MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	484924
Report Date :	09.01.2018

IDENTIFICATION DETAILS

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

Formerly Known As :	ABB LIMITED (w.e.f. 2013) ASEA BROWN BOVERI LIMITED (w.e.f. 13.10.1989) HINDUSTAN BROWN BOVERI LIMITED (w.e.f. 1965) HINDUSTAN ELECTRIC COMPANY LIMITED

Registered Office :	21^st Floor, World Trade Center, Brigade Gateway, No.26/1, Dr. Rajkumar Road, Malleshwaram (West), Bangalore – 560055, Karnataka
Tel. No.:	91-80-22949150

Country :	India

Financials (as on) :	31.12.2016

Date of Incorporation :	24.12.1949

Com. Reg. No.:	08-032923

Capital Investment / Paid-up Capital :	INR 423.800 Million

CIN No.: [Company Identification No.]	L32202KA1949PLC032923

IEC No.:	0388038047

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACA3834B

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

Line of Business :	The subject is engaged in: 1. Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus. 2. Manufacture of electronic components. 3. Manufacture of measuring, testing, navigating and control equipment; watches and clocks. (Registered Activity)

No. of Employees :	5603 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is subsidiary of ‘ABB Asea Brown Boveri Limited’, Zurich. The company provides solutions for secure, energy-efficient generation, transmission and distribution of electricity and for increasing productivity in industrial, commercial and utility operations. For the financial year 2016, the company has increased its growth of revenue as compared to previous year along with average profit margin of 4.35%. Rating takes into consideration strong financial profile of the company marked by sound networth base along with negligible debt structure. The company's strong market position is supported by its access to the latest technology from parent entity, diverse product portfolio, cost-competitive operations, wide geographical reach and strong market penetration through channel partners. Further as per the quarterly financials record of Septemebr 2017, the company has achieved revenue of INR 19153.700 million and has maintained profitability margin of 4.35%. Rating further derives strength from strong operational, technological and management support from ABB Limited and established market position in the power and automation technology segments. Share price are quoted high on stock exchange (Share Price of INR 1431 with Face value of INR 2). Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitment. In view of established market position, 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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Fund Base CC Limit (AAA)
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	September 28, 2017

Rating Agency Name	CRISIL
Rating	Short-term Rating: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	September 28, 2017

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 08.01.2018.

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 31-03-2016.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Management Non Co-Operative (91-80-22949154/ 22941999)

LOCATIONS

Registered/ Corporate Office :	21^st Floor, World Trade Center, Brigade Gateway, No.26/1, Dr. Rajkumar Road, Malleshwaram (West), Bangalore – 560055, Karnataka, India
Tel. No.:	91-80-22949150/ 53/ 54
Fax No.:	91-80-22949148
E-Mail :	ashay.khandwala@in.abb.com b.gururaj@in.abb.com investor.helpdesk@in.abb.com
Website :	http://www.abb.co.in


Branch Office:	22A, Shah Industrial Estate, Off Verna Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Marketing Office:	ABB House, Dr. S B Path, Old Goa Street, Ballard Estate, Mumbai – 400025, Maharashtra, India
Tel No.:	91-22-66159800

Development Office :	KSSIDC IT/BT Park, Plot No. 1,2,3,4, Rajajinagar Industrial Estate, 6th Block, Bangalore – 560010, Karnataka, India

Factory 1 :	32, Industrial Area, NIT, Faridabad-121001, Haryana, India
Tel No.:	91-129-2448100

Factory 2 :	Menaja Village, Bank of Baroda Road, J.D. Nagar, Maneja, Vadodara - 390013, Gujarat, India

Factory 3 :	485/6, 14^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80 2294 9449

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

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

Factory 6 :	Power Electroics Excitation System Unit - 88/3 – 88/6, Basavanahalli Village, Kasaba Hobli, Bangalore North, Nelamangala – 562123, Karnataka, India

Factory 7 :	AP LV Control Products, Plot No 5&6, 2nd Phase, P.O. No. 5806, Peenya Industrial Area Bangalore – 560048, Karnataka, India

Factory 8 :	Khanija, Bhavan, Race Course Road, 2^nd Floor, No.49, West, Bangalore – 560001, Karnataka, India

Factory 9 :	Halol Champaner Road, PO: Chqandrapura, District Panchmahal, Taluka Halol-391520, Gujarat, India

Factory 10 :	Plot No 25 and 36, (Alindra) Savli GIDC, Industrial Estate, Talika Savli District Vadodara– 391775, Gujarat, India

Factory:	Also Located At: Haridwar Mumbai Mysore

DIRECTORS

As on: 2017

Name :	Mr. Sanjeev Sharma
Designation :	Managing Director
Address :	3AA The Avare, No.2 Lorong Kuda 50450, Kuala Lumpur, 999999, Malaysia
Date of Appointment :	01.01.2016
DIN No.:	07362344

Name :	Frank Duggan
Designation :	Director Appointed In Casual Vacancy
Address :	Beach Front Villas, Villa BV06 Jumeirah 3, Dubai, 11070, United Arab Emirates
Date of Appointment :	28.10.2014
DIN No.:	02937233

Name :	Mr. Nasser Mukhtar Munjee
Designation :	Director
Address :	Benedict Villa, House No.471, Saud Vaddo, Chorao Island, Tiswadi, Goa-403102, India
Date of Birth/Age :	18.11.1952
Qualification :	Post Graduate in Economics from ‘The London School Of Economics’
Date of Appointment :	20.02.2002
DIN No.:	00010180

