MIRA INFORM REPORT
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Report No. : |
350048 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ABB INDIA LIMITED |
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Registered
Office : |
21st Floor, World Trade Center, Brigade Gateway, No.26/1, Dr. Rajkumar Road, Malleshwaram (West), Bangalore – 560055, Karnataka |
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Tel. No.: |
91-80-22949150 |
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Country : |
India |
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Financials (as
on) : |
31.12.2014 |
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Date of
Incorporation : |
24.12.1949 |
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Com. Reg. No.: |
08-032923 |
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Capital
Investment / Paid-up Capital : |
Rs.423.800
Million |
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CIN No.: [Company Identification
No.] |
L32202KA1949PLC032923 |
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IEC No.: |
0388038047 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA19181B |
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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 Exchanges. |
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Line of Business
: |
Manufacturing, Importing and Exporting of Instrument and
Electric Motor. |
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No. of Employees
: |
6165 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa (86) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a stepdown subsidiary of “ABB LIMITED”, Switzerland and it
is one of India’s integrated power equipment manufacturers. Subject is a well-established and reputed company having excellent
track record. The rating reflect ABB’s established market position in the power and
automation technology segments backed by resource and experience group
promoters. Rating also reflects company’s strong financial risk profile marked by
strong liquidity position and adequate profitability margins of the company. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitment. 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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long-term rating: AAA |
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Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
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Date |
31.07.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short-term rating: A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
31.07.2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Kaushal Patil |
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Designation : |
Accounts Executive |
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Contact No.: |
91-22-66159859 |
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Date : |
16.11.2015 |
LOCATIONS
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Registered/ Corporate Office : |
21st Floor, World Trade Center, Brigade Gateway, No.26/1, Dr. Rajkumar Road, Malleshwaram West, Bangalore – 560055, Karnataka, India |
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Tel. No.: |
91-80-22949150/ 54 |
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Fax No.: |
91-80-22949148 |
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E-Mail : |
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Website : |
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Marketing Office: |
ABB House, Dr. S B Path, Old Goa Street, Ballard Estate, Mumbai – 400025, Maharashtra, India |
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Tel No.: |
91-22-66159800 |
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Regional Office : |
14, Mathura Road, Amar Nagar, Faridabad- 121003, Haryana,
India |
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Factory 1 : |
32, Industrial Area, NIT, Faridabad-121001, Haryana, India |
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Tel No.: |
91-129-2448100 |
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Factory 2 : |
Menaja Village, Vadodara - 390013, Gujarat, India |
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Factory 3 : |
485/6,14th Cross, 4th Phase, Peenya Industrial Area,
Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80 2294 9449 |
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Factory 4 : |
Plot No.79, Street No.17, MIDC Satpur, Nashik – 422007, Maharashtra,
India |
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Factory 5 : |
A1 and A2, III Stage, Peenya Industrial Area, Bangalore – 560058,
Karnataka, India |
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Factory 6 : |
88/3 – 88/6, Basavanahalli Village, Kasaba, Bangalore North, Nelamangala – 562123, Karnataka, India |
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Factory 7 : |
AP LV Control Products, Plot No 5&6, 2nd Phase-Peenya Industrial Area Bangalore – 560048, Karnataka, India |
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Factory 8 : |
Khanija, Bhavan, Race Course Road, 2nd Floor, No.49, West,
Bangalore – 560001, Karnataka, India |
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Factory 9 : |
Also Located At:
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DIRECTORS
As on 31.12.2014
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Name : |
Frank Duggan |
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Designation : |
Chairman |
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Date of Appointment : |
28.10.2014 |
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Name : |
Bazmi R Husain |
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Designation : |
Managing Director |
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Name : |
Nasser Munjee |
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Designation : |
Director |
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Date of Birth/Age : |
18.11.1952 |
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Qualification : |
Post Graduate in Economics from ‘The London School Of Economics’ |
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Date of Appointment : |
20.02.2002 |
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Brief profile and nature of their expertise in specific functional areas : |
Mr. Nasser Munjee is the Chairman of DCB Bank Limited. Mr. Munjee after completion of his education in London School of Economics, involved in establishing the first housing finance company in India viz., Housing Development Finance Corporation (HDFC) where he held the position as its Executive Director. In 1997, he joined IDFC Limited, and served as its Managing Director and CEO till 2004. Mr. Munjee, is on the Board of several other reputed companies. |
