MIRA INFORM REPORT
|
Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
HPL ELECTRIC AND POWER PRIVATE LIMITED (w.e.f. 10.03.2010) |
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Formerly Known
As : |
HPL-SOCOMEC PRIVATE LIMITED |
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Registered
Office : |
1/21, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.05.1992 |
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Com. Reg. No.: |
55-48945 |
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CIN No.: [Company Identification
No.] |
U74899DL1992PTC048945 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELH01646B |
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PAN No.: [Permanent Account No.] |
AAACH0165J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Electric Meters, Switch Gears, Metering, Energy Meter
Systems etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7100000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The company can be considered 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
1/21, |
|
Tel. No.: |
91-11-23234811/ 23234411/ 23236811 |
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Fax No.: |
91-11-23232639 |
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E-Mail : |
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Website : |
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Factory: |
133 Pace City-1, Sector 37, Gurgaon-122001, Haryana, India |
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Branches : |
Located at: ·
Ahmedabad ·
Guwahati ·
Mumbai ·
·
·
·
·
·
Pune ·
·
Jaipur ·
·
Chennai ·
·
·
·
Kolkata ·
Vadodara ·
·
·
Vijaywada ·
Vizag |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Lalit Seth |
|
Designation : |
Director |
|
Address : |
35, Sunder Nagar, New Delhi-110003, |
|
Date of Birth/Age : |
25.05.1946 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
28.05.1992 |
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|
|
|
Name : |
Mr. Rishi Seth |
|
Designation : |
Director |
|
Address : |
35, Sunder Nagar, New Delhi-110003, |
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Date of Birth/Age : |
21.12.1970 |
|
Qualification : |
B.S.C |
|
Date of Appointment : |
14.04.2000 |
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|
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|
Name : |
Mr. Gautam Seth |
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Designation : |
Director |
|
Address : |
35, Sunder Nagar, New Delhi-110003, |
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Date of Birth/Age : |
02.01.1970 |
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Qualification : |
B.Com |
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Date of Appointment : |
15.02.1972 |
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|
|
|
Name : |
Mr. Michel Carter |
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Designation : |
Director |
|
Address : |
19, Rue Jules Rathgeber, Strasbourg-67100, |
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Date of Birth/Age : |
16.05.1958 |
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Date of Appointment : |
01.08.2002 |
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Name : |
Mr. Chandra Prakash Jain |
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Designation : |
Director |
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Address : |
GH-1, 0A |
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Date of Birth/Age : |
03.05.1960 |
|
Date of Appointment : |
18.05.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Singhal |
|
Designation : |
Secretary |
|
Address : |
3675 B, |
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Date of Birth/Age : |
04.11.1976 |
|
Date of Appointment : |
25.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lalit Seth |
|
3081239 |
|
Parveen Seth |
|
853239 |
|
Socomec SA, France |
|
993316 |
|
Amerex India Private Limited, |
|
84000 |
|
Jeasons Impex Private Limited, |
|
9600 |
|
Rishi Seth |
|
396038 |
|
Gautam Seth |
|
396038 |
|
HPL India Limited, |
|
2760295 |
|
Havell’s Private Limited, |
|
1137062 |
|
Havells Electronics Private Limited, |
|
2253852 |
|
Chandra Prakash Jain |
|
15000 |
|
|
|
|
|
Total |
|
11979679 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
8.29 |
|
Bodies
corporate |
|
52.12 |
|
Directors
or relatives of directors |
|
39.59 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electric Meters, Switch Gears, Metering, Energy Meter
Systems etc. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Electronic Energy Static Meter |
Nos. |
8000000 |
4879967 |
|
Switch Gears |
Nos. |
11450000 |
5431850 |
|
Lighting |
Nos. |
24000000 |
9647975 |
|
Cables |
Coils |
1800000 |
495811 |
GENERAL INFORMATION
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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 : |
Sahni Mehra and Company Chartered Accountant |
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Address : |
73, Sunder Nagar, New Delhi-110003, |
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Joint Venture: |
Socomec SA, France |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11979679 |
Equity Shares |
Rs.10/- each |
Rs.119.797
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 |
119.797 |
79.797 |
34.824 |
|
|
2] Share Application Money |
0.000 |
100.660 |
0.000 |
|
|
3] Reserves & Surplus |
1661.462 |
1000.999 |
412.086 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1781.259 |
1181.456 |
446.910 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1990.301 |
1730.903 |
749.699 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1990.301 |
1730.903 |
749.699 |
|
|