Name :	Mr. Darius E Udwadia
Designation :	Director
Address :	Empress Court, 142, M-Karve Road, Mumbai-400020, Maharashtra, India
Date of Birth/Age :	27.09.1939
Qualification :	B.A, M.A, LL B.
Date of Appointment :	21.07.2005
DIN No.:	00009755

Name :	Renu Sud Karnad
Designation :	Director
Address :	BB-14, Greater Kailash, Enclave-II, New Delhi-110048, India
Date of Birth/Age :	03.09.1952
Qualification :	Master in Arts, Economics, University of Delhi and Bachelor of Law, University of Mumbai.
Date of Appointment :	09.08.2013
DIN No.:	00008064

Name :	Mr. Tarak Bhadresh Mehta
Designation :	Director
Address :	Stockenstrasse 67, Kilchberg, Zurich, Kilchberg, 8802, Switzerland
Date of Birth/Age :	16.10.1966
Qualification :	BS Mechanical Engineering MBA Finance and Marketing
Date of Appointment :	28.10.2014
DIN No.:	06995639

KEY EXECUTIVES

Name :	Mr. Gururaj Bhujanga Rao
Designation :	Company Secretary
Address :	S-1, 'Padma', No.38, 8th Cross, 5th Main, Malleswaram, Bangalore-560001, Karnataka, India
Date of Appointment :	01.10.2002
PAN No.:	AANPB2813P

Name :	Tyagavalli Krishnaswamy Sridhar
Designation :	Chief Financial Officer
Address :	Flat No. 36/5, UP Homes, 16th Cross, 11th Main, Malleswaram, Bangalore-560055, Karnataka, India
Date of Appointment :	24.07.2015
PAN No.:	ANIPS7791R

Audit Committee :	· Nasser Munjee - Director (Chairman) · Darius E Udwadia - Director · Renu Sud Karnad - Director · Tarak Mehta - Director

Stakeholders Relationship Committee :	· Darius E Udwadia - Director (Chairman) · Renu Sud Karnad - Director · Sanjeev Sharma - Member

Nomination and Remuneration Committee :	· Nasser Munjee - Director (Chairman) · Renu Sud Karnad - Director · Frank Duggan - Director

Corporate Social Responsibility Committee :	· Renu Sud Karnad - Director (Chairperson) · Sanjeev Sharma - Member · Tarak Mehta - Director

Risk Management Committee :	· Nasser Munjee - Director (Chairman) · Frank Duggan - Director · Sanjeev Sharma - Member · T.K. Sridhar – Member · Piamber Shivnani - member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON SEPTEMBER 2017

Category of shareholder	Total Nos. shares held	% of total no. of shares


(A) Promoter & Promoter Group	158931281	75.00
(B) Public	52977094	25.00
Grand Total	211908375	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP"

Category of shareholder	Total nos. shares held	% of total no. of shares


A1) Indian
A2) Foreign		0.00
Any Other (specify)	158931281	75.00
ABB Norden Holding AB	12540330	5.92
ABB Asea Brown Boveri Limited	146390951	69.08
Sub Total A2	158931281	75.00
A=A1+A2	158931281	75.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a %


B1) Institutions
Mutual Funds/	5687719	2.68
R Shares Junior Bees-Investments A/c	2721617	1.28
Foreign Portfolio Investors	9251693	4.37
ABERDEEN GLOBAL INDIAN EQUITY LIMITED	3225870	1.52
Financial Institutions/ Banks	20884551	9.86
LIC of India Profit Plus Balanced Fund	18527222	8.74
Any Other (specify)	705	0.00
Foreign National	705	0.00
Sub Total B1	35824668	16.91
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	14887616	7.03
Individual share capital in excess of INR 0.200 Million	114000	0.05
NBFCs registered with RBI	362651	0.17
Any Other (specify)	1788159	0.84
Bodies Corporate	1279328	0.60
NRI – Non- Repat	206965	0.10
Clearing Members	122075	0.06
NRI	156040	0.07
Trusts	15095	0.01
NRI – Repat	8656	0.00
Sub Total B3	17152426	8.09
B=B1+B2+B3	52977094	25.00

BUSINESS DETAILS

Line of Business :

The subject is engaged in:

1. Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus

2. Manufacture of electronic components

3. Manufacture of measuring, testing, navigating and control equipment; watches and clocks. (Registered Activity)

Products :

NIC Code

Product/ Services Description

271

Manufacture of electric motors,

generators, transformers and electricity distribution and control apparatus

279

Manufacture of other electrical equipment

Electric Motors
Generators
Transformers
Electricity Distribution
Control Apparatus

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

5603 (Approximately)

Bankers

AXIS Bank Limited
Bank of America, N.A.
Bank of Bhutan Limited
Bank of India
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
UCO Bank
Union Bank of India
YES Bank Limited

Facilities :

Secured Loan	31.12.2016 (INR in Million)	31.12.2015 (INR in Million)
Long-term Borrowings
600 (December 31, 2015: 600) Unsecured, listed, redeemable, non-convertible debenture having face value of INR 10000000 each.	6000.000	6000.000

Total	6000.000	6000.000

NOTE:

The debentures are repayable after 3 years from the date of allotment being September 4, 2015. The debentures carry interest rate of MIBOR plus 80 basis points. The proceeds have been utilized towards working capital and other corporate purposes including refinancing of Company’s debt.

