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 |
4000 (Approximately) |
Product Name 2 |
Moulded case circuit breaker |
|
Paid up capital |
Rs.
623,900,000/- |
Product Name 3 |
Wire |
|
Shareholders |
Promoter
and Promoter Group 61.56%, Public Shareholding 38.44% |
Banking |
Canara Bank |
|
Public Limited Corp. |
Yes |
Business Period |
28 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 |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,545,600,000 |
Current Liabilities |
5,969,200,000 |
|
Inventories |
4,698,500,000 |
Long-term Liabilities |
1,336,200,000 |
|
Fixed Assets |
7,086,100,000 |
Other Liabilities |
988,300,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
8,293,700,000 |
|
Invest& other Assets |
7,371,600,000 |
Retained Earnings |
12,784,200,000 |
|
|
|
Net Worth |
13,408,100,000 |
|
Total Assets |
21,701,800,000 |
Total Liab. & Equity |
21,701,800,000 |
|
Total Assets (Previous Year) |
16,942,100,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
28,816,500,000 |
Net Profit |
2,420,500,000 |
|
Sales(Previous yr) |
24,735,200,000 |
Net Profit(Prev.yr) |
2,281,600,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.11.2011 |
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 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 623.900 Millions |
|
|
|
|
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 |
|
|
|
|
No of Employees : |
4000 (Approximately) |
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 53000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 |
|
|
|
|
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, Mathura Road, Faridabad 121 002, India -
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, Rajasthan, India 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: ·
Bareilly ·
Bhopal ·
Bilaspur ·
Bakaro ·
Goa ·
Gorakhpur ·
Gwalior ·
Hubli ·
Jabalpur ·
Algaon ·
Jodhpur ·
Kakinada ·
Kathmandu ·
Kota ·
Kottayam ·
Kozhikode ·
Lucknow ·
Ludhiana ·
Madurai ·
Mangalore ·
Meerut ·
Nasik ·
Patna ·
Raipur ·
Rishikesh ·
Salem ·
Siliguri ·
Surat ·
Trichy ·
Thiruvananthapuram ·
Udaipur ·
Vishakapatnam |
|
|
|
|
Branches : |
NORTH : ·
Chandigarh ·
Dehradun ·
Delhi ·
Haryana ·
Jaipur EAST : ·
Bhubaneshwar ·
Guwahati ·
Kolkata ·
Ranchi WEST : ·
Ahmedabad ·
Indore ·
Mumbai ·
Nagpur ·
Pune ·
Raipur SOUTH : ·
Bangalore ·
Chennai ·
Coimbatore ·
Hyderabad ·
Kochi |
DIRECTORS
AS ON 31.03.2011
|
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 : |
Joint Managing 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 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
25271.476 |
20.25 |
|
|
51541376 |
41.31 |
|
|
76812852 |
61.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
76812852 |
61.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2314927 |
1.86 |
|
|
2630 |
-- |
|
|
80000 |
0.06 |
|
|
20948292 |
16.79 |
|
|
23345849 |
18.71 |
|
|
|
|
|
|
2059172 |
1.65 |
|
|
|
|
|
|
7507489 |
6.02 |
|
|
1133096 |
0.91 |
|
|
13916354 |
11.15 |
|
|
8204 |
0.01 |
|
|
773923 |
0.62 |
|
|
104363 |
0.08 |
|
|
209864 |
0.17 |
|
|
12820000 |
10.27 |
|
|
24616111 |
19.73 |
|
Total Public shareholding (B) |
47961960 |
38.44 |
|
Total (A)+(B) |
124774812 |
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 |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Switchgears |
Nos./Poles |
117510000 (Nos.) |
45631363 (Poles) |
|
Cables |
Km. |
1150000 |
515514 |
|
Lighting and Fixtures |
Nos. |
55500000 |
25612318 |
|
Electrical Consumers Durables |
Nos. |
4800000 |
2997933 |
|
Others |
Nos. |
-- |
28617 |
GENERAL INFORMATION
|
Customers : |
·
Airport Authority of India ·
Bharti Airtel Limited ·
Ansal ·
DLF Limited ·
Eros Group ·
ICICI Potential ·
Infosys ·
L and T ·
Idea ·
Reliance Telecom |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No of Employees : |
4000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank, PCB-II, Barakhamba Lane, New
Delhi-110001, India ·
IDBI Bank Limited, Red Cross Building, New
Delhi-110001, India ·
Corporation Bank, G-28-29, Sector 18, Noida,
India ·
State Bank of India, IFB, New Delhi-110001, India ·
Yes Bank Limited, South Extn., Part-II, New
Delhi-110049, India ·
Standard Chartered Bank, 23, Barakhamba Road, New
Delhi-110001, India ·
Union Bank of India, IFB, New Delhi-110001, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Due within a year Rs.234.400 millions, previous year Rs.7.500
millions) 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 : a)
Pari-passu first charge by way of hypothecation
on stocks of raw material, semi-finished goods, finished goods, stores and spares,
bill receivables, book debts and all movable and other current assets of the
Company b)
Pari-passu first charge by way of Equitable
Mortgage on land and building at 14/3, Mathura Road, Faridabad (Haryana) c)
Pari-passu second charge by way of hypothecation
on plant and machinery, generators, furniture and fixtures, electric fans and
installation on which first charge is held with Barclays Consortium for Asian
Term facilities sanctioned to 'Havells Netherland Holdings BV', a step down
wholly owned subsidiary company 3.
