1. Summary Information
|
|
|
Country |
|
|
Company Name |
HAVELLS INDIA LIMITED |
Principal Name 1 |
Mr. Qimat Rai Gupta |
|
Status |
Good |
Principal Name 2 |
Mr. Anil Gupta |
|
|
|
Registration # |
55-016304 |
|
Street Address |
1/7, |
||
|
Established Date |
08.08.1983 |
SIC Code |
-- |
|
Telephone# |
91-11-23935237/
23944469-72 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-23921500 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Miniature Circuit Breakers |
|
|
# of employees |
-- |
Product Name 2 |
Moulded case circuit breaker |
|
Paid up capital |
Rs.
311,900,000/- |
Product Name 3 |
Wire |
|
Shareholders |
Shareholding
of Promoter and Promoter Group 61.56%, Public Shareholding 38.44% |
Banking |
Canara Bank |
|
Public Limited Corp. |
Yes |
Business Period |
27 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
- |
Havell's Holdings Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,306,000,000 |
Current Liabilities |
3,960,300,000 |
|
Inventories |
3,306,500,000 |
Long-term Liabilities |
1,158,100,000 |
|
Fixed Assets |
5,715,400,000 |
Other Liabilities |
471,800,000 |
|
Deferred Assets |
0000 |
Total Liabilities |
5,590,200,000 |
|
Invest& other Assets |
5,614,200,000 |
Retained Earnings |
11,040,000,000 |
|
|
|
Net Worth |
11,351,900,000 |
|
Total Assets |
16,942,100,000 |
Total Liab. & Equity |
16,942,100,000 |
|
Total Assets (Previous Year) |
14,047,700,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
24,735,200,000 |
Net Profit |
2,281,600,000 |
|
Sales(Previous yr) |
21,983,600,000 |
Net Profit(Prev.yr) |
1,452,300,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAVELLS INDIA
LIMITED |
|
|
|
|
Registered Office : |
1/7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
08.08.1983 |
|
|
|
|
Com. Reg. No.: |
55-016304 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L31900DL1983PLC016304 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELH00196A |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. The company’s shares are listed on the stock exchanges. |
|
|
|
|
Line of Business : |
Manufacturer of
Electrical Products |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 45000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Company is an
well established and reported company having fine track. Financial position of
the company appears to be sound. Trade relations are fair. Business is
active. Payments are reported to be regular 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
1/7, |
|
Tel. No.: |
91-11-23935237 / 23944469-72 |
|
Fax No.: |
91-11-23921500 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-120-4771000 |
|
Fax No.: |
91-120-4772000 |
|
Website : |
|
|
|
|
|
Factory : |
Domestic Switchgear Division - Road No. 9, Samepur Badli, -
Distt. Solan, Baddi, Industrial Switchgear Division - 14/3, Cable Division - A/461-462, Matsya Industrial Area, Alwar, -
SP-215, Matsya Industrial Area, Alwar, CFLs Division - 14/3, -
Plot No.2A, Sector -10, Sidcul, BHEL Industrial Estate, Haridwar, Fan Division - Plot No.2A, Sector -10, Sidcul, BHEL Industrial
Estate, Haridwar, -
- G-470 / 471,
RIICO Industrial Area, Bhiwadi, Meter Division - 6, Tilak Nagar Industrial Area, 100% Export
Oriented Unit (EOU) - Distt. Solan, Baddi, Centre for
Research and Innovation (CRI) - E-1, Sector 59, Noida 201 307, |
|
|
|
|
Representative Offices : |
Located At: Bilaspur Bakaro Hubli Algaon Kottayam Mangalore Rishikesh Siliguri Trichy Thiruvananthapuram Vishakapatnam |
|
|
|
|
Branches : |
NORTH : Dehradun Haryana Jaipur EAST : Bhubaneshwar Guwahati Kolkata WEST : Ahmedabad Mumbai Pune SOUTH : Chennai |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Qimat Rai Gupta |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
24.01.1937 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
08.08.1983 |
|
Other Directorship : |
v Havell's v TTL Limited v QRG Enterprises Limited v Standard Electricals Limited v Havell's Financial Services Limited |
|
|
|
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.04.1969 |
|
Qualification : |
B.A. (Economics) MBA (Marketing and Finance) from |
|
Other Directorship : |
v Havell's v TTL Limited v QRG Enterprises Limited v Havell's Switchgears Private Limited v Standard Electricals Limited v Havell's Financial v Services Limited v Havell's ( |
|
|
|
|
Name : |
Mr. Surjit Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.01.1942 |
|
Qualification : |
F. Sc. from |
|
Other Directorship : |
v Havell's v TTL Limited v QRG Enterprises Limited v Havell's Switchgears Private Limited v Havell's Financial Services Limited |
|
|
|
|
Name : |
Mr. Rajesh Gupta |
|
Designation : |
Director (Finance) |
|
Date of Birth/Age : |
17.06.1957 |
|
Qualification : |
Qualified Chartered Accountant (F.C.A) |
|
Experience : |
25 Years |
|
Date of Appointment : |
01.12.1980 |
|
Other Directorship : |
v Havell's v Anekant Consulting Private Limited |
|
|
|
|
Name : |
Mr.
