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 # |
-- |
||
|
Street Address |
1/7, Ram Kishore
Road, Civil Lines, Delhi - 110054 |
||
|
Established Date |
08.08.1983 |
SIC Code |
-- |
|
Telephone# |
91-11-23935237 /
23944469-72 |
Business Style 1 |
Manufacturer of
Electrical Products. |
|
Fax # |
91-11-23921500 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.623,900,000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate - 41.31 |
Banking |
Canara Bank |
|
Public Limited Corp. |
-- |
Business Period |
30 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
Associates |
Country
India |
Company
Name |
QRG Enterprises Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,890,500,000 |
Current Liabilities |
8,859,400,000 |
|
Inventories |
6,488,800,000 |
Long-term Liabilities |
970,800,000
|
|
Fixed Assets |
7,775,600,000 |
Other Liabilities |
556,100,000 |
|
Deferred Assets |
8,314,600,000 |
Total Liabilities |
10,386,300,000 |
|
Invest& other Assets |
-- |
Retained Earnings |
15,459,300,000 |
|
|
|
Net Worth |
16,083,200,000 |
|
Total Assets |
26,469,500,000 |
Total Liab. & Equity |
26,469,500,000 |
|
Total Assets (Previous Year) |
Total + Current Liabilities |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
36,156,100,000 |
Net Profit |
3,054,300,000 |
|
Sales(Previous yr) |
28,816,500,000 |
Net Profit(Prev.yr) |
2,420,500,000 |
MIRA INFORM REPORT
|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAVELLS INDIA
LIMITED |
|
|
|
|
Registered
Office : |
1/7, Ram Kishore Road, Civil Lines, Delhi - 110054 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 |
|
|
|
|
PAN No.: [Permanent Account No.] |
DELH00196A |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Electrical Products. |
|
|
|
|
No. of Employees
: |
Not Available |
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 64000000 |
|
|
|
|
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 good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA ( Long term rating) |
|
Rating Explanation |
Having high degree of safety regarding
timely servicing of financial obligation it carry very low credit risk. |
|
Date |
March 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ ( Short term rating) |
|
Rating Explanation |
Having very strong degree of safety
regarding timely payment of financial obligation it carry lowest credit risk. |
|
Date |
March 2012 |
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 Office : |
1/7, Ram Kishore Road, Civil Lines, Delhi - 110054, India |
|
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:
|
|
|
|
|
Branches : |
NORTH :
EAST :
WEST :
SOUTH :
|
DIRECTORS
As on: 31.03.2012
|
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 and FS Limited v v National Collateral Management Services Limited v ITC Limited v UTI Bank Limited v Indian Railway Catering's Tourism Corporation Limited v UTI Technology Services Limited v UTI Infrastructure and Services Limited |
|
|
|
|
Name : |
Mr. S K Tuteja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A P Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Niten Malhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V K Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Adarsh Kishore |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2527176 |
20.25 |
|
|
51541376 |
41.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1438935 |
1.15 |
|
|
31319 |
0.03 |
|
|
40000 |
0.03 |
|
|
24902694 |
19.96 |
|
|
|
|
|
|
|
|
|
|
1483078 |
1.19 |
|
|
|
|
|
|
5657295 |
4.53 |
|
|
766849 |
0.61 |
|
|
|
|
|
|
708 |
0.00 |
|
|
623769 |
0.50 |
|
|
42926 |
0.03 |
|
|
154387 |
0.12 |
|
|
12820000 |
10.27 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
124774812 |
100.00 |
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
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note: (A) Term loan is from Canara Bank, Prime Corporate Branch-II, New
Delhi. The loan is repayable in 16 equal quarterly instalments of Rs. 78.800
Millions each commencing from 1 April 2011 and is secured by way of :- i) Equitable
mortgage of Company's factory land and building situated at Village
Gullarwala, Baddi, Himachal Pradesh and 204 and 204A, MIA Alwar, Rajasthan ii)
Hypothecation of plant and machinery and other fixed assets purchased out of
the above said loan. (B) a) 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. b) Working capital
limits from consortium banks are secured by way of: i) 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. ii) pari-passu
first charge by way of Equitable Mortgage on land and building at 14/3,
Mathura Road, Faridabad iii) pari-passu second charge by way of hypothecation on plant and
machinery, generators, furniture and fixtures, electric fans and
installation. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1: |
|
|
Name : |
V.P. Bansal and Company Chartered Accountants |
|
Address : |
B-11, Sector – 2, Noida, Uttar Pradesh, India |
