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Company Information

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21 October 2016 | 12:00

Industry >> Electric Equipment - General

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ISIN No INE117A01022 52Week High 1434 Book Value (Rs.) 141.97 Face Value 2.00
Bookclosure 26/04/2016 52Week Low 955 EPS 14.15 P/E 79.44
Market Cap. 23822.74 Cr. P/BV 7.92 Div Yield (%) 0.33 Market Lot 1.00


You can view the entire text of Notes to accounts of the company for the latest year
Year End :2015-12 
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 pays 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, 2015, the amount of per share dividend recommended and provided for distributions to equity shareholders is Rs, 3.70/-. (December 31, 2014 : Rs, 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.

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

b) There is no movement in the share capital during the current and previous year.

1. Segment reporting

A) Primary segment reporting (by business segments)

i) Composition of business segments

The Company's business segments are organized around products and system solutions provided to its customers, which include utilities, industries, channel partners and original equipment manufacturers.

Power Systems segment (PS) offers turnkey systems and services for transmission and distributions for power grid and power plants. The segment offers the instrumentation, control and the entire balance of power plants, which improve performance and energy efficiency through flexible alternating current transmission systems, high voltage direct current systems, network management systems and utility communications.

Power Products segment (PP) manufactures, engineers, supplies key components to transmit and distribute electricity, improving power supply and energy efficiency. The segment produces transformers, high and medium voltage switchgears, circuit breakers, capacitors, distribution relays, insulation paper and paper board components etc.

Process Automation segment (PA) provides customers with integrated solutions for control, plant optimization and industry specific application knowledge. The industries served include oil and gas, power, chemicals and pharmaceuticals, pulps and paper, metals and minerals, marine and turbo charging.

Discrete Automation and Motion segment (DM) provides products, with related services, that are used as components in machinery and automation systems. The segment covers a wide range of products and services including power electronics systems, motors and generators, drives, robots etc.

Low Voltage Products segment (LP) manufactures products and systems that provide protection, control and measurement for electrical installations, enclosures, switchboards, electronics and electromechanical devices for industrial machines, plants and related service.

ii) The accounting policies used in the preparation of the financial statements of the Company are also applied for segment reporting.

iii) Segment revenues, expenses, assets and liabilities are those, which are directly attributable to the segment or are allocated on an appropriate basis. Corporate and other revenues, expenses, assets and liabilities to the extent not allocable to segments are disclosed in the reconciliation of reportable segments with the financial statements.

iv) Inter segment transfer pricing

Inter segment prices are normally negotiated amongst the segments with reference to the costs, market prices and business risks, within an overall optimization objective for the Company.

v) Figures in brackets are in respect of the previous year.

2. The Company has taken several premises and vehicles under cancelable and non-cancelable operating leases. These lease agreements are normally for one to ten years and have option of renewal on expiry of lease period based on mutual agreement. Rental expenses towards cancelable and non-cancelable operating lease charged to the statement of profit and loss amounts to Rs, 52.93 crores (Previous Year Rs, 44.80 crores).

Some of the lease agreements have escalation clause ranging from 5% to 15%. There are no exceptional / restrictive covenants in the lease agreement. There are no assets given on operating lease.

3. Excise duty on sales amounting to Rs, 530.43 crores (Previous year Rs, 423.64 crores) has been reduced from sales in the statement of profit and loss. Excise duty reversal on decrease in inventory of finished goods amounting to Rs, 0.90 crores (December 31, 2014: Rs, 3.10 crores) has been accounted in the statement of profit and loss under the head "(Increase) / decrease in inventories of finished goods, work-in-progress and traded goods".

4. Long term borrowings represent 600, unsecured, rated, listed, redeemable, non-convertible debentures of face value of Rs, 1.0 crore each aggregating to Rs, 600.00 crores on private placement basis. 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 the Company's debt.

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

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 judgment pending at various forums / authorities.