Auditors 1:
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	“UB City”, Canberra Block, 12^th Floor, No.24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Tel. No. :	91-80-67275000
Fax No. :	91-80-22106000

Auditors 2:
Name :	BSR and Company LLP Chartered Accountants
Address :	11-12/1, Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
Tel. No. :	91-80-71347000
Fax No. :	91-80-71347999

Cost Auditor
Name :	Ashwin Solanki and Associates Cost Accountants
Address :	D/104, Koyna, Shantivan, Near National Park, Borivli (East), Mumbai – 400066, Maharashtra, India

Secretarial Auditor	Messrs HBP and Company Company Secretary
Address :	No.926, 20^th Main BSK, 2^nd Stage, Bangalore – 560070, Karnataka, India

Memberships :	--

Collaborators :	---

Ultimate Holding Company	ABB Limited, Zurich, Switzerland

Holding Company	ABB Asea Brown Boveri Limited, Zurich, Switzerland

Fellow subsidiaries	ABB (Asea Brown Boveri), S.A., Oeiras, 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 (Private) 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 Manufacturing Sdn. Bhd., Subang Jaya, Malaysia ABB Australia Pty Limited, Moorebank, NSW, Australia ABB Automation Company Limited, Riyadh, Saudi Arabia 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 Beteiligungs-Management GmbH, Mannheim, Germany ABB Bulgaria EOOD, Sofia, Bulgaria ABB Business Services Sp. z o.o., Warsaw, Poland ABB Canada Holding Limited Partnership, Saint-Laurent, Canada ABB Capital B.V., Rotterdam, Netherlands ABB Chongqing Transformer Company Limited, Chongqing, China ABB Contracting Company Limited, Riyadh, Saudi Arabia ABB d.o.o., Belgrade, Serbia ABB Ecuador S.A., Quito, Ecuador ABB Electrical Industries Limited, Riyadh, Saudi Arabia ABB Electrical Machines Limited, Shanghai, China ABB Elektrik Sanayi A.S., Istanbul, Turkey ABB Engg. Technologies Company (KSCC), Safat, Kuwait ABB Engineering (Shanghai) Limited, Shanghai, China ABB Engineering Trading and Service Limited, Budapest, Hungary ABB Enterprise Software Inc., Atlanta, GA, United States ABB Enterprise Software UK Limited, Warrington, United Kingdom ABB ESAP Limited, St. Peter’s Port, Guernsey ABB Finance B.V., Rotterdam, Netherlands ABB for Electrical Industries (ABB ARAB) S.A.E., Cairo, Egypt ABB France, Cergy Pontoise, France ABB FZ-LLC, Dubai, United Arab Emirates ABB Generators Limited, Nanchang, China ABB Genway Xiamen Electrical Equipment Company Limited, Xiamen, China ABB Global Industries and Services Private Limited, Bangalore, India ABB Global Marketing FZ LLC, Dubai, United Arab Emirates ABB Hefei Transformer Company Limited, Hefei, China ABB High Voltage Switchgear (Xiamen) Company Limited, Xiamen, China ABB High Voltage Switchgear Company, Limited Beijing, Beijing, China ABB Holdings B.V., Rotterdam, Netherlands ABB Holdings Sdn. Bhd., Subang Jaya, Malaysia ABB Import and Export Services Limited, Oranjestad/Aruba (NA), Aruba ABB Inc., Cary, NC, United States ABB Management Services Limited, Zurich, Switzerland ABB Inc., Saint-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 in liquidation, Zurich, Switzerland ABB Intra AG, Baden, Switzerland ABB Inzeniring d.o.o., Ljubljana, Slovenia ABB SARL, Kinshasa Gombe, Congo, Democratic Republic of the ABB SAS, Cergy Pontoise, France 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 Shenzhen New Energy System Company, Limited , Shenzhen, 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 Striebel and John GmbH, Sasbach, Germany ABB Technologies Limited, Haifa, Israel ABB Technologies S.A., Dakar, Senegal ABB Technologies W.L.L., Bahrain, Bahrain ABB Technology Oy, Helsinki, Finland ABB Technology SA, Abidjan, Cote d’Ivoire ABB Training Center GmbH and Company KG, Heidelberg, Germany ABB Transformers S.A.E., El-Nozha El-Gedida, Egypt ABB Transmission and Distribution Limited LLC, Abu Dhabi, United Arab Emirates ABB Turbo Systems (Hong Kong) Limited, Hong Kong, Hong Kong ABB Turbo Systems AG, Baden, Switzerland ABB Turbo Systems Holding Limited, Baden, Switzerland ABB Turbochargers S.A.E., Suez, Egypt ABB UAB, Avizieniai , Lithuania ABB Verwaltungs AG, Zurich, Switzerland 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 Rectifier 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 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, Tanzania, United Republic of ABB Limited, Dhaka, Bangladesh ABB Limited, Dublin, Ireland 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, Hanoi, Vietnam ABB Limited, Kampala, Uganda ABB Limited, Kiev, Ukraine ABB Limited, Lusaka, Zambia ABB Limited, Moscow, Russian Federation ABB Limited, Seoul, Korea, Republic of ABB Limited, Taipei, Taiwan, Province of China ABB Limited, Zagreb, Croatia ABB Ltda., Bogotá, Colombia ABB Ltda., São Paulo, Brazil ABB LV Installation Materials Company Limited Beijing, Beijing, China ABB Malaysia Sdn Bhd., Subang Jaya, Malaysia ABB Mexico S.A. de C.V., San Luis Potosi SLP, Mexico ABB Motion Limited, Bristol, United Kingdom ABB N.V., Zaventem, Belgium ABB Near East Trading Limited, Amman, Jordan ABB Norden Holding AB, Västerås, Sweden ABB Oryx Motors and Generators Service LLC, Doha, Qatar ABB Oy, Helsinki, Finland ABB Power and Automation (Private) Limited, Lahore, Pakistan ABB Power Equipment (Xiamen) Company, Limited, Xiamen, China ABB Power Protection SA, Gambarogno, Switzerland ABB Pte. Limited, Singapore, Singapore ABB Research Limited, Zurich, Switzerland 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, S.R.O., Bratislava, Slovakia ABB NG Limited, Lagos, Nigeria Asea Brown Boveri Electrica SGPS (Angola) Limitada, Luanda, Angola Asea Brown Boveri Industrial, Technical and Commercial Company of Imports – Exports S.A., Metamorphossis Attica , Greece Asea Brown Boveri Lanka (Private) Limited, Colombo, Sri Lanka Asea Brown Boveri Limited, Moka, Mauritius Asea Brown Boveri Ltda., La Paz, Bolivia, Plurinational State of Asea Brown Boveri S.A., Caracas, Venezuela, Bolivarian Republic of Asea Brown Boveri S.A., Douala, Cameroon Asea Brown Boveri S.A., Madrid, Spain Asea Brown Boveri S.A.E., Cairo, Egypt Baldor Electric (Asia) PTE Limited, Singapore, Singapore Baldor Electric Company, Fort Smith, AR, United States Busch-Jaeger Elektro GmbH, Lüdenscheid, Germany Electrical Materials Center Company Ltd, Riyadh, Saudi Arabia Maska Power Transmission (Changzhou) Company Limited, Changzhou, China Power-One Italy S.p.A., Terranuova Bracciolini (AR), Italy Power-One Renewable Energy Solutions India Private Limited,Mumbai, India Power-One Renewable Energy Solutions LLC, Delaware, United States PT ABB Sakti Industri, Jakarta, Indonesia Pucaro Elektro-Isolierstoffe GmbH, Roigheim, Germany Shanghai ABB Power Transmission Company Limited, Shanghai, China Shantou Winride Switchgear Company, Limited, Longhu District Shantou, China Spirit IT B.V., Eindhoven, Netherlands Sucursal Panama de ABB SA, Panama, Panama Thomas and Betts Asia (Singapore) Pte. Limited, Singapore, Singapore Thomas and Betts Corporation, Knoxville, TN, United States Thomas and Betts India Private Limited, Hyderabad, India Thomas and Betts Limited, Saint-Jean-sur-Richelieu, Quebec, Canada Thomas and Betts Power Solutions LLC, Delaware, United States Trasfor S.A., Monteggio, Switzerland Turbo Systems United Company Limited, Tokyo, Japan

