MIRA
INFORM REPORT
|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
HELLA INDIA LIGHTING LIMITED |
|
|
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|
Registered
Office : |
B-13, Badarpur Extension, New Delhi – 110044 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
04.09.1959 |
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Com. Reg. No.: |
55-003126 |
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Capital
Investment / Paid-up Capital : |
Rs.146.077
Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
L74899DL1959PLC003126 |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is engaged in the business of Manufacture of Auto
Components/ Accessories. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There
appears drastic dip in sales turnover and incurred loss during 2012. The
company has moderate financial risk profit. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 : |
B-13, Badarpur Extension, New Delhi – 110044, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Factory 1: |
Ambala Chandigarh Road, Derabassi, District Mohali – 140507, Punjab,
India |
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|
|
|
Factory 2: |
Khewat Number
240/220, Kila Number 17/6, Badshahi Road, Surat Nagar - II, Gurgaon – 122001,
Haryana, India |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. Rama Shankar Pandey |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Christof Johannes Droste |
|
Designation : |
Director |
|
|
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|
Name : |
Dr. Gunther Schmidt |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Akhilesh Kumar Maheshwari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Guido Johannes Christ |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. Avinash Razdan Bindra |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sarvesh Upadhyay |
|
Designation : |
Company Secretary and Compliance Office |
|
|
|
|
AUDIT COMMITTEE
MEMBERS : |
Mr. Rama Shankar Pandey Mr. Akhilesh Kumar Maheshwari Mr. Guido Johannes Christ Mr. Avinash Razdan Bindra |
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|
|
|
SHARE HOLDERS’ GRIEVANCE COMMITTEE MEMBERS : |
Mr. Rama Shankar Pandey Mr. Akhilesh Kumar Maheshwari Mr. Guido Johannes Christ Mr. Avinash Razdan Bindra |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
978263 |
30.85 |
|
|
978263 |
30.85 |
|
|
|
|
|
|
|
|
|
|
1617400 |
51.00 |
|
|
1617400 |
51.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2595663 |
81.85 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
100 |
0.00 |
|
|
|
|
|
|
|
|
|
|
43648 |
1.38 |
|
|
|
|
|
|
439238 |
13.85 |
|
|
79788 |
2.52 |
|
|
12963 |
0.41 |
|
|
5567 |
0.18 |
|
|
7396 |
0.23 |
|
|
575637 |
18.15 |
|
|
|
|
|
Total Public
shareholding (B) |
575737 |
18.15 |
|
|
|
|
|
Total (A)+(B) |
3171400 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
3171400 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of Manufacture of Auto
Components/ Accessories. |
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||||||||
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Canara Bank · Deutsche Bank · State Bank of Patiala · Union Bank of India · HDFC Bank · Bank of India ·
Punjab National Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No.10, 8th Floor, Tower – B, DLF Cyber City, Phase
– II, Gurgaon – 122002, Haryana, India |
|
Tel No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
|
|
|
Holding Company : |
· Reinhold Poersch GmbH, Germany |
|
|
|
|
Ultimate Holding Company: |
· Hella KGaA Hueck and Company, Germany |
|
|
|
|
Subsidiary Companies : |
· Chetan Genthe and Company Private Limited · Bitoni Lamps Limited |
|
|
|
|
Fellow
Subsidiaries : |
In India · Hella India Electronics Private Limited Outside India · Hella Fahrzeugteile Austria GmbH · Hella Phil Inc. · Hella Australia Pty. Limited · Hella Asia Singapore Pte. Limited · Beifang Hella Automotive Lighting Limited · Hella Innenleuchten-Systeme GmbH · Hella Japan Inc. · Hella Inc. · Changchun Hella Automotive Lighting Limited · Behr Hella Service GmbH · Hella Fahrzeugkomponenten GmbH · Hella Romania S.R.L. · Hella Trailer Systems GmbH · Hella Saturnus Slovenija D.O.O. · Hella Leuchten-Systeme GmbH · Hella Lighting Finland Oy · Hella-New Zealand Limited · Docter Optics GmbH |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
2150000 |
0.0000001% Non-Convertible, Non-Cumulative, Redeemable Preference
Shares |
Rs.100/- each |
Rs.215.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3171400 |
Equity Shares |
Rs.10/- each |
Rs.31.714
Millions |
|
1143630 |
0.0000001% preference shares |
Rs.100/- each |
Rs.114.363
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.146.077 Millions |
NOTE:
1) Rights, preferences and restrictions
Equity shares
Each holder of
equity shares is entitled one vote per share.
