MIRA
INFORM REPORT
|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HBL POWER SYSTEMS LIMITED (w.e.f.09.12.2006) |
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|
|
|
Formerly Known
As : |
HBL NIFE POWER SYSTEMS LIMITED (w.e.f.26.04.2000) SAB NIFE POWER SYSTEMS LIMITED |
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Registered
Office : |
8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
29.08.1986 |
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Com. Reg. No.: |
01-006745 |
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Capital
Investment / Paid-up Capital : |
Rs. 253.000 Millions |
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CIN No.: [Company Identification
No.] |
L40109AP1986PLC006745 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDH00591D |
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PAN No.: [Permanent Account No.] |
AAACH8421K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Design and Development of specialized
Batteries and DC Systems and Associated Electronics. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears some dip in the profitability of the company during current
year. However, networth appears to be satisfactory. 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 dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Head Office : |
8-2-601, Road No. 10, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-23355575 / 23351934 / 23355085 |
|
Mobile No.: |
91-9848012589 (Mr. S. Prasad) 91-9346269932 (Mr. Govardhan Reddy) |
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Fax No.: |
91-40-23355048 / 23353189 |
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E-Mail : |
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Website : |
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Factory 1 : |
Aliabad Post, Lalgadi Malakpet, Shameerpet Mandal, R.R. District,
Hyderabad - 500078, Andhra Pradesh, India |
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Tel. No.: |
91- 8418-244640 |
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Fax No.: |
91- 8418-244627/ 244574 |
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Factory 2 : |
Survey No. 64-67, 77-81, Nandigaon Village, Kothur Mandal - 509223,
Mahaboobnagar District, Andhra Pradesh, India |
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Tel. No.: |
91-8548-240456 |
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Fax No.: |
91-8548-240474 |
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Factory 3 : |
Survey No. 351, Thumukunta Village, Shameerpet Mandal, Rangareddy
District, Hyderabad - 500078, Andhra Pradesh, India |
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Tel. No.: |
91-8418-247680 |
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Fax No.: |
91-8418-247683 |
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Factory 4 : |
Sy No 155 to 156 (Post) Bhootpur (Village and Mandal), Mahaboobnagar
District, Andhra Pradesh, India |
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Tel. No.: |
91-8542-236539/ 236205 |
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Factory 5 : |
Sy 123-126, 138(p) to 144(p), Kandivasala Village, Pusapatirega Mandal,
Vizayanagaram District, Andhra Pradesh, India |
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Tel. No.: |
91-8922-258159 |
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Factory 6 : |
Plot No. Q6 to Q10, R1 to R10 S1 to S9, Phase III, VSEZ, Duvvada,
Visakhapatnam - 530046, Andhra Pradesh, India
|
|
Tel. No.: |
91-891-2543255-56 |
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Factory 7 : |
Plot No. 1, Sector 8A, IIE Ranipur (BHEL Haridwar - 249403,
Uttarakhand, India |
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Tel. No.: |
91-1334-235420/ 235421 |
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Factory 8 : |
Plot No. 425, Sector - 8, IMT Manesar, Gurgaon - 122050, Haryana, India |
|
Tel. No.: |
91-0124-4783 333 / 4783 322 |
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Fax No.: |
91-0124-4783 300 |
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Sales Offices : |
Located at: Ř
Kolkata Ř
Bhubneshwar Ř
Guwahati Ř
Ranchi Ř
