1. Summary Information
|
|
|
Country |
|
|
Company Name |
HBL POWER
SYSTEMS LIMITED |
Principal Name 1 |
Dr. A.J. Prasad |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. M S S Srinath |
|
|
|
Registration # |
01-006745 |
|
Street Address |
8-2-601, Road
No. 10, Banjara Hills, |
||
|
Established Date |
29.08.1986 |
SIC Code |
-- |
|
Telephone# |
91-40-23355575 / 23351934 / 23355085 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-40-23355048 / 23353189 |
Business Style 2 |
Specialized batteries and DC systems and
associated electronics. |
|
Homepage |
Product Name 1 |
Lead Acid Batteries |
|
|
# of employees |
Not Available |
Product Name 2 |
Nickel Cadmium Batteries |
|
Paid up capital |
Rs.253,000,000/- |
Product Name 3 |
Silver Zinc and Other Silver based Batteries (Torpedo) |
|
Shareholders |
Total shareholding of Promoter and Promoter Group - 73.62% Total Public shareholding – 26.38% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
26 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries : |
|
HBL POWER SYSTEMS (M) SDN BHD |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,303,729,000 |
Current Liabilities |
2,072,551,000 |
|
Inventories |
2,681,659,000 |
Long-term Liabilities |
7,014,698,000 |
|
Fixed Assets |
4,186,937,000 |
Other Liabilities |
186,200,000 |
|
Deferred Assets |
-- |
Total Liabilities |
9,273,449,000 |
|
Invest& other Assets |
2,349,539,000 |
Retained Earnings |
4,995,415,000 |
|
|
|
Net Worth |
5,248,415,000 |
|
Total Assets |
14,521,864,000 |
Total Liab. & Equity |
14,521,864,000 |
|
Total Assets (Previous Year) |
11,250,973,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
9,949,456,000 |
Net Profit |
164,495,000 |
|
Sales(Previous yr) |
11,095,149,000 |
Net Profit(Prev.yr) |
1004,179,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HBL POWER SYSTEMS LIMITED (w.e.f. 09.12.2006) |
|
|
|
|
Formerly Known
As : |
HBL NIFE POWER SYSTEMS LIMITED (w.e.f. 26.04.2000) SAB NIFE POWER SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
8-2-601, Road No. 10, Banjara Hills, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.08.1986 |
|
|
|
|
Com. Reg. No.: |
01-006745 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.253.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40109AP1986PLC006745 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDH00591D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH8421K |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Design, Development and Manufacturer of specialized
batteries and DC systems and associated electronics. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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) |
|
|
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 / Head Office : |
8-2-601, Road No. 10, Banjara Hills, |
|
Tel. No.: |
91-40-23355575 / 23351934 / 23355085 |
|
Mobile No.: |
91-9848012589 (Mr. S. Prasad) 91-9346269932 (Mr. Govardhan Reddy) |
|
Fax No.: |
91-40-23355048 / 23353189 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Shameerpet Aliabad Post, Lalgadi Malakpet, Shameerpet Mandal- 500078, |
|
Tel. No.: |
91- 8418- 244640 |
|
Fax No.: |
91- 8418-244627/ 244574 |
|
|
|
|
Factory 2 : |
Nandigaon Survey No.64-67, 77-81, |
|
Tel. No.: |
91-8548-240456 |
|
Fax No.: |
91-8548-240474 |
|
|
|
|
Factory 3 : |
Thumukunta Survey No. 351, |
|
Tel. No.: |
91-8418-247680 |
|
Fax No.: |
91-8418-247683 |
|
|
|
|
Factory 4 : |
Mehboobnagar Sy No 155 to 156 (Post) Bhootpur (Village and Mandal), Mahaboobnagar
District, |
|
Tel. No.: |
91-8542-236539/ 236205 |
|
|
|
|
Factory 5 : |
Vizayanagaram Sy 123-126, 138(p) to 144(p), Kandavasala Village, Pusapatirega Mandal,
Vizayanagaram District, Andhra Pradesh, India |
|