S.B. Mathur |
|
Designation : |
Director |
|
Date of Birth/Age : |
11.10.1944 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
v Havell's v The National
Stock Exchange of v EID Parry (I) Limited v Grasim Industries Limited v IL&FS Limited v v National Collateral Management Services Limited v ITC Limited v UTI Bank Limited v Indian Railway Catering's Tourism Corporation Limited v UTI Technology Services Limited v UTI Infrastructure and Services Limited |
|
|
|
|
Name : |
Mr. S K Tuteja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A P Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Niten Malhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V K Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Adarsh Kishore |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
25,271,476 |
20.25 |
|
|
51,541,376 |
41.31 |
|
|
76,812,852 |
61.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
76,812,852 |
61.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,875,962 |
2.30 |
|
|
4,500 |
- |
|
|
116,002 |
0.09 |
|
|
20,321,890 |
16.29 |
|
|
23,318,354 |
18.69 |
|
|
|
|
|
|
2,161,944 |
1.73 |
|
|
|
|
|
|
7,173,590 |
5.75 |
|
|
1,285,295 |
1.03 |
|
|
14,022,777 |
11.24 |
|
|
5,377 |
- |
|
|
804,813 |
0.65 |
|
|
133,950 |
0.11 |
|
|
258,637 |
0.21 |
|
|
12,820,000 |
10.27 |
|
|
24,643,606 |
19.75 |
|
Total Public shareholding (B) |
47,961,960 |
38.44 |
|
Total (A)+(B) |
124,774,812 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Electrical Products |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Switchgears |
Nos./Poles |
115710000 |
40294570 |
|
Cables |
Km. |
1150000 |
516398 |
|
Lighting and Fixtures |
Nos. |
55200000 |
20787965 |
|
Electrical Consumers Durables |
Nos. |
4800000 |
2284897 |
|
Others |
Nos. |
400000 |
346768 |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
¨
Canara Bank, PCB II,
Barkhamba Lane, New Delhi-110 001, ¨
Corporation Bank, ¨
State Bank of ¨
IDBI Bank Limited, K.G., New Delhi-110001, ¨
Standard Chartered
Bank, 23, ¨
Union Bank of ¨
Yes Bank Limited, South Extension, Part – II, |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes:- 1. Working Capital
Limits are under consortium of Canara Bank, Corporation Bank, Union Bank of
India, IDBI Bank Limited, State Bank of India, Standard Chartered Bank and Yes Bank
Limited. 2. Working capital limits from consortium
banks are secured by way of:
3 Foreign Currency term loan from Canara Bank, Prime
Corporate Branch-II, a) Equitable mortgage of Company’s factory land and building situated at Village Gulerwala, Baddi, Himachal Pradesh and 204 and 204A, MIA Alwar, Rajasthan. b) Hypothecation of plant and machinery purchased out of the above said loan. 4 Deferred Payment Credit are in respect of leasehold industrial land purchased from Greater Noida Industrial Development Authority. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.P. Bansal and Company Chartered Accountants |
|
Address : |
B-1, Sector – 2, Noida, |
|
|
|
|
Associates: |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.5/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60168406 |
Equity Shares |
Rs.5/- each |
Rs.300.800
Millions |
|
|
Equity shares pending
allotment |
|
Rs.11.100
Millions |
|
|
Total |
|
Rs.311.900 Millions |
Note:
Out of the above:
¨ 3613359 equity shares allotted as fully paid up pursuant to a contract
without payments being received in cash.
