MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
HBL POWER SYSTEMS LIMITED (w.e.f. 09.12.2006) |
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Formerly Known As: |
HBL NIFE POWER SYSTEMS LIMITED (w.e.f. 26.04.2000) SAB NIFE POWER SYSTEMS LIMITED |
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Registered Office : |
8-2-601, Road No. 10, Banjara Hills, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.08.1986 |
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Com. Reg. No.: |
01-6745 |
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CIN No.: [Company
Identification No.] |
L40109AP1986PLC006745 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDH00591D |
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PAN No.: [Permanent
Account No.] |
AAACH8421K |
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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 : |
Design, Development and Manufacturer of specialized
batteries and DC systems and associated electronics. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20453000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
INFORMATION DECLINED BY
|
Name : |
Mr. S. Prasad |
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Designation : |
Executive Exim |
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Contact No.: |
91-9848012589 |
LOCATIONS
|
Registered Office : |
8-2-601, Road No. 10, Banjara Hills, |
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Tel. No.: |
91-40-23355575 / 23351934 / 23355085 |
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Mobile No.: |
91-9848012589 (Mr. S. Prasad) 91-9346269932 (Mr. Govardhan Reddy) |
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Fax No.: |
91-40-23355048 / 23353189 |
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E-Mail : |
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Website : |
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Factory 1 : |
Shameerpet Aliabad Post, Lalgadi Malakpet, Shameerpet Mandal- 500078, |
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Tel. No.: |
91- 8418- 244640 |
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Fax No.: |
91- 8418-244627/ 244574 |
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E-Mail : |
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Factory 2 : |
Nandigaon Survey No.64-67, 77-81, |
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Tel. No.: |
91-8548-240456 |
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Fax No.: |
91-8548-240474 |
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E-Mail : |
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Factory 3 : |
Thumukunta Survey No. 351, |
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Tel. No.: |
91-8418-247680 |
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Fax No.: |
91-8418-247683 |
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E-Mail : |
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Factory 4 : |
Mehboobnagar Sy No 155 to 156 (Post) Bhootpur (Village and Mandal), Mahaboobnagar
District, |
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Tel. No.: |
91-8542-236539/ 236205 |
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E-Mail : |
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Factory 5 : |
Vizayanagaram Sy 123-126, 138(p) to 144(p), Kandavasala Village, Pusapatirega Mandal,
Vizayanagaram District, Andhra Pradesh, India |
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Tel. No.: |
91-8922-258159 |
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E-Mail : |
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Factory 6 : |
VSEZ Plot No. Q6 to Q10, R1 to R10 S1 to S9,Phase III, VSEZ, Duvvada, |
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Tel. No.: |
91-891-2543255-56 |
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E-Mail : |
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Factory 7 : |
Haridwar Plot No. 1, Sector 8A, IIE Ranipur (BHEL Haridwar) - 249 403, |
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Tel. No.: |
91-1334-235420/ 235421 |
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E-Mail : |
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Branch Office : |
Located at: ·
·
Kolkata ·
Mumbai ·
·
Chennai ·
·
·
·
Ahmedabad ·
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Overseas Office : |
Located at: |
DIRECTORS
As on 31.03.2010
|
Name : |
Dr. A.J. Prasad |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Ashok Nagarkatti |
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Designation : |
Director ( |
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Name : |
Mr. J.K. Verma |
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Designation : |
Director (Operations) |
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Name : |
Mrs. M. Kavita Prasad |
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Designation : |
Director |
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Name : |
Mr. P. Ganapathi Rao |
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Designation : |
Director |
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Name : |
Mr. M.S. Ramakrishna |
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Designation : |
Director |
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Name : |
Dr. D. Chitra Rao |
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Designation : |
IDBI nominee Director |
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Name : |
Mr. S.N. Rajesh |
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Designation : |
Director |
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Name : |
Mr. V.V. Rao |
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Designation : |
Nominee Director |
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Name : |
Mrs. Preeti Khandelwal |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. D. Mabu Basha |
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Designation : |
Company Secretary |
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Audit Committee : |
·
Mr.