Tel. No.: |
91-8922-258159 |
|
|
|
|
Factory 6 : |
VSEZ Plot No. Q6 to Q10, R1 to R10 S1 to S9,Phase III, VSEZ, Duvvada, |
|
Tel. No.: |
91-891-2543255-56 |
|
|
|
|
Factory 7 : |
Haridwar Plot No. 1, Sector 8A, IIE Ranipur (BHEL Haridwar) - 249 403, |
|
Tel. No.: |
91-1334-235420/ 235421 |
|
|
|
|
Factory 8 : |
Manesar Plot No. - 425, Sector - 8, IMT Manesar, Gurgaon -
122050, |
|
Tel. No.: |
91-0124-4783 333 / 4783 322 |
|
Fax No.: |
91-0124-4783 300 |
|
|
|
|
Branch Office : |
Located at: ·
·
Kolkata ·
Mumbai ·
·
Chennai ·
·
·
·
Ahmedabad ·
|
|
|
|
|
Overseas Office : |
Located at: |
DIRECTORS
As on 31.03.2011
|
Name : |
Dr. A.J. Prasad |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. M S S Srinath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. M. Kavita Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. Ganapathi Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.V. Rao |
|
Designation : |
Nominee Director |
|
|
|
|
Name : |
Mrs. Preeti Khandelwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek Mundra |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M V S S Kumar |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee: |
Mr. P Ganapathi Rao (Chairman of the Committee) Mrs. Kavita Prasad Mr. V V Rao Mrs. Preeti Khandelwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
43,188,485 |
17.04 |
|
Bodies
Corporate |
143,130,848 |
56.57 |
|
|
186,249,333 |
73.62 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
186,249,333 |
73.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3,902,989 |
1.54 |
|
|
5,000 |
-- |
|
|
19,372,165 |
7.66 |
|
|
23,280,184 |
9.20 |
|
|
|
|
|
|
17,918,655 |
7.08 |
|
|
|
|
|
|
21,576,593 |
8.53 |
|
|
2,603,496 |
1.03 |
|
|
1,371,739 |
0.54 |
|
|
932,685 |
0.37 |
|
|
60,700 |
0.02 |
|
|
378,354 |
0.15 |
|
|
43,470,483 |
17.18 |
|
Total Public shareholding (B) |
66,750,667 |
26.38 |
|
Total (A)+(B) |
253,000,000 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
253,000,000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Design, Development and Manufacturer of
specialized batteries and DC systems and associated electronics. |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Lead Acid Batteries |
Mil Ah |
1640 |
|
Nickel Cadmium Batteries |
Mil Ah |
85 |
|
Chargers / Rectifiers |
Nos |
3500 |
|
Lithium Thionyl Chloride Cells |
Nos |
11000 |
|
Others |
|
Inview of the items being manufactured as per the customers orders it is not possible to ascertain installed capacity |
|
Particulars |
Unit |
Actual
Production |
|
Lead Acid Batteries |
Lac AH |
6,480.47 |
|
Nicad |
Nos |
40,692 |
|
Silver Zinc |
Nos |
18,500 |
|
Lithium |
Nos |
46 |
|
Nickel Cadmium Pocket Plate Batteries |
Lac AH |
738.54 |
|
Electronic Charges/Rectifiers |
Nos |
4,642 |
|
|
Nos |
1,343 |
GENERAL INFORMATION
|
Customers : |
·
·
BSNL, ·
·
Greek ·
·
·
·
ABB, ·
BHEL, ·
British ·
British · DCNS, France ·
LET Aircraft Co., ·
Ministry of ·
Ministry of ·
Ministry of ·
Saudi Air ·
Reliance, ·
ADGAS, ·
PDVSA, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Satyanarayana and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Cost Auditors : |
Narasimha Murthy and Company Cost Accountants Address : |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries : |
·
Bhagirath Energy Systems Private Limited, ·
HBL Power Systems (M) SDN BHD, · Agile Electric Drives Technologies and Holdings Private Limited ·
HBL ·
SCIL Infracon Private Limited |
|
|
|
|
Joint Venture : |
Gulf Batteries Company Limited ( |
|
|
|
|
Holding Company : |
Beaver Engineering Limited and Holding Limited |
|
|
|
|
Controlled Companies : |
Kairos Engineering Limited, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.1/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