CAPITAL STRUCTURE

AS ON 31.12.2016

Authorised Capital :

No. of Shares	Type	Value	Amount

212500000	Equity Shares	INR 2/- each	INR 425.000 Million
750000	11% Redeemable Cumulative Preferences Shares	INR 100/- each	INR 75.000 Million
	Total		INR 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

211908375	Equity Shares	INR 2/- each	INR 423.800 Million

a) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of INR 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, 2016, the amount of per share dividend recommended and provided for distribution to equity shareholders is INR 4.00 (December 31, 2015: INR 3.70)

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	31.12.2016
Particulars	Number	INR In Million
ABB Asea Brown Boveri Limited - the holding company	146390951	292.800
ABB Norden Holding AB - a fellow subsidiary	12540330	25.100
Total	158931281	317.900

c) Details of shareholders holding more than 5% of the shares in the Company

Particulars	31.12.2016
Particulars	Number	% of holding
Equity shares of INR 2/- each
ABB Asea Brown Boveri Limited - the holding company	146390951	69.08
ABB Norden Holding AB - a fellow subsidiary	12540330	5.92
Life Insurance Corporation of India	18007799	8.29

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 INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2016	31.12.2015	31.12.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	423.800	423.800	423.800
(b) Reserves & Surplus	32404.000	29661.700	27696.000
(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)	32827.800	30085.500	28119.800

(3) Non-Current Liabilities
(a) Long-term Borrowings	6000.000	6000.000	0.000
(b) Deferred Tax Liabilities (Net)	0.000	0.000	0.000
(c) Other Long Term Liabilities	39.100	43.000	45.100
(d) Long-term Provisions	520.800	479.200	374.400
Total Non-current Liabilities (3)	6559.900	6522.200	419.500

(4) Current Liabilities
(a) Short term Borrowings	0.400	0.000	3710.700
(b) Trade Payables	21573.100	21019.600	19840.200
(c) Other Current Liabilities	12372.300	12677.000	12977.000
(d) Short-term Provisions	3955.600	3784.000	3149.300
Total Current Liabilities (4)	37901.400	37480.600	39677.200

TOTAL	77289.100	74088.300	68216.500

II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets	11687.900	11993.600	12840.200
(ii) Intangible Assets	861.200	990.600	1155.200
(iii) Capital work-in-progress	677.800	442.800	319.300
(iv) Intangible assets under Development	0.000	0.000	0.000
(b) Non-current Investments	162.300	163.100	163.900
(c) Deferred Tax Assets (net)	783.600	489.600	152.300
(d) Long-term Loan and Advances	3806.000	4222.000	4015.300
(e) Other Non-Current Assets	72.300	66.900	74.800
Total Non-Current Assets	18051.100	18368.600	18721.000

(2) Current Assets
(a) Current Investments	0.800	0.800	0.800
(b) Inventories	9402.500	9395.700	8938.200
(c) Trade Receivables	30633.300	33909.300	31575.200
(d) Cash and Cash Equivalents	11891.600	5735.900	2259.600
(e) Short-term Loans and Advances	3307.800	2780.800	2774.500
(f) Other Current Assets	4002.000	3897.200	3947.200
Total Current Assets	59238.000	55719.700	49495.500