Term loan from Canara Bank, Prime Corporate
Branch-II, New Delhi is secured by way of : a)
Equitable mortgage of Company's Factory land and
building situated at Village Gullarwala, Baddi, Himachal Pradesh and 204 and
204A, MIA Alwar, Rajasthan b)
Hypothecation of Plant and Machinery and other
fixed assets purchased out of the above said loan. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.P. Bansal and Company Chartered Accountants |
|
Address : |
B-1, Sector – 2, Noida, |
|
|
|
|
Wholly Owned Subsidiary : |
·
Havell's Cyprus Limited ·
Havell's Holdings Limited ·
Standard Electrical Limited ·
Havells Exim Limited |
|
|
|
|
Wholly Owned Subsidiary of Havells Holdings Limited : |
·
Havells Malta Limited |
|
|
|
|
Wholly Owned Subsidiary of Havells Malta Limited : |
·
Havells Netherlands Holding B.V. ·
Sylvania India Limited |
|
|
|
|
Wholly Owned Subsidiary of Havells Netherlands B.V. : |
·
SLI Europe B.V. ·
Havells Sylvania Holdings (BVI-1) Limited ·
Havells USA Inc. |
|
|
|
|
Wholly Owned Subsidiary of Havells Netherlands Holdings B.V. : |
·
Havells Netherlands B.V. |
|
|
|
|
Wholly Owned Subsidiary of SLI Europe B.V. : |
·
Flowil International Lighting (Holding) B.V. ·
Sylvania Lighting International B.V. |
|
|
|
|
*49% held by Flowil International Lighting
(Holding) B.V. |
·
Havells Sylvania (Thailand) Limited |
|
|
|
|
Wholly Owned
Subsidiary of Flowil International
Lighting (Holding) B.V. : |
·
Guangzhou Havells Sylvania Enterprise Limited ·
Havells Sylvania Asia Pacific Limited ·
Havells Sylvania Sweden A.B. ·
Havells Sylvania Finland OY ·
Havells Sylvania Norway A.S. ·
Havells Sylvania Fixtures Netherlands B.V. ·
Havells Sylvania Lighting Belgium N.V. ·
Havells Sylvania Belgium B.V.B.A. ·
Havells Sylvania Italy S.P.A. ·
Havells Sylvania Portugal Lda ·
Havells Sylvania Greece A.E.E.E. ·
Havells Sylvania Spain S.A. ·
Havells Sylvania Germany Gmbh ·
Havells Sylvania Switzerland A.G ·
Havells Sylvania Lighting France S.A.S ·
Havells Sylvania Europe Limited ·
Havells Sylvania Tunisia S.A.R.L. ·
|
|
|
|
|
Wholly Owned
Subsidiary of Havells Sylvania
Lighting France SA : |
·
Havells Sylvania France S.A.S. |
|
|
|
|
Wholly Owned
Subsidiary of Sylvania
Lighting International B.V. : |
·
Havells Sylvania Brasil Illuminacao Limited ·
Havells Sylvania Argentina S.A. ·
Havells Sylvania N.V. ·
Havells SLI de Mexico S.A. de C.V. ·
Havells Sylvania Iluminacion (Chile) Limited ·
Havells Sylvania Export N.V ·
Panama Americas Trading Hub SA |
|
|
|
|
Wholly Owned
Subsidiary of Havells SLI de
Mexico SA de CV : |
·
Havells SLI Servicios Generales MexicoS.A.de CV. |
|
|
|
|
Wholly Owned
Subsidiary of Havells Sylvania
Export N.V. : |
·
Havells Sylvania EI Salvador S.A. de C.V. ·
Havells Sylvania Guatemala S.A. ·
Havells Sylvania Costa Rica S.A. ·
Havells Sylvania Panama S.A |
|
|
|
|
Wholly Owned
Subsidiary of Havells Sylvania
Colombia S.A. : |
·
Havells Sylvania Venezuela C.A. ·
Havells Sylvania Peru S. A. C. |
|
|
|
|
Wholly Owned Subsidiary
of Havells Sylvania Holdings BVI-1 Limited : |
·
Havells Sylvania Holdings (BVI-2) Limited ·
Havells Sylvania Colombia S.A. |
|
|
|
|
99% held by Flowil International Lighting (Holding) B.V. and
1% held by Havells Sylvania Europe Limited : |
·
Havells Sylvania Poland S.P.Z.O.O |
|
|
|
|
Wholly Owned Subsidiary of Havells Sylvania Asia Pacific Limited: |
·
Havells Sylvania (Malaysia) Sdn. Bhd ·
Havells Sylvania (Shanghai) Limited |
|
|
|
|
Wholly Owned Subsidiary of Havells Sylvania Europe Limited |
·
Havells Sylvania Dubai FZCO ·
Havells Sylvania UK Limited |
|
|
|
|
Wholly Owned Subsidiary of Havells Sylvania UK Limited |
·
Havells Sylvania Fixtures UK Limited |
|
|
|
|
Associates : |
·
QRG Enterprises Limited ·
Guptajee and Company ·
QRG Foundation ·
QRG Central Hospital and Research Centre Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 5/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124774812 |
Equity Shares |
Rs. 5/- each |
Rs. 623.900
Millions |
|
|
|
|
|
Notes:
Out of the above:-
58,32,359
(Previous year 3,613,359) equity shares allotted as fully paid up pursuant to a
contract without payments being received
in cash.
103,187,808
(Previous year 40,800,402) equity shares issued as fully paid up bonus shares
by capitalization of Securities Premium Account and General Reserve.
854,545 (Previous
year 854,545) equity shares issued as fully paid up pursuant to conversion of
4% fully convertible debentures.