253000000 |
Equity Shares |
Rs.1/- each |
Rs.253.000 Millions
|
|
|
|
|
|
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 |
253.000 |
253.000 |
242.795 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4995.415 |
4860.325 |
3607.905 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5248.415 |
5113.325 |
3850.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6834.818 |
4098.078 |
3504.080 |
|
|
2] Unsecured Loans |
179.880 |
171.637 |
171.637 |
|
|
TOTAL BORROWING |
7014.698 |
4269.715 |
3675.717 |
|
|
DEFERRED TAX LIABILITIES |
74.242 |
173.142 |
149.142 |
|
|
|
|
|
|
|
|
TOTAL |
12337.355 |
9556.182 |
7675.559 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4186.937 |
3429.789 |
2881.519 |
|
|
Capital work-in-progress |
937.355 |
788.206 |
663.740 |
|
|
|
|
|
|
|
|
INVESTMENT |
1412.184 |
206.121 |
33.636 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2681.659
|
2283.064
|
1799.826
|
|
|
Sundry Debtors |
3100.773
|
3376.735
|
2826.356
|
|
|
Cash & Bank Balances |
847.831
|
542.004
|
817.027
|
|
|
Other Current Assets |
80.813
|
68.977
|
54.797
|
|
|
Loans & Advances |
1274.312
|
556.077
|
369.774
|
|
Total
Current Assets |
7985.388
|
6826.857 |
5867.780 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1727.966
|
1267.710 |
1048.408 |
|
|
Other Current Liabilities |
344.585
|
185.557
|
486.931
|
|
|
Provisions |
111.958
|
241.524
|
240.883
|
|
Total
Current Liabilities |
2184.509
|
1694.791 |
1776.222 |
|
|
Net Current Assets |
5800.879
|
5132.066
|
4091.558
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
5.106 |
|
|
|
|
|
|
|
|
TOTAL |
12337.355 |
9556.182 |
7675.559 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9949.456 |
11095.149 |
12438.958 |
|
|
|
Other Income |
229.735 |
65.401 |
50.885 |
|
|
|
TOTAL (A) |
10179.191 |
11160.550 |
12489.843 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
6541.792 |
6399.026 |
8203.037 |
|
|
|
Manufacturing and Service Cost |
684.879 |
719.498 |
673.635 |
|
|
|
Employee Cost |
1167.001 |
975.779 |
727.357 |
|
|
|
Administration, Selling and Other Cost |
926.702 |
952.352 |
827.007 |
|
|
|
Amortisation of Intangible Assets |
10.256 |
10.256 |
10.256 |
|
|
|
Extra-ordinary items |
0.000 |
0.000 |
13.582 |
|
|
|
TOTAL (B) |
9330.630 |
9056.911 |
10454.874 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
848.561 |
2103.639 |
2034.969 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
493.443 |
383.144 |
388.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
355.118 |
1720.495 |
1646.680 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
303.015 |
280.661 |
278.397 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
52.103 |
1439.834 |
1368.283 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(112.392) |
435.655 |
458.727 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
164.495 |
1004.179 |
909.556 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
310.869 |
195.196 |
170.857 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
800.000 |
800.000 |
|
|
|
Dividend |
25.300 |
75.900 |
72.838 |
|
|
|
Tax on Dividend |
4.104 |
12.606 |
12.379 |
|
|
BALANCE CARRIED
TO THE B/S |
445.960 |
310.869 |
195.196 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales |
1758.754 |
1148.057 |
1167.485 |
|
|
TOTAL EARNINGS |
1758.754 |
1148.057 |
1167.485 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares |
2488.670 |
2858.710 |
3909.745 |
|
|
|
Capital Item / Equipment |
177.315 |
81.985 |
114.116 |
|
|
TOTAL IMPORTS |
2665.985 |
2940.695 |
4023.861 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
0.650 |
4.065 |
3.746 |
|
|
|
- Diluted |
0.650 |
4.062 |
3.746 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2044.200 |