¨ 40800402 equity shares issued as fully paid up bonus shares by
capitalization of Securities Premium Account and General Reserve.
¨ 854545 equity shares issued as fully paid up pursuant to conversion of 4%
fully convertible debentures.
¨
2,250,000 equity shares issued as fully paid up
pursuant to conversion of convertible warrants.
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 |
311.900 |
300.800 |
289.600 |
|
|
2] Share Application Money |
0.000 |
24.200 |
179.400 |
|
|
3] Reserves & Surplus |
11040.000 |
9018.300 |
6200.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11351.900 |
9343.300 |
6669.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1158.100 |
243.600 |
314.800 |
|
|
2] Unsecured Loans |
0.000 |
459.200 |
43.200 |
|
|
TOTAL BORROWING |
1158.100 |
702.800 |
358.000 |
|
|
DEFERRED TAX LIABILITIES |
270.400 |
146.900 |
136.200 |
|
|
|
|
|
|
|
|
TOTAL |
12780.400 |
10193.000 |
7163.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5715.400 |
4496.900 |
3018.900 |
|
|
Capital work-in-progress |
296.900 |
157.900 |
833.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
5317.100 |
3878.700 |
1647.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3306.500
|
2075.300
|
4302.900
|
|
|
Sundry Debtors |
794.700
|
867.400
|
660.700
|
|
|
Cash & Bank Balances |
683.100
|
1573.700
|
649.100
|
|
|
Other Current Assets |
97.600
|
79.400
|
29.300
|
|
|
Loans & Advances |
730.600
|
917.900
|
761.000
|
|
Total
Current Assets |
5612.500
|
5513.700
|
6403.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2713.200
|
2338.000 |
|
|
|
Other Current Liabilities |
1247.100
|
1135.700
|
4362.800
|
|
|
Provisions |
201.400
|
381.000
|
377.700
|
|
Total
Current Liabilities |
4161.700
|
3854.700
|
4740.500
|
|
|
Net Current Assets |
1450.800
|
1659.000
|
1662.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.200 |
0.500 |
1.000 |
|
|
|
|
|
|
|
|
TOTAL |
12780.400 |
10193.000 |
7163.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24735.200 |
21983.600 |
20555.700 |
|
|
|
Other Income |
145.300 |
75.600 |
145.400 |
|
|
|
TOTAL (A) |
24880.500 |
22059.200 |
20701.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials cost |
14803.100 |
14087.200 |
13114.900 |
|
|
|
Manufacturing expenses |
1704.100 |
1290.900 |
1342.700 |
|
|
|
Personnel |
755.800 |
859.600 |
726.500 |
|
|
|
Office and administration expenses |
724.600 |
675.600 |
485.300 |
|
|
|
Selling and distribution expenses |
3598.400 |
3022.900 |
2962.000 |
|
|
|
Managerial remuneration |
41.000 |
21.800 |
22.000 |
|
|
|
Miscellaneous expenditure written off |
0.300 |
0.500 |
0.400 |
|
|
|
Prior Period Items |
0.000 |
(0.900) |
0.000 |
|
|
|
TOTAL (B) |
21627.300 |
19957.600 |
18653.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3253.200 |
2101.600 |
2047.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
117.400 |
250.300 |
254.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3135.800 |
1851.300 |
1793.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
232.700 |
178.600 |
130.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2903.100 |
1672.700 |
1662.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
621.500 |
220.400 |
227.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2281.600 |
1452.300 |
1435.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4184.100 |
3053.300 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
227.000 |
145.500 |
NA |
|
|
|
Interim Dividend |
75.200 |
0.000 |
NA |
|
|
|
Proposed Dividend |
156.000 |
150.400 |
NA |
|
|
|
Corporate Dividend Tax |
39.300 |
25.600 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
5968.200 |
4184.100 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2110.400 |
2067.600 |
1414.800 |
|
|
|
Merchant Trade Sales |
16.700 |
6.300 |
2.300 |
|
|
|
Reimbursement of Expenses |
20.100 |
47.900 |
0.000 |
|
|
TOTAL EARNINGS |
2147.200 |
2121.800 |
1417.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
2000.700 |
1225.700 |
2448.700 |
|
|
|
Machinery |
295.000 |
78.700 |
558.900 |
|
|
|
Spare parts |
0.400 |
0.600 |
1.900 |
|
|
|
R&D |
1.200 |
0.000 |
0.100 |
|
|
|
Dies and Tools |
6.800 |
5.900 |
0.000 |
|
|
TOTAL IMPORTS |
2304.100 |
1310.900 |
3009.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.57 |