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Other Directorship
: |
Public
Limited companies 1. Ambuja Cements Limited 2. Britannia Industries Limited 3. Cummins India Limited 4. DCB Limited - Chairman 5. Go Airlines (India) Limited 6. Housing Development Finance Corporation Limited - Director 7. Tata Chemicals Limited 8. Tata Motors Finance Limited - Chairman 9. Tata Motors Limited Private
Limited companies 1. Aarusha Homes Private Limited |
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Name : |
Darius E Udwadia |
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Designation : |
Director |
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Date of Birth/Age : |
27.09.1939 |
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Qualification : |
B.A, M.A, LL B. |
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Date of Appointment : |
21.07.2005 |
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Brief profile and nature of their expertise in specific functional areas : |
Solicitor and Advocate of the Bombay High Court, and Solicitor of the Supreme Court of England. Mr. Udwadia is a founder partner of M/s. Udwadia and Udeshi, Solicitors and Advocates, since July, 1997 which is presently named Udwadia Udeshi and Argus Partners. Prior to July 1997, he was a partner of M/s. Crawford Bayley and Co., Solicitors and Advocates for over 20 years. He and his Firm are legal advisors to Indian and multinational companies. Mr. Udwadia has during his 49 years of active law practice acquired substantial knowledge, skill, experience and expertise in areas of corporate law, mergers, acquisitions and takeovers, corporate restructuring, foreign collaboration, joint ventures, project finance, intellectual property, international loans and finance related transactions, real estate and conveyancing. Mr. Udwadia also serves on the Board of several reputed Indian public and private companies. |
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Other Directorship
: |
Public Limited
companies 1. AstraZeneca Pharma India Limited - Chairman 2. The Bombay Burmah Trading Corp. Limited 3. Concast (India) Limited 4. ITD Cementation India Limited 5. JM Financial Limited 6. JM Financial Products Limited 7. MPS Limited - Vice Chairman 8. WABCO India Limited 9. Bombay Gymkhana Limited Private Limited
companies 1. Conservation Corporation of India Private Limited 2. Habasit Iakoka Private Limited 3. JM Financial Trustee Co. Private Limited 4. Quantum Advisors Private Limited 5. Rossi Gearmotors (India) Private Limited 6. SCA Hygiene Products India Private Limited |
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Name : |
Renu Sud Karnad |
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Designation : |
Director |
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Date of Birth/Age : |
03.09.1952 |
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Qualification : |
Master in Arts, Economics, University of Delhi and Bachelor of Law, University of Mumbai. |
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Date of Appointment : |
09.08.2013 |
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Brief profile and nature of their expertise in specific functional areas : |
Mrs. Karnad is the Managing Director of Housing Development Finance Corporation Limited, and is a distinguished business leader with 34 years of experience in the Indian Financial Sector with a strong and influential network with the corporate sector and various regulatory bodies. She also has a strong working knowledge of the Indian infrastructure sector and regulatory environment. She has won the recognition for being one of most influential and outstanding woman business leader in India by both Indian and International associations and media like Wall Street Journal and Verve. She is a Parvin Fellow- Woodrow Wilson School of International Affairs, Princeton University, U.S.A. She is also a member BTS Investment Advisory Committee advising the Swiss Tech fund set up by the Government of Switzerland. |
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Other Directorship
: |
Public Limited
companies 1. Bosch Limited 2. Credit Information Bureau (India) Limited 3. Gruh Finance Limited 4. Housing Development Finance Corporation Limited – Managing Director 5. HDFC Bank Limited 6. HDFC Asset Management Co. Limited 7. HDFC Ergo General Insurance Co. Limited 8. HDFC Property Ventures Limited - Chairperson 9. HDFC Standard Life Insurance Co. Limited 10. Indraprastha Medical Corporation Limited 11. EIH Limited Private Limited
companies 1. Feedback Infrastructure Services Private Limited 2. Lafarge India Private Limited 3. Credila Financial Services Private Limited – Chairperson Section 8 Company 1. HT Parekh Foundation |
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Name : |
Tarak Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
16.10.1966 |
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Qualification : |
BS Mechanical Engineering MBA Finance and Marketing |
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Date of Appointment : |
28.10.2014 |
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Brief profile and nature of their expertise in specific functional areas : |
Mr. Tarak Mehta is Executive Vice President, Head of Low Voltage Products division of ABB Limited, Switzerland, since October 1, 2010. Prior to that, he had acted as Head of Business Unit Transformers at ABB Management Services Limited since 2007. Mr. Mehta joined ABB Power TandD Company Inc in 1998 and has held various management positions in the Power Products division in the United States, Sweden and Switzerland. Before joining ABB, he worked for nine years at Cooper Power Systems in the United States. |
KEY EXECUTIVES
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Name : |
Mr. Sandeep |
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Designation : |
Accounts |
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Name : |
B. Gururaj |
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Designation : |
Company Secretary |
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Audit Committee : |
· Nasser Munjee - Director (Chairman) · Darius E Udwadia - Director · Renu Sud Karnad - Director · Tarak Mehta - Director |
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Stakeholders
Relationship Committee : |
·
Darius E Udwadia - Director (Chairman) ·
Renu Sud Karnad - Director ·
Bazmi R Husain - Managing Director |
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Nomination and
Remuneration Committee : |