3110.600 |
2505.200 |
|
Total Expenditure |
1885.300 |
2699.700 |
2123.300 |
|
PBIDT (Excl OI) |
158.900 |
410.900 |
381.900 |
|
Other Income |
27.600 |
25.000 |
25.500 |
|
Operating Profit |
186.500 |
435.900 |
407.400 |
|
Interest |
190.200 |
218.700 |
236.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(3.700) |
217.200 |
171.000 |
|
Depreciation |
90.900 |
91.000 |
90.900 |
|
Profit Before Tax |
(94.600) |
126.200 |
80.100 |
|
Tax |
10.000 |
10.100 |
30.40 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(104.800) |
116.100 |
49.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(104.800) |
116.100 |
49.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.62
|
8.99
|
7.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.52
|
12.97
|
10.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.43
|
14.03
|
15.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.28
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
1.16
|
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.66
|
4.02
|
3.30 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
HIGHLIGHTS
- Bhagirath Balala Vikasa Kendram – A place for holistic development of children [under 6] around there factory villages
- Provide the Infrastructure support like drinking water, primary health care, etc.
- Sponsor Girl Child Education
- Conduct Medical and Blood Donation Camps
- Contribution to the Social Welfare Activities
- Contribution to Waste Management for a cleaner Environment
BACKGROUND
As per 2001 census,
PERFORMANCE REVIEW
2010-11:
Overall Sales of the Company for the year 2010-11 were recorded at Rs.9949.400 Millions as compared to previous year sales of Rs.11095.100 Millions. This decrease is primarily on account of a reduction in lead acid battery market, due to various macro factors affecting telecom business in the country. 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.164.500 Millions for the year 2010-11 as compared to previous year of Rs.1004.200 Millions.
INVESTMENT/DIVESTMENTS
IN SUBSIDIARY/ JOINT VENTURE/ASSOCIATE COMPANIES:
INVESTMENTS IN
SUBSIDIARY:
1. Agile Electric Drives Technologies and Holdings Private Limited (Agile): Rs.1128.800 Millions was invested in the Company during the year for acquisition of 63.91% equity shares in the Company. Agile is subsidiary of the Company and engaged in manufacturing of motor subassemblies and precision components and providing motors technology.
The Company through its subsidiary Agile acquired 62.94% of the equity in Igarashi Motors India Limited (Igarashi), which is subsidiary of Agile and listed on BSE and NSE. Igarashi is currently engaged in the business of assembling of DC motors and actuation system for various automotive and non-automotive applications and manufacturing sub assemblies that go into DC motors.
2. SCIL Infracon Private Limited: Rs.65.200 Millions was invested in the Company as upto 31st March, 2011 for acquiring 50% of the equity holding in the Company. Subsequently negotiation took place with the Investing Company to acquire their remaining 30% holding for Rs.30.000 Millions. The former promoter also expressed interest to sell his 20% shareholding. After completing these transactions for acquiring additional equity, SCIL Infracon Private Limited will be poised to become a 100% subsidiary of HBL. The Company is engaged in manufacturing of concrete polls, primarily for telecom sector and roof slabs and has increased product range to cover special pile foundation piles, high mast lighting poles with a hydraulic arrangement to lower the lights, 40 and 50 mtr towers for telecom and power transmission. The products are being received well by the customers.