6. Related party disclosures

a) List of related parties

Party where control exists:

ABB Limited, Zurich, Switzerland (Ultimate Holding Company)

ABB Asea Brown Boveri Limited, Zurich, Switzerland (Holding Company)

Other Related parties with whom transactions have taken place during the year:

Fellow subsidiaries:

ABB (Asea Brown Boveri), S.A.,Paco de Arcos, Portugal ABB Inc., Saint-Laurent Quebec, Canada.

ABB (China) Ltd.,Beijing,China ABB Inc.,Cary, NC,United States

ABB (Hong Kong) Ltd.,Hong Kong, Hong Kong ABB Industries (L.L.C.).,Dubai,United Arab Emirates

ABB (Private) Ltd. ,Harare ,Zimbabwe., ABB Industries FZ.,Dubai,United Arab Emirates

ABB (Pty) Ltd.,Gaborone,Botswana ABB Information Systems Ltd.,Zurich,Switzerland

ABB (Pvt) Ltd.,Lahore,Pakistan ABB International Marketing Ltd., Zurich, Switzerland

ABB A/S.,Skovlunde,Denmark ABB Intra AG, Zurich, Switzerland

ABB AB.,V„ster†s,Sweden ABB Investments (Pty) Ltd,Modderfontein,South Africa

ABB AG.,Mannheim,Germany ABB Jiangjin Turbo Systems Company Limited.,Chongqing,China

ABB AG.,Vienna,Austria ABB Jiangsu Jingke Instrument Transformer Co., Ltd.,Suqian, Jiangsu,China

ABB AS.,Billingstad,Norway ABB K.K.,Tokyo,Japan

ABB AS.,Jri,Estonia ABB Limited.,Auckland,New Zealand

ABB Australia Pty Limited.,Sydney,Australia ABB Limited.,Bangkok,Thailand

ABB Automation Co. Ltd.,Riyadh,Saudi Arabia ABB Limited.,Dar Es Salaam,United Republic of Tanzania

ABB Automation GmbH, Mannheim, Germany. ABB Limited.,Dhaka,Bangladesh

ABB Automation L.L.C.,Abu Dhabi,United Arab Emirates ABB Limited.,Nairobi,Kenya

ABB Automation Products GmbH.,Ladenburg,Germany ABB Limited.,Warrington,United Kingdom

ABB Bailey Beijing Engineering Co. Ltd.,Beijing,China ABB Limited/Jordan LLC.,Amman,Jordan

ABB Bailey Japan Limited.,Shizuoka-Ken,Japan ABB LLC.,Muscat,Oman

ABB Beijing Drive Systems Co. Ltd.,Beijing,China ABB LLP.,Almaty,Kazakhstan

ABB Beteiligungs-Management GmbH, Germany ABB Logistics Center Europe GmbH.,Menden,Germany

ABB Bulgaria EOOD.,Sofa,Bulgaria ABB Ltd. ,Hanoi ,Vietnam.

ABB B V, Rotterdam, Netherlands ABB Ltd., Zagreb, Croatia.

ABB Capital, B.V.,Amsterdam,Netherlands ABB Ltd.,Dublin,Ireland

ABB Chongqing Transformer Company Ltd.,Chongqing,China ABB Ltd.,Kampala,Uganda

ABB CL Logistic S.A., Montevideo, Uruguay ABB Ltd.,Kyiv,Ukraine

ABB Contracting Company Ltd.,Riyadh,Saudi Arabia ABB Ltd.,Lusaka,Zambia

ABB D.o.o., Ljubljana, Slovenia ABB Ltd.,Lusaka,Zambia

ABB d.o.o.,Belgrade,Serbia ABB Ltd.,Moscow,Russian Federation

ABB Ecuador S.A.,Quito,Ecuador ABB Ltd.,Seoul,Korea, Republic of

ABB Electrical Industries Ltd.,Riyadh,Saudi Arabia ABB Ltd.,Taipei,Taiwan, Province of China