P. Ganapathi Rao Chairman of the Committee ·
Mrs.
M. Kavita Prasad · Dr. D. Chitra
Rao |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
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|
|
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|
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|
19,307,300 |
7.63 |
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|
140,077,050 |
55.37 |
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|
21,058,184 |
8.32 |
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|
21,058,184 |
8.32 |
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|
180,442,534 |
71.32 |
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Total
shareholding of Promoter and Promoter Group (A) |
180,442,534 |
71.32 |
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(B) Public
Shareholding |
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4,329,281 |
1.71 |
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|
87,605 |
0.03 |
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21,287,309 |
8.41 |
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25,704,195 |
10.16 |
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20,050,147 |
7.92 |
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22,557,631 |
8.92 |
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3,097,116 |
1.22 |
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|
1,148,377 |
0.45 |
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1,014,405 |
0.40 |
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73,972 |
0.03 |
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|
60,000 |
0.02 |
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46,853,271 |
18.52 |
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Total Public
shareholding (B) |
72,557,466 |
28.68 |
|
Total (A)+(B) |
253,000,000 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total
(A)+(B)+(C) |
253,000,000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Design, Development and Manufacturer of
specialized batteries and DC systems and associated electronics. |
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Products : |
(As per Monetary terms) * Excluded other
Income (Rs. 65.401 millions) · Batteries · Electronics |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed Capacity |
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INSTALLED
CAPACITY |
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Lead Acid Batteries |
Mil Ah |
1520 |
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Nickel Cadmium Batteries |
Mil Ah |
73 |
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Chargers / Rectifiers |
Nos |
3500 |
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Lithium Thionyl Chloride Cells |
Nos |
16000 |
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|
Nos |
30000 |
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Others |
|
Inview of the items being manufactured as per the customers orders it
is not possible to ascertain installed capacity |
|
PRODUCTION
(Major Items) |
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|
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Lead Acid Batteries |
Lac AH |
8437.76 |
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Nickel Batteries Cells |
Nos |
43418 |
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Silver Zinc |
Nos |
27893 |
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Nickel Cadmium Pocket Plate Batteries |
Lac AH |
570.17 |
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|
Nos |
4514 |
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Electronic Charges / Rectifiers |
Nos |
18100 |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Satyanarayana and Company Chartered Accountants |
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Address : |
Secunderabad |
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Cost Auditors : |
Narasimha Murthy and Company Cost Accountants Address : |
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Associates : |
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Subsidiaries : |
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Joint Venture : |
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Holding Company : |
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Controlled Companies : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Re.1/- each |
Rs. 300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
253000000 |
Equity Shares |
Re.1/- each |
Rs.253.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
253.000 |
242.795 |
242.795 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4860.325 |
3607.905 |
2783.566 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5113.325 |
3850.700 |
3026.361 |
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LOAN FUNDS |
|
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1] Secured Loans |
4098.078 |
3504.080 |
3278.384 |
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2] Unsecured Loans |
171.637 |
171.637 |
246.137 |
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TOTAL BORROWING |
4269.715 |
3675.717 |
3524.521 |
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DEFERRED TAX LIABILITIES |
173.142 |
149.142 |
127.587 |
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TOTAL |
9556.182 |
7675.559 |