24.93 |
|
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6375.200 |
6966.400 |
7278.700 |
|
Total Expenditure |
801.800 |
6128.900 |
6365.000 |
|
PBIDT (Excl OI) |
0.900 |
837.500 |
913.700 |
|
Other Income |
802.700 |
1.400 |
1.400 |
|
Operating Profit |
38.100 |
838.900 |
915.100 |
|
Interest |
0.000 |
12.800 |
52.000 |
|
Exceptional Items |
764.600 |
0.000 |
0.000 |
|
PBDT |
67.900 |
826.100 |
863.100 |
|
Depreciation |
696.700 |
72.200 |
75.200 |
|
Profit Before Tax |
163.400 |
753.900 |
787.900 |
|
Tax |
0.000 |
175.400 |
176.700 |
|
Provisions and contingencies |
533.300 |
0.000 |
0.000 |
|
Profit After Tax |
0.000 |
578.500 |
611.200 |
|
Extraordinary Items |
0.000 |
7.200 |
0.000 |
|
Net Profit |
533.300 |
585.700 |
611.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.17
|
6.58 |
6.94
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.74
|
7.61 |
8.09
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.63
|
16.70 |
17.65
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.18 |
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.49 |
0.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.43 |
1.35
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is a name synonymous with excellence and expertise
in the electrical industry. The company is one of the largest and fastest
growing electrical and power distribution equipment company in
FY 2010 IN
RETROSPECT
Havells, on a consolidated basis had net sales of Rs. 54315.300 Millions
in financial year 2009-10 against Rs. 54774.900 Millions in previous financial
year 2008-09.
Havells, on a stand-alone basis had net sales of Rs. 24735.200 Millions
in financial year 2009-10 against Rs. 21983.600 Millions in financial year
2008-09. The operating profit before interest and depreciation was Rs. 3054.800
Millions in financial year 2009-10 against Rs. 1969.100 Millions in financial
year 2008-09. The interest charges for financial year 2009-10 were Rs. 64.300
Millions against Rs. 193.400 Millions in financial year 2008-09. Profit after
tax was Rs. 2281.600 Millions in financial year 2009-10 against Rs. 1452.300
Millions in financial year 2008-09.
BOARD OF DIRECTORS
Pursuant to the provisions of Section 256 of the Companies Act, 1956,
Shri Surjit Gupta and Shri S B Mathur, Directors, are due to retire by rotation
at the ensuing Annual General Meeting and being eligible, offer themselves for
re-appointment. Dr. Abid Hussain and Maj Gen D N Khurana vacated their office
of Directorship in the Company w.e.f. 5th July 2010, pursuant to the Company’s
policy on tenure of Independent Directors. The Board of Directors appreciates
the valuable contribution made by Dr Hussain and Maj Gen Khurana during their
tenure.
The Board of Directors in their meetings held on 11th May, 2010 and 28th
July 2010, appointed Shri S K Tuteja and Dr. Adarsh Kishore respectively as
Additional Directors. As per the provisions of Section 260 of the Companies Act,
1956, Shri Tuteja and Dr. Kishore shall vacate office at the forthcoming Annual
General Meeting. Due notices under section 257 of the Act have been received
from Members of the Company proposing the appointment of Shri Tuteja and Dr.
Kishore as Directors of the Company at this Annual General Meeting, whose
period of office shall be liable to determination by retirement of
Directors by rotation. Both the Directors have filed their consents pursuant to
Section 264(1) of the Act to act as such Director, if appointed. Mr. Tuteja is
an IAS, FCS and M Com from DU with 1st position. Mr. Tuteja began an
illustrious career as a lecturer of commerce in the esteemed Shri Ram College
of Commerce (SRCC) and moved on to serve the Government of India (GOI) in
various capacities. Besides, he has acted as a consultant to various
international programmes carried out in the field of new technologies and
innovations. He has also participated as a Member of the Indian Delegation in
the Fourth Ministerial Conference of WTO held in
Industry Overview
Opportunities in
the Indian market
In
Opportunities in
the international market
Large opportunities rest in the world market. They have well established
world renowned brands, distribution channel and innovative product to capture
these markets.
