MIRA
INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABB INDIA LIMITED (w.e.f. 14.06.2013) |
|
|
|
|
Formerly Known
As : |
ABB LIMITED |
|
|
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|
Registered
Office : |
21st Floor, World Trade Centre, Bridge Gateway,
No. 26/1, Dr. Rajkumar Road, Malleshwaram West, Bengaluru – 560055,
Karnataka |
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|
|
Country : |
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Financials (as
on) : |
31.12.2013 |
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|
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Date of
Incorporation : |
24.12.1949 |
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|
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Com. Reg. No.: |
08-032923 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.423.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L32202KA1949PLC032923 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19181B |
|
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|
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PAN No.: [Permanent Account No.] |
AAACA3834B |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of Instrument and Electric Motor. |
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|
|
|
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 100000000 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s established market position in the power
and automation technology segment marked by healthy financial risk, adequate liquidity
position and decent capital structure of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown
in more than a quarter of a century. The data was below an official estimate of
4.9 % annual growth and compared with 4.5 % in the last fiscal year. However,
the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of
gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7
%, the year before.A sharp fall in gold imports due to restrictions on overseas
purchases and muted import of capital goods helped shrink the current account
deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half
of 2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the
company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went
on to lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AAA |
|
Rating Explanation |
Highest degree of safety. It carry lowest
credit risk. |
|
Date |
10.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety. It carry
lowest credit risk. |
|
Date |
10.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Kaushal Patil |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66159800 |
LOCATIONS
|
Registered Office : |
21st Floor, World Trade Centre, Bridge Gateway,
No. 26/1, Dr. Rajkumar Road, Malleshwaram West, Bengaluru – 560055,
Karnataka, India |
|
Tel. No.: |
91-80-22949150 / 51 / 52 |
|
Fax No.: |
91-80-22949148 |
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E-Mail : |
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Website : |
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|
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 |
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|
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|
Factory 2 : |
Menaja Village, Vadodara - 390013, Gujarat, India |
|
|
|
|
Factory 3 : |
485/6,14th Cross, 4th Phase, Peenya Industrial
Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80 2294 9449 |
|
|
|
|
Factory 4 : |
Also Located At: ·
Haridwar · Mumbai · Mysore · Nasik |
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 |
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|
|
|
Shareholders’ /
Investors’ Grievance Committee |
· Darius E. Udwadia, Chairman of the Committee · Bazmi R. Husain ·
Renu Sud Karnad |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
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 |
|
|
|
|
|
|
|
|
2765401 |
1.30 |
|
|
23087204 |
10.89 |
|
|
9333852 |
4.40 |
|
|
35186457 |
16.60 |
|
|
|
|
|
|
1074880 |
0.51 |
|
|
|
|
|
|
16058922 |
7.58 |
|
|
255360 |
0.12 |
|
|
401475 |
0.19 |
|
|
3500 |
0.00 |
|
|
298765 |
0.14 |
|
|
10656 |
0.01 |
|
|
88554 |
0.04 |
|
|
17790637 |
8.40 |
|
Total Public shareholding (B) |
52977094 |
25.00 |
|
Total (A)+(B) |
211908375 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
211908375 |
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 |
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|
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Banking Relations : |
--- |
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Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountant |
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|
|
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Cost Auditors: |
|
|
Name : |
Ashwin Solanki and Associates Cost Accountants |
|
|
|
|
Ultimate Holding Company |
ABB Limited, Zurich, Switzerland |
|
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|
|
Holding Company : |
ABB Asea Brown Boveri Limited, Zurich, Switzerland |
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Subsidiary : |
Baldor Electric India Private Limited., Pune, India (from December 1,
2011 till March 31, 2012.) |