TOTAL	77289.100	74088.300	68216.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2016	31.12.2015	31.12.2014
	SALES
		Income	86483.700	81402.700	77332.700
		Other Income	652.700	130.400	172.800
		TOTAL	87136.400	81533.100	77505.500

Less	EXPENSES
		Cost of raw materials and components consumed and project bought outs	46413.600	45605.100	44871.900
		Purchase of traded goods	4015.900	3216.400	3058.800
		(Increase) / decrease in inventories of finished goods, work-in-progress and traded goods	666.400	(485.600)	439.800
		Subcontracting charges	5076.900	4664.200	4058.500
		Employee benefit expenses	7678.200	7498.700	7052.000
		Other expenses	15166.200	13778.900	12294.800
		TOTAL	79017.200	74277.700	71775.800

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8119.200	7255.400	5729.700

Less	FINANCIAL EXPENSES		849.200	911.600	1049.500

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7270.000	6343.800	4680.200

Less	DEPRECIATION/ AMORTISATION		1509.500	1597.900	1128.100

	PROFIT/ (LOSS) BEFORE TAX		5760.500	4745.900	3552.100

Less	TAX		1998.000	1747.100	1267.000

	PROFIT/ (LOSS) AFTER TAX (G-H)		3762.500	2998.800	2285.100

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1094.100	1039.000	894.800

Less	APPROPRIATIONS
		Transfer to General Reserve	2100.000	1500.000	1200.000
		Proposed Dividend	500.000	784.100	784.100
		Corporate Dividend Tax	847.600	159.600	156.800
		Debenture Redemption Reserve	172.600	500.000	0.000
	BALANCE CARRIED TO THE B/S		1236.400	1094.100	1039.000

	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	10678.900	8746.800	11181.700
		Goods supplied/ services rendered locally against foreign exchange remittances	343.100	343.900	569.100
		Erection and other services	1027.600	873.700	847.900
		Commission	63.500	23.800	29.900
		Services charges and others	862.000	673.800	568.600
	TOTAL EARNINGS		12975.100	10662.000	13197.200

	IMPORTS
		Raw Materials	2657.500	2334.300	2675.700
		Stores & Spares	16144.000	15377.900	12655.700
		Finished Goods	88.900	111.300	562.700
		Capital Goods	144.300	161.700	150.300
		Project Item	3616.200	3030.800	4495.500
	TOTAL IMPORTS		22650.900	21016.000	20539.900

	Earnings / (Loss) Per Share (INR)		17.76	14.15	10.78

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2016	31.12.2015	31.12.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	10798.000	5785.000	6002.900
Net cash flow from operating activities	8625.700	3816.700	4790.000

QUARTERLY RESULTS

PARTICULARS	1^st Quarter	2^nd Quarter	3^rd Quarter
	30.09.2016	30.06.2016	31.03.2017
	Unaudited	Unaudited	Unaudited
Net Sales	19153.700	23615.000	23188.100
Total Expenditure	17812.200	22141.800	21474.000
PBIDT (Excl OI)	1341.500	1473.200	1714.100
Other Income	377.500	325.800	185.500
Operating Profit	1719.000	1799.000	1899.600
Interest	152.400	230.600	211.800
Exceptional Items	NA	NA	NA
PBDT	1566.600	1568.400	1687.800
Depreciation	388.500	383.200	376.100
Profit Before Tax	1178.100	1185.200	1311.700
Tax	344.200	434.600	430.000
Provisions and contingencies	NA	NA	NA
Profit After Tax	833.900	750.600	881.700

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.12.2016	31.12.2015	31.12.2014
Average Collection Days [Sundry Debtors / Income * 365]	129.29	152.05	149.03

Account Receivables Turnover [Income / Sunday Debtors]	2.82	2.40	2.45

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	156.14	157.15	151.09

Inventory Turnover (Operating Income / Inventories)	0.86	0.77	0.64

Asset Turnover (Operating Income / Net Fixed Assets)	0.61	0.54	0.40

LEVERAGE RATIOS

PARTICULARS	31.12.2016	31.12.2015	31.12.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.57	0.59	0.58

Debt Equity Ratio (Total Liability / Networth)	0.18	0.20	0.13

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.15	1.25	1.41

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.40	0.45	0.51

Interest Coverage Ratio (PBIT / Financial Charges)	9.56	7.96	5.46

PROFITABILITY RATIOS

PARTICULARS		31.12.2016	31.12.2015	31.12.2014
Net Profit Margin ((PAT / Sales) * 100)	%	4.35	3.68	2.95

Return on Total Assets ((PAT / Total Assets) * 100)	%	4.87	4.05	3.35

Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.46	9.97	8.13

SOLVENCY RATIOS

PARTICULARS	31.12.2016	31.12.2015	31.12.2014
Current Ratio (Current Assets / Current Liabilities)	1.56	1.49	1.25

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.31	1.24	1.02

G-Score Ratio Financial (Networth / Total Assets)	0.42	0.41	0.41

G-Score Ratio Debt (Debts / Equity Capital)	14.16	14.16	8.76

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.56	1.49	1.25

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 2.00/-
Market Value	INR 1431/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.12.2014	31.12.2015	31.12.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	423.800	423.800	423.800
Reserves & Surplus	27696.000	29661.700	32404.000
Net worth	28119.800	30085.500	32827.800

long-term borrowings	0.000	6000.000	6000.000
Short term borrowings	3710.700	0.000	0.400
Total borrowings	3710.700	6000.000	6000.400
Debt/Equity ratio	0.132	0.199	0.183

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2014	31.12.2015	31.12.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	77332.700	81402.700	86483.700
		5.263	6.242

NET PROFIT MARGIN

Net Profit Margin	31.12.2014	31.12.2015	31.12.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	77332.700	81402.700	86483.700
Profit	2285.100	2998.800	3762.500
	2.95%	3.68%	4.35%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
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	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CHANGE OF ADDRESS

The Company has shifted its Registered Office to the new premises at 21^st 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.