|
|
|
|
Auditors 2: |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon - 122002
Haryana, India |
|
|
|
|
|
|
|
Wholly Owned Subsidiary : |
|
|
|
|
|
Wholly Owned Subsidiary of Havells Holdings Limited : |
|
|
|
|
|
Wholly Owned Subsidiary of Havells Malta Limited : |
|
|
|
|
|
Wholly Owned Subsidiary of Havells Netherlands B.V. : |
|
|
|
|
|
Wholly Owned Subsidiary of Havells Netherlands Holdings B.V. : |
|
|
|
|
|
Wholly Owned Subsidiary of SLI Europe B.V. : |
|
|
|
|
|
*49% held by Flowil International Lighting
(Holding) B.V. |
|
|
|
|
|
Wholly Owned
Subsidiary of Flowil
International Lighting (Holding) B.V. : |
|
|
|
|
|
Wholly Owned
Subsidiary of Havells Sylvania
Lighting France SA : |
|
|
|
|
|
Wholly Owned
Subsidiary of Sylvania Lighting
International B.V. : |
|
|
|
|
|
Wholly Owned
Subsidiary of Havells SLI de
Mexico SA de CV : |
|
|
|
|
|
Wholly Owned
Subsidiary of Havells Sylvania
Export N.V. : |
|
|
|
|
|
Wholly Owned
Subsidiary of Havells Sylvania
Colombia S.A. : |
|
|
|
|
|
Wholly Owned
Subsidiary of Flowil
International Lighting (Holding) B.V. : |
|
|
|
|
|
Wholly Owned Subsidiary of Havells Sylvania Europe Limited : |
|
|
|
|
|
Wholly Owned
Subsidiary of Havells Sylvania
Holdings BVI-1 Limited : |
|
|
|
|
|
Wholly Owned Subsidiary of Havells Sylvania Asia Pacific Limited: |
|
|
|
|
|
99% held by Flowil International Lighting (Holding) B.V. and 1%
held by Havells Sylvania Europe Limited : |
|
|
|
|
|
74% held by Flowil
Lighting International (Holding) B.V. and 26% hold by Havells Sylvania
(Thailand) Limited : |
|
|
|
|
|
99.95% held by of
Havells Sylvania Europe Limited And 0.05 % held Havells Sylvania UK Limited : |
|
|
|
|
|
# 49% of shares held by Flowil International Lighting
(Holding) B.V. and 51% held by minorities : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200100000 |
Equity Shares |
Rs.5/- each |
Rs.1000.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124774812 |
Equity Shares |
Rs.5/- each |
Rs.623.900
Millions |
|
|
|
|
|
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 |
623.900 |
623.900 |
311.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15459.300 |
12784.200 |
11040.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16083.200 |
13408.100 |
11351.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
970.800 |
1336.200 |
1158.100 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
970.800 |
1336.200 |
1158.100 |
|
|
DEFERRED TAX LIABILITIES |
556.100 |
536.200 |
270.400 |
|
|
|
|
|
|
|
|
TOTAL |
17610.100 |
15280.500 |
12780.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7775.600 |
7086.100 |
5715.400 |
|
|
Capital work-in-progress |
563.900 |
216.900 |
296.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
7750.700 |
7154.700 |
5317.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6488.800
|
4698.500
|
3306.500
|
|
|
Sundry Debtors |
1597.100
|
1120.700
|
794.700
|
|
|
Cash & Bank Balances |
1362.100
|
491.800
|
683.100
|
|
|
Other Current Assets |
120.000
|
94.900
|
97.600
|
|
|
Loans & Advances |
811.300
|
838.200
|
730.600
|
|
Total
Current Assets |
10379.300
|
7244.100
|
5612.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5424.600
|
3318.600
|
2713.200
|
|
|
Other Current Liabilities |
2145.000
|
2650.600
|
1247.100
|
|
|
Provisions |
1289.800
|
452.100
|
201.400
|
|
Total
Current Liabilities |
8859.400
|
6421.300
|
4161.700 |
|
|
Net Current Assets |
1519.900
|
822.800
|
1450.800
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.200 |
|
|
|
|
|
|
|
|
TOTAL |
17610.100 |
15280.500 |
12780.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
36156.100 |
28816.500 |
24735.200 |
|
|
|
Other Income |
71.700 |
177.200 |
145.300 |
|
|
|
TOTAL |
36227.800 |
28993.700 |
24880.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials cost |
20515.900 |
18964.600 |
14803.100 |
|
|
|
Purchases of traded goods |
3533.800 |
0.000 |
0.000 |
|
|
|
Employee Benefits Expenses |
1417.100 |
0.000 |
0.000 |
|
|
|
Manufacturing expenses |
0.000 |
1947.700 |
1704.100 |
|
|
|
Personnel Cost |
0.000 |
1017.900 |
755.800 |
|
|
|
Office and administration expenses |
0.000 |
773.700 |
724.600 |
|
|
|
Selling and distribution expenses |
0.000 |
2621.100 |
3598.400 |
|
|
|
Managerial remuneration |
0.000 |
85.500 |
41.000 |
|
|
|
Miscellaneous expenditure written off |
0.000 |
0.000 |
0.300 |
|
|
|
Other Expenses |
7271.200 |
0.000 |
0.000 |
|
|
|
Increase/ Decrease in inventories |
(1138.800) |
0.000 |
0.000 |
|
|
|
TOTAL |
31599.200 |
25410.500 |
21627.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4628.600 |
3583.200 |
3253.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
443.900 |
191.100 |
117.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4184.700 |
3392.100 |
3135.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
446.600 |
293.400 |
232.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3738.100 |
3098.700 |