3. HBL
4. HBL Power Systems (M) SDN BHD: There was no further investment in the Company.
5. Bhagirath Energy
Systems Private Llimited (BES) a wholly owned subsidiary in
ASSOCIATE COMPANY
Sankhya Infotech Limited (Sankhya): 8,40,482 equity shares being 9.89% of the equity of Sankhya were acquired through open market for an aggregate value of Rs.33.100 Millions. The Company has also subscribed for allotment of 12,20,000 convertible warrants for an issue price of Rs.32.03 per warrant aggregating to Rs.39.100 Millions, of which Rs.19.500 Millions being 50% of the issue price was paid upfront. These warrants will be converted into equal number of equity shares of C 10/- each upon payment of balance 50% of the issue price within 18 months from the date of allotment of such warrants and thereby, post conversion, the Company will hold 14.97% of the equity in Sankhya.
JOINT VENTURES
HBL ELTA Avionics Systems Private Limited – During the year, the investment of Rs.22.500 Millions in joint venture has been divested for a total consideration of Rs.136.600 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS 2010-11
·
The
Performance:
The company has seen a dip in sales as compared to 2009-10, and a very sharp decline in profits. The primary reason for this was the drastic fall in demand from the telecom sector, which was a large proportion of the company’s business. Several new product lines were commercialised which allowed top line to be maintained but margins remained low due to the early stage on the learning curve for these products.
·
Telecom
Sector:
Continuing turbulence in the Telecom sector resulted in significant reduction in demand for batteries as new roll
outs continued to be deferred or delayed. The company was able to maintain its market share in the face of severe competition. However the reduced demand resulted in a buyer’s market where the company was unable to pass through rise in raw material prices to customers. Rise in lead prices in unfavourable market conditions, combined with the sharp reduction in volumes, lead to a complete erosion of margins in this segment.
Investments in new rollouts are starting, and demand for replacement of prior supplies of batteries is also increasing. The management expects the telecom sector to stabilise in 2011-12, and margins to return to normal levels.
·
Other
Sectors Batteries:
All other segments of the company’s business showed steady growth which enabled the company to report only a marginal dip in turnover, despite the poor business from Telecom. Both Nickel Cadmium and non-telecom lead acid batteries are showing strong growth trends for 2011-12, in both domestic as well as export markets.
·
New
Markets in Batteries:
The company has launched several new product lines in the
latter part of 2010-11, which will yield positive results from 2011-12 onwards.
The company has entered the retail segment with products for Automotive (2 and
4 wheeler), UPS and Inverter markets, and is in process of strengthening its
distributor and dealer network all over
·
Investments:
During the year the company has continued to invest significant amounts in expanding capacity in new battery products particularly for the retail market.
In addition the company has invested D 112 Cr to acquire a majority stake in Agile Electric Drives Technologies and Holdings Private Limited, which is a majority stakeholder in Igarashi Motors India Limited (IMIL). IMIL is listed on the
BSE, and is a leading exporter of small DC motors for the automotive industry worldwide
Agile group has a strong engineering culture and expertise in mass manufacturing, which are of value to HBL.
The company is in process of setting up a plant for manufacture of AC motors for the white goods sector, in association with Agile, in Chennai. This is a completely new line of business for the company, and the management expects it to add significantly to turnover from 2012-13 onwards.
·
Solar
Photovoltaic Systems (SPV) Business:
The company has entered the off grid systems SPV market by
using its expertise in batteries and power electronics for these applications
and has won several prestigious tenders for installation of SPV systems,
including for the Prime Minister’s Residence in
·
Power
Electronics:
Power Electronics sales are growing in both exports and domestic sales, with new products that were launched in 2010-11 adding to this growth. Margins have also been maintained, and management is confident this business will continue to do well.
·
Railway
Signalling:
After the long delays in product qualification process, which were highlighted in the previous years Management Discussion and Analysis, the company has received significant orders to be executed in 2011-12 and management is confident that this business will now show rapid growth in future.