6678.469 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3429.789 |
2881.519 |
2538.944 |
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Capital work-in-progress |
788.206 |
663.740 |
344.822 |
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|
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INVESTMENT |
206.121 |
33.636 |
36.136 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2283.064
|
1799.826
|
1724.665
|
|
|
Sundry Debtors |
3376.735
|
2826.356
|
2730.056
|
|
|
Cash & Bank Balances |
542.004
|
817.027
|
479.296
|
|
|
Other Current Assets |
68.977
|
54.797
|
0.000
|
|
|
Loans & Advances |
556.077
|
369.774
|
420.927
|
|
Total
Current Assets |
6826.857
|
5867.780
|
5354.944 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1267.710 |
1048.408 |
816.227 |
|
|
Other Current Liabilities |
185.557
|
486.931
|
615.134
|
|
|
Provisions |
241.524
|
240.883
|
173.217
|
|
Total
Current Liabilities |
1694.791
|
1776.222
|
1604.578
|
|
|
Net Current Assets |
5132.066
|
4091.558
|
3750.366
|
|
|
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|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
5.106 |
8.200 |
|
|
|
|
|
|
|
|
TOTAL |
9556.182 |
7675.559 |
6678.469 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
|
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Income |
11095.149 |
12438.958 |
9727.564 |
|
|
|
Other Income |
65.401 |
50.885 |
37.049 |
|
|
|
TOTAL (A) |
11160.550 |
12489.843 |
9764.613 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
6399.026 |
8203.037 |
6422.520 |
|
|
|
Manufacturing and Service Cost |
719.498 |
673.635 |
463.643 |
|
|
|
Employee Cost |
975.779 |
727.357 |
597.444 |
|
|
|
Administration, Selling and Other Cost |
952.352 |
827.007 |
695.968 |
|
|
|
Amortisation of Intangible Assets |
10.256 |
10.256 |
0.000 |
|
|
|
Extra-ordinary items |
0.000 |
13.582 |
10.324 |
|
|
|
TOTAL (B) |
9056.911 |
10454.874 |
8189.899 |
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|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2103.639 |
2034.969 |
1574.714 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
383.144 |
388.289 |
317.523 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1720.495 |
1646.680 |
1257.191 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
280.661 |
278.397 |
154.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1439.834 |
1368.283 |
1102.607 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
435.655 |
458.727 |
431.729 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1004.179 |
909.556 |
670.878 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
195.196 |
170.857 |
142.587 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
800.000 |
800.000 |
600.000 |
|
|
|
Provision Dividend |
75.900 |
72.838 |
36.419 |
|
|
|
Tax on Dividend |
12.606 |
12.379 |
6.189 |
|
|
BALANCE CARRIED
TO THE B/S |
310.869 |
195.196 |
170.857 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales |
0.011 |
0.011 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares |
0.028 |
0.039 |
NA |
|
|
|
Capital Item / Equipment |
0.001 |
0.001 |
NA |
|
|
TOTAL IMPORTS |
0.029 |
0.040 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
4.065 |
3.746 |
27.63 |
|
|
|
- Diluted |
4.062 |
3.746 |
27.63 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2415.500 |
2581.300 |
2233.700 |
|
Total Expenditure |
2146.500 |
2377.600 |
2286.500 |
|
PBIDT (Excl OI) |
269.000 |
203.700 |
(52.800) |
|
Other Income |
9.100 |
12.700 |
14.700 |
|
Operating Profit |
278.100 |
216.400 |
(38.100) |
|
Interest |
91.100 |
100.600 |
129.000 |
|
Exceptional Items |
0.000 |
0.000 |
114.100 |
|
PBDT |
187.000 |
115.800 |
(53.000) |
|
Depreciation |
80.100 |
80.100 |
80.100 |
|
Profit Before Tax |
106.900 |
35.700 |
(133.100) |
|
Tax |
36.000 |
9.500 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
70.900 |
26.200 |
(133.100) |
|
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 |
70.900 |
26.200 |
(133.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.99
|
7.28 |
6.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.97
|
10.99 |
11.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.03
|
15.63 |
13.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.35 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
1.41 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.02
|
3.30 |
3.33 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
HBL NIFE Power Systems Limited (Formerly known as Sab Nife Power
Systems) is a battery and power systems company based in
At Present the company has 3 subsidiaries namely Bhagirath Energy Systems
Private Limited, HBL Nife (UK) Limited, HBL Nife (M) SDN, BHD Malaysia. The
companies subsidiary Bhagirath Energy Systems Private Limited in
In 1992, the company diversified into manufacturing uninterrupted power systems
which was financed by a public issue in Feb.'92. In 1993-94, it also started
Manufacturing storage batteries to include sealed lead acid (
In 1998-99, HBL Limited and Pinaki Technologies was merged with the company as
per the direction of the Hon'ble Highcourt of Andhra Pradesh and established a
manufacturing facility for switch mode rectifiers at Kothu, Mahaboobnagar
Dist., and the division started commercial production. During 1999-2000, the
name of the company was changed to HBL Nife Power Systems Limited.