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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., Västerĺs, 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, Västerĺs, 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 31.03.2013
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 |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
18277.100 |
|
Total Expenditure |
|
|
17019.900 |
|
PBIDT (Excl OI) |
|
|
1257.200 |
|
Other Income |
|
|
11.300 |
|
Operating Profit |
|
|
1268.500 |
|
Interest |
|
|
220.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1047.800 |
|
Depreciation |
|
|
274.100 |
|
Profit Before Tax |
|
|
773.700 |
|
Tax |
|
|
256.900 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
516.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
516.800 |
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
Details of the Daily Order
|
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 |
UNAUDITED FINANCIAL RESULTS FOR YEAR ENDED 31ST MARCH
2014
(Rs. In Millions)
|
Particulars |
3 Months ( Unaudited) |
|
|
31.03.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
18099.800 |
|
b) Other operating income |
177.300 |
|
Total
income from Operations(net) |
18277.100 |
|
2.Expenditure |
|
|
(a) Cost of materials consumed |
10333.500 |
|
(b) Purchases of stock-in trade |
823.300 |
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
103.900 |
|
(d) Subcontracting Charges |
1076.000 |
|
(e) Employee benefits expense |
1681.400 |
|
(f) Depreciation and Anmortisation Expenses |
274.100 |
|
(g) Other Expenses |
3001.800 |
|
Total expenses |
17294.000 |
|
3. Profit from operations before other income and
financial costs |
983.100 |
|
4. Other income |
11.300 |
|
5. Profit from ordinary activities before finance costs |
994.400 |
|
6. Finance costs |
220.700 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
773.700 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
773.700 |
|
10.Tax expenses |
256.900 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
516.800 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
516.800 |
|
Share of profit' (loss) of associates |
-- |
|
Minority Interest |
-- |
|
16. Net Profit/ (Loss) after taxes, minority interest
and share of profit/(loss) of associates |
516.800 |
|
17. Paid up equity
share capital (Face Value of
Rs2/-each) |
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 |
2.44 |
|
(b) Diluted |
2.44 |
|
ii) Earnings per share (after extraordinary
items) of Rs.10/- each (not annualised) |
|
|
(a) Basic |
2.44 |
|
(b) Diluted |
2.44 |
|
Particulars |
Year Ended ( Unaudited) |
|
|
31.03.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
52977094 |
|
- Percentage of shareholding |
25.00% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
|
|
|
|
b) Non Encumbered |
158931281 |
|
Number of shares |
100.00% |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
75.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
78 |
|
Disposed of during the quarter |
78 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Year
Ended (
Unaudited) |
|
|
31.03.2014 |
|
1.
Segment Revenue |
|
|
a Power Systems |
4766.100 |
|
b Power Products |
5739.000 |
|
c Process Automation |
2890.600 |
|
d Discrete Automation and Motion |
4352.900 |
|
e Low Voltage Products |
1814.800 |
|
Total |
19563.400 |
|
Unallocated |
104.000 |
|
Total
|
19667.400 |
|
Less: Inter-Segment revenue |
1390.300 |
|
Net
Sales I Income from Operations |
18277.100 |
|
|
|
|
2.
Segment Results Profit I (Loss) (before tax, finance cost and exceptional
items) from Segment |
|
|
a Power Systems |
231.300 |
|
b Power Products |
579.700 |
|
c Process Automation |
205.500 |
|
d Discrete Automation and Motion |
192.100 |
|
e Low Voltage Products |
78.200 |
|
Total |
1286.800 |
|
Less: |
|
|
i) Finance costs |
220.700 |
|
ii) Other un-allocable expenditure net off
un-allocable income |
292.400 |
|
Total
Profit(Loss) before Tax |
773.700 |
|
|
|
|
3.
Segment Capital employed |
|
|
a Power Systems |
7324.900 |
|
b Power Products |
9017.100 |
|
c Process Automation |
4093.200 |
|
d Discrete Automation and Motion |
3901.000 |
|
e Low Voltage Products |
2989.000 |
|
f Unallocated |
(32.800) |
|
Total
Segment Capital Employed |
27292.400 |
Notes:
1. This statement has been reviewed by the Audit Committee and recommended for approval to the Board and the Board approved at its meeting held on May 04, 2014.
2. The Hon'ble High Court of Bombay vide its Order dated September 27, 2013 has sanctioned the Scheme of Amalgamation of Baldor Electric India Private Limited (Baldor) with ABB India Limited (Company). The Scheme has become effective on November 01, 2013 with appointed date being April 01, 2012. Baldor was a wholly owned subsidiary of the Company.
3. Net profit of Rs. 24.200 Millions of Baldor 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.
4. The figures of the previous year/ periods have been regrouped/ reclassified, wherever necessary, to conform with the current year's classification.
5. The auditors have conducted a "Limited Review" of the above financial results for the quarter ended on March 31, 2014.
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
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.59.73 |
|
UK Pound |
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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.