The Company
declares and pays dividend, if any, in Indian Rupees. The dividend, if any,
proposed by the Board of Directors is subject to the approval of shareholders
in the ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Preference shares
Preference shares
issued by the Company are non-convertible, non-cumulative, non participating
and redeemable.
Preference
shareholders are not entitled to vote.
Preference
shareholders are entitled to 0.0000001% dividend.
Preference
shareholders have preference over equity shareholders for the payment of
dividend and repayment of capital, in the event of liquidation of the Company.
2) The reconciliation of the shares outstanding at the beginning and end
of the year
|
Particulars |
As at 31 March
2012 |
|
|
|
No. of shares |
Rs. In Millions |
|
|
|
|
|
Equity shares Balance at the beginning and end of the year |
3,171,400 |
31.714 |
|
Preference shares Balance at the beginning and end of the year |
1,143,630 |
114.363 |
3) Shares held by the holding, ultimate holding and/or
subsidiary/associates
|
Particulars |
As at 31 March
2012 |
|
|
Equity Shares |
No. of shares |
Rs. In Millions |
|
Reinhold Poersch GmbH. Germany, the holding company |
1617400 |
16.174 |
|
Hella India Electronics Private Limited, a fellow subsidiary |
978263 |
9.783 |
|
Total |
2595663 |
25.957 |
|
|
|
|
|
Preference shares |
|
|
|
Reinhold Poersch GmbH. Germany, the holding company |
1143630 |
114.363 |
|
Total |
1143630 |
114.363 |
The ultimate holding company of the Company is Hella KGaA Hueck and
Company, Germany.
4) The details of shareholders holding more than 5% shares is as follows
|
Particulars |
As at 31 March
2012 |
|
|
Equity Shares |
No. of shares |
% of Holding |
|
Reinhold Poersch GmbH Germany |
1617400 |
51.00 |
|
Hella India Electronics Private Limited |
978263 |
30.85 |
|
|
|
|
|
Preference shares |
|
|
|
Reinhold Poersch GmbH Germany |
1143630 |
100.00 |
5) 13,000
(previous year 13,000) equity shares have been allotted as fully paid up bonus shares
by capitalisation of reserves in earlier years.
6) The preference
shares are redeemable at par at any time after five years but prior to the
expiry of twenty years from the date of allotment. Of these 500,000 preference shares
have been allotted on 31 August 2006, 40,000 preference shares have been
allotted on 18 March 2009 and 603,630 (by conversion of loan from the holding
company) preference shares have been allotted on 16 March 2010.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
146.077 |
146.077 |
|
(b) Reserves & Surplus |
|
147.381 |
179.001 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
293.458 |
325.078 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.901 |
0.731 |
|
(d) long-term
provisions |
|
6.352 |
5.089 |
|
Total Non-current
Liabilities (3) |
|
7.253 |
5.820 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
119.914 |
110.278 |
|
(c) Other
current liabilities |
|
16.015 |
24.133 |
|
(d) Short-term
provisions |
|
4.415 |
10.811 |
|
Total Current
Liabilities (4) |
|
140.344 |
145.222 |
|
|
|
|
|
|
TOTAL |
|
441.055 |
476.120 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
38.178 |
72.507 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.953 |
0.410 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
10.000 |
5.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
3.614 |
2.717 |
|
(e) Other
Non-current assets |
|
4.608 |
2.151 |
|
Total Non-Current
Assets |
|
57.353 |
82.785 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
71.273 |
60.679 |
|
(c)
Trade receivables |
|
94.120 |
69.970 |
|
(d) Cash
and cash equivalents |
|
208.824 |
255.024 |
|
(e)
Short-term loans and advances |
|
5.342 |
6.728 |
|
(f)
Other current assets |
|
4.143 |
0.934 |
|
Total
Current Assets |
|
383.702 |
393.335 |
|
|
|
|
|
|
TOTAL |
|
441.055 |
476.120 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
146.077 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
299.600 |
|
|
4] (Accumulated Losses) |
|
|
(377.066) |
|
|
NETWORTH |
|
|
68.611 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.025 |
|
|
2] Unsecured Loans |
|
|
131.457 |
|
|
TOTAL BORROWING |
|
|
131.482 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
200.093 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
94.633 |
|
|
Capital work-in-progress |
|
|
139.730 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
52.014 |
|
|
Sundry Debtors |
|
|
47.932 |
|
|
Cash & Bank Balances |
|
|
6.542 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
16.530 |
|
Total
Current Assets |
|
|
123.018 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
147.537 |
|
|
Other Current Liabilities |
|
|
6.105 |
|
|
Provisions |
|
|
3.646 |
|
Total
Current Liabilities |
|
|
157.288 |
|
|
Net Current Assets |
|
|
(34.270) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
200.093 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
585.745 |
483.103 |
363.176 |
|
|
|
Other Income |
37.519 |
27.739 |
15.750 |
|
|
|
TOTAL (A) |
623.264 |
510.842 |
378.926 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
397.387 |
324.822 |
|
|
|
|
Changes in Inventories of finished goods and Work-in-progress |
(0.506) |
0.683 |
|
|
|
|
Employee benefit Expenses |
57.313 |
41.316 |
|
|
|
|
Other Expenses |
185.408 |
140.703 |
|
|
|
|
Exceptional Item |