2903.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
683.800 |
682.900 |
621.500 |
|
|
|
|
|
|
|
|
|
Add |
Extraordinary
Items |
0.000 |
4.700 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3054.300 |
2420.500 |
2281.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7783.700 |
5968.200 |
4184.100 |
|
|
|
|
|
|
|
|
|
Add |
Transferred in
pursuance of Scheme of Amalgamation |
340.400 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
305.500 |
242.500 |
227.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
75.200 |
|
|
|
Proposed Dividend |
811.000 |
311.900 |
156.000 |
|
|
|
Corporate Dividend Tax |
131.600 |
50.600 |
39.300 |
|
|
BALANCE CARRIED
TO THE B/S |
9930.300 |
7783.700 |
5968.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1712.900 |
1738.200 |
2110.400 |
|
|
|
Merchant Trade Sales |
12.600 |
13.300 |
16.700 |
|
|
|
Reimbursement of Expenses |
0.000 |
7.700 |
20.100 |
|
|
TOTAL EARNINGS |
1725.500 |
1759.200 |
2147.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
2118.200 |
2902.500 |
2000.700 |
|
|
|
Traded goods |
1614.100 |
0.000 |
0.000 |
|
|
|
Machinery |
169.100 |
243.600 |
295.000 |
|
|
|
Spare parts |
19.500 |
1.100 |
0.400 |
|
|
|
R&D |
0.500 |
1.500 |
1.200 |
|
|
|
Dies and Tools |
1.900 |
0.000 |
6.800 |
|
|
TOTAL IMPORTS |
3923.300 |
3148.700 |
2304.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.48 |
19.36 |
36.57 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
10353.100 |
9642.200 |
10583.700 |
|
Total Expenditure |
9131.100 |
8450.600 |
9221.900 |
|
PBIDT (Excl OI) |
1222.000 |
1191.600 |
1361.800 |
|
Other Income |
2.400 |
120.700 |
15.300 |
|
Operating Profit |
1224.400 |
1312.300 |
1377.100 |
|
Interest |
102.000 |
99.400 |
57.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1122.400 |
1212.900 |
1319.600 |
|
Depreciation |
118.100 |
158.500 |
146.200 |
|
Profit Before Tax |
1004.300 |
1054.400 |
1173.400 |
|
Tax |
203.500 |
184.700 |
226.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
800.800 |
869.700 |
946.600 |
|
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 |
800.800 |
869.700 |
946.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.43
|
8.35
|
9.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.34
|
10.75
|
11.74
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.59
|
21.62
|
25.63
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.23
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.61
|
0.58
|
0.47
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.13
|
1.36
|
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 |
Yes |
|
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 |
|
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 |
Yes |
FY 2012 IN RETROSPECT:
Subject, on a consolidated basis had net sales of Rs.65180.000 Millions in financial year 2011-12 against Rs.56130.000 in previous financial year 2010 - 11. The consolidated operating profit before finance cost, depreciation and tax was Rs. 6990.000 Millions in current year 2011-12 against Rs.5810.000 Millions in previous year 2010-11.
Subject, on a stand-alone basis had net sales of Rs.36160.000 Millions in 2011-12 against Rs. 28820.000 Millions in 2010-11. The operating profit before finance cost, depreciation and tax was Rs. 4630.000 Millions in financial year 2011-12 against Rs. 3580.000 Millions in financial year 2010-11. The comparison includes foreign exchange gain of Rs. 103.000 Millions in 2010-11 and foreign exchange loss of Rs. 34.000 Millions in 2011-12. Profit after tax was Rs.3050.000 Millions in current year 2011-12 against Rs. 2420.000 Millions in previous year 2010-11.
BUSINESS HIGHLIGHTS:
Entry into Home
Appliances
The Company, already a leading player in the Electrical and Power Equipment Sector, Lighting and Fixtures Segment and Consumer durables like fans in India has expanded its portfolio into the business of “Home Appliances”. The business is synergetic to consumer durables and will get benefit of Subject brand which has huge acceptance in fans and geyser market. It has been decided to invest Rs. 700.000 – Rs. 800.000 Millions (approx.) in marketing, research and development in this segment range over the next two to three years. The products were initially sold in top 40 cities through some 4,000 outlets retailing electrical goods and also through Subject exclusive Galaxy stores.
Sylvania Operations
Subject Sylvania is a leading, full-spectrum provider of quality, energy-efficient solutions for professional and architectural lighting and is committed to environmentally sustainable products in the international markets. Brand - Sylvania has enabled Subject to have a global presence, exposure and opportunity.
The operating profit margins of it had improved during the current year 2011-12 to 8.3% from 5.9% in the previous year 2010-11. The profit after tax shows the similar trend of 46% growth during the financial year 2011-12.