2,250,000
(Previous year 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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
623.900 |
311.900 |
300.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
24.200 |
|
|
3] Reserves & Surplus |
12784.200 |
11040.000 |
9018.300 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13408.100 |
11351.900 |
9343.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1336.200 |
1158.100 |
243.600 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
459.200 |
|
|
TOTAL BORROWING |
1336.200 |
1158.100 |
702.800 |
|
|
DEFERRED TAX LIABILITIES |
536.200 |
270.400 |
146.900 |
|
|
|
|
|
|
|
|
TOTAL |
15280.500 |
12780.400 |
10193.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7086.100 |
5715.400 |
4496.900 |
|
|
Capital work-in-progress |
216.900 |
296.900 |
157.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
7154.700 |
5317.100 |
3878.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4698.500
|
3306.500
|
2075.300
|
|
|
Sundry Debtors |
1120.700
|
794.700
|
867.400
|
|
|
Cash & Bank Balances |
491.800
|
683.100
|
1573.700
|
|
|
Other Current Assets |
94.900
|
97.600
|
79.400
|
|
|
Loans & Advances |
838.200
|
730.600
|
917.900
|
|
Total
Current Assets |
7244.100
|
5612.500 |
5513.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3318.600
|
2713.200
|
2338.000 |
|
|
Other Current Liabilities |
2650.600
|
1247.100
|
1135.700
|
|
|
Provisions |
452.100
|
201.400
|
381.000
|
|
Total
Current Liabilities |
6421.300
|
4161.700 |
3854.700 |
|
|
Net Current Assets |
822.800
|
1450.800
|
1659.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.200 |
0.500 |
|
|
|
|
|
|
|
|
TOTAL |
15280.500 |
12780.400 |
10193.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28816.500 |
24735.200 |
21983.600 |
|
|
|
Other Income |
177.200 |
145.300 |
75.600 |
|
|
|
TOTAL |
28993.700 |
24880.500 |
22059.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials cost |
18964.600 |
14803.100 |
14087.200 |
|
|
|
Manufacturing expenses |
1947.700 |
1704.100 |
1290.900 |
|
|
|
Personnel Cost |
1017.900 |
755.800 |
859.600 |
|
|
|
Office and administration expenses |
773.700 |
724.600 |
675.600 |
|
|
|
Selling and distribution expenses |
2621.100 |
3598.400 |
3022.900 |
|
|
|
Managerial remuneration |
85.500 |
41.000 |
21.800 |
|
|
|
Miscellaneous expenditure written off |
0.000 |
0.300 |
0.500 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
(0.900) |
|
|
|
TOTAL |
25410.500 |
21627.300 |
19957.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3583.200 |
3253.200 |
2101.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
191.100 |
117.400 |
250.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3392.100 |
3135.800 |
1851.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
293.400 |
232.700 |
178.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3098.700 |
2903.100 |
1672.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
682.900 |
621.500 |
220.400 |
|
|
|
|
|
|
|
|
|
Add |
Extraordinary
Items |
4.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2420.500 |
2281.600 |
1452.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5968.200 |
4184.100 |
3053.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
242.500 |
227.000 |
145.500 |
|
|
|
Interim Dividend |
0.000 |
75.200 |
0.000 |
|
|
|
Proposed Dividend |
311.900 |
156.000 |
150.400 |
|
|
|
Corporate Dividend Tax |
50.600 |
39.300 |
25.600 |
|
|
BALANCE CARRIED
TO THE B/S |
7783.700 |
5968.200 |
4184.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1738.200 |
2110.400 |
2067.600 |
|
|
|
Merchant Trade Sales |
13.300 |
16.700 |
6.300 |
|
|
|
Reimbursement of Expenses |
7.700 |
20.100 |
47.900 |
|
|
TOTAL EARNINGS |
1759.200 |
2147.200 |
2121.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
2902.500 |
2000.700 |
1225.700 |
|
|
|
Machinery |
243.600 |
295.000 |
78.700 |
|
|
|
Spare parts |
1.100 |
0.400 |
0.600 |
|
|
|
R&D |
1.500 |
1.200 |
0.000 |
|
|
|
Dies and Tools |
0.000 |
6.800 |
5.900 |
|
|
TOTAL IMPORTS |
3148.700 |
2304.100 |
1310.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.36 |
36.57 |
24.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
8026.500 |
8518.100 |
|
Total Expenditure |
7142.400 |
7488.900 |
|
PBIDT (Excl OI) |
884.100 |
1029.200 |
|
Other Income |
1.400 |
1.700 |
|
Operating Profit |
885.500 |
1030.900 |
|
Interest |
83.800 |
71.400 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
801.700 |
959.500 |
|
Depreciation |
83.300 |
91.100 |
|
Profit Before Tax |
718.400 |
868.400 |
|
Tax |
143.400 |
166.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
575.000 |
702.400 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
575.000 |
702.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.35
|
9.17
|
6.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.75
|
11.74
|
7.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.62
|
25.63
|
16.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.25
|
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.47
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.35
|
1.43 |
LOCAL AGENCY FURTHER INFORMATION
FY 2011 IN RETROSPECT
Subject, on a consolidated
basis had net sales of Rs. 56130.000 millions in financial year 2010-11 against
Rs. 51630.000 millions in previous financial year 2009-10.
Subject, on a
stand-alone basis had net sales of Rs. 28820.000 millions in financial year
2010-11 against Rs. 23710.000 millions in financial year 2009-10. The operating
profit before interest, depreciation and tax was Rs. 3370.000 millions in
financial year 2010-11 against Rs. 3050.000 millions in financial year 2009-10.
The interest charges for financial year 2010-11 were Rs. 160.000 millions
against Rs. 60.000 millions in financial year 2009-10. Profit after tax was Rs.
2420.000 millions in financial year 2010-11 against Rs. 2280.000 millions in
financial year 2009-10.
BUSINESS
HIGHLIGHTS
Entry into Electric Water Heaters business
During the year,
the Company also ventured into "Home Comfort Products" with its foray
into a new generation, Electric Water Heater business. Keeping the trend of
developing energy efficient products in all the segments, Subject ' newly 5
star rated electric water heaters are as per the standard of BEE (Bureau of
Energy Efficiency) using the latest "Penta Shield" technology which
provides 5-fold safety thermostat, thermal cutout, RCCB, pressure release valve
and vacuum release valve.
Set-up of World's First New generation CMH Lamp Plant at Neemrana
Subject has set up
a state-of-the-art plant in collaboration with Havells Sylvania, Belgium for
production of Ceramic Metal Halide lamps. Subject is the fourth company in the
world other than Philips, Osram, and GE to achieve this milestone. Ceramic
metal halide lamps are used for high end applications in the area of accent
lighting, shopping malls and also outdoor lighting wherever true colour
rendition and consistent colour are vital criterion.
Launch of Havells Brand in US and Mexico
Havells Sylvania
operated with brand "Sylvania" in all countries of the world except
USA and Mexico, where it was using brand "SLI". We have now
re-launched the operations with Subject brand in key economies of the world.
Using a strong and successful brand like "Havells" will help the
business in long term. It will also establish Subject as a global brand.
SCHEME OF AMALGAMATION
With a view to reap
synergies of operations and to optimally utilize the available resources and
services, the Company envisaged a Scheme of Amalgamation during the year to
merge Standard Electrical Limited (a 100% subsidiary of the Company) with the
Company.
The shareholders
of the Company have approved the Scheme of Amalgamation in the Court convened
meeting held on 2nd April, 2011. The Appointed Date for the scheme is 1st
April, 2011. However the same will be made effective from filing of the
certified copy of the Order of the Hon'ble High Court of Delhi at New Delhi,
with the Registrar of Companies, NCT Delhi and Haryana.