Raipur Ř
Patna Ř
Raigarh Ř
Odisha Ř Delhi Ř
Manesar Ř
Lucknow Ř
Jaipur Ř
Bhopal Ř
Chandigarh Ř
Mumbai Ř
Ahmedabad Ř
Baroda Ř
Hyderabad Ř
Vijayawada Ř
VIZAG Ř
Chennai Ř
Kochi Ř Bangalore |
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|
|
|
Overseas Sales Offices : |
Located at: Ř USA Ř Kingdom of Saudi Arabia Ř
Germany |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr. A.J. Prasad |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. M S S Srinath |
|
Designation : |
Director |
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|
Name : |
Mrs. Kavita Prasad |
|
Designation : |
Director |
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Date of Birth/ Age : |
11.12.1971 |
|
Qualification : |
B Com, PGDCA |
|
Date of Appointment : |
10.05.2000 |
|
|
|
|
Name : |
Mr. P. Ganapathi Rao |
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Designation : |
Director |
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|
|
|
Name : |
Mrs. Preeti Khandelwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.V.S. Ravindra |
|
Designation : |
IDBI Nominee Director w.e.f. 25th June, 2012 |
|
Date of Birth/ Age : |
18.01.1964 |
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Qualification : |
B Tech (Chemical) |
|
Date of Appointment : |
25.06. 2012 |
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|
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|
Name : |
Mr. Sanjiv Singhal |
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Designation : |
Director |
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Date of Birth/ Age : |
23.03.1967 |
|
Qualification : |
MBA from the
Wharton Business School (USA), MA with distinction from the University of
Essex, UK and BA with honours from Delhi University. |
|
Date of Appointment : |
14.08.2012 |
|
|
|
|
Name : |
Mr. V V Rao |
|
Designation : |
Director (upto 25th June, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. M V S S Kumar |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee |
Ř Mr. P Ganapathi
Rao [Chairman of the Committee] Ř Mrs. Kavita Prasad Ř Mr. V V S
Ravindra Ř Mrs. Preeti
Khandelwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
43166485 |
17.06 |
|
Bodies Corporate |
143220080 |
56.61 |
|
|
186386565 |
73.67 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
186386565 |
73.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3617258 |
1.43 |
|
|
5000 |
0.00 |
|
|
19283448 |
7.62 |
|
|
22905706 |
9.05 |
|
|
|
|
|
|
18335686 |
7.25 |
|
|
|
|
|
|
21107076 |
8.34 |
|
|
3146903 |
1.24 |
|
|
1118064 |
0.44 |
|
|
901756 |
0.36 |
|
|
66986 |
0.03 |
|
|
149322 |
0.06 |
|
|
43707729 |
17.28 |
|
Total Public shareholding (B) |
66613435 |
26.33 |
|
Total (A)+(B) |
253000000 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
253000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Design and Development of
specialized Batteries and DC Systems and Associated Electronics. |
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Products : |
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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 |
|
In view 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
|
No. of Employees : |
Not Available |
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Bankers : |
Ř State Bank of
India Ř State Bank of
Hyderabad Ř IDBI Bank
Limited Ř Axis Bank
Limited Ř ICICI Bank
Limited Ř Exim Bank
Limited Ř HDFC Limited Ř Kotak Mahindra
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Satyanarayana and Company Chartered Accountants |
|
Address : |
Amar Mansion,
Ranigunj, Secunderabad – 500003, Andhra Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Narasimha Murthy and Company Cost Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
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|
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Holding Company
: |
Beaver Engineering and Holdings Limited, Hyderabad |
|
|
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|
Subsidiaries : |
Ř
Bhagirath Energy Systems Private Limited, Nepal Ř
Agile Electric Drives Technologies and Holdings
Private Limited Ř
SCIL Infracon Private Limited Ř
HBL Germany, GMBH Ř
HBL America Ř