Joint Venture with
Shanghai Yaming Lighting Company Limited
During the year, the company has entered into a joint venture named “Jiangsu Subject Sylvania Lighting Company Limited” with Shanghai Yaming Lighting Company Limited, in People’s Republic of China. The venture will have an investment of USD 50 million and will target of an annual turnover of USD 100 million in next 3 years. The joint venture would leverage upon technology and manufacturing strengths of its partners, providing energy and cost efficient lighting products for Global Sylvania and Local China markets. It would be focused on launching energy efficient and green lighting solutions including but not limited to LEDs, CMI, HID and lighting fixtures.
Expansion of
Switchgear Business
The Company has expanded its switchgear manufacturing operations by putting an additional plant at Sahibabad Industrial Area, Ghaziabad (U.P.), to cater to both domestic and international markets.
The company has expanded the whole range of switchgears. Post expansion, the company has targeted to double the revenue of switchgear segment to INR 18000.000 Millions from the current topline contribution of INR 9000.000 Millions in the next three years.
The Company has introduced new generation series “Cosmic Star” in Control gear segment, which covers contactor range from 4A – 630A in 3P and 4P execution and overload relays 0.1A – 93A in direct version and 30A – 630A in electronic version. The new series has a robust design and manufactured to world class standards.
Product Lounge on Wheels
The Company has started a promotional campaign to showcase the full range of its Industrial products at the customer doorstep. The Mobile Van was flagged off by Shri Qimat Rai Gupta, CMD, Subject India Limited From the corporate office of QRG Group in Noida.
The Objective of the promotional campaign was to showcase the full range of industrial switchgear products, motors, capacitors, industrial lighting and cables to the technical experts of the Industry who understand the products, its quality and the features. The display lounge is covering all Industrial hubs and construction sites in Delhi NCR region.
Opening of Subject
Galaxy – One Stop Shop
The company has recently taken the initiative to reach directly to the consumers through “Subject Galaxy” – a one stop Brand Centre for all consumer appliances; lighting and electrical needs. These Brand Centres provide the customers with the complete range of consumer durable products manufactured by Subject and facilitate them with personalised services and support. Currently they have more than 135 such Galaxies across the country including one galaxy opened outside India i.e. in Kenya.
AMALGAMATION OF
SUBSIDIARY COMPANY
During the year, the Hon’ble High Court of New Delhi vide its order dated 27.09.2011 approved the scheme of amalgamation through which Standard Electrical Limited (a 100% Subsidiary of the Company) merged with the Company. Further, the certified true copy of the Hon’ble High Court Order has been filed in prescribed form to Registrar of Companies, NCT Delhi and Haryana to make the order effective.
Earlier, the Shareholders of the Company had approved the Scheme of Amalgamation in the Court Convened
Meeting held on 02nd April, 2011. The Appointed Date for the Scheme was 01st April, 2011.
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 2011, the Company has been awarded for the Second Consecutive Year the “National Energy Conservation Award for Ceiling Fans” on 19th Dec 2011 by Minister of Power, Government of India.
CREDIT RATING
ICRA
ICRA Limited is one of the most experienced Credit Rating Agencies in the country today. The Grading Services offered by ICRA employ pioneering concepts and methodologies.
ICRA has assigned a valuation grade of “C” to the company’s stock on a grading scale of “A to E”, which indicates that the stock is “fairly valued” on a relative basis while on fundamental grade, stock has been maintained at “4” which represents Strong Fundamentals.
The ratings continue to reflect an expected increase in Subject market share in the consumer appliances division together with its plans to export switchgears is expected to drive company’s growth in the medium term.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Management Summary
SUBJECT: The
Consumer’s Choice
Subject has transformed itself into a truly electrical consumer brand and is a part of millions of homes in India. Subject has been successfully able to capitalize the discernible shift in the consumer’s preference for higher end, technologically superior products, spurred by increasing consumer awareness towards brand. Over the years Subject has built a unique position in the electrical space with aspiration to serve the dealers and the consumer with strong portfolio of products straddling the top of the consumer pyramid, a benchmark for others to follow.
Fascinated with the consumer preference for Subject world class products, they had launched the complete range of small appliances in the premium category. The idea is not to just provide another product to the consumer but to provide an experience of comfort, life style and ultimate satisfaction of the changing needs.
Subject is a dealer friendly company and enjoys a healthy and long standing relationship with dealers evident from the increasing dealer association. Striving continuously to understand the requirements of dealers, they align with growth of dealers. The journey from a switchgear manufacturing company to a complete basket of electrical consumer products has been fascinating. The mantra remains the same as it was forty years ago, to create better value for their stakeholders and to service their customers for best of their needs.
Subject Sylvania global has achieved its immediate target of profitability. Despite the challenging global macroeconomic environment, Subject Sylvania has been able to grow its operating margins across regions through basic business philosophy of profit as lifeline. The transformation has been led by their local team at each country realizing the importance of profitable growth. The brand has been regaining its position in line with top notch international lighting conglomerates. On a longer perspective they have been investing in upgrading product segments, brand positioning and dealer relationship
Thus their continuous strong performance has been the result of effective implementation of strategies in response to the macro environment.
