.200 |
|
2 |
Expenses |
|
|
|
|
|
(a)Cost of raw materials and components consumed and project bought
outs |
10635.500 |
10041.500 |
33449.100 |
|
|
(b)Purchases of stock-in-trade |
859.700 |
761.500 |
2112.100 |
|
|
(c)Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(179.400) |
38.000 |
(382.700) |
|
|
(d)Subcontracting charges |
1080.300 |
1151.300 |
3540.500 |
|
|
(e)Employee benefits expense |
1626.500 |
1564.100 |
4893.000 |
|
|
(f)Depreciation and amortisation expense |
257.300 |
259.500 |
763.100 |
|
|
(g)Other expenses |
2782.200 |
2876.300 |
8364.600 |
|
|
Total expenses |
17062.100 |
16692.200 |
52739.700 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional items (1-2) |
796.900 |
819.300 |
2441.500 |
|
4 |
Other income |
9.200 |
38.400 |
63.000 |
|
5 |
Profit / (Loss) from ordinary activities, before finance costs and exceptional
items (3+4) |
806.100 |
857.700 |
2504.500 |
|
6 |
Finance costs |
269.900 |
256.000 |
723.400 |
|
7 |
Profit / (Loss) from ordinary activities after finance costs and
exceptional items (5-6) |
536.200 |
601.700 |
1781.100 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit / (Loss) from ordinary activities before tax (7+8) |
536.200 |
801.700 |
1781.100 |
|
10 |
Tex expense |
180.100 |
205.400 |
598.100 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
356.100 |
396.300 |
1183.000 |
|
12 |
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/(Loss) for the period (11-12) |
356.100 |
396.300 |
1183.000 |
|
14 |
Impact of scheme of amalgamation relating to previous year (refer note
3) |
24.600 |
0.000 |
24.600 |
|
15 |
Net Profit/(Loss) for the period after Impact of scheme of amalgamation
relating to previous year (13+14) |
380.700 |
396.300 |
1207.600 |
|
16 |
Paid-up Equity Share Capital (Face value per share - Rs. 21- each) |
423.800 |
423.800 |
423.800 |
|
17 |
Reserves excluding Revaluation Reserves as per Balance Sheet of
previous accounting year |
|
|
|
|
18 |
i) Earnings per share (before extraordinary items)
-(of Rs. 21-
each)
(not annualised) |
|
|
|
|
|
a) Basic |
1.68 |
1.87 |
5.58 |
|
|
b) Diluted |
1.68 |
1.87 |
5.58 |
|
|
ii) Earnings per share (after extraordinary items) -(of Rs. 21-
each)
(not annualised) |
|
|
|
|
|
a)Basic |
1.68 |
1.87 |
5.58 |
|
|
b)Diluted |
1.68 |
1.87 |
5.58 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
Number of shares |
52977094 |
52977094 |
52977094 |
|
|
Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
2 |
Promoters and promoter group shareholding a) Pledged / Encumbered |
|
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of shares |
158931281 |
158931281 |
158931281 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of shares (as a % of the total share capital of the company) |
75.00% |
75.00% |
75.00% |
|
|
|
3 months ended |
|
|
Particulars |
(30.09.2013) |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
125 |
|
|
Disposed of during the quarter |
125 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
REVENUES, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS
|
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended(Unaudited) |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1 |
Segment Revenues |
|
|
|
|
|
Power Systems |
4532.900 |
5035.100 |
17087.200 |
|
|
Power Products |
5195.000 |
5249.500 |
14865.800 |
|
|
Process Automation |
3008.400 |
3211.200 |
9022.200 |
|
|
Discrete Automation and Motion |
4553.800 |
4179.500 |
13264.000 |
|
|
Low Voltage Products |
1733.300 |
1563.400 |
4710.200 |
|
|
Total |
19023.400 |
19238.700 |
58949.400 |
|
|
Unallocated |
116.200 |
96.800 |
318.200 |
|
|
Total |
19139.600 |
19335.500 |
59267.600 |
|
|
Less : Inter segment revenues |
1280.600 |
1824.000 |
4086.400 |
|
|
Total Income tram operations |
17859.000 |
17511.500 |
55181.200 |
|
2 |
Segment Results (Profit Before Tax and Interest) |
|
|
|
|
|
Power Systems |
249.600 |
283.800 |
832.300 |
|
|
Power Products |
428.900 |
449.500 |
1098.400 |
|
|
Process Automation |
73.800 |
102.000 |
354.700 |
|
|
Discrete Automation and Motion |
280.000 |
242.700 |
862.500 |
|
|
Low Voltage Products |
79.700 |
31.200 |
165.100 |
|
|
Total |
1112.000 |
1109.200 |
3313.000 |
|
|
(Add) / Less - Interest |
269.900 |
258.000 |
723.400 |
|
|
- Other unallocated expenditure net off |
305.900 |
251.500 |
808.500 |
|
|
unallocated income |
|
|
|
|
|
Total Profit Before Tax |
536.200 |
601.700 |
1781.100 |
|
3 |
Capital Employed |
|
|
|
|
|
Power Systems |
7675.300 |
6647.600 |
7675.300 |
|
|
Power Products |
9374.200 |
8932.400 |
9375.300 |
|
|
Process Automation |
4398.200 |
4486.500 |
4398.200 |
|
|
Discrete Automation and Motion |
3804.300 |
3621.000 |
3804.300 |
|
|
Low Voltage Products |
3136.600 |
2847.500 |
3136.600 |
|
|
Unallocated |
(1096.800) |
400.800 |
(1096.800) |
|
|
Total |
27291.800 |
26935.800 |
27291.800 |
Note:
·
This statement has
been reviewed by the Audit Committee and recommended for approval to the Board
and the Board approved at its meeting held on 6th November, 2013.