HBL Suntech LLP |
|
|
|
|
Step Down
Subsidiaries of Subsidiary : |
Ř Agile Electric
Sub Assembly (Private) Limited Ř Igarshi Motors
India Limited Ř Igarshi Motors
Sales (Private) Limited |
|
|
|
|
Joint Venture : |
Gulf Batteries Company Limited, Kingdom of Saudi Arabia |
|
|
|
|
Controlled
Companies : |
Kairos Engineering Limited, Hyderabad |
|
|
|
|
Associates : |
Ř Naval Systems
and Technologies Private Limited Ř Guided Missile
Engineering India Private Limited |
|
|
|
|
Companies which
Directors are Interested : |
Ř Auto TEC Systems
(Private) Limited, Bangalore Ř Sankhya Infotech
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Re. 1/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
253000000 |
Equity Shares |
Re. 1/- each |
Rs. 253.000
Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
|
31.03.2012 |
|
|
|
No. of Shares |
Rs. in millions |
|
Equity Shares |
|
|
|
At the beginning of the period |
253.000 |
253.000 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
253.000 |
253.000 |
Terms/rights
attached to equity shares
The company has
only one class of equity shares having a par value of `1 per share. Each holder
of equity shares is entitled to one vote per share. The company declares and
pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. During the year ended 31 March 2012, the amount of per share
dividend recognized as distributions to equity shareholders was ` 0.15/- (31
March 2011 : ` 0.10/-)
Shares held by
holding/ultimate holding company
Out of equity shares issued by the company, shares held by its holding
company details given below:
|
Name of the
Shareholder |
No. of Shares |
|
|
31.03.2012 |
|
Beaver Engineering and Holdings Limited |
143137848 |
Details of shareholders holding more than 5% shares in the company
|
Name of the Shareholder |
31.03.2012 |
|
|
Equity shares of `1 each fully paid |
No. of Shares |
% holding in the class |
|
Beaver Engineering and Holdings Limited |
143,137,848 |
56.57 |
|
Dr. A J Prasad |
27,654,500 |
10.93 |
|
Citygroup Global Markets Mauritius Private Limited |
16,701,761 |
6.60 |
|
Reliance Capital Limited |
14,360,000 |
5.68 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
253.000 |
253.000 |
253.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5047.326 |
4995.415 |
4860.325 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5300.326 |
5248.415 |
5113.325 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5659.345 |
5929.438 |
4098.078 |
|
|
2] Unsecured Loans |
250.981 |
179.881 |
171.637 |
|
|
TOTAL BORROWING |
5910.326 |
6109.319 |
4269.715 |
|
|
DEFERRED TAX LIABILITIES |
195.142 |
74.242 |
173.142 |
|
|
|
|
|
|
|
|
TOTAL |
11405.794 |
11431.976 |
9556.182 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5299.736 |
4186.937 |
3429.789 |
|
|
Capital work-in-progress |
351.744 |
808.514 |
788.206 |
|
|
|
|
|
|
|
|
INVESTMENT |
1512.455 |
1412.184 |
206.121 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2877.541
|
2681.659 |
2283.064
|
|
|
Sundry Debtors |
3808.742
|
3100.774 |
3376.735
|
|
|
Cash & Bank Balances |
507.287
|
874.831 |
542.004
|
|
|
Other Current Assets |
0.000
|
0.000 |
68.977
|
|
|
Loans & Advances |
1389.043
|
1456.965 |
556.077
|
|
Total
Current Assets |
8582.613
|
8114.229 |
6826.857 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2071.812
|
1541.828 |
1267.710 |
|
|
Other Current Liabilities |
2135.838
|
1436.102 |
185.557
|
|
|
Provisions |
133.104
|
111.958 |
241.524
|
|
Total
Current Liabilities |
4340.754
|
3089.888 |
1694.791 |
|
|
Net Current Assets |
4241.859
|
5024.341 |
5132.066
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11405.794 |
11431.976 |
9556.182 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10895.293 |
9937.558 |
11095.149 |
|
|
|
Other Income |
164.721 |
124.749 |
65.401 |
|
|
|
TOTAL (A) |
11060.014 |
10062.307 |
11160.550 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
5969.425 |
6351.996 |
|
|
|
|
Purchase of Traded goods |
292.415 |
45.363 |
|
|
|
|
(Increase) / Decrease in Inventory |
9.799 |
(226.638) |
|
|
|
|
Employee Benefits Expenses |
1160.008 |
1167.001 |
|
|
|
|
Other Expenses |
2101.865 |
2017.947 |
|
|
|
|
Exceptional Items |