Indian Industry
Overview
The Indian electrical industry operates in a highly dynamic and competitive environment. There is considerable growth potential in the industry led by the changing consumption pattern. Increasing disposable incomes and exposure to media have shaped the aspirations of the consumer fuelling the demand for premium consumables. Thus sustained economic growth and modernization has led to changing consumption patterns.
Global industry
Overview
Turning to the global economic conditions during the fiscal year, European sovereign debt crisis led the volatility in the macro environment. There is a divergence of economic conditions across global regions, as well as a divergence of recovery within some regions. While global economic conditions are more stable than in the depths of the European sovereign debt crisis late last year, underlying economic condition is still fragile and fluid in many parts of the world.
SUBJECT INDIA LIMITED
(STAND ALONE) SEGMENT DISCUSSION
SWITCHGEARS
Subject is well positioned in the organised Switchgears market and holds a considerable market share. The brand and trade/ dealer association backed by products made through latest technology has helped us to consolidate their position in this segment. The switchgears segment comprises of the domestic and the industrial switchgears, electrical wiring accessories, industrial motors and capacitors.
Out of the total domestic switchgears market which largely includes miniature circuit breakers (MCB), approx. 50% is dealer/ trade driven while rest led by institutions. Subject is present in the trade channel and enjoy prominent position in this network and also in the overall domestic switchgear market in India. The key strategy remains the same; selling through brand and distribution channel to the end customer, like any other consumer product. The consumer prefers branded products due to safety features and high technology involved while the dealer network gives an edge to Subject. A more stable model drives growth prospects and margins. In the electrical wiring accessories, Subject enjoys prominent market position. The consumer preference has been shifting towards branded products.
Subject enjoys its historical presence in the industrial switchgear market and would continue to focus on its strength to drive growth in this segment. In the last financial year they consolidated the business of Standard Electrical in Subject. Capitalizing on the distribution network of Sylvania they had also launched Switchgear in United Kingdom.
Switchgears division registered net revenue of Rs 8961.500 Millions during financial year 2011-12 as compared to Rs 7343.900 Millions during financial year 2010-11, showing a growth of 22%. They have been able to maintain the contribution margins in this segment at 37%.
CABLE
Since inception of this division, Subject has invested in the manufacturing infrastructure which has today become one of the largest in India. Cables are manufactured on modern laser controlled automatic machines, using best raw material from primary manufacturers ensuring quality. The business performed well to improve operating profitability, despite severe pressures due to raw material fluctuation. During the last financial year cost increases were tackled through judicious price increases reflecting the strength of the brand. Contribution margins improved by 200 bps over last year. The division includes underground industrial cables and domestic cables.
Domestic cables form an integral part of the electrical connections in a building and frequent replacement of the same is cumbersome. The conversion from unorganized to organized market is visible due to quality awareness and branding exercises done by companiesin the recent past. Subject position has improved in this market through quality products and advertisements on media, a unique feature for this market in the past.
On the other side industrial underground cable comprises of industrial products used in commercial or industrial applications. With the shared distribution channel, Subject is well position in this market. The fluctuations on raw material prices which are largely metal commodities are being handled categorically through low inventory levels in the entire value chain and passing on the impact in lower time gap.
Cable division registered a growth of 29% in net revenue at Rs 15929.900 Millions during financial year 2011-12 as compared to Rs 12318.100 Millions during financial year 2010-11. The contribution margins grew to 9.2% of net revenue during financial year 2011-12 from 7.3% during last financial year 2010-11.
LIGHTING AND FIXTURES
Launched in 2003 in a short period their presence has been recognized in the consumer lighting space through energy savings lamps (CFL) and luminaries markets. The luminaries constitute deliberate application of light to achieve aesthetic effect keeping in consideration the consumers changing preferences. With its focus on energy efficiencies, aesthetics and designs suited to modern lifestyle, Subject would continue to gain momentum in the consumer and professional luminaries.
The division registered net revenue of Rs 5543.900 Millions during financial year 2011-12 as compared to Rs 4446.700 Millions during financial year 2010-11, a growth of 25%. The contribution margins had also improved by 700 bps to 25% in the financial year 2011-12 from 18% in the last financial year 2010-11.
ELECTRICAL CONSUMER
DURABLES
Subject has made a mark in the fan industry in India over short span of time and had reached millions of homes in India as consumer preference for premium quality. The success in the fan segment gave us an initiative to launch small appliances. Specifically designed for the changing preferences of quality conscious customers, the Subject Pro-Hygiene range of appliances, tries to enhance the overall consumer experience in the modern kitchens and homes. All the appliances are truly international in technology, design with the highest level of cleanliness and hygiene with ease. Although currently small, the business is progressing well, and has the potential for scale up by leveraging the existing supply chain and product development. The Company is investing behind these categories and building consumer relevance and brand differentiation through new products, new consumption moments as well as through new communication.