·
The auditors have
conducted a limited review of the above financial results for the quarter ended
on 30th September, 2013.
·
The Hon’ble high court of Bombay vide its order dated 27th
September 20132 has sanctioned the scheme of amatgamation
of baldor electric India Private Limited (boldor) with ABB India Limited (Company). The Svheme has has become effective
from 1st November 2013 with appointed date being 1st
April 2012. Baidor was a wholly owned subsidiary of
the company.
·
The financial
result of current year incorporates the operating results of baldor for the three months ended 30th September
2013, preceding three months ended 30th June 2013 (restated) and
nine months period ended 30th September 2013. Net Sales of Baldor during these periods were Rs.
94.200 Millions and Rs. 94.200 Millions respectively
and loss before tax of Baldor during these periods
were Rs. 10.400 Millions, Rs.
10.700 Millions and Rs. 13.500 Millions respectively.
Net profit of Rs. 24.600 Millions of Baldor from the appointed date.
·
The figures of the
previous year/ periods have been regrouped/ reclassified, wherever necessary.
Fixed Assets:
·
Freehold land
·
Leasehold Land
·
Leasehold Improvements
·
Factory Buildings
·
Other Building
·
Residential Quarters
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicle
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 ANNOUNCES Q3 RESULTS
- Orders increase in a subdued environment
- Exports and new sectors maintain growth momentum
- Operational results improve on cost optimization and productivity gains
Bengaluru, November 06, 2013 – ABB India Limited, reported results for the third quarter ended September 30, 2013.
|
Key figures: |
|
|
|
Rupees in Millions |
|
|
Q3 2013 |
Q3 2012 |
9 months ended September 2013 |
9 months ended
September 2012 |
|
Orders |
17620.000 |
16790.000 |
50510.000 |
53870.000 |
|
Revenues |
17620.000 |
17860.000 |
54570.000 |
54180.000 |
|
Profit before tax |
540.000 |
320.000 |
1780.000 |
1800.000 |
|
Profit before tax % |
30.000 |
18.000 |
33.000 |
3.3 |
|
Profit after tax |
360.000 |
210.000 |
1180.000 |
1210.000 |
|
Profit after tax % |
2.0 |
1.2 |
2.2 |
2.2 |
|
Operational EBITDA* |
1110.000 |
790.000 |
3530.000 |
2760.000 |
|
Operational EBITDA% |
6.3 |
4.4 |
6.5 |
5.0 |
* 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
ABB India Limited., received orders worth Rs.17620.000 Millions during the
quarter ended September 30, 2013, registering a 5 per cent growth over the order
intake of Rs.16790.000 Millions for the corresponding quarter in 2012. Emerging
sectors like renewables, exports and rail continued
to grow faster than the conventional market segments.
Order backlog
The company’s order backlog stood at Rs.82520.000 Millions at the end of the
quarter as compared to Rs.90620.000 Millions during the same period last year.
Revenue and operations
The revenue for the third
quarter ended September 30, 2013 was Rs.17620.000 Millions compared to
Rs.17860.000 Millions for the corresponding period in 2012. The company
continues to follow a policy of cash over revenue in its businesses to mitigate
perceived credit risks in the market.
Profit
The company posted a profit before tax (PBT) of Rs.540.000 Millions and a
profit after tax (PAT) of Rs.360.000 Millions for the quarter. Focussed initiatives in streamlining operations, optimizing
costs and increasing localization are yielding sustainable improvements.
Savings from these initiatives have helped balance the adverse impact of
continuing price erosion and weak market condition.
“The economic environment in India remains muted and capex
investments continue to be deferred. While the renewed momentum in reforms is a
welcome measure, the markets are yet to realize its tangible benefits. In the
meantime, we continue to pursue new growth opportunities, indigenize our
portfolio and innovate to stay ahead” said Bazmi Husain, Managing Director, ABB India Limited.
Amalgamation
The Hon'ble High Court of Bombay vide its Order dated
27th September, 2013 has sanctioned the Scheme of Amalgamation of Baldor Electric India Private Limited (Baldor)
with ABB India Limited (Company). The Scheme has become effective from 1st
November, 2013 with appointed date being 1st April, 2012. Baldor
was a wholly owned subsidiary of the Company. The financial results of current
year incorporates the operating results of Baldor
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
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,
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.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
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.