· Nasser Munjee - Director (Chairman) · Renu Sud Karnad - Director · Frank Duggan - Director |
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Corporate Social
Responsibility Committee : |
·
Renu Sud Karnad - Director (Chairperson) ·
Bazmi R Husain - Managing Director ·
Tarak Mehta - Director |
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Risk Management
Committee : |
· Nasser Munjee - Director (Chairman) · Frank Duggan - Director · Bazmi R Husain - Managing Director · Amlan Datta Majumdar - CFO · N Venu - President, Power Systems Division |
KEY
EXECUTIVE
|
Name : |
Mr. Kaushal Patil |
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Designation : |
Accounts Executive |
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Name : |
Mr. Tambe |
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Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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158931281 |
75.00 |
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158931281 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
158931281 |
75.00 |
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(B) Public Shareholding |
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5212897 |
2.46 |
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21294473 |
10.05 |
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9699096 |
4.58 |
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36206466 |
17.09 |
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1189955 |
0.56 |
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15012204 |
7.08 |
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175720 |
0.08 |
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392749 |
0.19 |
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306670 |
0.14 |
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|
8787 |
0.00 |
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73087 |
0.03 |
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|
705 |
0.00 |
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3500 |
0.00 |
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16770628 |
7.91 |
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Total Public shareholding (B) |
52977094 |
25.00 |
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Total (A)+(B) |
211908375 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
211908375 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Importing and Exporting of Instrument and
Electric Motor. |
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Products : |
Instrument and Electric Motor |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
6165 (Approximately) |
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Bankers : |
· AXIS Bank Limited · Bank of America, N.A. · Bank of Bhutan Limited · Bank of India · Barclays Bank PLC · Canara Bank · Deutsche Bank AG · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · JP Morgan Chase Bank, N.A. · Standard Chartered Bank · State Bank of India · The Bank of Tokyo-Mitsubishi UFJ, Limited · The Hongkong and Shanghai Banking · Corporation Limited · The Royal Bank of Scotland N.V. · UCO Bank · Union Bank of India · YES Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
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Address : |
“UB City”, Canberra Block, 12th Floor, No.24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India |
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Tel. No. : |
91-80-67275000 |
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Fax No. : |
91-80-22106000 |
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Name : |
Ashwin Solanki and Associates Cost Accountants |
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Address : |
D/104, Koyna, Shantivan, Near National Park, Borivli (East), Mumbai – 400066, Maharashtra, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
ABB Asea Brown Boveri Limited, Zurich, Switzerland |
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Ultimate Holding
Company : |
ABB Limited, Zurich, Switzerland |
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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 (Nambia) (Pty) Limited, Windhoek,
Namibia ·
ABB (Private) Limited, Harare, Zimbabwe ·
ABB (Pty) Limited, Gaborone, Botswana ·
ABB (Pvt) Limited, Lahore, Pakistan ·
ABB A/S., Skovlunde, Denmark ·
ABB AB., Västerås, Sweden ·
ABB AG., Mannheim, Germany ·
ABB AG., Vienna, Austria ·
ABB AS., Billingstad, Norway ·
ABB AS., Jüri, Estonia ·
ABB Australia Pty Limited, Sydney,
Australia ·
ABB Automation Co. 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 Co. Limited,
Beijing, China ·
ABB Bailey Japan Limited., Shizuoka-Ken,
Japan ·
ABB Beijing Drive Systems Co. 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 Finance B.V., Amsterdam, Netherlands ·
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 Co.
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 Co. Limited, Hefei,
China ·
ABB High Voltage Switchgear (Xiamen)
Company Limited, Xiamen, China ·
ABB High Voltage Switchgear Co. 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 Jiangsu Jingke Instrument Transformer
Company Limited, Suqian, Jiangsu, 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, Viet Nam ·
ABB Limited, Kampala, Uganda ·
ABB Limited, Kyiv, Ukraine ·
ABB Limited, Lusaka, Zambia ·
ABB Limited, Moscow, Russian Federation ·
ABB Limited, Seoul, Republic of Korea ·
ABB Limited, Taipei, Taiwan, Province of
China ·
ABB Limited, Zagreb, Croatia ·
ABB Ltda., Osasco, Brazil ·
ABB LV Installation Materials Co. Limited,
Beijing, China ·
ABB Malaysia Sdn Bhd., Subang Jaya,
Malaysia ·
ABB Management Services Limited, Zurich,
Switzerland ·
ABB Manufacturing Sdn. Bhd., Subang Jaya,
Malaysia ·
ABB Mexico S.A. de C.V., San Luis Potosi
SLP, Mexico ·
ABB N.V., Zaventem, Belgium ·
ABB Near East Trading Limited, Amman,
Jordan ·
ABB Norden Holding AB, Västerås, Sweden ·
ABB Oy., Helsinki, Finland ·
ABB Power Equipment (Xiamen) Co., Limited,
Xiamen, China ·
ABB Pte. Limited, Singapore, Singapore ·
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.p.r.l., Kinshasa Gombe, Democratic
Republic of the Congo ·
ABB s.r.o., Prague, Czech Republic ·
ABB Schweiz AG., Baden, Switzerland ·
ABB Sécheron S.A., Satigny, Switzerland ·
ABB Service Co. Limited, Al Khobar, Saudi
Arabia ·
ABB Shanghai Motors Co. Limited, Shanghai,
China ·
ABB Shanghai Transformer Co. 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 Verwaltungs AG., Zurich, Switzerland ·
ABB Xiamen Electrical Controlgear Co.
Limited, Xiamen, China ·
ABB Xiamen Low Voltage Equipment Co.
Limited, Xiamen, China ·
ABB Xiamen Switchgear Co. 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 Co.