AWARDS AND RECOGNITION
National Energy Conservation Award for Ceiling Fans
In appreciation of
the achievements in Energy Conservation in the manufacturing of BEE star
labeled appliances (Ceiling Fans) sector for the year 2010, the Company has
been awarded the "National Energy Conservation Award for Ceiling
Fans" on 14th Dec 2010 by Minister of Power, Government of India.
Award For Beacon Lighting
Concord, the
premium brand of Havells Sylvania was honoured with the Best Interior Luminaire
crown for the 2nd year in succession at the Lighting Design Awards, the heart
of the architectural lighting industry. The new Concord Beacon LED range
includes the Beacon Muse LED which uses cutting edge technology and ancient
lens principles to create a fully adjustable spotlight.
Award For Product Design
In recognition of
its outstanding and innovative design, Concord's Stadium LED spotlight was
awarded the "red dot award product design". The Concord Stadium is an
innovative low energy LED spotlight for a myriad of lighting applications,
including museums, galleries and retail spaces. The Stadium portfolio
introduces two versions, Stadium EVO and Stadium PRO, both with excellent
colour rendering, low running temperatures, very long lamp life resulting in
reduced maintenance costs and energy saving efficient light source.
Best Stall Award In Electrical Fair
Havells Sylvania
was awarded the Best Stall in Electrical Fair held at Kolkatta by Calcutta
Electric Traders Association (CETA). This platform was used to launch Sylvania
in West Bengal. CETA's mission is to promote the business profile of its
members and to provide companies who choose to do business with CETA members,
whether as customers or suppliers, with an assurance of quality.
Power Brand Award
Subject was chosen
as Power Brand by the Indian consumers as surveyed by ICMR (Indian Council for
Market Research) instituted by Power Brands India. This award is given on the
basis of strong brand presence in the minds and hearts of Indian consumers.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Management Summary
Successful
turnaround of Sylvania, the international subsidiary acquired in 2007, has shown
the ability of the management of getting the things in shape. The last two
years bring challenging environment through global recession. They successfully
implemented major restructuring plans in Europe and Latin America, rounding out
their transformation into a customer focused, agile, profitable, market driven
health and well being company. They have moved their European headquarter to
London so as to build their business on the more global platform.
Subject has made
good progress during financial year 2010-11. Their business model is based on
the consumer and dealer relationship which has contributed immensely to the
financial performance. A structural change is clearly visible in the Indian
consumer favoring quality products with strong brand. Keeping with the times
Subject has emerged as a premium quality and diversified product portfolio
company with strong brand leadership and reliable distribution channel.
Industry Overview; Indian Industry Overview
The acceleration
in growth of Indian economy in the last decade is a well documented fact. Over
last 10 years the
per capita income
has trebled, resulting in higher consumption levels across products and
services. Increasing urbanization, higher Government spending in infrastructure
and power, strong rural growth and higher power generation has led the
structural changes in the Indian Electrical Industry which has been
appropriately backed by the transformation in social dynamics through
increasing income and change in consumer preferences.
With their
understanding of new trends, people's needs and aspirations, as well as our
strong brand, solid financial foundation and engaged workforce, they will
continue to deliver structural growth and consistently healthy profit margins.
Global Industry Overview
GDP has increased
substantially in the Latin American countries during 2010. Sustained demand for
commodities
and positive
internal factors improves the performance of the region's economies. Brazilian
economy, for instance, has grown by a blistering 7.5% in 2010, a rate unmatched
since 1986. Following a strong rebound in Latin American countries, Sylvania
earmarked a strong year of growth, higher profitability and healthier brand
recognition.
However European
economy is still stagnant. Within Europe, there is a significant divergence in
economic trends. Most of the countries in central and eastern Europe are slowly
recovering from the economic downturn, economies in some of the southern and
western European countries impacted by the sovereign debt crisis are stagnating
or contracting. The Germany economy, for instance, suffered from the sharp
downturn in global trade in 2009, had benefited in 2010 from strong
international demand for high quality capital equipment. Sylvania earmarked a
stagnant sale but a strong turnaround in its profitability in Europe. Improved
relationship with wholesalers in Europe and lower fixed cost will drive
significant margin improvement over next few years.
Havells Strategy
Globalisation
Globalisation at
Subject is a term for the horizontal and vertical integration of manufacturing
and trade on an international level. In addition to the expanding business in
India, Subject was looking to expand the geographical
footprint. To remain
competitive in today's scenario of consolidation and to have sustainable
development, aggressive measures should be implemented to expand business.
Starting business internationally is as defensive as an offensive play.
Changing slowly to economic alterations in today's world could ultimately harm
the
business in long run.
Through
international acquisition, Subject is vying for a reasonable share in the high
entry barrier markets of developed countries and is capturing buoyant growth
prospects in the developing countries. The key strategy behind Sylvania
acquisition was to acquire a brand with global presence over last 100 years in
the electrical space and to get access to strong distribution network spread
across Europe and Latin America. Also globalization is necessitated due to
competition with lowest cost producers across geographies.
While modern trade
is ushering in the 'global village', very significant national differences
remain in culture, consumer preferences, and business practices. Subject
strategy is to keep local preferences intact and to leverage on the key
strength of each cluster.
Growth In Developing Economies
A seismic change
is visible in the world's economic geography led by the developing economies of
Asia, Latin America and Africa. The economic crisis may have been debilitating
for the rich world but for emerging markets it has been closer to a triumph.
Emerging economies now characterize younger population, increasing number of
well-qualified population, growing middle class, elevating incomes and
urbanizations.
Subject is
deriving 70% of its consolidated revenue from developing economies like India
and Thailand in Asia and Latin America. Leading brand presence and strong
distribution channel will lead to the profitable growth in these regions. In
addition we would be launching new products, aggressive market strategy and
developing local leadership in order to capture robust growth available in
these economies. Capitalizing brand recall of Sylvania in other geographies
within the same vicinity, they would strengthen the growth momentum in
developing economies.
Driving
profitability is the key focus area in their operations at developed countries
of Europe. Restructuring of European operations by reducing fixed cost along
with operational efficiencies, re-strengthening of the brand and improved
relationship with customer would contrive improved performance.