ABB Electrical Machines Ltd.,Shanghai,China ABB Ltd.,Zagreb,Croatia

ABB Elektrik Sanayi A.S.,Istanbul,Turkey ABB Ltda.,Osasco,Brazil

ABB Engg. Technologies Co. (KSCC).,Safat,Kuwait ABB LV Installation Materials Co. Ltd.,Beijing,China

ABB Engineering (Shanghai) Ltd.,Shanghai,China ABB Malaysia Sdn Bhd.,Subang Jaya,Malaysia

ABB Engineering Trading and Service Ltd.,Budapest,Hungary ABB Management Services Ltd.,Zurich,Switzerland

ABB Equity Limited.,St. Peter's Port,Guernsey ABB Manufacturing Sdn. Bhd.,Subang Jaya,Malaysia

ABB ESAP Limited.,St. Peter's Port,Guernsey ABB Mexico S.A. de C.V.,San Luis Potosi SLP,Mexico

ABB Finance B.V.,Amsterdam,Netherlands ABB N.V.,Zaventem,Belgium

ABB for Electrical Industries (ABB ARAB) S.A.E.,Cairo,Egypt ABB Near East Trading Ltd.,Amman,Jordan

ABB France.,Les Ulis,France ABB Norden Holding AB, V„ster†s, Sweden

ABB FZ-LLC.,Dubai,United Arab Emirates ABB Oryx Motors and Generator Service LLC, Doha, Qatar

ABB Generators Ltd, Nanchang, China. ABB Oy.,Helsinki,Finland

ABB Genway Xiamen Electrical Equipment Co. Ltd.,Xiamen,China ABB Power Equipment (Xiamen) Co., Ltd.,Xiamen,China

ABB Global Industries and Services Private Limited.,Bengaluru,India ABB Pte. Ltd.,Singapore,Singapore

ABB Global Marketing FZ LLC.,Dubai,United Arab Emirates ABB Qatar LLC., Doha, Qatar

ABB Group Accounting Services B.V.,Rotterdam,Netherlands ABB Research Ltd.,Zurich,Switzerland

ABB Hefei Transformer Co. Ltd.,Hefei,China ABB S.A., Les Ulis, France

ABB High Voltage Switchgear (Xiamen) Company Ltd.,Xiamen,China ABB S.A.,Buenos Aires,Argentina

ABB High Voltage Switchgear Co. Ltd.,Beijing,China ABB S.A.,Casablanca,Morocco

ABB Holdings Sdn. Bhd.,Subang Jaya,Malaysia ABB S.A.,Lima,Peru

ABB Import & Export Services Ltd., Oranjestad/Aruba (NA), Aruba (Nl) ABB S.A.,Panama,Panama

ABB S.A.,Santiago,Chile Asea Brown Boveri Lanka (Private) Limited

ABB S.p.A.,Milan,Italy Asea Brown Boveri Ltd.,Port Louis,Mauritius

ABB s.p.r.l.,Kinshasa Gombe,The Democratic Republic of Congo Asea Brown Boveri Ltda.,Bogot ,Colombia

ABB s.r.o.,Prague,Czech Republic Asea Brown Boveri Ltda.,La Paz, Plurinational State of Bolivia

ABB Schweiz AG.,Baden,Switzerland Asea Brown Boveri S.A., Caracas, Venezuela

ABB S‚cheron S.A.,Satigny,Switzerland Asea Brown Boveri S.A.,Douala,Cameroon

ABB Service Co. Ltd.,Al Khobar,Saudi Arabia Asea Brown Boveri S.A.,Madrid,Spain

ABB Shanghai Motors Co. Ltd.,Shanghai,China Asea Brown Boveri S.A.,Metamorphossis Attica ,Greece

ABB Shanghai Transformer Co. Ltd.,Shanghai,China Asea Brown Boveri S.A.E., Cairo, Egypt

ABB SIA.,Riga,Latvia Baldor Electric (Asia) PTE Ltd.,Singapore,Singapore

ABB South Africa (Pty) Ltd.,Longmeadow,South Africa Baldor Electric (Shanghai) Company Ltd.,Shanghai,China

