MIRA
INFORM REPORT
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Report Date : |
25.01.2011 |
IDENTIFICATION DETAILS
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Name : |
HBL POWER SYSTEMS LIMITED |
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Formerly Known As: |
HBL 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 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 20453296 |
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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
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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 |
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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 |
LOCATIONS
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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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Fax No.: |
91-40-23355048 / 23353189 |
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E-Mail : |
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Website : |
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Units: |
Shameerpet Aliabad Post, Lalgadi Malakpet, Shameerpet
Mandal- 500078. Nandigaon Survey No.64-67, 77-81, Mehboobnagar Sy No 155 to 156 (Post) Bhootpur (village
& Mandal), Mehbobnagar Dist. Ph : 91-8542-236539/236205 Vijayanagaram
Sy 123-126, 138(p) to 144(p), Kandavasala
village, Pusapatirega Mandal, Vijayanagaram District - 5352004, VSEZ
Plot No. Q6 to Q10, R1 to R10 S1 to
S9,Phase III, VSEZ, Duvvada, Haridwar Plot No. 1, Sector 8A, IIE Ranipur (BHEL
Haridwar), Uttarakhand - 249 403 Thumukunta Survey NO. 351, Tel No.: 91-8418-247680 Fax No.: 91-8418-247683 |
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Branch Office : |
Email: delhi@hbl.in Kolkata Email: saleseast@hbl.in Mumbai Email: mumbai@hbl.in
E-mail: lucknow@hbl.in
Fax: 91-44-42970333 Email: chennai@hbl.in Block A, Email: hro@hbl.in No-44, Email: bangalore@hbl.in 606 Word Trade Center, Near Email: baroda@hbl.in Ahmedabad
1002, 10th Floor, Anand
Mangal-3, Off Fax No.: 91-79-26463522 E-Mail : jaidesai@hbi.in
Door No. 3134B, Vallyaparambli,
Kathrikadavu, Kaloor, Tel. No.: 91-484-3052474 / 54/ 84 Fax No.: 91-484-3052474 E-Mail : csgkochi@hbi.in
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Overseas Office : |
China and Hong
Kong
United States of
America STANDBY POWER, LLCC
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DIRECTORS
As on : 31.03.2010
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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
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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 30.09.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of promoter
and Promoter Group |
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Indian |
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Individuals / HUF |
19307300 |
7.63 |
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Bodies corporate |
139154950 |
55.26 |
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Director /Promoters and their Relatives and Friends |
18939310 |
7.49 |
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(B) Public Shareholdings |
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Institutions |
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Mutual Funds |
4329281 |
1.71 |
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Financial Institutions/Banks |
132575 |
0.05 |
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Foreign Institutional Investors |
21104709 |
8.34 |
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2) Non – Institution |
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Bodies corporate |
22199494 |
8.74 |
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Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
23400412 |
9.25 |
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ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
2670099 |
1.06 |
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Any other (Specify) |
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Clearing Member |
226395 |
0.09 |
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NRI |
959675 |
0.38 |
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Foreign Nationals |
2500 |
-- |
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Total |
253000000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Design, Development and Manufacturer of
specialized batteries and DC systems |
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Products : |
(As per Monetary terms) * Excluded other
Income (Rs. 65.401 millions) · Batteries · Electronics |
LICENSED AND INSTALLED CAPACITIES
(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 |
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Inview of the items being manufactured as per the customers orders it
is not possible to ascertain installed capacity |
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PRODUCTION
(Major Items) |
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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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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 |
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|
300000000 |
Equity Shares |
Rs.1/- each |
Rs. 300.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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253000000 |
Equity Shares |
Rs.1/- each |
Rs. 253.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
253.000 |
242.795 |
242.796 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4860.324 |