Unique Business Model
Subject business
model is unique in India. They focus on the entire customer need of low voltage
electrical products by selling through same distribution channel. They have
aligned ourselves horizontally by having large product basket. Thus their
channel management has become important and Subject enjoys paramount
relationship with its dealers for the past four decades. The strategic business
model that they adopted and implemented has certain features which place their
business in a unique positioning in India.
1. Brand
building. Subject has created a strong brand in the electrical consumer
products in India which traditionally was a low involvement product category.
They started investing in brand promotional activities through large scale
television advertisements in 2006 in addition to other mode of advertisement
like seminars, print media and local advertisements. It was unheard at that
time about any electrical company co-sponsoring cricket mega events like T-20
world cup, Indian Premier League.
2. Premium
positioning. Subject brand is associated with quality at par with the
products of the global leaders. As a strategy Subject entered into the premium
category in each product while leaving 'bottom of the pyramid' strategy.
3. Common
distribution channel. Havells selling pattern is quite different from its
peers in India. They sell their
entire product
categories through same distribution channel targeting same consumer. As a
result they are more consumer focused-channel friendly company. They enjoy
unparalleled space with both the consumer and dealers in their industry.
4. Havells
Galaxies. Breaking the conventional selling methods, Subject started
'Havells Galaxies' which are one stop shops satisfying directly the entire
electrical product need of the consumer. Under franchisee model Havells
Galaxies provide additional premium sale channel to its existing channel
partners.
Growth imperative
In financial year
2010-11 they extended their competitive advantage, while investing in growth.
They fortified their leadership and culture. They are a market-driven company
forming strategies based on the feedback from markets to capture growth
opportunities and to accelerate change while staying fast and productive.
Growth is considered as a process to achieve better returns to stakeholders.
Growth imperative at Havells means:
1. Lead in
growth markets. In 2010-11 they grew exponentially in the markets where
they lead in the product segments and generated close to Rs. 40000.000 millions
revenue from Latin America, India and Thailand. With a growth of 22% in
financial year 2010-11, they continue to make long term investments to drive
growth across these geographies.
2. Launch new
products. They are committed to grow ahead of the competition. India, which
is the key market for their electrical consumer durables segment, new product
range of Electrical Water Heater was launched in September 2010. To leverage
brand presence and distribution strength in India the next plan is to launch
small appliances. Sylvania's strong brand and distribution channel in Europe
and Latin America will be further leveraged by launching low voltage
switchgears.
3. Entering new
countries. Sylvania is a 100 years old brand having visibility across five
continents. Capitalizing on the brand recall in other geographies than Europe
and Latin America, Sylvania will be relaunched in growing economies.
4. Investing in
manufacturing capabilities. During the last five years Subject invested
more than Rs.6500.000 millions in India for converting its manufacturing
capabilities into world-class, state-of-the-art units. They own largest
facilities in terms of some of their product segments in India and amongst top
few in the world. As a manufacturing organization they manufacture 85% of their
products in India and outsource only those products which are either not viable
or cannot be done.
Global market
driven forces necessitated them to reduce fixed cost and increase utilisation
levels at the international manufacturing facilities. During recession in 2009,
we closed down three manufacturing facilities in England, Brazil and
Costa-Rica. Seven facilities at Europe and Latin America are still operational
where critical products are being manufactured while conventional products are
being outsourced from low cost countries like China and India.
5. 'Information
Technology - a business enabler'- Subject innovative IT tools enabled the
channel partners and business managers to work ahead of competition. IT
Applications has been deployed in India for basic business functions of sales,
purchase, production, planning, accounting, research, development and designing
through SAP, to implement best business practices with maximum possible
automation thereby increasing employees' efficiency and productivity. As a step
further they deployed IT support to the channel partners and customers by
providing online sales order booking, viewing delivery, billing and order
status in order to empower them by making them self sufficient, increase their
awareness and level of transparency and thereby strengthening the bond.
Subject is one of
the few companies in India to start 'Mobility' extending all field sales staff
related applications in SAP to Blackberry to help sales staff in giving prompt
response to dealers for any of the queries.
Financial performance
In the financial
year 2010-11, Subject emerged from the economic downturn as a more focused and
agile company. The profit margins climbed above the prior-year levels and
strong increase in cash flow generation.
Havells India
Performance - stand alone
The Indian
business represented through Subject India demonstrated strong growth momentum
in revenue and particularly strong traction in the domestic segment. Despite
the increased cost, they have been able to maintain the margins at desired
level. The profit margins corrected in comparison to last year due to base
effect of low raw material cost.
During financial
year 2010-11 net revenue grew by 22% to Rs. 28820.000 millions from Rs.
23710.000 millions in financial year 2009-10. The earnings before interest,
depreciation and tax were up by 10% from Rs. 3050.000 millions in financial
year 2009-10 to Rs. 3370.000 millions in financial year 2010-11. Profit after
tax was up by 6% from Rs. 2280.000 millions in financial year 2009-10 to Rs.
2420.000 millions in financial year 2010-11.
Revenue analysis -
segment performance;
The results
achieved by major business segments of the Company are as given below:
·
Switchgears division registered net revenue of Rs
6280.000 millions in domestic market during financial year 2010-11 as compared
to Rs.5220.000 millions registered in the last financial year 2009-10,
registering a growth of 20%. The export revenue in Switchgears division has
dropped to Rs. 1060.000 millions during financial year 2010-11 as compared to
Rs.1510.000 millions in last financial year 2009-10. The drop in export is
mainly due to closure of OEM contract with UK based company. Subject is now
planning to launch switchgears in the international market.
·
Strong growth momentum has been build up in
Lighting and Electrical Consumer Durables segments. The divisions have highest
direct consumer interaction as compared to other segments. With the structural
shift in the consumer preference, the division's performance continues to be
robust. They had launched Electrical Water Heater under Electrical Consumer
Durables segment in September 2010 which registered net revenue of Rs 220.000
millions in the financial year 2010-11.
Sylvania performance - stand alone
The International
business represented through Sylvania has been successful turned around during
financial year 2010-11. The net revenue grew by 9% from Euro 413 million in
financial year 2009-10 to Euro 450 million during financial year 2010-11.