67.813 |
(151.203) |
|
|
|
|
TOTAL (B) |
9601.325 |
9204.466 |
9056.911 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1458.689 |
857.841 |
2103.639 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
898.087 |
493.443 |
383.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
560.602 |
364.398 |
1720.495 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
343.612 |
313.271 |
280.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
216.990 |
51.127 |
1439.834 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
120.973 |
(113.367) |
435.655 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
96.017 |
164.494 |
1004.179 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB Value of Exports) |
2260.489 |
1970.041 |
1148.057 |
|
|
|
Services |
4.033 |
15.288 |
0.000 |
|
|
TOTAL EARNINGS |
2264.522 |
1985.329 |
1148.057 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials/ Components and Spares |
2241.058 |
2600.925 |
2858.710 |
|
|
|
Capital Items / Equipment |
136.575 |
145.883 |
81.985 |
|
|
TOTAL IMPORTS |
2377.633 |
2746.808 |
2940.695 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.38 |
0.65 |
4.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
2873.000 |
3197.900 |
2875.800 |
|
Total Expenditure |
2533.000 |
2899.700 |
2554.600 |
|
PBIDT (Excl
OI) |
340.000 |
298.200 |
321.200 |
|
Other Income |
19.000 |
7.100 |
41.700 |
|
Operating
Profit |
359.000 |
305.300 |
362.900 |
|
Interest |
245.000 |
229.400 |
226.200 |
|
Exceptional
Items |
0.000 |
68.800 |
12.500 |
|
PBDT |
114.000 |
144.700 |
149.100 |
|
Depreciation |
101.900 |
101.800 |
101.800 |
|
Profit Before
Tax |
12.100 |
42.900 |
47.300 |
|
Tax |
10.000 |
23.000 |
0.000 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
2.100 |
19.900 |
47.300 |
|
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 |
2.100 |
19.900 |
47.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.87
|
1.63 |
9.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.99
|
0.51 |
12.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.56
|
0.42 |
14.04
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.01 |
0.28
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.12
|
1.16 |
0.84
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.63 |
4.03
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Interest Free Sales Tax Loan |
167.881 |
167.881 |
|
Inter Corporate Deposit from Holding Company |
62.600 |
12.000 |
|
Loans from Directors |
20.500 |
0.000 |
|
Total |
250.981 |
179.881 |
PERFORMANCE REVIEW
2011-12:
Overall Income of
the Company for the year 2011-12 were recorded at Rs.11060.014 Millions as compared
to previous year income of Rs. 1006.207 Millions showing an increase of 9.92%
compared to previous year. This has resulted in an increase in PBIDT for the
year which stood at Rs.1458.689 Millions compared to Rs.857.841 Millions in the
previous year. Inspite of an increase in finance cost, after suitable provision
for depreciation and amortization of expenses, PBT for the year was Rs.216.990
Millions compared to Rs.51.127 Millions in the previous year. This showed an
impressive growth. However, after making a provision of Rs. 120.973 Millions
for tax and tax adjustments (there was a reversal of Rs.113.367 Millions during
previous year) the net profit (PBT) for the year was Rs.96.017 Millions as
compared to Rs.164.494 Millions in the previous year.
CURRENT YEAR’S
PERFORMANCE:
Lower demand from
telecom sector due to macro economic factors, continued during the year. The
Board has taken necessary safe guards to increase sales from other non-telecom
areas. The efforts are giving returns and barring unforeseen circumstances, it
is believed that the current year’s operations will be satisfactory. For
details of future plans, please see the Management Discussion and Analysis
section of the Annual Report.
INVESTMENT/DISINVESTMENTS
IN SUBSIDIARY/ JOINT VENTURE/ASSOCIATE COMPANIES/LLP’S:
INVESTMENTS IN
SUBSIDIARY COMPANIES:
AGILE ELECTRIC
DRIVES TECHNOLOGIES AND HOLDINGS PRIVATE LIMITED:
During the year
the Company continued to hold its holding in Agile Electric Drives Technologies
and Holdings Private Limited acquired during 2010-11.