3607.905 |
2783.566 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5113.324 |
3850.700 |
3026.362 |
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LOAN FUNDS |
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1] Secured Loans |
4098.078 |
3504.079 |
3278.384 |
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2] Unsecured Loans |
171.636 |
171.636 |
246.137 |
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TOTAL BORROWING |
4269.714 |
3675.715 |
3524.521 |
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DEFERRED TAX LIABILITIES |
173.143 |
149.142 |
127.586 |
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TOTAL |
9556.181 |
7675.557 |
6678.469 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3429.790 |
2881.519 |
2538.944 |
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Capital work-in-progress |
788.207 |
663.740 |
344.822 |
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INVESTMENT |
206.121 |
33.635 |
36.136 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2283.063
|
1799.826
|
1724.665
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|
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Sundry Debtors |
3376.734
|
2826.356
|
2730.056
|
|
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Cash & Bank Balances |
542.004
|
817.027
|
479.296
|
|
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Other Current Assets |
68.976
|
0.000
|
0.000
|
|
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Loans & Advances |
556.077
|
424.571
|
420.927
|
|
Total
Current Assets |
6826.854
|
5867.780
|
5354.944 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Other Current Liabilities |
1439.494
|
1522.018
|
1465.521
|
|
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Sundry Creditors |
13.773
|
13.321
|
0.000
|
|
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Provisions |
241.524
|
240.883
|
139.057
|
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Total
Current Liabilities |
1694.791
|
1776.222
|
1604.578
|
|
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Net Current Assets |
5132.063
|
4091.558
|
3750.366
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
5.105 |
8.201 |
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|
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|
|
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TOTAL |
9556.181 |
7675.557 |
6678.469 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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|
|
|
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Income |
11095.148 |
12438.957 |
9727.564 |
|
|
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Other Income |
65.401 |
50.885 |
37.048 |
|
|
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TOTAL (A) |
11160.549 |
12489.842 |
9764.612 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
6399.025 |
8203.037 |
6422.520 |
|
|
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Manufacturing Cost |
719.498 |
639.705 |
463.643 |
|
|
|
Employee Cost |
975.779 |
727.357 |
597.444 |
|
|
|
Administration and Selling Cost |
952.353 |
860.935 |
695.968 |
|
|
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Extraordinary Items |
10.257 |
23.840 |
10.323 |
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TOTAL (B) |
9056.912 |
10454.874 |
8189.898 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2103.637 |
2034.968 |
1574.714 |
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Less |
FINANCIAL
EXPENSES (D) |
383.143 |
388.289 |
317.523 |
|
|
|
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1720.494 |
1646.679 |
1257.191 |
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|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
280.660 |
278.397 |
154.584 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1439.834 |
1368.282 |
1102.607 |
|
|
|
|
|
|
|
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Less |
TAX (I) |
435.655 |
458.726 |
431.729 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
1004.179 |
909.556 |
670.878 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
195.196 |
170.857 |
NA |
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
800.000 |
|
|
|
|
|
Dividend |
75.900 |
72.838 |
NA |
|
|
|
Tax on Dividend |
12.606 |
12.378 |
|
|
|
BALANCE CARRIED
TO THE B/S |
888.506 |
885.217 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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Export sales |
0.011 |
0.011 |
NA |
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares |
0.028 |
|
NA |
|
|
|
Capital Item / Equipment |
0.001 |
0.001 |
|
|
|
TOTAL IMPORTS |
0.029 |
0.040 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.62 |
37.46 |
27.63 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 |
30.09.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
2415.500 |
2581.300 |
|
Total Expenditure |
|
2146.500 |
2377.600 |
|
PBIDT (Excl
OI) |
|
269.000 |
203.700 |
|
Other Income |
|
9.100 |
12.700 |
|
Operating
Profit |
|
278.100 |
216.400 |
|
Interest |
|
91.100 |
100.600 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
187.000 |
115.800 |
|
Depreciation |
|
80.100 |
80.100 |
|
Profit
Before Tax |
|
106.900 |
35.700 |
|
Tax |
|
36.000 |
9.500 |
|
Reported PAT |
|
70.900 |
26.200 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
70.900 |
26.200 |
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 Ltd (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 Ltd, 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 Pvt Ltd,
Design and supply of embedded electronics
subsystems and test equipment. Applications primarily in defence.