CONTINGENT LIABILITIES
(Rs. In Millions)
|
Particulars |
31.03.2011 |
|
Estimated amount of capital
contracts remaining to be executed and not provided for (net of advances) |
231.300 |
|
Bank guarantees and letter of
credits opened with bank (net of margin money) |
1158.200 |
|
Bonds to excise department
against export of excisable goods/ purchase of goods without payment of duty
(to the extent utilised) |
158.600 |
|
Custom
duty payable against export obligation |
244.600 |
|
Suits
filed against the Company not acknowledged as debts |
34.600 |
|
Liability
towards banks against debtors buyout facilities |
352.300 |
|
Disputed tax liabilities in
respect of pending cases before Appellate Authority (amount deposited under
protest Rs. 42.200 millions (previous year Rs. 44.400 millions) |
142.700 |
|
Corporate Guarantee given on
behalf of subsidiary companies (to the extent of outstanding obligation) |
1007.200 |
|
Export bills discounted with
banks |
260.400 |
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 SEPTEMBER 30, 2011
Rs. in Millions
|
Particular
|
Quarter Ended |
Year to Date |
|
|
30.09.2011 |
30.09.2011 |
|
|
Unaudited |
Unaudited |
|
|
|
|
|
(a) Net Sales / Income from operations |
8503.900 |
16727.600 |
|
(b) Other Operating Income |
14.200 |
25.900 |
|
Total Income |
8518.100 |
16753.500 |
|
Expenditure |
|
|
|
a) (Increase) / Decrease in stock in trade and work in progress |
(237.400) |
(1064.200) |
|
b) Consumption of raw materials |
4515.400 |
9370.100 |
|
c) Purchase of traded goods |
873.100 |
1770.900 |
|
d) Employees cost |
358.000 |
695.200 |
|
e) Depreciation |
91.100 |
177.200 |
|
f) Other expenditure |
1848.400 |
3876.700 |
|
g) Foreign Exchange Fluctuation Loss (Gain) |
131.400 |
112.600 |
|
Total |
7580.000 |
14938.500 |
|
Profit from operations before other income, interest and
exceptional Items |
938.100 |
1815.000 |
|
Other income |
1.700 |
3.200 |
|
Profit before interest and exceptional Items |
939.800 |
1818.200 |
|
Interest |
71.400 |
155.200 |
|
Profit
after Interest but before Exceptional Items |
868.400 |
1663.000 |
|
Exceptional Items |
-- |
-- |
|
Profit
(+)/Loss(-) from Ordinary Activities before tax |
868.400 |
1663.000 |
|
Tax expense |
166.000 |
312.700 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
702.400 |
1350.300 |
|
Add: Extraordinary Income (net of tax expenses) |
-- |
-- |
|
Net Profit (+) / Loss (-) for the year period |
702.400 |
1350.300 |
|
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) |
5.63 |
10.82 |
|
(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) |
5.63 |
10.82 |
|
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 |
|
|
30.09.2011 |
30.09.2011 |
|
|
Unaudited |
Unaudited |
|
Net Segment
Revenue |
|
|
|
Switchgears |
2217.700 |
4325.300 |
|
Cable and Wires |
3691.800 |
7256.200 |
|
Lighting & Fixtures |
1374.400 |
2584.200 |
|
Electrical Consumer Durables |
1220.000 |
2561.900 |
|
Total |
8503.900 |
16727.600 |
|
Less : Inter Segment Revenue |
-- |
-- |
|
Sales/ Income from Operations |
8503.900 |
16727.600 |
|
|
|
|
|
Segment Results |
|
|
|
(Profit(+)/ Loss(-) before Tax and Interest from each Segment) |
|
|
|
Switchgears |
839.200 |
1645.400 |
|
Cable and Wires |
341.800 |
651.900 |
|
Lighting & Fixtures |
336.400 |
638.200 |
|
Electrical Consumer Durables |
337.700 |
755.500 |
|
Total |
1855.100 |
3691.000 |
|
Less : (i) Interest |
71.400 |
155.200 |
|
(ii) Other
un-allocable expenses net of
un-allocable income |
915.300 |
1872.800 |
|
Total Profit
before Tax |
868.400 |
1663.000 |
|
|
|
|
|
Capital Employed |
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
Switchgears |
4201.300 |
4201.300 |
|
Cable and Wires |
1505.800 |
1505.800 |
|
Lighting & Fixtures |
2592.900 |
2592.900 |
|
Electrical Consumer Durables |
1343.000 |
1343.000 |
|
Others unallocable |
7961.800 |
7961.800 |
|
Total |
17604.800 |
17604.800 |
Balance Sheet
Rs. in Millions
|
PARTICULARS |
YEAR TO DATE
30.09.2011 UNAUDITED |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
623.900 |
|
2] Reserves & Surplus |
14698.100 |
|
LOAN FUNDS |
1732.600 |
|
DEFERRED TAX LIABILITIES |
550.200 |
|
|
|
|
TOTAL |
17604.800 |
|
|
|
|
FIXED ASSETS [Net Block] |
7941.300 |
|
INVESTMENT |
7268.600 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
6218.400 |
|
Sundry Debtors |
1431.600 |
|
Cash & Bank Balances |
703.300 |
|
Other Current Assets |
85.700 |
|
Loans & Advances |
941.100 |
|
Total Current
Assets |
9380.100 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
6872.000 |
|
Provisions |
113.200 |
|
Total Current
Liabilities |
6985.200 |
|
Net Current
Assets |
2394.900 |
|
|
|
|
TOTAL |
17604.800 |
Notes:
1.
a) Standard Electrical Limited (the transferor
company), a wholly owned subsidiary of Havells India Limited, which was engaged
in the manufacture and sale of switchgears has been amalgamated with the
Company in the "Switchgear" segment.
c)
Pursuant to the Scheme of Amalgamation (Scheme) of
erstwhile Standard Electrical Limited with the company as approved by the
Hon'ble High Court of Delhi vide its order dated September 27, 2011 which
became effective on October 15, 2011 on filing of the Order of Court with
Registrar of Companies, NCT of Delhi and Haryana, all the assets, liabilities
and reserves of the transferor company have been transferred to and vested in
the Company with retrospective effect from appointed date, i.e. April 1, 2011.