FIXED
ASSETS:
¨
¨
¨
Office Premises
¨
Plant and Machinery
¨
Generator
¨
Furniture and Fixtures
¨
Electrical Fans and Installations
¨
Water Supply Installations
¨
Weighting Scale
¨
EDP Equipments
¨
Office Equipments
¨
Air Conditioner
¨
Vehicles
¨
R and D Equipments
¨
Computer Software
¨
Technical know-how
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2010
Rs. in Millions
|
Particular
|
Quarter Ended |
Year to Date |
|
|
31.12.2010 |
31.12.2010 |
|
|
Unaudited |
Unaudited |
|
|
|
|
|
(a) Net Sales / Income from operations |
7221.400 |
21294.000 |
|
(b) Other Operating Income |
57.300 |
126.400 |
|
Total Income |
7278.700 |
21420.400 |
|
Expenditure |
|
|
|
a) (Increase) / Decrease in stock in trade and work in
progress |
(130.800) |
(847.500) |
|
b) Consumption of raw materials |
3743.700 |
11520.400 |
|
c) Purchase of traded goods |
742.600 |
2022.200 |
|
d) Employees cost |
252.900 |
724.800 |
|
e) Depreciation |
75.200 |
215.300 |
|
f) Other expenditure |
1756.600 |
5447.600 |
|
Total |
6440.200 |
19082.800 |
|
Profit from operations before other income, interest and
exceptional Items |
838.500 |
2337.600 |
|
Other income |
1.400 |
3.700 |
|
Profit before interest and exceptional Items |
839.900 |
2341.300 |
|
Interest |
52.000 |
102.900 |
|
Profit
after Interest but before Exceptional Items |
787.900 |
2238.400 |
|
Exceptional Items |
-- |
-- |
|
Profit
(+)/Loss(-) from Ordinary Activities before tax |
787.900 |
2238.400 |
|
Tax expense |
|
|
|
Income Tax/ Fringe Benefit Tax |
152.200 |
446.200 |
|
Deferred Tax |
24.400 |
68.900 |
|
Wealth Tax |
0.100 |
0.400 |
|
Total tax expenses |
176.700 |
515.500 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
611.200 |
1722.900 |
|
Add: Extraordinary Income (net of tax expenses) |
-- |
7.200 |
|
Net Profit (+) / Loss (-) for the year period |
611.200 |
1730.100 |
|
Paid up equity share capital (Face value of Rs.10/- per
share) |
623.900 |
623.900 |
|
Reserves excluding revaluation reserves as per balance
sheet of previous accounting year |
-- |
-- |
|
Earning per share (EPS) |
|
|
|
(a)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
4.90 |
13.81 |
|
(a)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
4.90 |
13.87 |
|
Public shareholding |
|
|
|
Number of
shares |
47961960 |
47961960 |
|
Percentage
of shareholding |
38.44 |
38.44 |
|
|
|
|
|
Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
76812852 |
76812852 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
61.56 |
61.56 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Particular |
Quarter Ended |
Year to Date |
|
|
31.12.2010 |
31.12.2010 |
|
|
Unaudited |
Unaudited |
|
Net Segment
Revenue |
|
|
|
Switchgears |
1842.900 |
5627.100 |
|
Cable and Wires |
3101.900 |
8922.400 |
|
Lighting & Fixtures |
1190.300 |
3346.000 |
|
Electrical Consumer Durables |
1086.300 |
3381.900 |
|
Others |
0.000 |
16.600 |
|
Total |
7221.400 |
21294.000 |
|
Less : Inter Segment Revenue |
-- |
-- |
|
Sales/ Income from Operations |
7221.400 |
21294.000 |
|
|
|
|
|
Segment Results |
|
|
|
(Profit(+)/ Loss(-) before Tax and Interest from each Segment) |
|
|
|
Switchgears |
651.100 |
2020.300 |
|
Cable and Wires |
267.100 |
737.900 |
|
Lighting & Fixtures |
239.100 |
594.100 |
|
Electrical Consumer Durables |
277.300 |
882.100 |
|
Others |
0.000 |
6.100 |
|
Total |
1434.600 |
4240.500 |
|
Less : (i) Interest |
52.000 |
102.900 |
|
(ii) Other
un-allocable expenses net of
un-allocable income |
594.700 |
1899.200 |
|
Total Profit before Tax |
787.900 |
2238.400 |
|
|
|
|
|
Capital Employed |
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
Switchgears |
3133.400 |