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 Electrica SGPS (Angola)
Limitada., Luanda, Angola ·
Asea Brown Boveri Lanka (Private) Limited.,
Colombo, Sri Lanka ·
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, USA ·
Baldor UK Limited, Bristol, England, United
Kingdom ·
Busch-Jaeger Elektro GmbH.,
Mannheim/Lüdenscheid, Germany ·
Electrical Materials Center., Riyadh, Saudi
Arabia ·
K-Tek Level Engineering Pvt. Limited, Navi
Mumbai, India ·
Maska Power Transmission (Changzhou)
Co.Limited, Changzhou, China ·
Newave Energy AG., Neuenhof, Switzerland ·
Newave SA., Quartino, Switzerland ·
Power-One Italy S.p.A., Siena, Italy ·
Power-One Renewable Energy Solutions India
Private Limited, India ·
Power-One Renewable Energy Solutions LLC.,
Delaware, United States ·
PT ABB Sakti Industri., Jakarta, Indonesia ·
Pucaro Elektro-Isolierstoffe GmbH.,
Roigheim, Germany ·
Shantou Winride Switchgear Co., Limited,
Longhu District Shantou, China ·
Striebel and John GmbH and Co. KG.,
Mannheim, Germany ·
Sucursal Panama de ABB SA., Panama, Panama ·
Thomas and Betts Corporation., Knoxville,
TN, United States ·
Thomas and Betts India Private Limited,
Andhra Pradesh, India ·
Thomas and Betts Power Solutions LLC.,
Delaware, United States ·
Trasfor SA., Monteggio, Switzerland ·
Tropos Networks, Inc., Wilmington, Delaware,
United States ·
Turbo Systems United Co. Limited, Tokyo,
Japan ·
Ventyx (UK) Limited, Surrey, United Kingdom · Ventyx Inc., United States |
CAPITAL STRUCTURE
As on 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
212500000 |
Equity Shares |
Rs.2/- each |
Rs.425.000 Million |
|
750000 |
11% Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs.75.000 Million |
|
|
Total |
|
Rs.500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
211908375 |
Equity Shares |
Rs.2/- each |
Rs.423.800
Million |
|
|
|
|
|
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, 2014, the amount of per share dividend recommended and provided for distribution to equity shareholders is Rs. 3.70 (December 31, 2013: 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
|
Particulars |
31.12.2014 |
|
|
Number |
Rs. In Million |
|
|
ABB Asea Brown Boveri Limited - the holding company |
14,63,90,951 |
292.800 |
|
ABB Norden Holding AB - a fellow subsidiary |
1,25,40,330 |
25.100 |
|
Total |
15,89,31,281 |
317.900 |
c) Details of shareholders holding more than 5% of the shares in the Company
|
Particulars |
31.12.2014 |
|
|
Number |
% of holding |
|
|
Equity shares of Rs. 2/- each |
|
|
|
ABB Asea Brown Boveri Limited - the holding company |
14,63,90,951 |
69.08 |
|
ABB Norden Holding AB - a fellow subsidiary |
1,25,40,330 |
5.92 |
|
Life Insurance Corporation of India |
1,80,07,799 |
8.50 |
As per of the Company and other declarations received from shareholders, the above shareholding represents both legal and beneficial ownerships of shares
d) There is no movement in the share capital during the current and previous year.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
423.800 |
423.800 |
423.800 |
|
(b) Reserves & Surplus |
27696.000 |
26351.800 |
25556.700 |
|
(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) |
28119.800 |
26775.600 |
25980.500 |
|
|
|
|
|
|
(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 |
45.100 |
41.700 |
38.900 |
|
(d) Long-term
Provisions |
374.400 |
181.100 |
57.100 |
|
Total Non-current
Liabilities (3) |
419.500 |
222.800 |
96.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term Borrowings |
3710.700 |
6201.100 |
3276.800 |
|
(b) Trade
Payables |
19840.200 |
20825.800 |
18993.700 |
|
(c) Other
Current Liabilities |
12977.000 |
13959.500 |
13945.600 |
|
(d) Short-term
Provisions |
3149.300 |
2510.500 |
2407.400 |
|
Total Current
Liabilities (4) |
39677.200 |
43496.900 |
38623.500 |
|
|
|
|
|
|
TOTAL |
68216.500 |
70495.300 |
64700.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-Current Assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
12840.200 |
12680.200 |
10780.600 |
|
(ii)
Intangible Assets |
1155.200 |
1234.900 |
1292.800 |
|
(iii)
Capital work-in-progress |
319.300 |
474.900 |
1170.100 |
|
(iv)
Intangible assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
163.900 |
164.700 |
523.900 |
|
(c) Deferred Tax Assets (net) |
152.300 |
279.300 |
148.000 |
|
(d) Long-term Loan and Advances |
4015.300 |
3508.900 |
2301.800 |
|
(e) Other
Non-Current Assets |
74.800 |
83.000 |
84.500 |
|
Total Non-Current
Assets |
18721.000 |
18425.900 |
16301.700 |
|
|
|
|
|
|
(2) Current Assets |
|
|
|
|
(a)
Current Investments |
0.800 |
0.800 |
0.800 |
|
(b)
Inventories |
8938.200 |
9888.500 |
9204.000 |
|
(c) Trade
Receivables |
31575.200 |
32357.200 |
32643.800 |
|
(d) Cash
and Cash Equivalents |
2259.600 |
3165.800 |
766.700 |
|
(e)
Short-term Loans and Advances |
2774.500 |
2567.700 |
2283.000 |
|
(f) Other
Current Assets |
3947.200 |
4089.400 |
3500.000 |
|
Total
Current Assets |
49495.500 |
52069.400 |
48398.300 |
|
|
|
|
|
|
TOTAL |
68216.500 |
70495.300 |
64700.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
77332.700 |
77219.900 |
75649.900 |
|
|
|
Other Income |
172.800 |
69.900 |
70.500 |
|
|
|
TOTAL (A) |
77505.500 |
77289.800 |
75720.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and
components consumed and project bought outs |
44871.900 |
46291.900 |
46856.800 |
|
|
|
Purchase of traded goods |
3058.800 |
3140.700 |
2635.000 |
|
|
|
(Increase) / decrease in inventories of finished goods,
work-in-progress and traded goods |
439.800 |
(129.800) |
(6.900) |
|
|
|
Subcontracting charges |