The electrical consumer durables division registered net revenue of Rs 5720.800 Millions during financial year 2011-12 as compared to Rs 4691.500 Millions during financial year 2010-11, a growth of 22% .The contribution margins had shown an improving trend with the similar growth.
FIXED
ASSETS:
Tangible
Assets
- Industrial Land – Freehold and Leasehold
- Factory Building
- 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
Intangible
Assets
- Computer
Software
- Technical
know-how
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2012
(Rs. In Millions)
|
PARTICULARS |
Quarter
Ended |
|
|
30.06.2012 |
|
|
Unaudited |
|
Income from operations |
|
|
1. a) Sales/Income from operations |
10328.000 |
|
b) Other Operating Income |
25.100 |
|
Total Income from operations
(Net) |
10353.100 |
|
2. Expenses |
|
|
a) Cost of materials consumed |
5618.400 |
|
b) Purchases of stock-in trade |
914.000 |
|
c) Change in inventories of
finished goods, work-in-progress and stock-in-trade |
(5.600) |
|
d) Employee benefits expense |
431.700 |
|
e) Depreciation and
amortisation expense |
118.100 |
|
f) Foreign Exchange Fluctuation
loss/(gain) |
84.500 |
|
g) Other expenses |
2088.100 |
|
Total Expenses |
9249.200 |
|
3. Profit(+)/Loss(-) from Operations before Other Income, Interest
& Exceptional Items (1-2) |
1103.900 |
|
4. Other Income |
2.400 |
|
5. Profit(+)/Loss(-) before Interest & Exceptional Items (3+4) |
1106.300 |
|
6. Finance Cost |
102.000 |
|
7. Profit(+)/Loss(-) before Exceptional Items(5-6) |
1004.300 |
|
8. Exceptional Items |
-- |
|
9. Profit(+)/Loss(-) from ordinary activities before Tax (7+8) |
1004.300 |
|
10. Tax Expense |
203.500 |
|
11. Net Profit(+)/Loss(-) from Ordinary Activities after Tax (9-10) |
800.800 |
|
12. Extraordinary Items (net of tax expense Rs.) |
-- |
|
13. Net Profit for the period (11+12) |
800.800 |
|
14. Minority Interest |
-- |
|
15. Net Profit/(Loss) after tax, minority interest (13-14) |
800.800 |
|
16. Paid up equity share capital (Face value of Rs.5/- each) |
623.900 |
|
17. Reserve excluding Reevaluation Reserve as per Balance sheet of the previous accounting year |
-- |
|
18. Earning per share (before extraordinary items) ( of Rs.5/-each) (not annualised) : |
|
|
(a) Basic and Diluted |
6.42 |
|
Earning
per share (after extraordinary items) ( of Rs.5/-each) (not annualised) : |
|
|
(a) Basic and Diluted |
6.42 |
|
A. Particular Shareholding |
|
|
1. Public Shareholding |
|
|
- No. of shares |
47961960 |
|
- Percentage of shareholding |
38.44 |
|
2.Promoters and Promoter group Share holding |
|
|
a) Pledged/Encumbered |
|
|
- No. of shares |
NIL |
|
- Percentage of shares (as a % of the total shareholding of Promoter and promoter group) |
N.A. |
|
- Percentage of shares (as a % of the total share capital of the company) |
N.A. |
|
b) Non-encumbered |
|
|
-No. of shares |
76812852 |
|
- Percentage of shares (as a % of the total shareholding of Promoter and promoter group) |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
61.56 |
|
Particular |
Quarter Ended |
|
30.06.2012 |
|
|
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unresolved at the end of the quarter |
NIL |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particular |
Quarter Ended |
|
|
30.06.2012 |
|
|
Unaudited |
|
Net Segment
Revenue |
|
|
Switchgears |
2414.900 |
|
Cable and Wires |
4313.300 |
|
Lighting & Fixtures |
1498.200 |
|
Electrical Consumer Durables |
2101.600 |
|
Total |
10328.00 |
|
Less : Inter Segment Revenue |
-- |
|
Sales/ Income from Operations |
10328.00 |
|
|
|
|
Segment Results |
|
|
(Profit(+)/ Loss(-) before Tax and Interest from each Segment) |
|
|
Switchgears |
878.900 |
|
Cable and Wires |
424.800 |
|
Lighting & Fixtures |
344.900 |
|
Electrical Consumer Durables |
532.200 |
|
Total |
2180.800 |
|
Less : (i) Finance cost |
102.000 |
|
(ii) Other
un-allocable expenses net of un-allocable income |
1074.500 |
|
Total Profit
before Tax |
1004.300 |
|
|
|
|
Capital Employed |
|
|
(Segment Assets - Segment Liabilities) |
|
|
Switchgears |
3755.100 |
|
Cable |
2515.900 |
|
Lighting & Fixtures |
2628.300 |
|
Electrical Consumer Durables |
1015.100 |
|
Others unallocable |
6969.600 |
|
Total |
16884.000 |
Note:
Pursuant to the scheme of amalgamation as approved by the Hon'ble High Court of Delhi vide the order dated September 27,2011, the Wholly Owned Subsidiary Company "Standard Electrical Limited" has been amalgamated with the Company with effect from appointed date i.e. April 1, 2011. Accordingly, figures of quarter ended June 30, 2011 have been revised to include figures of amalgamated company.