PERFORMANCE REVIEW:

The Company secured orders valued INR 124660.000 million in 2016 as against INR 81000.000 million in the previous year, reflecting the technology push in the transmission business and the continued traction in transportation and renewable energy. Services and export-led orders resulted in more comprehensive customer engagements. The order backlog at the end of the year stood at INR 118210.000 million which continued to provide visibility to the future revenue streams. The revenue from operations for the Company for the year 2016 stood at INR 86480.000 million as against INR 81400.000 million in the previous year, reflecting stability of operations in an uncertain market situation. Profit before tax was up by 21% at INR 5760.000 million in 2016 on higher sales as compared to INR 4750.000 million in the previous year mainly due to operational excellence initiatives, supply chain efficiencies, focus on project management. Net profit after tax was up by 25% at INR 3760.000 million for the current year as compared to INR 3000.000 million in the previous year.

Consequently the earnings per share for the year 2016 stood at INR 17.76 per share as compared to INR 14.15 per share in the year 2015.

MANAGEMENT’S DISCUSSIONS AND ANALYSIS

ECONOMIC AND MARKET OVERVIEW

In 2016 India’s growth story was restrained with dispersed outcomes in the shadow of several geopolitical occurrences like various international elections, Brexit, continuing uncertainty in the Middle East and the watershed moment in domestic policymaking with demonetization initiatives. While the growth in 2016 was marginally lower than China, it was more positive than other nations like Mexico and Brazil.

The year started with encouraging signs of growth in the country. Favorable government policies and continued public spending led to performance improvement in core sectors such as cement and steel as well as electricity. Also, the FDI inflows improved from the previous year.

Sectors like renewable energy and the government push in transportation resulted in some traction. However, the Index of Industrial Production (IIP) growth slowed, dragged by the capital goods sector, which was down through the year. In the last quarter of 2016, the government passed the landmark Goods and Services Tax (GST) Bill aimed at simplifying the goods tax structure by bringing it into a centralized system. The US Federal Reserve retained the December 2015 rates for almost an entire year and revisited them only in December 2016.

The second half of the year proved to be quite different from the first. The capital goods output continued to contract despite various reforms. Food prices remained on the lower end pressuring the CPI to a two-year low. These factors pulled the industrial output down into the negative zone, and the continuing increase in imports further widened the trade deficit. The global dynamics and domestic events described earlier also added to the uncertainty. Though the Indian currency appreciated marginally against EUR, it fell to 70 to a USD touching the lowest ever since 2013, as investors queued up for dollar-based assets in light of the US election results.

However, it still remained stronger than other Asian currencies. Within India, the drive to purge unaccounted funds (black money) led to the removal of around 86% of the currency from circulation. The short-term impact of the move was a reduction in consumer spends and is expected to impact the GDP. Positively, banks had higher deposit and liquidity, there is also greater push for digitization of transactions, and the retail and food inflation fell to 2.11 percent towards the end of the year. Overall, owing to the movement in the economy and the seasonal slowdown, the order size and volume of existing and new projects during this year remained subdued than the previous year.

OPERATIONAL OVERVIEW

The Company has been closely tuned to market changes, which has helped it steer through the year smoothly despite the unexpected fluctuations in the macro economy. The Company strategically planned at improving the operational efficiency, executing orders, and stabilizing the cost structure to shield from external fluctuations.

As a result of this pursuit, the Company was cash positive right at the start of the year and continued this momentum in the succeeding quarters. Investments towards localizing and product engineering, increasing operational efficiency, shifting the product mix across business divisions and magnifying value to their customers led to benefits including margin improvement. The Company doubled the capacity of the solar inverter factory in Bangalore, aligning it well to partner in the country’s vision of 100 GW solar power generation capacity by 2022, providing the Company with an edge to serve the market segment when the opportunity comes.

During the year, the Company announced two key strategic global partnerships. One with Microsoft, which will be a digital industrial transformation partner for ABB globally. ABB and Microsoft will collaborate to build a platform for digitalization. As one of the key Group-level strategies, the Company is building its portfolio around digitalization driving futuristic industrial solutions for customers. The other with Indian Institute of Technology, Madras (IIT-M), wherein the Company and IIT-M have signed a Memorandum of Understanding (MoU) for the development of microgrids and battery storage.

During the year, orders grew at INR 124660.000 million as against INR 81000.000 million in the previous year reflecting the technology push in the transmission business and the continued traction in transportation and renewable energy. Services and export-led orders resulted in more comprehensive customer engagements. The revenue for 2016 improved to INR 86480.000 million as against INR 81400.000 million in 2015, reflecting the stability of operations in an uncertain market. The order backlog at the end of the year was at INR 118210.000 million, providing visibility to the future revenue streams.

Profit before tax grew substantially to INR 5760.000 million in 2016 as compared to INR 4750.000 million in the previous year mainly due to higher operational efficiency, lower material cost and investments towards entering newer markets. Profit after tax posted a growth of 25 percent at INR 3760.000 million for the current year as compared to INR 3000.000 million in the previous year. Consequently, the earnings per share for 2016 stood at INR 17.76 per share as compared to INR 14.15 in 2015.