Agile Electric
Drives Technologies and Holdings Private Limited, eventually merged with its
subsidiary namely Agile Electric Sub Assembly Private Limited by virtue of an
order of the High Court of Judicature at Madras passed on 20th July, 2012
approving the scheme of amalgamation inter-alias to issue and allot to the
shareholders; 38 equity shares of Rs.10/- each fully paid, at par in Agile
Electric Sub Assembly Private Limited for every 100 equity shares of
Rs.10/-each held in Agile Electric Drives Technologies and Holdings Private
Limited. Consequent to approval of such scheme of amalgamation the Company now
holds 2,73,75,200 equity shares of Rs.10/- each constituting 58.35% in Agile
Electric Sub Assembly Private Limited. There is no diminution in the value of
original investment. The Company Continues to hold its holding Company status
in Agile Electric Sub Assembly Private Limited post merger.
HBL AMERICA INC.:
During the year,
the company has incorporated a wholly Owned Subsidiary in USA under the name
HBL America Inc. and the total investment was Rs.19.588 Millions.
SCIL INFRACON
PRIVATE LIMITED (SIPL):
During the
reporting period the Company has acquired certain shares from other promoter /
investor groups and now SIPL is a 100% subsidiary of the Company. During
financial year 2011-12 the performance of the company was encouraging and
showed promising growth. 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.
HBL POWER SYSTEMS
(M) SDN BHD:
The entire
investment in the Company was disinvested during the reporting period.
BHAGIRATH ENERGY
SYSTEMS PRIVATE LIMITED (BES)
The Company
disinvested in its wholly owned subsidiary in Nepal during the reporting
period. The procedural aspects were since completed and on 29 May 2012, the
Reserve Bank of India has recorded Company’s disinvestment in the wholly owned
subsidiary as cancelled.
HBL GERMANY GMBH,
GERMANY:
An amount of
25,000 (Rs 1.491 Millions) was invested in the equity of wholly owned
subsidiary in Germany.
ASSOCIATE COMPANY
SANKHYA INFOTECH
LIMITED (SANKHYA):
During the year,
the Company paid Rs.19.538 Millions representing balance of 50% of convertible
warrants subscription amount for conversion of 12,20,000 warrants into equal
number of equity shares. With the conversion of 12,20,000 warrants into equal
number of equity shares in addition to 8,40,482 existing equity holding, the
company now holds 18.32% in Sankhya Infotech Limited.
HBL SUNTECH LLP
During the year
the company incorporated a Limited Liability Partnership (LLP) with a
commitment to subscribe Rs.12.000 Millions, representing 60% share in the
Capital of the LLP of which contribution upto 31st March, 2012 was
Rs.1.830 Millions. HBL Suntech LLP is a retail trading arm of the Company in
certain segments of UPS batteries.
MANAGEMENT DISCUSSION AND ANLAYSIS 2011 – 12
The company has
presented the cover page of the annual report in such a way as to give shareholders
an easy overview of the company’s main businesses.
PERFORMANCE FY 12:
The company has
seen another dip in sales as compared to FY 10, and a very sharp decline in
profits. The primary reason for this was the continuing drastic fall in demand
from the telecom sector which was a large proportion of the company’s business.
Several new product lines were commercialized but margins remained low due to
the early stage on the learning curve for these products. But for the new
product lines, the company would have been in loss both in FY 11 and FY 12.
BATTERIES OTHER
THAN TELECOM
All other segments
of the company’s battery business showed steady growth which enabled the
company breakeven, despite the poor business from Telecom. Both Nickel Cadmium
and non-telecom lead acid batteries are showing growth trends in both domestic
as well as export markets.
NEW MARKETS IN
BATTERIES:
The company began
efforts at several new product lines in FY 11 which will yield good profits
from FY 14 onwards. These include the retail segment with products for
Automotive (2 and 4 wheeler), UPS and Inverter markets. Strengthening its
distributor and dealer network is in progress. Solar Photovoltaic Systems for
off-grid applications have high percentage of batteries in total cost.
INVESTMENTS:
During the year
the company has continued to invest significant amounts in expanding capacity
in new battery products apart from continuing R&D investments.
In addition the
company has invested 112cr to acquire a majority stake in Agile Electric Drives
Technologies and Holdings Private Limited, which is a majority stake holder in
Igarashi Motors India Limited (IMIL). IMIL is a listed on the BSE, and is the
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.