4058.500 |
4682.000 |
4793.400 |
|
|
|
Employee benefit expenses |
7052.000 |
6770.600 |
6196.000 |
|
|
|
Other expenses |
12294.800 |
11765.300 |
11810.700 |
|
|
|
TOTAL (B) |
71775.800 |
72520.700 |
72285.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
5729.700 |
4769.100 |
3435.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1049.500 |
1011.300 |
432.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4680.200 |
3757.800 |
3003.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1128.100 |
1033.100 |
940.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
3552.100 |
2724.700 |
2062.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1267.000 |
931.600 |
688.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2285.100 |
1793.100 |
1374.100 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
894.800 |
850.400 |
855.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1200.000 |
1000.000 |
640.000 |
|
|
|
Proposed Dividend |
784.100 |
635.700 |
635.700 |
|
|
|
Corporate Dividend Tax |
156.800 |
108.100 |
103.100 |
|
|
|
Corporate Dividend Tax (previous years) |
0.000 |
4.900 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1039.000 |
894.800 |
850.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
11181.700 |
9393.600 |
8706.700 |
|
|
|
Goods supplied/ services rendered locally against foreign exchange
remittances |
569.100 |
1081.900 |
559.600 |
|
|
|
Erection and other services |
847.900 |
838.400 |
717.600 |
|
|
|
Commission |
29.900 |
41.500 |
41.600 |
|
|
|
Services charges and others |
568.600 |
454.100 |
430.80 |
|
|
TOTAL EARNINGS |
13197.200 |
11809.500 |
10456.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2675.700 |
1963.900 |
2006.000 |
|
|
|
Stores & Spares |
12655.700 |
12750.600 |
11433.200 |
|
|
|
Finished Goods |
562.700 |
976.600 |
1578.500 |
|
|
|
Capital Goods |
150.300 |
499.000 |
380.300 |
|
|
|
Project Item |
4495.500 |
3586.700 |
4040.100 |
|
|
TOTAL IMPORTS |
20539.900 |
19776.800 |
19438.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.78 |
8.46 |
6.48 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
6002.900 |
5392.300 |
475.600 |
|
Net cash flow from / (used in) operating activities |
4790.000 |
3300.900 |
(502.200) |
QUARTERLY RESULTS
|
Particulars |
31.03.2015 (Unaudited) |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
18145.700 |
19316.200 |
19689.700 |
|
Total Expenditure |
16709.700 |
17816.100 |
18132.300 |
|
PBIDT (Excl OI) |
1436.000 |
1500.100 |
1557.400 |
|
Other Income |
7.200 |
10.200 |
5.200 |
|
Operating Profit |
1443.200 |
1510.300 |
1562.600 |
|
Interest |
208.000 |
246.300 |
249.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1235.200 |
1264.000 |
1312.700 |
|
Depreciation |
422.300 |
374.700 |
359.000 |
|
Profit Before Tax |
812.900 |
889.300 |
953.700 |
|
Tax |
270.000 |
314.800 |
366.300 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
542.900 |
574.500 |
587.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
542.900 |
574.500 |
587.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.95 |
2.32 |
1.82 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.41 |
6.18 |
4.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.26 |
3.92 |
3.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.13 |
0.23 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.20 |
1.25 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.1200.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
423.800 |
423.800 |
423.800 |
|
Reserves & Surplus |
25556.700 |
26351.800 |
27696.000 |
|
Net
worth |
25980.500 |
26775.600 |
28119.800 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3276.800 |
6201.100 |
3710.700 |
|
Total
borrowings |
3276.800 |
6201.100 |
3710.700 |
|
Debt/Equity
ratio |
0.126 |
0.232 |
0.132 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
75649.900 |
77219.900 |
77332.700 |
|
|
|
2.075 |
0.146 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
75649.900 |
77219.900 |
77332.700 |
|
Profit |
1374.100 |
1793.100 |
2285.100 |
|
|
1.82% |
2.32% |
2.95% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
CASE PENDING
Lower
Court Details [Appeal from below case.]
|
||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80017474 |
08/09/2003 |
150,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWERS, 1,COMMISSORIAT ROAD, BANGALORE |
- |
CHANGE OF ADDRESS
The Company has shifted its Registered Office to the new premises at 21st Floor, World Trade Center, Brigade Gateway, No.26/1, Dr. Rajkumar Road, Malleshwaram West, Bangalore – 560055, Karnataka, India effective May 19, 2014.
CORPORATE INFORMATION
The Company 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.
AMALGAMATION
a) The Hon’ble High Court of Bombay vide its Order dated September 27, 2013 had sanctioned the Scheme of Amalgamation of Baldor Electric India Private Limited (Baldor), a wholly owned subsidiary, with ABB India Limited (the Company). The Scheme become effective on November 1, 2013 with appointed date being April 1, 2012. The excess of the Company’s cost of acquisition of equity and preference shares in the Baldor over the par value of the equity and preference shares cancelled, was adjusted in the books of the Company out of the amount available in the General Reserve account as on December 31, 2011. The amount adjusted was Rs. 339.700 Million.
b) Net profit of Rs. 24.200 Million of Baldor from the appointed date i.e, April 1, 2012 to December 31, 2012 of the earlier financial year had been disclosed separately in the previous year statement of profit and loss.