ABB Sp. z o.o.,Warsaw,Poland Baldor Electric Company.,Fort Smith, AR,United States

ABB Stotz-Kontakt GmbH.,Heidelberg,Germany Baldor UK Ltd.,Bristol, England,United Kingdom

ABB Technologies Ltd., Tirat Carmel, Israel Busch-Jaeger Elektro GmbH.,Mannheim/Ldenscheid,Germany

ABB Technologies S.A., Dakar, Senegal Electrical Materials Center.,Riyadh,Saudi Arabia

ABB Technologies W.L.L.,Bahrain,Bahrain K-Tek Level Engineering Pvt. Ltd., Navi Mumbai, India

ABB Technology Ltd.,Zurich,Switzerland Maska Power Transmission (Changzhou) Co.Ltd.,Changzhou,China

ABB Technology Oy, Helsinki, Finland Newave Energy AG.,Neuenhof,Switzerland

ABB Technology SA.,Abidjan,Cote d'Ivoire Newave SA.,Quartino,Switzerland

ABB Transformers S.A.E.,El-Nozha El-Gedida,Egypt Power-One Italy S.p.A.,Siena,Italy

ABB Transmission & Distribution Ltd.,Abu Dhabi,United Arab Emirates Power-One Renewable Energy (China) Co. Ltd.,Shenzhen, China.

ABB Turbo Systems (Hong Kong) Limited.,Hong Kong,Hong Kong Power-One Renewable Energy Solutions India Private Ltd.,Mumbai,India

ABB Turbo Systems AG.,Baden,Switzerland Power-One Renewable Energy Solutions LLC.,Delaware,United States

ABB Turbo Systems Holding Ltd, Baden,Switzerland. PT ABB Sakti Industri.,Jakarta,Indonesia

ABB Turbochargers S.A.E.,Suez,Egypt Pucaro Elektro-Isolierstoffe GmbH.,Roigheim,Germany

ABB UAB, Vilnius, Lithuania Shantou Winride Switchgear Co., Ltd.,Longhu District Shantou,China

ABB Verwaltungs AG.,Zurich,Switzerland Spirit IT B.V, Eindhoven, Netherlands.

ABB Xiamen Electrical Controlgear Co. Ltd.,Xiamen,China Striebel & John GmbH & Co. KG.,Mannheim,Germany

ABB Xiamen Low Voltage Equipment Co. Ltd.,Xiamen,China Sucursal Panama de ABB SA.,Panama,Panama

ABB Xiamen Switchgear Co. Ltd.,Xiamen,China Thomas & Betts Asia (Singapore) Pte. Ltd, Singapore

ABB Xi'an High Power Rectifer Company Limited.,Xi'an,China Thomas & Betts Corporation.,Knoxville, TN,United States

ABB Xi'an Power Capacitor Company Limited.,Xi'an,China Thomas & Betts India Private Ltd.,Andhra Pradesh,India

ABB Xinhui Low Voltage Switchgear Co. Ltd.,Xinhui ,China Thomas & Betts Limited ,Saint-Jean-sur-Richelieu, Quebec,Canada.,

ABB Zhongshan Transformer Company Ltd.,Zhongshan,China Thomas & Betts Power Solutions LLC.,Delaware,United States

ABB, Inc.,Paranaque, Metro Manila,Philippines Trasfor SA.,Monteggio,Switzerland

ABB, s.r.o.,Bratislava,Slovakia Tropos Networks, Inc.,Wilmington, Delaware,United States

ABBNG Limited.,Lagos,Nigeria Turbo Systems United Co. Ltd.,Tokyo,Japan

Asea Brown Boveri (Pty) Ltd., Windhoek, Namibia Ventyx (UK) Ltd.,Surrey,United Kingdom

Asea Brown Boveri Electrica SGPS (Angola) Limitada.,Luanda,Angola Ventyx Inc.,Atlanta,United States

Key managerial personnel:

Managing director: Mr. Bazmi R. Husain (upto December 31, 2015)