·
Defence
Electronics:
After many years of delay the company has received orders in the defence electronics sector, and more such orders are expected. These orders will contribute significantly to both top and bottom line from 2012 onwards.
UNAUDITED FINANCIAL RESULTS FOR NINE MONTHS ENDED 31ST
DECEMBER 2011
AFTER LIMITED REVIEW
|
Particulars |
Quarter Ending |
Nine Months Ending |
|
|
|
31.12.2011 (Unaudited) |
30.9.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
1. a) Net Sales / Income from Operations |
2505.200 |
3110.600 |
7660.000 |
|
b) Other Operating Income |
-- |
-- |
|
|
2. Expenditure |
|
|
|
|
(a)
(Increase)
/ Decrease in stock in trade and Work in Progress |
(81.400) |
72.600 |
(156.300) |
|
(b) Consumption of Raw Materials |
1262.700 |
1788.300 |
4368.300 |
|
(c) Purchase of traded goods |
130.800 |
55.600 |
201.400 |
|
(d) Employees Cost |
280.400 |
283.700 |
836.400 |
|
(e) Depreciation |
90.900 |
91.000 |
272.800 |
|
(f) Other Expenditure |
530.800 |
499.400 |
1458.500 |
|
(g) Total Expenditure |
2214.200 |
2790.600 |
6981.100 |
|
3. Profit / (Loss) From Operations before other Income Interest & Exceptional Items (1-2) |
291.000 |
320.000 |
678.900 |
|
4. Other Income |
25.500 |
250.000 |
78.100 |
|
5. Profit/(Loss) before Interest and Exceptional items (3+4) |
316.500 |
345.000 |
757.000 |
|
6. Interest |
236.400 |
218.700 |
645.300 |
|
7. Profit / (Loss) after interest before Exceptional items (5-6) |
80.100 |
126.300 |
111.700 |
|
8. Exceptional Items |
-- |
-- |
-- |
|
9. Profit / (Loss)
From Ordinary activities before Tax (7-8) |
80.100 |
126.300 |
111.700 |
|
10. Tax Expenses |
30.400 |
10.100 |
50.500 |
|
11. Net Profit/(Loss) From Ordinary activities after Tax (9-10) |
49.700 |
116.200 |
61.200 |
|
12. Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13. Net Profit (+) / Loss (-) for the period (11-12) |
49.700 |
116.200 |
61.200 |
|
14. Paid Up Equity Share Capital ( Face Value of the share Rs.1/- each ) |
253.000 |
253.000 |
253.000 |
|
15. Reserves (Excluding Revaluation Reserves) |
-- |
-- |
-- |
|
16. Earning Per
Share |
|
|
|
|
a) Basic EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
0.20 |
0.46 |
0.24 |
|
b) Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
0.20 |
0.46 |
0.24 |
|
c) Basic EPS after Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
0.20 |
0.46 |
0.24 |
|
d) Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not annualised) |
0.20 |
0.46 |
0.24 |
|
17. Public Shareholding |
|
|
|
|
- Number of Shares |
66822072 |
68155833 |
66822072 |
|
- Percentage of shareholding |
26.41% |
26.94% |
26.41% |
|
18. Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
16901300 |
16901300 |
16901300 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
9.08% |
9.14% |
9.08% |
|
- Percentage of shares(as a % of the total share capital of the company) |
6.68% |
6.68% |
6.68% |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
169276628 |
167942867 |
169276628 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
90.92% |
90.86% |
90.92% |
|
- Percentage of Share (as a % of the total share capital of the company) |
66.91% |
66.38% |
66.91% |
Note:
1 The results for the Nine Months ended 31st December, 2011 were reviewed by the Audit Committee in its meeting held on 13th February,2012 and were taken on record by the Board of Directors at their meeting held on 13th February,2012
2 The results were also subjected to Limited Review by the Statutory Auditors of the Company
3 Details of investors complaints for the period ended 31st December, 2011 -(Nos): Opening Balance : Nil , Received : 24 , Disposed off : 24 , Closing Balance: NIL