PERFORMANCE REVIEW
The Company secured orders valued Rs. 79080.000 Million in 2014 as against Rs. 67170.000 Million in the previous year. Base orders from wider spectrum of customers was also complimented by quite a few large projects. Exports witnessed a healthy growth through enhanced focus on sub-continent markets. The order backlog at the end of the year stood at Rs. 79260.000 Million which continued to give more visibility to the future revenue streams. The revenue from operations for the Company for the year 2014 stood at Rs. 77330.000 Million as against Rs. 77220.000 Million in the previous year, reflecting stability of operations in an uncertain market situation. Profit before tax was up by 30% at Rs. 3550.000 Million in 2014 on flat sales as compared to Rs. 2720.000 Million 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 was up by 27% at Rs. 2290.000 Million for the current year as compared to Rs. 1790.000 Million in the previous year. Consequently the earnings per share for 2014 stood at Rs. 10.78 per share as compared to Rs. 8.46 in 2013.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
ECONOMY AND MARKET
OVERVIEW
In 2014, after a tepid start there was a shift to positive sentiments led by commitments from the newly elected Central Government. The economic landscape reflected signs of a slow recovery, aided by certain Government announcements as well as correction in commodity prices. During the year, India’s GDP growth forecast was revised upwards to 5.6 percent from 5.4 percent in contrast to the contracting global forecast. Falling crude prices and increased inflows from FIIs helped stabilize foreign exchange reserves. This also helped in containing inflation and narrowed the current account deficit. However meeting the fiscal deficit target remained a challenge. Investments in industry continued to be impacted by high rates of interest, slow pace of project implementation, thereby resulting in lower capacity utilization. In 2014, the Indian Rupee witnessed a range bound stabilization against the dollar. The government’s pro-reform agenda was reflected in a range of investor friendly measures on land acquisition, job creation and workforce reforms, coal block allocations, and amendments to the electricity act. Rationalization in diesel prices, reforms in tax administration and structure, redefining investment limits across defence, railways, realty and insurance, have all paved the way for renewed investor confidence.
OPERATIONS OVERVIEW
In a year where sentiments were stronger than on-ground revival, the Company’s performance was driven by enhancing profitability, stabilizing revenues and improving competitiveness. The Company continued its focus on short cycle orders as well as going for the big wins. Integrated offerings across segments, enhanced local content
and new manufacturing lines provided the opportunity to increase the range of penetration with customers. Innovative products like solar pump drives and solutions like engineered substation packages helped the Company to better customize and add value to the customers’ business. The Company leveraged its expertise and experience to expand presence in emerging areas of growth - across electrical value chain, industrial productivity, rapid urbanization, and efficient transportation.
The Company’s technologically advanced product management coupled with improved project administration helped gain orders from sectors like power infrastructure, renewables, energy efficiency, transportation, and petrochemicals.
The year was marked by success in orders from across the subcontinent including Sri Lanka and Bangladesh. As India geared up to meet the ambitious access to electricity targets, orders were received from various state utilities looking to revamp and upgrade transmission and distribution infrastructure. Large project wins included technology driven solutions covering traditional space in power infrastructure as well as from emerging areas of renewables and energy efficiency. The Company also achieved the milestones of commissioning the first locally manufactured 420 kV GIS and 1,200 kV circuit breaker – the highest voltage anywhere in the world.
Requirements for enhanced industrial productivity and energy efficiency, resulted in large orders in electrics and automation. Upgrades for precision measurement products, state of the art control technologies and production optimization solutions were in demand from sectors like cement, steel, paper and oil and gas. In addition, orders were also received from traditional sectors of marine and locomotives.
There was significant traction in orders from the solar segment led by accelerated demand for the indigenous solar pump drive. The Company continued to be the market leader in solar inverters in the country in 2014.
In 2014, the Company delivered a solid growth in orders at Rs. 79080.000 Million as against Rs. 67170.000 Million in the previous year. Base orders from a wider spectrum of customers was also complemented by a quite a few large projects. Exports witnessed a healthy growth through enhanced focus on subcontinent markets.
The revenues for 2014 remained consistent at Rs. 77330.000 Million as against Rs. 77220.000 Million in 2013, reflecting stability of operations in an uncertain market.
The order backlog at the end of the year marginally increased to Rs. 79260.000 Million, which continued to give visibility to the future revenue streams.
Profit before tax was recorded at a robust Rs. 3550.000 Million in 2014 as compared to Rs. 2720.000 Million in the previous year. Profit after tax posted a growth of 27 percent at Rs. 2290.000 Million for the current year as compared to Rs. 1790.000 Million in the previous year. Consequently the earnings per share for 2014 stood at Rs. 10.78 per share as compared to Rs. 8.46 in 2013.
SERVICE
Sustained value based engagement with customers has enabled steady growth in orders for the service business. Customer connect programs and strategic engagement across the service value chain through bundled offerings and integrated solutions, helped penetrate a larger installed base. Conventional service portfolio of spare parts, field services, and retrofits, was balanced by substantial contribution from solutions in energy efficiency and power quality, equipment performance management (EPM), and personnel training. Focus on geographical reach to cover the white spots through service hubs continued to yield better results. Initiatives for emerging sectors like solar, hydro, building infrastructure, and railways had also gained momentum in 2014.
During the year, the Company was recognized as the most valued partner in maintenance, repair and operations (MRO) from Tata Steel. In addition, major customers such as SAIL, NTPC, PGCIL, JSW Steel, Reliance Industries, Indian Railways, Ultratech, and Holcim also strengthened their service engagement with the Company.