SOLAR PHOTOVOLTAIC
SYSTEMS (SPV) BUSINESS:
The company has
entered the off grid systems SPV market by making panels in house and using its
expertise in batteries and power electronics for these applications and has won
several tenders for installation of SPV systems, including for the Prime
Minister’s Residence in New Delhi. This is expected to be a significant growth
area for the company in future. It is to be noted that while cell and module
makers are facing difficulties, systems suppliers are not.
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 SIGNALING
AND DEFENSE ELECTRONICS:
Delays in product
qualification process continued which were highlighted in the previous years
Management Discussion and Analysis. However, management is confident that this
business will now show profits from FY 14.
After many years
of rapid profitable growth until FY 10, the management summary is that three
years of pause during FY 11, FY 12 and FY 13 are ending.
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER 2012
AFTER LIMITED REVIEW
(Rs.
in millions)
|
Particular |
For the Quarter
Ended |
Half Year Ended |
|
|
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
3197.900 |
2873.000 |
6070.800 |
|
Other Operating Income |
- |
- |
- |
|
Total Income from
operations (net) |
3197.900 |
2873.000 |
6070.800 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Materials Consumed |
1974.500 |
1846.300 |
3820.800 |
|
(b) Purchase of stock in trade |
81.800 |
33.200 |
115.000 |
|
(c) Changes in inventories of finished goods, work in progress and
stock in trade |
(196.200) |
(299.800) |
(496.000) |
|
(d) Employee benefit expenses |
304.300 |
297.200 |
601.500 |
|
(e) Depreciation and amortization expenses |
101.800 |
101.900 |
203.700 |
|
(f) Other Expenses |
735.100 |
656.100 |
1391.300 |
|
Total Expenses |
3001.500 |
2634.800 |
5636.300 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
196.400 |
238.200 |
434.500 |
|
Other Income |
7.100 |
19.000 |
26.100 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
203.500 |
257.200 |
460.700 |
|
Finance costs |
229.400 |
245.000 |
474.400 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(25.900) |
12.200 |
(13.700) |
|
Exceptional
item |
68.800 |
- |
68.800 |
|
Profit/ Loss from Ordinary Activities before
tax |
42.900 |
12.200 |
55.100 |
|
Tax Expenses |
23.000 |
10.000 |
33.000 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
19.900 |
2.200 |
22.100 |
|
Extraordinary
Items |
- |
- |
- |
|
Net Profit for the period |
19.900 |
2.200 |
22.100 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
253.000 |
253.000 |
253.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
0.08 |
0.01 |
0.09 |
|
- Diluted |
0.08 |
0.01 |
0.09 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
0.08 |
0.01 |
0.09 |
|
- Diluted |
0.08 |
0.01 |
0.09 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
66613435 |
66661435 |
66613435 |
|
Percentage of Shareholding |
26.33% |
26.35% |
26.33% |
|
2. Promoters and
promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
18401300 |
18401300 |
18401300 |
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
9.88% |
9.88% |
9.88% |
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
7.27% |
7.27% |
7.27% |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
167985265 |
167937265 |
167985265 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter
group) |
90.13% |
90.12% |
90.13% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
66.40% |
66.38% |
66.40% |
|
|
Particulars |
Quarter Ended
30.09.2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
29 |
|
|
Disposed of during the quarter |
29 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1.
The Unaudited results for the half year ended 30th
September, 2012 were reviewed by the Audit Committee in its meeting held on 14th
November, 2012 and approved by the Board of Directors at the meeting held on
14th November, 2012
2.
The results were also subjected to Limited Review
by the Statutory Auditors of the Company
3.
Exceptional Income for the quarter represents
profit on sale of assets (Rs.65.400 Millions) and income on account of closure
due to winding up of a Subsidiary in Nepal (Rs. 3.400 Millions)
4.
Other expenditure includes net foreign exchange
loss of Rs.4.362 Millions
5.
Previous years figures regrouped wherever necessary
in accordance with the revised format of Schedule VI of the Companies Act.