The Company set up 100% EOU for exporting Nickel Cadmium batteries andanother
for Lead Acid Products.
During 2001-02 the company allotted shares to HBL Engineering Pte Limited
Singapore, subsequently it had become a wholly owned subsidiary of HBL Nife
Power Systems Limited. The company's buy back programme was refused by SEBI and
hence the proposal has been dropped.
As approved by the company in the last General Meeting, the Hon’ble High Court
of Andhra Pradesh vides its Order dated 27th February, 2004 approved the scheme
of amalgamation for the merger of the Company's subsidiary, M/s Compact Power
Services Private Limited with the company.
Performance
Review 2009-10:
Overall Sales of the Company for the year
2009-10 were Rs. 11095.100 Millions as compared to previous year sales of Rs. 12439.000 Millions. This decrease is
on account of a reduction of price levels in lead batteries (primarily
telecom). The company passed on the reduction in the average cost of lead. This
impact was reinforced by lower demand from the telecom sector due to macro
economic factors. Profit after tax was Rs.1004.200 Millions for the year
2009-10 as compared to previous year of Rs. 909.600 Millions and this improved
performance is owing to reduction of raw material cost.
Expansion
plans:
The
Company’s expansion plans for other lead acid battery markets is in progress
and is expected to commence commercial operations during first quarter of next
fiscal year.
Preferential
Issue:
A. Issue
details:
The Company made a preferential issue of
10,20,445 equity shares of Rs.10/- each at a issue price of Rs.340/- per share
(inclusive of Rs 330/- per share as premium) during the year under Portfolio
Investment Scheme to Foreign Institutional Investor i.e. Citigroup Global
Markets Mauritius Private Limited and the Company utilizing the proceeds as per
the objects of the issue.
B.
Utilisation of proceeds of Preferential Issue:
The preferential issue was made to finance the
General Corporate Investments in related companies and for other General
Corporate purposes. The total Proceeds of preferential issue of capital
including share premium was Rs 346.951 Millions.
Investment in
Subsidiary/ Joint Venture Companies:
HBL (
A wholly owned subsidiary in
Bhagirath Energy Systems Private Limited (BES)
A wholly owned subsidiary in
HBL Power Systems (M) SDN BHD :
A Joint
Venture Company in
MANAGEMENT
DISCUSSION AND ANALYSIS 2009-10
The
decline in sales, and increase in profit for 2009-10 as compared to 2008-09,
may appear to be mixed signals.
Management
view is that the two years 2009-11 are a period of consolidation, after the
rapid growth during 2006 -
09.
Several initiatives are under implementation for growth in future.
Telecom
Sector : Demand Fluctuations :
In 2009-10 the company had retained its more
than 50% market share in telecom because we continue to provide the best
service and prices competitive with imports. This market share was retained at
some cost to margins.
Regarding demand, financial market turbulence
had initially led to deferment of roll outs. This delay was compounded due to
intense competition among service providers, and the consequent declining
average revenue per user led to a slow down in capital budgets. Finally BSNL
completely dropped their huge program to add capacity. As the company with the
largest market share in this sector, the impact on HBL top line has been
significant. But, equally important had been the drop in the cost of lead in
the global market. As HBL prices reflect lead prices, our sales figures reveal
the impact: Sales growth was amplified during 2008-09 and attenuated in 09-10
by changing lead prices.
Telecom investment in infrastructure in the
next five years is expected to match the investment of the previous fifteen
years. When towers are shared, larger batteries are needed. Growth in rural
areas will mean faster replacement of batteries; and HBL is the technology
leader in batteries for rural sites. For all these reasons, HBL sees stability
in the demand from Telecom in future, inspite of the price pressures currently
being faced.
Growth Markets; In Batteries :
Solar Photovoltaic (SPV) Systems need backup
batteries, which are a substantial part of a SPV system cost in off grid
applications. Lead Acid batteries are most often used, but Nickel Cadmium
batteries are not uncommon. HBL is well placed to meet the needs of this market
because of the wide range of products we can offer, and our background in
electronics for DC Systems.