EXPORTS
The Company reported an all-time high growth in export orders of over 30 percent, in 2014. A combination of quality, cost and productivity coupled with enhanced customer connect helped boost exports. The Company entered new markets like Myanmar and also successfully received repeat orders from Bangladesh and Sri Lanka. Focused market development activities resulted in opening up untapped export potential, ushering in a healthy mix of system and product orders. Key export project orders in 2014 included construction of four 132/33 kV substations and expansion of six substations in Bangladesh, building two 220 kV substations and upgrading existing 220/132/33 kV substations in Sri Lanka. Export orders were also received for high current rectifiers from Indonesia and low voltage systems for pulp and paper industry in Singapore. The Company’s exports are spread across countries in Europe, Asia, Americas, Middle East, and Africa.
OPERATIONAL
EXCELLENCE
The year was characterized by a multi-pronged approach to operations – a combination of strategy, process and people. Incremental enhancements in product management, leaner processes, and sustainable supply chain management helped meet global standards. The above with localization initiatives helped the Company drive the profitable growth momentum in 2014. Indigenization of products, along with a more unified approach to sourcing, enabled the Company to achieve significant material cost reduction.
OUTLOOK
The initiatives of the government are steps in the right direction and bode well for the medium to long term perspective. Revival is expected to be aided by implementation of stalled projects, debottlenecking of core sectors and higher external demand pushing industry recovery. Sectors with a positive outlook in the near term comprise power transmission and distribution, oil refining, food processing, mining and renewables. The “Make in India” campaign touching most sectors, if supported by positive actions, have the potential to significantly improve the share of manufacturing in the country’s GDP. The government’s smart city initiative will provide impetus to urban transportation projects, service delivery of utilities and automation for commercial and residential buildings.
The markets are awaiting a turnaround in the investment cycle in the backdrop of the recent reform measures. The Company preparing for market recovery, continues to invest, augment and develop local resources. This strategically positions the Company to serve the Indian growth story and its evolving demands in power and automation.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.12.2014 (Rs.
In Million) |
31.12.2013 (Rs.
In Million) |
|
i) Excise duty / service tax and sales tax liabilities in dispute |
6741.200 |
3848.300 |
|
ii) Custom duty liabilities in dispute |
20.700 |
161.400 |
|
iii) Claims against the Company not acknowledged as debts |
88.500 |
88.500 |
|
iv) Income tax matters in dispute |
442.700 |
2107.000 |
The Company is contesting the demands and the management believes that its position will likely be upheld in the various appellate authorities / courts. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the Company’s financial position.
STATEMNET OF UNAUDITES RESULTS FOR THE
QUARTER AND Nine MONTHS ENDED 30TH SEPTEMBER, 2015
(STANDALONE RESULTS)
(Rs. In Million)
|
PARTICULARS |
Quarter ended |
Year ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
(Unaudited) |
||
|
1.
Income from operations |
|
|
|
|
a) Net Sales/ Income from operation (net of excise duty) |
19396.700 |
19064.700 |
56311.500 |
|
b) Other operating income |
293.000 |
251.500 |
840.100 |
|
Total
income from Operations(net) |
19689.700 |
19316.200 |
57151.600 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
11190.800 |
11325.800 |
32617.200 |
|
b) Purchases of stock in trade |
879.900 |
600.600 |
2243.700 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(329.300) |
(506.600) |
(860.400) |
|
d) Employees benefit expenses |
1875.500 |
1840.400 |
5543.600 |
|
e) Depreciation and amortization expenses |
359.000 |
374.700 |
1156.000 |
|
f) Subcontracting charge |
1105.200 |
1211.800 |
3407.000 |
|
g) Other expenditure |
3410.200 |
3344.100 |
9710.600 |
|
Total expenses |
18491.300 |
18190.800 |
53814.100 |
|
|
|
|
|
|
3. Profit from operations before other income and
financial costs |
1198.400 |
1125.400 |
3337.500 |
|
4. Other income |
5.200 |
10.200 |
22.600 |
|
5. Profit from ordinary activities before finance costs |
1203.600 |
1135.600 |
3360.100 |
|
6. Finance costs |
249.900 |
246.300 |
704.200 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
953.700 |
889.300 |
2655.900 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
953.700 |
889.300 |
2655.900 |
|
10.Tax expenses |
366.300 |
314.800 |
951.100 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
587.400 |
574.500 |
1704.800 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11-12) |
587.400 |
574.500 |
1704.800 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
423.800 |
423.800 |
423.800 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
2.77 |
2.71 |
8.05 |
|
(b) Diluted |
2.77 |
2.71 |
8.05 |
|
PARTICULARS |
3 Months ended |
Year ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A.
Particulars of shareholding |
(Unaudited) |
||
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
52977094 |
52977094 |
52977094 |
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
|
|
|
|
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
158931281 |
158931281 |
158931281 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
75.00% |
75.00% |
75.00% |
|
|
|
|
|
|
PARTICULAR |
3 months ended 30.09.2015 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
135 |
|
Disposed of during the quarter |
135 |
|
Remaining unreserved at the end of the quarter |
Nil |
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE SEGMENTS
|
PARTICULARS |
3 Months ended |
Year ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1.