During the quarter, the Company has invested Rs 55.400 Millions in joint venture company named "Jiangsu Havells Sylvania Lighting Company Limited" with Shanghai Yaming Lighting Company Limited in China representing capital contribution.
The figures for the current period in this statement have been reported in the format recommended as per SEBI circular dated 16th April 2012. Previous period figures have been reclassified/regrouped to conform to current period classification.
The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 30th July, 2012. These results have been limited reviewed by the Statutory Auditors.
WEB SITE DETAILS
CASE PENDING
IN THE HIGH COURT OF DELHI AT NEW DELHI
07.03.2013
Present : Mr.Peeyosh Kalra and Ms.Nandini Phul, Advs. for the plaintiff.
Mr. Ashwin Kumar and Ms.Roohi Kohli,
Advs. for defendant.
CS(OS) 883/2010 and I.A. 6032/2010
List on 5.4.2013.
G.S.SISTANI, J
MARCH 07, 2013
msr
24-34 and 19.
PRESS RELEASE
Havells Posts Strong Domestic Growth Q1FY13
Havells Posts Strong Domestic Growth
Q1FY13 Net Revenue up by 26% to Rs. 10330.000 Millions (Standalone)
PAT up 24% at Rs. 800.000 Millions (Standalone)
New Delhi, 30th July, 2012: Havells India Limited, a $1.3 billion leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global footprint, today announced its first quarter performance ended 30th June, 2012.
Standalone Performance
- Net Income grew by 26% to Rs 10330.000 Millions during the first quarter ended June 30, 2012 compared to Rs 8220.000 crore in the corresponding quarter ended June 30, 2011.
- During the period under review EBIDTA grew by 36% to Rs 128.1 Millions as against Rs 94.3 Millions in the corresponding quarter previous year ended June 30, 2011.
- Net Profit grew by 24% to Rs 800.000 Millions for the period ended June 30, 2012 compared to Rs 65 Millions in the corresponding quarter previous year.
Consolidated
Performance
- Net Income grew by 19% to Rs 17780.000 Millions during the first quarter ended June 30, 2012 compared to Rs 14960.000 Millions in the corresponding quarter ended June 30, 2011. Revenue growth shows consistency during the period under review.
- Net Profit declined marginally to Rs 713.000 Millions for the period ended June 30, 2012 compared to Rs 797.000 Millions in the corresponding quarter previous year. The slowdown in Europe and general volatility in Latin America including Brazil, Argentina, and Columbia has impacted margins.
Commenting on the financial performance, Anil Gupta, Joint Managing Director (JMD), Havells India Limited said, "The current quarter results reflect benefits of our expanding footprint in India in all business segments. We continue to focus on expanding our product portfolio which offer differentiated value proposition to our customers. We are confident of continuing our growth performance during the current year.”
All business segments have shown healthy growth during the first quarter with significant improvement in operating cash flows and ratios. Sales of switchgear division rose 15% to Rs 2410.000 Millions compared to Rs 2100.000 Millions achieved in the corresponding quarter of the previous year. The Cable and Wire division showed a healthy growth of 21% in net sales to Rs 4310.000 Millions as against Rs 3560.000 Millions. Lighting and fixtures segment registered revenue of Rs 1500.000 Millions as against Rs 1210.000 Millions showing a growth of 24%. The Electrical consumer durables grew by whopping 57% with revenue of Rs 2100.000 Millions as against Rs 1340.000 Millions in the corresponding quarter of the previous year. Fans division registered a strong growth of 42% quarter under review.
Other Highlights
- Launched premium and unique range of Crabtree-Xpro range in South Indian Market
- Launched new products in the market - Solar Cables, Mixer Grinder and Home Safe Protection Devices Fitted With MCB
- Expands the Havells Galaxy chain by opening 9 more stores in Guwahati, Nagaon, Meerut, Jaipur, Mirzapur, Bareilly, Chikmagalur, Ghaziabad and Bhubaneswar taking the total galaxy figure to 142.
ABOUT HAVELLS
Havells India Ltd is a $1.3 billion and India’s fastest growing FMEG company (Fast moving electrical goods) its products range includes Industrial and Domestic Circuit Protection Switchgear, Cables and Wires, Motors, Fans, Power Capacitors, CFL Lamps, Luminaires for Domestic, Commercial and Industrial applications, Modular Switches, Water Heaters and Domestic Appliances covering the entire gamut of household, commercial and industrial electrical needs. Havells owns prestigious global brands like Crabtree, Sylvania, Concord, Luminance and Standard.