Diesel Engine Generator set starting batteries
have been sold by HBL for several years. With this experience, retail sales of
batteries for diesel engine vehicles have commenced this year. HBL has a unique
type of lead battery that outperforms conventional reputed battery designs;
this product is being received well by retail channels.
HBL Batteries have been introduced as
replacements for electric two wheelers and as OEM for “Solar” electric
rickshaws. They also see applications for HBL technology in Hybrid Electric
Vehicles.
Exports of both Lead & Nickel batteries
are expected to grow rapidly. Gulf Batteries Company Limited, the Joint Venture
in
Investments:
Apart from continuing investments to expand
battery capacity, three investments were made since the last AGM, in companies
whose activities strategically relate to HBL plans.
Auto TEC Systems Private Limited,
Design and supply of embedded electronics
subsystems and test equipment. Applications primarily in defence.
SCIL Infracon Private Limited,
Design and production of Spun Reinforced
Concrete Poles which can replace steel towers used in Cellular telecom networks
and power transmission. Also Concrete piles for foundations, and precast slabs
for buildings.
Sankhya InfoTech Limited, Hyderabd (www.sankhya.net)
Software development for training and
simulation in many sectors including aviation, banking, defense, railways.
The combined investment commitment in all
three companies together is below Rs. 300.000 Millions. Apart from return on
equity, HBL top line will also increase due to these investments, because of
value added reselling of some of their products through HBL.
Power Electronics :
Power Electronics sales are growing steadily,
and several new products – controllers for Solar PV, Energy Savers, and Battery
Monitoring Systems will add to growth this year.
Railway Signaling :
Share holders were informed that long delays
had occurred in this area. On the negative side, analysis has revealed that:
1) The company’s project management competence
has not been up to the mark. It is acknowledged that this
deficiency has cost us two years of time in
getting qualification for the Electronic Interlocking System (EIS) project. The
revised date for this qualification is December, 2010.
2) There were a few products for which demand
did not materialize. (eg: Train actuated warning system for unmanned level
crossing gates). The error in these cases was poor market research. Technical
success does not always ensure that customers are willing to buy.
On the positive side, progress in this domain
which was totally new to the company, has been consistent. A tipping point
should occur within two years, positioning HBL as the one company that can meet
Products that are making rapid progress are
Train Collision Avoidance Systems, Digital Axle counters and Audio Frequency
Track circuits. Rapid progress in these projects has been a result of continued
learning, both on knowledge of the domain and from the mistakes of earlier
years on older projects.
UNAUDITED FINANCIAL RESULTS FOR NINE MONTHS/
QUARTER ENDED 31ST DECEMBER, 2010 AFTER LIMITED REVIEW
(Rs. in Millions)
|
Particulars |
Quarter Ending 31.12.2010 (Unaudited) |
Nine Months Ending 31.12.2010 (Unaudited) |
|
1. a) Net Sales / Income from Operations |
2233.700 |
7230.600 |
|
b) Other Operating Income |
-- |
-- |
|
2. Expenditure |
|
|
|
(a)
(Increase)
/ Decrease in stock in trade and Work in Progress |
133.100 |
(209.800) |
|
(b) Consumption of Raw Materials |
1471.600 |
4913.100 |
|
(c) Purchase of traded goods |
2.100 |
14.000 |
|
(d) Employees Cost |
295.000 |
880.500 |
|
(e) Depreciation |
80.100 |
240.200 |
|
(f) Other Expenditure |
384.700 |
1213.100 |
|
(g) Total Expenditure |
2366.600 |
7051.100 |
|
3. Profit / (Loss) From Operations before other Income Interest & Exceptional Items (1-2) |
(132.900) |
179.500 |
|
4. Other Income |
14.700 |
36.600 |
|
5. Profit/(Loss) before Interest and Exceptional items (3+4) |
(118.200) |
216.100 |
|