0.000 |
(352.592) |
|
|
|
|
TOTAL (B) |
639.602 |
154.932 |
371.026 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(16.338) |
355.910 |
7.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.918 |
4.723 |
18.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(17.256) |
351.187 |
(10.577) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.290 |
21.092 |
6.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(31.546) |
330.095 |
(16.978) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.074 |
73.628 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(31.620) |
256.467 |
(16.978) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(120.599) |
(377.066) |
(360.088) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(152.219) |
(120.599) |
(377.066) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
48.461 |
65.183 |
57.826 |
|
|
|
Other Earnings |
2.597 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
51.058 |
65.183 |
57.826 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
66.839 |
50.398 |
27.196 |
|
|
|
Capital Goods |
2.295 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
69.134 |
50.398 |
27.196 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(9.97) |
80.87 |
(5.35) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.07)
|
50.20 |
(4.48) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.39)
|
68.33 |
(4.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.33)
|
70.13 |
(7.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
1.02 |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
1.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.73
|
2.71 |
0.79 |
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 |
No |
|
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 |
No |
|
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 |
No |
|
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 |
OPERATIONAL PERFORMANCE
During the period for
12 months, the company achieved a net sales turnover of Rs.585.745 Millions as
compared to the previous year Rs.483.103 Millions. The net loss during the
period under report amounts to Rs.31.620 Millions as compared to the previous
year's net profit of Rs.256.467 Millions.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management of
Hella India Lighting Limited is pleased to present its analysis report covering
the outlook for the future. The report contains forward looking statements,
which may be identified by their use of words like plans, expects, anticipates,
believes, intends, projects, estimates or other words of similar meaning. All
statements that address expectations or projections about the future, including
but not limited to statement about the company's strategy for growth, product
development, market position, expenditures and financial results are forward
looking statements. Forward-looking statements are based on certain assumptions
and expectations of future events. The company cannot guarantee that these
assumptions and expectations are accurate or will be realized.
The company's
actual results, performance or achievements could thus differ materially from
those projected in any such forward-looking statements. The company assumes no responsibility
to publicly amend, modify or revise any forward looking statements, on the
basis of any subsequent development, information or events.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Indian
Automotive Industry embarked on a new journey in 1991 with delicensing of the
sector and subsequent opening up of FDI through automatic route. Since then
almost all the global majors have set up their facilities in India taking the
level of production of vehicles manifold.
The growth of
Indian middle class with increasing purchasing power along with strong growth
of economy has already attracted the major auto manufacturers to Indian market.
The availability of trained manpower at competitive cost has further added to
the attraction of Indian domestic market. The increasing pull of Indian market
has also worked as a push factor for shifting of new capacities and flow of
capital to the auto industry of India. The increasing competition in auto
companies has not only resulted in multiple choices for Indian consumers at
competitive costs, it has also ensured an improvement in productivity to a
substantial extend.
The company is
engaged in the business of automotive components, increasing number of
automotive companies/ increasing production offers greater opportunities.
OUTLOOK
The company is
concentrating to keep its raw materials cost within its budgeted target. The
company would also try to increase the sales prices for few products which
would ultimate result into decreasing of raw material ratio as compare to
Sales. Company is also concentrating on developing new products and designs. As
also evident from the results, the management decision to focus on Derabassi
plant is now yielding results and turnover has increased manifolds.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Land (Freehold)
· Building
· Leasehold Improvement
· Plant and Equipment
· Vehicles
· Furniture and Fixture
· Office Equipment
· Computer
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.61.43 |
|
|
1 |
Rs.95.08 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.