With 94 branches / representative offices and over
8000 professionals in over 50 countries across the globe, the group has
achieved rapid success in the past few years. Its 14 state-of-the-art
manufacturing units in India located at Haridwar, Baddi, Noida, Faridabad,
Alwar, Neemrana, and 6 state-of-the-art manufacturing plants located across
Europe, Latin America and Africa churn out globally acclaimed products. Havells
is a name synonymous with excellence and expertise in the electrical industry.
Its 20000 strong global distribution network is prompt to service customers. It
has earned a number of international certifications including CSA, KEMA, CB, CE,
ASTA, CPA, SEMKO, SIRIUM (Malaysia), SPRING (Singapore), TSE (Turkey), SNI
(Indonesia) and EDD (Bahrain) for various products.
Havells India Limited
reports strong performance for the FY11-12
Havells India Limited
reports strong performance for the FY11-12
·
Consolidated
Net Revenue up by 16% to Rs. 65180.000 Millions
·
Consolidated
Net profit up 22% at Rs. 3700.000 Millions
·
Recommends
dividend of Rs. 6.50 as against Rs. 2.50 last year. Dividend payout ratio based
on consolidated profit increases from 10.27% to 25.48%
New Delhi, May 30, 2012: Havells India Limited, one of the largest and India's fastest growing electrical and power distribution equipment manufacturer, today announced its financial results for the fourth quarter and the financial year ended March 31, 2012.
Consolidated basis
FY12 vs. FY11
Consolidated net sales for the year ended March 31, 2012 increased by 16% to Rs. 65180.000 Millions as compared to Rs. 56130.000 Millions in the corresponding period previous financial year. The company registered a net profit (PAT) of Rs. 3700.000 Millions for FY12; up by 22% as compared to Rs. 3040.000 Millions in FY11. The EBIDTA for FY12 grew by 22% to Rs. 6780.000 Millions as compared to Rs. 5570.000 Millions in FY11. The consolidated numbers include the performances of Havells India (the parent company) and its other subsidiaries (Standard Electrical and Havells Sylvania).
Standalone basis FY12
vs. FY11
On a standalone basis, net sales grew 22 % to Rs. 36160.000 Millions compared to Rs. 29660.000 Millions in FY11. Net Profit surged by 17% to Rs. 3050.000 Millions as compared to Rs. 2610.000 Millions in the corresponding period in the previous financial year. EBIDTA for FY12 grew by 27% to Rs. 4590.000 Millions as against Rs. 3610.000 Millions in FY11.
Q4FY12 vs. Q4FY11
(Standalone basis)
Net sales for Q4FY12 was up by 21% at Rs. 10460.000 Millions as compared to Rs. 8630.000 Millions in Q4FY11. The EBIDTA for the current quarter surged by 21% at Rs. 1230.000 Millions as against to Rs. 1020.000 Millions in Q4FY11. Net profit (PAT) grew by 21% to Rs. 910.000 Millions for FY12 compared to Rs. 750.000 Millions in FY11.
Sylvania Global (FY12
VS FY11)
Net sales stood at €448 million during the year ended March
31, 2012. EBIDTA for the current year stood at € 37.4 million. Net profit (PAT)
surged by 46% to € 10.2million for the period ended March 31, 2012 compared to
€ 7.0million in the corresponding quarter previous year.
Management Comments
Commenting the financial performance Mr. Anil Gupta, Joint Managing Director (JMD), Havells (India) said, "We are delighted to see the performance for the quarter and the year which is in line with our expectations. Our global operations have shown steady growth, which is heartening.”
He further added, “We would like to leverage newer growth opportunities in both domestic and international markets. The company would continue with its focus on improving margins and operational efficiencies which will be an important growth enabler”.
ABOUT HAVELLS
Havells India Limited is a billion-dollar-plus organization, and is one of the largest and India's fastest growing electrical and power distribution equipment manufacturer with products ranging from Industrial and Domestic Circuit Protection Switchgear, Cables and Wires, Motors, Fans, Power Capacitors, CFL Lamps, Luminaires for Domestic, Commercial and Industrial applications, Modular Switches, Water Heaters and Domestic Appliances covering the entire gamut of household, commercial and industrial electrical needs. Havells owns some of the prestigious global brands like Crabtree, Sylvania, Concord, Luminance and Standard.
With 94 branches / representative offices and over 8000 professionals in over 50 countries across the globe, the group has achieved rapid success in the past few years. Its 12 state-of-the-art manufacturing units in India located at Haridwar, Baddi, Noida, Faridabad, Alwar, Neemrana, and 6 state-of-the-art manufacturing plants located across Europe, Latin America and Africa churn out globally acclaimed products. Havells is a name synonymous with excellence and expertise in the electrical industry. Its 20000 strong global distribution network is prompt to service customers.
The company has acquired a number of International certifications, like CSA, KEMA, CB, CE, ASTA, CPA, SEMKO, SIRIUM (Malaysia), SPRING (Singapore), TSE (Turkey), SNI (Indonesia) and EDD (Bahrain) for various products. Today, Havells and its brands have emerged as the preferred choice of electrical products for discerning individuals and industrial consumers both in India and abroad.
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 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.54.39 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.69.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.