6. Interest |
129.000 |
320.600 |
|
7. Profit / (Loss) after interest before Exceptional items (5-6) |
(247.200) |
(104.500) |
|
8. Exceptional Items |
114.100 |
114.100 |
|
9. Profit / (Loss)
From Ordinary activities before Tax (7-8) |
(133.100) |
9.600 |
|
10. Tax Expenses |
-- |
40.000 |
|
11. Net Profit/(Loss) From Ordinary activities after Tax (9-10) |
(133.100) |
(30.400) |
|
12. Extraordinary Items (net of tax expense) |
-- |
-- |
|
13. Net Profit (+) / Loss (-) for the period (11-12) |
(133.100) |
(30.400) |
|
14. Paid Up Equity Share Capital ( Face Value of the share Rs.1/- each ) |
253.000 |
253.000 |
|
15. Reserves (Excluding Revaluation Reserves) |
4860.300 |
4860.300 |
|
16. Earning Per
Share |
|
|
|
a) Basic EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
(0.53) |
(0.12) |
|
b) Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
(0.53) |
(0.12) |
|
c) Basic EPS after Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
(0.53) |
(0.12) |
|
d) Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
(0.53) |
(0.12) |
|
17. Public Shareholding |
|
|
|
- Number of Shares |
72557466 |
72557466 |
|
- Percentage of shareholding |
28.68% |
28.68% |
|
18. Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
1901300 |
1901300 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
1.05% |
1.05% |
|
- Percentage of shares(as a % of the total share capital of the company) |
0.75% |
0.75% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
178541234 |
178541234 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
98.95% |
98.95% |
|
- Percentage of Share (as a % of the total share capital of the company) |
70.57% |
70.57% |
Notes:
1. The results for
the quarter/ nine months ended 31st December, 2010 were reviewed by
the Audit Committee in its meeting held on14th February, 2011 and were taken on
record by the Board of Directors at their meeting held on 14th
February, 2011.
2. The results
were also subjected to Limited Review by the Statutory Auditors of the Company
3. Exceptional
Items represent Profit on Sale of Investments in Joint Venture Company.
3. Details of
investors complaints for the Quarter ended 31st December, 2010
-(Nos):
Opening Balance: Nil,
Received: 23, Disposed off: 23, Closing Balance: NIL
4. In this fiscal
year a deep decline in demand from Telecom sector was compounded by increasing
Lead prices which could not be passed through to the customer in an environment
favouring buyers. This situation should improve in the next fiscal year. All
other businesses of the company are growing.
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE 9 MONTHS
ENDED 31ST DECEMBER, 2010
(Rs. in millions)
|
Particulars |
Quarter Ending 31.12.2010 (Unaudited) |
Nine Months Ending 31.12.2010 (Unaudited) |
|
Segment Revenue |
|
|
|
Batteries |
2054.600 |
6723.900 |
|
Unallocated |
180.400 |
510.800 |
|
Total |
2235.000 |
7234.700 |
|
Less:
Intersegment Revenue |
1.300 |
4.100 |
|
Net Sales/Income
from Operations |
2233.700 |
7230.600 |
|
|
|
|
|
Segment Results |
|
|
|
Batteries |
(143.200) |
204.000 |
|
Unallocated |
195.800 |
463.900 |
|
Total |
52.600 |
667.900 |
|
Less: i )
Interest |
128.900 |
320.600 |
|
ii ) Unallocable
Expenditure net of |
185.500 |
488.400 |
|
iii )
Unallocable Income |
128.700 |
150.700 |
|
Total Profit
Before Tax after Extraordinary Items |
(133.100) |
9.600 |
|
|
|
|
|
Segment-wise Capital employed (Assets minus Liabilities) |
|
|
|
Batteries |
7568.200 |
7568.200 |
|
Unallocated |
(2445.300) |
(2445.300) |
|
Total |
5122.900 |
5122.900 |
Segment revenue,
results and assets and liabilities have the same meaning as defined in the
Accounting Standard AS 17 issued by the Institute of Chartered Accountants of
India.
FIXED ASSETS
· Land – Freehold
· Land – Leasehold
· Buildings – Factory
· Buildings – Others
· Plant and Machinery
· Office Equipment
· Furniture and Fixtures
· Vehicles
· Technical Library
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
TOTAL |
|
53 |
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.