SCIL Infracon Pvt Ltd,
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 Ltd, 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 THE QUARTER ENDED 30.06.2010 (AFTER LIMITED REVIEW)
(Rs. In Millions)
|
Particulars |
|
30.06.2010 (Unaudited) |
31.03.2010 (Audited) |
|
|
|
Quarter Ending |
Previous Year Ended |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
|
2415.500 |
11095.100 |
|
b) Other Operating Income |
|
-- |
-- |
|
Total Operating Income |
|
2415.500 |
11095.100 |
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
|
(273.000) |
208.300 |
|
(b) Consumption of Raw Materials |
|
1713.300 |
6554.600 |
|
(c) Purchase of traded goods |
|
1.500 |
52.800 |
|
(d) Employees Cost |
|
290.000 |
975.800 |
|
(e) Depreciation |
|
80.100 |
280.700 |
|
(f) Other Expenditure |
|
414.800 |
1682.100 |
|
Total Expenditure |
|
2226.600 |
9337.600 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
|
188.900 |
1757.600 |
|
Other Income |
|
9.100 |
65.400 |
|
Profit/(Loss) before Interest and Exceptional items |
|
198.000 |
1823.000 |
|
Interest |
|
91.100 |
383.100 |
|
Profit / (Loss) after interest before Exceptional items |
|
106.900 |
1439.800 |
|
Exceptional Items |
|
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
|
106.900 |
1439.800 |
|
Tax Expenses |
|
36.000 |
435.700 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
|
70.900 |
1004.200 |
|
Extraordinary Items |
|
-- |
-- |
|
Net Profit/(Loss) for the period |
|
70.900 |
1004.200 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.1/- each ) |
|
253.000 |
253.000 |
|
Reserves (Excluding Revaluation Reserves) |
|
4860.300 |
4860.300 |
|
Earning Per Share |
|
||
|
Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualized) |
|
0.28 |
40.65 |
|
Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
|
0.28 |
40.62 |
|
Basic EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
|
0.28 |
40.65 |
|
Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualized) |
|
0.28 |
40.62 |
|
Public Shareholding |
|
|
|
|
- Number of Shares |
|
75526640 |
75673440 |
|
- Percentage of shareholding |
|
29.85% |
29.91% |
|
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) |
|
1.07% |
1.07% |
|
- Percentage of shares(as a % of the total share capital of the company) |
|
0.75% |
0.75% |
|
b) Non-encumbered |
|
||
|
- Number of Shares |
|
175572060 |
176425260 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
|
99.01% |
98.93% |
|
- Percentage of Share (as a % of the total share capital of the company) |
|
69.40% |
69.34% |
Note :
- The Result for the Quarter ended 30th June, 2010 were reviewed
by the Audit Committee in its meeting held on 09th August, 2010
and were taken on record by the Board of Directors at their meeting held
on 9th August, 2010
- The results were also subjected to Limited Review by the Statutory
Auditors of the company
- Details of investors complaints for the quarter ended 30th
June, 2010 (Nos) :
Opening Balance :
Nil, Received : 9, Disposed Off : 9, Closing Balance : Nil
Quarterly Reporting of Segment Wise Revenue Results and Capital
Employeed Under Clause 41 of the Listing Agreement
(Rs.
In Millions)
|
Particulars |
|
30.06.2010 (Audited) |
31.03.2010 (Audited) |
|
|
|
For the Quarter Ending |
Previous Year Ended |
|
|
|
|
|
|
Segment Revenue |
|
|
|
|
Batteries |
|
2286.200 |
10222.300 |
|
Unallocated |
|
130.900 |
883.400 |
|
Total |
|
2417.100 |
11105.700 |
|
Less : Intersegment Revenue |
|
1.600 |
10.600 |
|
Net Sales/ Income from Operations |
|
2415.500 |
11095.100 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Batteries |
|
343.200 |
2199.700 |
|
Unallocated |
|
(9.200) |
2273.400 |
|
Total |
|
333.900 |
2273.400 |
|
Less : Interest |
|
91.100 |
383.100 |
|
Unallocable Expenditure |
|
145.100 |
515.800 |
|
Unallocable Income |
|
9.100 |
65.400 |
|
Total Profit Before Tax After Extraordinary Items |
|
106.900 |
1439.800 |
|
|
|
|
|
|
Segment – wise Capital Employeed |
|
|
|
|
(Assets minus liabilities) |
|
|
|
|
Batteries |
|
7046.500 |
7295.800 |
|
Unallocated |
|
(1862.300) |
(2182.400) |
|
Total |
|
5184.200 |
5113.300 |
Note : 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 Accountant 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.45.58 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.01 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.