STATEMENT OF ASSETS & LIABILITIES
(Rs. In Millions)
|
Particulars |
30.09.2012 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
253.000 |
|
|
b] Reserves and Surplus |
5069.400 |
|
|
Sub-total –
Shareholders’ funds |
5322.400 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
2741.400 |
|
|
b] Deferred Tax Liabilities |
215.100 |
|
|
c] Long term provisions |
18.900 |
|
|
Sub-total -
Non-current Liabilities |
2975.400 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
3238.600 |
|
|
b] Trade Payables |
1738.600 |
|
|
c] Other Current Liabilities |
2868.500 |
|
|
d] Short Term Provision |
109.600 |
|
|
Sub-total - Current Liabilities |
7955.300 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
16253.100 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
5607.100 |
|
|
b] Non-current investment |
1507.500 |
|
|
c] long Term loans and Advances |
157.000 |
|
|
Sub-total – Non- current assets |
7271.600 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
3647.600
|
|
|
Trade Receivables |
4159.200
|
|
|
Cash & Bank Balances |
365.300
|
|
|
Short Term loans and advances |
809.300
|
|
Sub-total – Current Assets |
8981.500
|
|
|
|
|
|
|
TOTAL - ASSETS |
16253.100 |
|
SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
For the Quarter
Ended |
Half Year Ended |
|
|
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
Batteries |
2846.700 |
2373.700 |
5220.400 |
|
Unallocated |
369.000 |
525.600 |
894.600 |
|
Total |
3215.800 |
2899.300 |
6115.100 |
|
Less: Inter – segment revenue |
17.900 |
26.300 |
44.200 |
|
Total income from operations (net) |
3197.900 |
2873.000 |
6070.800 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
Batteries |
333.800 |
280.000 |
613.800 |
|
Unallocated |
(13.700) |
112.800 |
99.100 |
|
Total |
320.100 |
392.800 |
712.900 |
|
Less: Finance Costs |
229.200 |
245.100 |
474.400 |
|
Other un-allocable expenditure |
123.900 |
154.500 |
278.400 |
|
Unallocable Income |
75.900 |
19.000 |
95.000 |
|
Total Profit Before Tax after Extraordinary Items |
42.900 |
12.200 |
55.100 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
Batteries |
8029.900 |
7493.800 |
8029.900 |
|
Unallocated |
(2707.500) |
(2191.100) |
(2707.500) |
|
Total |
5322.400 |
5302.700 |
5322.400 |
CONTINGENT LIABILITIES NOT PROVIDED FOR:
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
a) Un-executed portion of letters of credit opened by Bank |
606.493 |
397.513 |
|
b) 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 |
1395.817 |
1552.122* |
|
c) Corporate
Guarantee issued to ICICI Bank on behalf of Igarshi Motors India Ltd (a step
down subsidiary of the company) for the loan facilities sanctioned to them. |
760.000 |
0.000 |
|
d) 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.350.974 Millions (previous
year Rs.230.249 Millions) for which the process of discharging the LUTs by
the concerned authorities is at various stages). |
458.653 |
273.636 |
|
e) Claims
against the Company not acknowledged as debt: |
|
|
|
Excise duty
claim |
28.613 |
9.485 |
|
Sales Tax claim |
6.145 |
0.484 |
|
Custom duty claim |
3.196 |
3.667 |
|
Property Tax claim of VSEZ unit |
2.764 |
2.764 |
|
Fuel surcharge adjustment (FSA) claim to the extent billed by Power |
|
|
|
Power Distribution Companies of A.P |
12.202 |
9.734 |
|
Other claims |
0.817 |
3.442 |
|
f) Income Tax Dispute for Asst. Year 2009-10 |
6.508 |
0.000 |
FIXED ASSETS
Ř
Land – Freehold
Ř
Land – Leasehold
Ř
Buildings – Factory
Ř
Buildings – Others
Ř
Plant and Machinery
Ř
Office Equipment
Ř
Furniture and Fixtures
Ř
Vehicles
Ř
Technical Library
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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. 54.39 |
|
|
1 |
Rs. 82.32 |
|
Euro |
1 |
Rs. 69.54 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.