The Scheme has accordingly, been given effect to from April 1, 2011 and
consequently figures for the quarter ended September 30, 2011 have been arrived
at after giving effect of the scheme in the financial results for the quarter
ended June 30, 2011. Therefore, the above results include income, expenses and
profit before tax for the respective quarters as follows :
Rs. in Millions
|
Particulars |
For the Quarter
ended June 30,
2011 |
For the Quarter
ended September
30, 2011 |
|
Total Income |
227.500 |
240.600 |
|
Total Expenditure |
151.300 |
170.900 |
|
Profit before ta |
76.200 |
69.700 |
Statement of assets and liabilities includes amount pertaining to
Standard Electrical Limited, which is as below:
Rs. in Millions
|
Particulars |
Amount
|
|
Total Assets |
729.500 |
|
Total Liabilities |
729.500 |
d)
Accordingly, figures are not comparable with the
corresponding previous periods.
2.
Information on investor's correspondence for the
quarter (in nos.): opening balance Nil, New 34, Disposal 34, Closing Balance
Nil.
3.
The figures of previous year/ period have been
regrouped and reclassified wherever considered necessary.
4.
The above results for the quarter ended on 30th
September, 2011 were reviewed by the Audit Committee and were approved by the
Board of Directors at its meeting held on 31st October, 2011. These results
have been limited reviewed by the Statutory Auditors.
WEB SITE DETAILS
BUSINESS DESCRIPTION
Subject is an electrical consumer production and power distribution
equipment manufacturer. The Company's products and services include industrial
and domestic circuit protection devices, cables and wires, motors, fans, power
capacitors, compact fluorescent lamps, luminaries for domestic, commercial and
industrial applications, modular switches covering the entire gamut of
household, and commercial and industrial electrical needs. It operates in four
segments: switchgears, cable, lighting and fixtures and electrical consumer
durables. Its brands include Crabtree, Sylvania, Concord, Luminance and
Linolite. The Company’s manufacturing plants are located in Haridwar, Baddi,
Noida, Sahibabad, Alwar, Neemrana and Faridabad. It also has manufacturing
plants in Europe, Latin America and Africa. During the fiscal year ended March
31, 2011 (fiscal 2011), it produced 45.63, 0.515514 and 25.61 million numbers
of switchgears, cables, and lighting and fixtures, respectively. For the fiscal
year ended 31 March 2010, Subject revenues decreased 1% to RS54.54B. Net income
totaled RS696M, vs. a loss of RS1.61B. Revenues reflect a decrease in revenue
from cable and wires, lower income from lighting and fixtures and a fall in
sales from other segments respectively. Net income reflects a decrease in
research and development expenditure and lower personnel expenditure.
MANAGEMENT
QIMAT RAI GUPTA -
NON-INDEPENDENT EXECUTIVE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR
Shri. Qimat Rai Gupta is Non-Independent Executive Chairman of the
Board, Managing Director of Havells India Limited. He is an Industrialist
having business experience and co- founder of Havellls.
VIJAY KUMAR CHOPRA
- INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Vijay Kumar Chopra is Independent Non-Executive Director of
Havells India Limited. Shri. Chopra, professionally a Chartered Accountant has
experience in finance and banking matters. In his professional career he has
held top leadership positions in various prestigious banking organizations viz.
Central Bank of India, Punjab and Sindh Bank, Corporation Bank and SIDBI. He was
also a whole time member of SEBI. Presently, he holds directorships in various
prestigious organizations.
Education
·
Commerce, University of Delhi
AVINASH P. GANDHI
- INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Avinash P. Gandhi is Independent Non-Executive Director of Havells
India Limited. He has experience in engineering and managerial level. His other
directorships include : FAG Bearings India Limited; Lumax Industries Limited;
UNI Products (India) Limited; Fairfield Atlas Limited; Panalfa Automotive
Private Limited; Continental Engines Limited; Minda HUF Limited; Indo Alusys
Limited; Avinar Consulting Private Limited; Avinar Service Private Limited; Pan
Alfa Auto Ektric Private Limited
Education
·
BS Mechanical Engineering, Birla Institute of
Technology
SURJIT GUPTA -
NON-INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Surjit Gupta is Non-Independent Non-Executive Director of Havells
India Limited. He worked as technical head Havells. Havells become a group in
the electrical field, with an excellent reputation for quality engineering
products. He Developed variety of new products. He was instrumental in the
initial exposure of Havells to international manufacturers and technology. He
improved Havells manufacturing and also enter into alliance with foreign manufacturers.
Education
·
Punjab Agricultural University, Ludhiana
RAJESH GUPTA
- NON-INDEPENDENT EXECUTIVE DIRECTOR -
FINANCE, DIRECTOR
Shri. Rajesh Gupta is Non-Independent Executive Director - Finance, Director
of Havells India Limited, is a Chartered Accountant having experience in
finance and allied fields. He is serving the Company for last more than 25
years.
ANIL GUPTA - JOINT
MANAGING DIRECTOR, NON-INDEPENDENT EXECUTIVE DIRECTOR
Shri. Anil Gupta is Joint Managing Director, Non-Independent Executive
Director of Havells India Limited, new business development by forming new
alliances with foreign collaborators or taking over other businesses within
India. Supervising marketing and sales functions of Havells India Limited
Education
·
MBA Economics, Wake Forest University
ADARSH KISHORE -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Dr. Adarsh Kishore is Independent Non-Executive Director of Hawells
Indian Limited He a 1969-batch IAS officer of the Rajasthan cadre, is a former
Finance Secretary, Government of India and former Executive Director,
International Monetary Fund representing Bangladesh, Bhutan, India and Sri
Lanka. He currently chairs the Board of Axis Bank Limited and is also the
Chairman of its Risk Management Committee, Chairman of Shareholders/ Investors
Grievance Committee and Member of Special Committee of the Board of Directors
for Monitoring of Value Frauds
NITEN MALH -
NON-INDEPENDENT NON-EXECUTIVE DIRECTOR - REPRESENTATIVE OF WARBURG PINCUS
Education
·
MBA, Indian Institute of Management, Ahmedabad
·
BS Computer Science, Indian Institute of
Technology, Delhi
SUNIL BEHARI
MATHUR - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Sunil Behari Mathur is Independent Non-Executive Director of Havells
India Limited. A Qualified Chartered Accountant retired from Life Insurance
Corporation of India (LIC) in October 2004 as its Chairman. He held various
positions as Senior Divisional Manager of Gwalior Division, Chief of Corporate
Planning, General Manager of LIC (international) E.C., Zonal Manager in charge
of Western Zone and Executive Director. He has a track record of introducing
new products in the insurance sectorin a competitive environment. The
Government India has appointed him the Administrator’ of the Specified
Undertaking of the Unit Trust of India (SUUTI).