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE NINE MONTHS
ENDED 31ST
DECEMBER 2011
Rs. In Millions
|
Particulars |
Quarter Ending |
Nine Months Ending |
|
|
|
31.12.2011 (Unaudited) |
30.9.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
Segment Revenue |
|
|
|
|
Batteries |
2180.400 |
2834.200 |
6910.700 |
|
Unallocated |
333.000 |
281.300 |
777.900 |
|
Total |
2513.400 |
3115.500 |
7688.600 |
|
Less:
Intersegment Revenue |
8.200 |
4.900 |
28.500 |
|
Net Sales/Income
from Operations |
2505.200 |
3110.600 |
7660.000 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Batteries |
499.400 |
439.900 |
1165.000 |
|
Unallocated |
(55.300) |
51.100 |
(9.300) |
|
Total |
444.100 |
491.000 |
1155.700 |
|
Less: i )
Interest |
236.400 |
218.700 |
645.300 |
|
ii ) Unallocable
Expenditure net of |
153.100 |
171.000 |
476.800 |
|
iii )
Unallocable Income |
25.500 |
25.000 |
78.100 |
|
Total Profit Before
Tax after Extraordinary Items |
80.100 |
126.300 |
111.700 |
|
|
|
|
|
|
Segment-wise Capital employed (Assets minus Liabilities) |
|
|
|
|
Batteries |
8031.600 |
7887.000 |
8031.600 |
|
Unallocated |
(2722.000) |
(2627.000) |
(2722.000) |
|
Total |
5309.600 |
526.000 |
5309.600 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Un-executed portion of letters of credit opened by Bank |
397.513 |
414.649 |
|
Un-expired guarantees issued on behalf of the Company by banks for which the Company gave counter guarantees * includes Bank Guarantees issued to others on behalf of a Subsidiary Company Rs.90.000 Millions. |
*1552.122 |
1460.119 |
|
Legal undertakings (LUTs) given to Custom’s Authorities for clearing the imports at Nil / Concessinal rate of duty pending for fulfilment of export obligations, (net of the export obligations fulfilled of Rs.230.249 Millions (previous year Rs.173.770 Millions) for which the process of discharging the LUTs by the concerned authorities is at various stages). |
273.636 |
253.400 |
|
Claims against the Company not acknowledged as debt: |
|
|
|
- Excise duty claim |
9.485 |
9.485 |
|
- Sales Tax claim |
0.484 |
0.000 |
|
- Custom duty claim |
3.667 |
3.667 |
|
- Property Tax claim of VSEZ unit |
2.764 |
2.764 |
|
- Fuel surcharge adjustment (FSA) claim to the extent billed by Power Distribution Companies of A.P |
9.734 |
0.000 |
|
- Other claims |
3.442 |
2.625 |
FIXED ASSETS
·
Land – Freehold
·
Land – Leasehold
·
Buildings – Factory
·
Buildings – Others
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Technical Library
Website Details
Profile
Subject is a listed Indian company, in business since 1977, with a focus on Engineered Products and Services.
There initial business strategy was to identify those
technology gaps in
The first products selected and successfully developed were Aircraft Batteries - eventually leading to HBL offering the worlds widest range of specialized batteries.
There expertise in batteries generated opportunities and ideas to diversify. The company moved into new businesses and markets that utilise our batteries, such as Industrial Electronics, Defense Electronics, and Railway Electronic Signaling.
Recent diversification, leveraging the companies engineering strengths, has led to new businesses in precision manufacturing, small AC and DC motors, spun reinforced concrete and 'Green' Technology Products. There success has been built serving some of the world's most demanding customers and applications. We look forward to serving you.
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.53.34 |
|
|
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.69.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
50 |
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.