DEFERRED TAX LIABILITIES |
59.576 |
39.796 |
16.563 |
|
|
|
|
|
|
|
|
TOTAL |
3831.136 |
2952.155 |
1213.172 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1063.439 |
946.507 |
137.900 |
|
|
Capital work-in-progress |
195.522 |
106.549 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
150.657 |
0.657 |
0.657 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
849.653
|
398.798
|
100.926 |
|
|
Sundry Debtors |
1797.267
|
1692.175
|
1189.118 |
|
|
Cash & Bank Balances |
218.645
|
166.917
|
71.367 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
298.984
|
265.769
|
40.827 |
|
Total
Current Assets |
3164.549
|
2523.659
|
1402.238 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
637.908
|
523.239
|
301.594 |
|
|
Other Current Liabilities |
80.106
|
75.690
|
17.524 |
|
|
Provisions |
25.017
|
26.288
|
8.505 |
|
Total
Current Liabilities |
743.031
|
625.217
|
327.623 |
|
|
Net Current Assets |
2421.518
|
1898.442
|
1074.615 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3831.136 |
2952.155 |
1213.172 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4510.555 |
3713.276 |
2005.326 |
|
|
|
Other Income |
14.659 |
4.212 |
5.205 |
|
|
|
TOTAL (A) |
4525.214 |
3717.488 |
2010.531 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
4025.203 |
3137.367 |
1673.075 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
4025.203 |
3137.367 |
1673.075 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
580.121 |
337.456 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
166.785 |
72.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
500.011 |
413.336 |
265.359 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.645 |
33.370 |
11.573 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
455.366 |
379.966 |
253.786 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
113.880 |
108.500 |
63.668 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
341.486 |
271.466 |
190.118 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7.472 |
16.760 |
13.143 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1147.958 |
1029.317 |
628.789 |
|
|
|
Capital Goods |
10.679 |
11.626 |
8.791 |
|
|
TOTAL IMPORTS |
1158.637 |
1040.943 |
637.580 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.34 |
34.02 |
54.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.55
|
7.30 |
9.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.10
|
10.23 |
12.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.77
|
10.95 |
16.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.33 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.53
|
1.99 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.26
|
4.04 |
4.28 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
During the year, the Company’s turnover increased by 21.47 % to
Rs 4510.555 Millions for the year, with PBT increased by 19.84% to Rs 455.366 Millions
over the previous year. Profit after tax for FY 2009-2010 is Rs 341.486
Millions against 271.466 Millions over the previous year. During the year, the Company took significant
steps towards achieving its vision of becoming a national leader in Electrical
and Electronics manufacturing equipments.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10087006 |
|
Corporate
identity number of the company |
U74899DL1992PTC048945 |
|
Name of the
company |
HPL ELECTRIC
& POWER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1/21, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Royal Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Deed of Hypothecation of Movable Assets dated 06.01.2011 |
|
Date of
instrument Creating the charge |
06.01.2011 |
|
Amount secured by
the charge |
Rs.240.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Overdraft (OD)/
Short Term Prime Lending Rate Loans (STPLR)/ FCNR (B) Loans: At Negotiated
Rates. Letter Of Credit
(LC)/ Bank Guarantee (BG): Standard Tariff Terms of
Repayment OD - Repayable On
Demand STL -
Maximum 6 Months FCNR (B) Loans :
Maximum 6 Months LC -
Validity/Usance - Maximum 180 Days BG - Maximum 12
Months Including Claim Period Margin As Per Bank Rule Extent and Operation
of the charge 100% Others This Is To Secure
Overdraft (OD)/ Short Term Prime Lending Rate Loans (STPLR) / FCNR (B) Loans
Limit-Of Rs. 100 Million And Letter Of Credit (LC)/ Bank Guarantee (BG) Limit
Of Rs 140 Million. |
|
Short particulars
of the property charged |
I)
First
Pari Passu charge by way of hypothecation on the entire current assets of the
company both present and future. II)
First
Pari Passu charge by way of hypothecation on the plant and machinery i.e. movable fixed assets of the
company, situated at Plot No 132 and
133. Pace City - 1, Sector - 37, Gurgaon and III)
763 -
764. Pace City - II. Sector - 37, Gurgaon upto INR 90.7 Million (refer
annexure to Schedule I) i.e. net block of fixed assets created upto and as on 31sl March 2007 (plot no 132 rented). IV)
Second
Pari Passu charge on plant and
machinery situated at Plot No 132 and
133, V)
Second
Pari Passu charge by way of hypothecation on movable fixed assets of the
company, both present and future, located at : a) Village Bigan, VI)
b)
Village Shavela, P.O.: Jabli, District: Solan. H.P.; c) Plot No. 76-B,
Sector-57, Phase IV, industrial Estate, Kundli, Sonepat and d) Plot No. 357
Q, Sector- 37-11, Urban Estate, Gurgaon. |
|
Particulars of
the present modification |
The overall
credit facilities has been reduced from INR 250 Million to INR 240 Million. Other terms and conditions
remain the same. |
Fixed
Assets:
·
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Software
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.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.