SERVICES

In pursuit of delivering world-class customer experience, ABB has always focused on offering value-based engagement and putting the customer first. This relentless approach helped the Company achieve double digit growth in service operations, which, on an average, accounted for a substantial part of the order dimension. Going beyond the conventional approach of transactional business relationship for spare parts and field services, the Company adopted the RAS (Reliability, Availability & Safety) based approach with customized solutions and reconnected with the existing installed base to meet customers’ requirements in optimizing and managing their assets. Apart from the portfolio of energy efficiency and power quality, retrofit and debottlenecking services, equipment performance management (EPM) and personnel training, the Company is including some futuristic offerings in its portfolio like cyber security, data analytics, and remote monitoring, leading to clear technical differentiation and unlocking the full potential of their services offering. During the year, marquee customers including Adani Group, International Paper, Kansai Nerolac Paints, Biocon Limited, etc., recognized the Company for its service commitment and Power Grid Corporation of India (PGCIL), Jindal Steel Works (JSW) Group, Oil and Natural Gas Corporation Limited (ONGC), Steel Authority of India Limited (SAIL), UltraTech Cement, Indian Oil, National Thermal Power Corporation (NTPC), Indian Railways, and Deccan Chemicals, extended their service engagement with the Company.

EXPORTS

Despite slow movement in large orders, ABB India’s exports grew over the last year. Base orders were ore than 80 percent of total exports in 2016 and increased by 10 percent over last year. Strong team effort saw significant success for products like transformers, high voltage circuit breakers, rectifiers and LV motors, and for systems in Process Industries and Oil and Gas business units.

2016 saw exports creating new footprints in Africa while consolidating and expanding in the Middle East. While there were some repeat orders for transformers in Ethiopia, the Company received significant orders from Dubai and South Africa for LV motors and for rectifiers from Indonesia. Process Automation bagged cement plant projects in Bahrain and Uganda, while Oil and Ga business unit won orders in the UAE.

OUTLOOK

In 2017, global growth is likely to remain modest, plagued by various global political uncertainties, with the energy and the fourth industrial revolution providing opportunities and challenges in equal measure. Initial estimates have downgraded growth prospects in India due to the short-term impact of invalidating high-value currencies. However, in the coming year, some projects announcements might be forthcoming from government spending towards technology upgradation and modernization of the existing infrastructure in Railways, Ports and Metro, and reformative programs under the government initiatives of Digital India, Smart Cities and Make in India. Technology push in power transmission and distribution and advanced manufacturing could be the other bright spots. Investments in the private sector are expected to be subdued in the first half of the year owing to the deferral in consumption and an ensuing lag in capacity utilization. However, the Company enjoys a vast installed base in the country and continues to mine these accounts for deeper penetration and high-value engagement. Over the coming years, the Company will assess and partner in establishing the next level in Indian industries and utilities through automation and digitalization, working closely with customers to deploy solutions that best fit local needs. Despite the slowdown, there may appear to be a fair number of projects in the market, and the Company will exercise its choice with caution and proceed with discretion and due diligence in terms of credit availability (cash over revenue), scope, and safety of the employees while strengthening order books. The Company will continue to relentlessly work towards driving operational excellence and adopting innovations. As India takes strides towards a clean energy future, the Company is well positioned to partner with technology and solutions to decouple growth from carbon emissions.

UNSECURED LOAN

Unsecured Loan	31.12.2016 (INR in Million)	31.12.2015 (INR in Million)
Short-term borrowings
Overdraft Facility from Banks	0.400	0.000

Total	0.400	0.000

Note: Short term borrowings represent unsecured overdraft facility from banks. The same is repayable on demand and carries interest @ 9% to 11% p.a.

INDEX OF CAHREGS:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	Z00074895	80017474	ICICI BANK LIMITED	08/09/2003	-	-	150000000.0	ICICI BANK TOWERS1,COMMISSORIAT ROADBANGALOREKA560001IN
2	A22227607	80017462	CANARA BANK	08/09/2003	-	03/09/2007	300000000.0	CORPORATE SERVICE BRANCHNO.25,M G ROADBANGALOREKA560001IN
3	A22227839	80017469	UNION BANK OF INDIA	08/09/2003	-	01/09/2007	400000000.0	INDUSTRIAL FINANCE BRANCH,111/74HAFEEZA CHAMBERS,K H ROADBANGALOREKA560027IN
4	A17967092	80020297	ICICI BANK LIMITED	08/09/2003	31/01/2005	03/07/2007	150000000.0	ICICI BANK TOWERSI COMMISSORIAT ROADBANGALOREKA560025IN
5	A13438502	80017468	STANDARD CHARTERED BANK	08/09/2003	-	11/04/2007	75000000.0	RAHEJA TOWERS26/27, M G ROADBANGALOREKA560001IN
6	A10175107	80017472	HONGKONG AND SHANGHAI BANKING CORPORATION	08/09/2003	-	19/01/2007	75000000.0	NO.7,M G ROADBANGALOREKA560001IN

CONTINGENT LIABILITIES:

PARTICULARS	31.12.2016 (INR In Million)	31.12.2015 (INR In Million)
i) Excise duty / service tax and sales tax liabilities in dispute	5282.500	5907.200
ii) Custom duty liabilities in dispute	23.100	25.400
iii) Claims against the Company not acknowledged as debts	748.700	140.500
iv) Income tax matters in dispute	453.700	265.300

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.

In respect of the above contingent liabilities, the future cash outflows are determinable only on receipt of judgement pending at various forums / authorities.