3133.400 |
|
Cable and Wires |
2050.800 |
2050.800 |
|
Lighting & Fixtures |
1826.300 |
1826.300 |
|
Electrical Consumer Durables |
1011.900 |
1011.900 |
|
Others unallocable |
7147.500 |
7147.500 |
|
Total |
15169.900 |
15169.900 |
Note:
- The
Auditors, in their report have mentioned regarding diminution in the value
of Company's long term investments of Rs.7154.200 millions in foreign subsidiary
companies (
- The Company has issued bonus shares in the ratio of 1:1 in October, 2010 by capitalisation of Securities premium account and out of General reserve. Accordingly, Earning per share (EPS) has been restated for the earlier periods for the said bonus issue.
- Information on investor's correspondence for the quarter (in nos.): opening balalance Nil, New 182, Disposal 182, Closing Balance Nil.
- The figures for the previous year/ period have been regrouped and adjusted wherever required.
- The above results for the quarter ended on 31st December, 2010 were reviewed by the Audit Committee and were taken on record by the Board of Directors at its meeting held on 28th January, 2011. These results have been limited reviewed by the Statutory Auditors of the Company.
PRESS RELEASE:
Havells Q3FY11 consolidated
sales up 8% on the Back of Strong Domestic Demand
Havells Q3FY11 consolidated
sales up 8% on the Back of Strong Domestic Demand
Havells Continues Its Strong
Performance with 23% Net Sales Growth
Net sales on
consolidated basis increased by 8% to ` 14970.000 Millions during Q3FY11 to
from `. 14000.000 Millions in Q3FY10.
The growth was propelled by robust growth in domestic business. EBIDTA
increased to ` 1150.000 Millions from
` 350.000 Millions in Q3FY10. The
company registered net profit of `630.000 Millions during Q3FY11, as compared to loss of
`1730.000 Millions during Q3FY10 due to
one time restructuring expenses. The consolidated numbers include the
performances of Havells
The company’s
European subsidiary Havells Sylvania, continued to sustain its growth momentum
during the quarter under review. Net sales increased 9% (to Euro 125 mn in
Q3FY11, from Euro 115 mn in Q3FY10 in wake of moderate growth in demand in the
Asian and Latin American markets. The subsidiary posted an EBIDTA of Euro 6.6
mn during Q3FY11 against an operating loss of Euro 7.2 mn during Q3FY10. On
account of higher sales and stringent cost control, the subsidiary’s EBIDTA
margins improved by 60 basis points, to 5.3%. on sequential basis.
On a standalone
basis, net sales of Havells
Commenting on the
performance, Mr. Anil Gupta, Joint Managing Director, Havells
He further
added, “Our presence in key markets of growth, especially
The company’s net
sales on consolidated basis for 9MFY11 increased by 6% to ` 42690.000
Millions from ` 40270.000 Millions in 9MFY10. EBIDTA, on the other hand,
increased to ` 3500.000 Millions , and
net profit increased to ` 1900.000 Millions .
About Havells India Limited
Havells India Limited along with its subsidiary
Since the acquisition of
The company has acquired a number of International
certifications, like
BASEC, CSA, KEMA, CB, CE, ASTA, CPA, SEMKO,
SIRIUM (Malaysia), SPRING (Singapore), TSE (Turkey), SNI
(Indonesia) and EDD (Bahrain) for various products. Today, Havells and its brands have
emerged as the preferred choice of electrical products for
discerning individuals and industrial consumers both in
For any further details, please contact:
Vikas Mahajan / Amit Arora
Mutual PR
9953619912 / 9811154140
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.45.11 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.61.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.