Company secretary Mr. B. Gururaj

Chief fnancial offcer: Mr. T. K. Sridhar (Effective July 24, 2015)

Mr. Amlan Datta Majumdar (upto March 10, 2015)

b) Nature of provisions:

i) Warranties: The Company provides warranties for its products, systems and services, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period. Provision made as at December 31, 2015 represents the amount of the expected cost based on technical evaluation and past experience of meeting such obligations. It is expected that this expenditure will be incurred over the contractual warranty period.

ii) Loss orders: A provision for expected loss on construction contracts is recognized when it is probable that the contract costs will exceed total contract revenue. For all other contracts loss order provisions are made when the unavoidable costs of meeting the obligation under the contract exceed the currently estimated economic benefits.

iii) Provision for litigation represents claims against the Company not acknowledged as debts that are expected to materialize in respect of matters in litigation. The outflow would depend on the cessation of the respective events.

iv) Provision for sales tax represents mainly the differential sales tax liability on account of non - collection of declaration forms. The outflow would depend on the cessation of the respective events.

7. The employees of the Company are entitled to purchase shares of ABB Limited., Zurich (the ultimate holding company) on the settlement date, at a price fxed based on the fair market price on the grant date under ABB employee share acquisition plan. During the year, the Company has been cross charged Rs, Nil (Previous Year Rs,.0.08 crores) towards the above including administrative charges and this has been charged in the statement of proft and loss under the head salaries, wages and bonus.

The Institute of Chartered Accountants of India has issued a guidance note on accounting for 'employee share-based payments', which is applicable to employee share based payment plans. The scheme detailed above is managed and administered, compensation benefits in respect of the scheme is assessed and accounted by the ultimate holding company, except for the obligation towards expenses cross charged as above. Accordingly, the Company is of the opinion that there is no further accounting treatment/ disclosure required under the said guidance note.

8. Derivative Instruments

i) Forward cover for foreign currency trade receivables outstanding as of balance sheet date is Rs, 271.45 crores (Previous Year Rs, 349.05 crores).

ii) Forward cover for expected future sales or highly probable forecast transaction as of balance sheet date is Rs, 433.12 crores (Previous Year Rs, 384.91 crores).

iii) Forward cover for foreign currency trade payables outstanding as of balance sheet date is Rs, 716.56 crores (Previous Year Rs, 577.89 crores).

iv) Forward cover for expected future purchases or highly probable forecast transaction as of balance sheet date is Rs, 440.94 crores (Previous Year Rs, 116.55 crores).

v) Foreign currency exposure (net) that are not hedged by derivative instruments or otherwise is payable Rs, 187.33 crores (Previous year payable was Rs, 267.31 crores).

9. Commodity Contracts

The Company uses commodity future contracts to hedge risk against fuctuation in commodity prices. The following are outstanding future contracts entered into by the Company as on December 31, 2015.


a) Gratuity Plan

Gratuity is payable to all eligible employees of the Company as per the provisions of the Payment of Gratuity Act, 1972 or as per the Company's scheme, whichever is higher.

b) Provident Fund Plan

The Company manages provident fund plan through a provident fund trust for its employees which is permitted under the Provident Fund and Miscellaneous Provisions Act, 1952. The Contribution by employee and employer together with interest are payable at the time of separation from service or retirement whichever is earlier.

c) Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

d) The Company expects to contribute Rs, 13.00 crores (Previous Year Rs, 20.00 crores) to gratuity fund and Rs, 18.00 crores (Previous Year Rs, 20.00 crores) to provident fund in 2016.

e) The attrition rate for gratuity varies from 1% to 8% for various age groups.

10. In accordance with the provisions of Companies Act, 2013, the Company is required to contribute Rs, 5.60 crores towards CSR expenditure for the year against which actual capital expenditure is Rs, 1.24 crores and revenue expenditure is Rs, 0.46 crores. The said provision is frst time applicable for the company from January 1, 2015.

11. The previous year figures have been regrouped/ reclassified, where necessary, to conform with the current year's classifications.