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

UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS AND NINE MONTHS ENDED 30.09.2017

(INR In Million)

Sr. No	Particulars
		3 Months	3 Months	9 Months
		30.09.2017	30.06.2017	30.09.2017
		Unaudited	Unaudited	Unaudited
	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	19153.700	23615.000	65931.600
	b. Other Operating Income	377.500	325.800	1021.700
	Total Income from Operations (Net)	19531.200	23940.800	66953.300
	Expenditure
	Cost of materials consumed	11445.200	11794.700	35629.800
	Purchases of stock-in trade	693.500	1049.600	2588.300
	Changes in inventories of finished goods. work-in-progress and stock in trade	(1163.500)	5.500	(1674.600)
	Subcontracting Charges	1178.800	1398.400	3685.700
	Employee benefits expense	2033.900	2157.100	2877.800
	Depreciation and Amortization Expenses	388.500	383.200	1147.800
	Other Expenses	3624.300	4358.600	12276.900
	Excise Duty	0.000	1377.900	2877.800
	Finance costs	152.400	230.600	594.800
	Total expenses	18353.100	22755.600	63250.600
	Profit from ordinary activities & exceptional items	1178.100	1185.200	3702.700
	Exceptional items	0.000	0.000	0.000
	Profit from ordinary activities before tax	1178.100	1185.200	3702.700
	Tax Expense	344.200	434.600	1218.400
	Net profit after tax	833.900	750.600	2484.300
	Comprehensive Income	0.000	0.000	36.700
	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates	833.900	750.600	2521.000

	Paid-up equity share capital (face value of INR 2 per share)	423.800	423.800	423.800
	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	---	-	-
	Earnings Per Share (of INR 2 each) (not annualized)	-	-	-
	Basic EPS	3.94	3.54	11.72
	Diluted EPS	3.94	3.54	11.72

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR

Particulars	3 Months	3 Months	9 Months
	30.09.2017	30.06.2017	30.09.2017
	Unaudited	Unaudited	Unaudited
1. Segment Revenue
a) Robotics and motion	4461.500	4587.900	14042.600
b) Electrification Products	4714.800	6445.900	18070.700
c) Process Automation	2853.700	3534.500	9455.100
d)Power Grids	7748.100	9600.800	25997.000
Total segment revenue	19778.100	24169.100	67565.400
Unallocated	60.000	190.900	430.300
Total	19838.100	24360.000	67995.700
Less: Inter – segment revenue	684.400	745.000	2064.100
Total income from operations (net sales)	19153.700	23615.000	65931.600

2. Segment Results
Profit/ (loss) before tax and interest
a) Robotics and motion	400.500	307.100	1088.200
b) Electrification Products	459.500	645.700	1887.500
c) Process Automation	390.000	315.900	819.700
d)Power Grids	520.200	695.800	1765.500
Total segment results	1770.200	1964.500	5560.900
(Add)/Less: Finance Costs	152.400	230.600	594.800
Other un-allocable expenditure net off un-allocable other operating income	439.700	548.700	1263.400
Total Profit Before Tax	1178.100	1185.200	3702.700

3. Segment Assets
a) Robotics and motion	10059.300	9144.500	10059.300
b) Electrification Products	12167.600	11609.400	12167.600
c) Process Automation	9018.800	9266.000	9018.800
d)Power Grids	30988.900	28985.200	30988.900
Unallocated	20668.000	21804.800	20668.000
	82902.600	80809.900	82902.600

3. Segment Liabilities
a) Robotics and motion	6717.100	6315.800	6717.100
b) Electrification Products	6440.600	6072.800	6440.600
c) Process Automation	5335.400	5732.500	5335.400
d)Power Grids	22626.900	21624.600	22626.900
Unallocated	7414.800	7530.300	7414.800
TOTAL	48534.800	47276.000	48534.800

Note:

This statement has been reviewed by the Audit Committee and recommended for approval to the Board and the Board approved at its meeting held on 20th July, 2017.
These financial results have been prepared in accordance with Indian Accounting Standard ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, Companies (Indian Accounting Standards) Amendment Rules, 2016, SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 and SEBI Circular dated 5th July, 2016 and 10th August, 2016. Consequently, results for the quarter and six months ended 30th June 2016 and previous year ended 31st December 2016 have been restated to comply with Ind AS to make them comparable. Further, these restated financial results for the quarter and six months ended 30th June, 2016 and year ended 31st December, 2016 were neither subjected to limited review nor subjected to audit and are as prepared by the Management after exercising necessary due diligence to ensure a true and fair view of the Company's affairs. The Company has availed the relaxation provided by SEBI in respect of disclosure requirements and hence has not presented the reserves (excluding revaluation reserve) as per the latest balance sheet i.e. 31st December, 2016 and the comparative restated Ind AS balance sheet as at 31st December, 2016. The net profit reconciliation for the quarter and six months ended 30th June, 2016 and year ended 31st December, 2016 under the previously applicable Generally Accepted Accounting Principles ('previous GAAP') with the net profit as reported in these financial results under Ind AS is presented below:

Ratios:
(a) Debt-equity ratio represents borrowings/total equity.

(b) Debt service coverage ratio represents profit before interest and tax/interest on long term debt plus principal repayment of long term debts.

The figures of the previous year / periods have been regrouped / reclassified, wherever necessary.

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 records 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	INR
US Dollar	1	INR 63.35
UK Pound	1	INR 85.89
Euro	1	INR 76.16

INFORMATION DETAILS

Information Gathered by :	SVT

Analysis Done by :	PSD

Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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