Segment Revenue |
|
|
|
|
Power System |
4342.000 |
4547.200 |
13464.800 |
|
Power Products |
6619.700 |
6238.000 |
18251.700 |
|
Process Automation |
2765.300 |
3122.600 |
8585.700 |
|
Discrete Automation and Motion |
5064.000 |
4788.400 |
14498.900 |
|
Low Voltage Product |
2109.500 |
1920.000 |
5799.300 |
|
Total
|
20900.500 |
20616.200 |
60600.400 |
|
Unallocated |
127.100 |
121.400 |
376.900 |
|
Total
|
21027.600 |
20737.600 |
60977.300 |
|
Less : Inter Segment Revenue |
1337.900 |
1421.400 |
3825.700 |
|
Total Income from operations |
19689.700 |
19316.200 |
57151.600 |
|
|
|
|
|
|
2. Segment Result (Profit Before tax
and interest) |
|
|
|
|
Power System |
161.800 |
244.700 |
616.800 |
|
Power Products |
691.100 |
502.500 |
1414.100 |
|
Process Automation |
251.800 |
276.400 |
778.600 |
|
Discrete Automation and Motion |
443.100 |
400.500 |
1221.300 |
|
Low Voltage Product |
227.100 |
151.600 |
544.800 |
|
Total
|
1774.900 |
1575.700 |
4575.600 |
|
(Add/less)
– Interest |
249.900 |
246.300 |
704.200 |
|
-
Other
unallocated expenditure net off Unallocated Income |
571.300 |
440.100 |
1215.500 |
|
|
|
|
|
|
Total
Profit Before Tax |
953.700 |
889.300 |
2655.900 |
|
|
|
|
|
|
3. Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
|
|
Power System |
10459.400 |
10222.200 |
10459.400 |
|
Power Products |
8447.200 |
7949.700 |
8447.200 |
|
Process Automation |
3777.200 |
3636.300 |
3777.200 |
|
Discrete Automation and Motion |
4389.300 |
3746.700 |
4389.300 |
|
Low Voltage Product |
3006.800 |
2803.800 |
3006.800 |
|
Unallocated |
(392.000) |
789.100 |
(392.000) |
|
Total
|
29687.900 |
29147.800 |
29687.900 |
Note :
1. This statement has been reviewed by the Audit Committee and recommended for approval to the Board and the Board approved at its meeting held on November 03, 2015.
2. The auditors have conducted a limited review of the above financial results
for the quarter ended on Sept 30, 2015.
3. The figures of the previous year / periods have been regrouped /
reclassified, wherever necessary.
4. During the quarter Company issued Unsecured, rated, listed, redeemable,
Non-convertible debentures of Rs. 6000.000 Million on a private placement
basis. The proceeds has been utilised for refinancing the Company's existing
debt.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Leasehold Improvements
· Factory Buildings
· Other Buildings
· Plant and Equipment
· Office Equipment’s
· Furniture and Fixtures
Intangible Assets
·
Goodwill
·
Technical Know-how fees
·
Capitalised Software
PRESS RELEASE
ABB INDIA LTD
ANNOUNCES Q3 RESULTS
- Solid growth in orders as deferred decisions convert in the quarter
- Operational excellence
initiatives drive improved profitability
Results for the third
quarter ended September 30, 2015.
|
|
Q3 2015 |
Q3 2014 |
9M 2015 |
9M 2014 |
|
Orders |
22920.000 |
14210.000 |
60420.000 |
54210.000 |
|
Revenues |
19690.00 |
18450.000 |
57150.000 |
54950.000 |
|
Profit before tax |
950.000 |
690.000 |
2660.000 |
2200.000 |
|
Profit before tax % |
48.000 |
380.000 |
46.000 |
40.000 |
|
Profit after tax |
590.000 |
450.000 |
1700.000 |
1440.000 |
|
Profit after tax % |
30.000 |
240.000 |
30.000 |
260.000 |
|
Operational EBITDA* |
1490.000 |
1320.000 |
4500.000 |
4030.000 |
|
Operational EBITDA% |
75.000 |
72.000 |
79.000 |
730.000 |
Orders
The company received orders worth Rs 22920.000 Million in the third quarter of 2015, compensating for the award postponement experienced in the last two quarters. Continued focus on base orders resulted in healthy growth. In addition, large orders also grew significantly during the quarter. Notable projects in transmission, renewables and transportation offset the slowdown in traditional sectors. Order growth was marked by a few firsts like the marine generator and controlled start solutions for mining. Introducing and using such smart solutions to decouple growth from environmental impact in emerging markets is a core element in our Next Level strategy. The order backlog stood at Rs 82750.000 Million as on September 30, 2015, providing visibility for future revenue.
Revenue
For the quarter ended September 2015, the company posted an increased revenue of Rs 19690.000 Million. Better value offering, enhanced localization coupled with extensive customer outreach in new markets, remained the key drivers for improved revenue during the quarter. Disciplined execution and focused conversion of order backlog buffered headwinds of tight liquidity and excess capacity within industry.
Profit
The company posted a profit before tax of Rs 950.000 Million and profit after tax of Rs 590.000 Million. A combination of factors including higher volumes, favorable exchange rates and sustained efforts on operational excellence initiatives helped improve profitability.
“Continued confidence in the value addition of our portfolio of advanced and integrated solutions resulted in a good build-up of orders for the quarter,” said Bazmi Husain, Managing Director, ABB India. “We will carefully optimize cost and cash in a market which continues to remain uncertain in its outlook, awaiting a broad-based recovery.” 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 140,000 people.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.17 |
|
|
1 |
Rs. 100.66 |
|
Euro |
1 |
Rs. 70.97 |
INFORMATION DETAILS
|
Information
Gathred by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
10 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--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 |
|
86 |
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.