SURENDER KUMAR
TUTEJA - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Surender Kumar Tuteja is Independent Non-Executive Director of
Hawells India Limited He is an IAS, FCS and M Com from DU with 1st position.
Mr. Tuteja began a 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 Doha, Qatar. He was also the Chairman of
the Committee on Revitalization of Sugar Industry and later a member of the
group of experts constituted by GOI on Sugar Sector in 2007. He has also
chaired the Pay Commission of the Government of Punjab (2006-09).
Education
·
M Commerce, University of Delhi
NEWS
HAVELLS INDIA Q2 NET PROFIT UP 19.92 PCT TO US$14.4
MLN
01 November 2011
MUMBAI, Nov 1Asia Pulse - Electrical
equipment maker Havells India (BSE:517354) on Monday posted 19.92 per cent
increase in its net profit to Rs 702.400 millions (US$14.4 million) in the quarter
ended September 30, 2011 as against the same period last fiscal.
The
company had a net profit of Rs 585.700 millions in the corresponding quarter
last fiscal, Havells India said in a filing to the BSE.
During
the quarter under review, the firm's net sales stood at Rs 8503.900 millions, a
28.59 per cent increase from Rs 6613.100 millions in the year-ago period.
During
the period while its cables and wires business had a revenue of Rs 3691.800
millions, electrical consumer durables segment had a revenue of Rs 1220.000
millions.
Besides,
the firm's lighting and fixtures had a revenue of Rs 1374.400 millions during
the quarter.
Scrips
of Havells India closed at Rs 357.95 on the BSE, down by 1.50 per cent.
HAVELLS INDIA'S Q2 JUMPS BY 20% AT RS 702.400
MILLIONS
01 November 2011
India, November 01 -- Electrical equipment maker -Havells India has
reported results for the quarter ended September 30, 2011.The Company's net
profit for the quarter has increased by 19.92% at Rs 702.400 millions whereas
the same was at Rs 585.700 millions for the quarter ended September 30, 2010.
Company's total Income has surged by 28.46% at Rs 8519.800 millions for the
second quarter of the current fiscal whereas the same was at Rs 6632.300
millions for the corresponding quarter of the previous year. During the During
the period, company's cables and wires business clocked in a revenue of Rs
3691.800 millions, electrical consumer durables segment registered a revenue of
Rs 1220.000 millions. Besides, the firm's lighting and fixtures had revenue of
Rs 1374.400 millions during the quarter. Havells India was expected to report a
jump of 15% in its standalone profit after tax at Rs 660.000 millions in the
second quarter of FY12, as compared to Rs 585.700 millions in the corresponding
quarter of last fiscal. However, pursuant to the Scheme of Amalgamation of
Standard Electrical with the company as approved by the High Court of Delhi
vide its order dated September 27, 2011 which became effective on October 15,
2011 on filing of the Order of Court with Registrar of Companies, NCT of Delhi
and Haryana, all the assets, liabilities and reserves of the transferor company
have been transferred to and vested in the company with retrospective effect
from appointed date, i.e. April 01, 2011.The Scheme has accordingly, been given
effect from April 01, 2011 and consequently figures for the quarter ended
September 30, 2011 have been arrived at after giving effect of the scheme in
the financial results for the quarter ended June 30, 2011. Hence, figures are
not comparable with the corresponding previous periods. Standard Electrical, a
wholly owned subsidiary of Havells India, which was engaged in the manufacture
and sale of switchgears, has been amalgamated with the Company in the
'Switchgear' segment.
HAVELLS INDIA RISES ON REPORTING DECENT Q2 NUMBERS
01 November 2011
India, November 01 -- Havells India is currently trading at Rs 376.35,
up by 20.00 points or 5.61% from its previous closing of Rs 356.35 on the BSE.
The scrip opened at Rs 365.00 and has touched a high and low of Rs 379.25 and
Rs 365.00 respectively. So far 115146 shares were traded on the counter. The
BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 451.25
on 15-Jun-2011 and a 52 week low of Rs 290.10 on 11-Feb-2011.Last one week high
and low of the scrip stood at Rs 380.00 and Rs 352.00 respectively. The current
market cap of the company is Rs 44463.500 millions. The promoters holding in
the company stood at 61.56% while Institutions and Non-Institutions held 18.71%
and 19.73% respectively. Electrical equipment maker -Havells India has reported
results for the quarter ended September 30, 2011.The Company's net profit for
the quarter has increased by 19.92% at Rs 702.400 millions whereas the same was
at Rs 585.700 millions for the quarter ended September 30, 2010. Company's
total Income has surged by 28.46% at Rs 8519.800 millions for the second
quarter of the current fiscal whereas the same was at Rs 6632.300 millions for
the corresponding quarter of the previous year. During the During the period,
company's cables and wires business clocked in a revenue of Rs 3691.800
millions, electrical consumer durables segment registered a revenue of Rs
1220.000 millions. Besides, the firm's lighting and fixtures had revenue of Rs
1374.400 millions during the quarter. Havells India was expected to report a
jump of 15% in its standalone profit after tax at Rs 660.000 millions in the
second quarter of FY12, as compared to Rs 585.700 millions in the corresponding
quarter of last fiscal. However, pursuant to the Scheme of Amalgamation of
Standard Electrical with the company as approved by the High Court of Delhi
vide its order dated September 27, 2011 which became effective on October 15,
2011 on filing of the Order of Court with Registrar of Companies, NCT of Delhi
and Haryana, all the assets, liabilities and reserves of the transferor company
have been transferred to and vested in the company with retrospective effect
from appointed date, i.e. April 01, 2011.The Scheme has accordingly, been given
effect from April 01, 2011 and consequently figures for the quarter ended
September 30, 2011 have been arrived at after giving effect of the scheme in
the financial results for the quarter ended June 30, 2011. Hence, figures are
not comparable with the corresponding previous periods. Standard Electrical, a
wholly owned subsidiary of Havells India, which was engaged in the manufacture
and sale of switchgears, has been amalgamated with the Company in the
'Switchgear' segment.
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. 49.08 |
|
|
1 |
Rs. 78.65 |
|
Euro |
1 |
Rs. 67.79 |
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.