MIRA
INFORM REPORT
|
Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAVELLS INDIA
LIMITED |
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Registered
Office : |
1 Raj, Narain Marg, Civil Lines, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
08.08.1983 |
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Com. Reg. No.: |
55-016304 |
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Capital
Investment / Paid-up Capital : |
Rs. 623.900 Millions |
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CIN No.: [Company Identification
No.] |
L31900DL1983PLC016304 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELH00196A |
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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 of
Electrical Products. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 748000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well
established and reputed company having fine track record. Financial position
of the company appears to be sound. Trade relations are fair. Business is
active. Payments are reported to be regular and 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
08.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1+ |
|
Rating Explanation |
Very short degree of safety and 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 Raj, Narain Marg, Civil Lines, |
|
Tel. No.: |
91-11-23935237 / 23944469-72 |
|
Fax No.: |
91-11-23921500 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate / Head Office : |
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Tel. No.: |
91-120-4771000 |
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Fax No.: |
91-120-4772000 |
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Website : |
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Factory : |
Domestic Switchgear Division : Village
Dharampur, Industrial Switchgear Division / Capacitors : ·
Plot No.6, Site - IV, Sahibabad Industrial Area, Sahibabad, ·
14/3, PCB Assembly Line : E-1, Sector-59, Noida –
201307, Motor : SP-181 – 189,
Industrial Area, Phase II, Neemrana, Alwar, Cable Division : A/461-462,
Matsya Industrial Area, Alwar, Lighting and Fixture Division : SP-181 – 189,
Industrial Area, Phase II, Neemrana, Alwar, Electrical Consumer Durable – Fan Division
: Plot
No. 2A, Sector – 10, BHEL Industrial Estate, Haridwar, Centre for Research and Innovation (CRI) : |
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International Offices : |
Located At: ·
·
·
·
·
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DIRECTORS
As on : 31.03.2013
|
Name : |
Mr. Qimat Rai Gupta |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
24.01.1937 |
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Qualification : |
B.A. |
|
Date of Appointment : |
08.08.1983 |
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|
Name : |
Mr. Anil Rai Gupta |
|
Designation : |
Joint Managing Director |
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Date of Birth/Age : |
20.04.1969 |
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Qualification : |
B.A. (Economics) MBA (Marketing and Finance) from |
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|
Name : |
Mr. Surjit Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
13.01.1942 |
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Qualification : |
F. Sc. from |
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Name : |
Mr. Rajesh Gupta |
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Designation : |
Director (Finance) |
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Date of Birth/Age : |
17.06.1957 |
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Qualification : |
Qualified Chartered Accountant (F.C.A) |
|
Experience : |
25 Years |
|
Date of Appointment : |
01.12.1980 |
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Name : |
Mr. V K Chopra |
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Designation : |
Director |
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Name : |
Mr. S.B.
Mathur |
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Designation : |
Director |
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Date of Birth/Age : |
11.10.1944 |
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Qualification : |
Chartered Accountant |
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Name : |
Mr. S K Tuteja |
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Designation : |
Director |
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Name : |
Mr. A P Gandhi |
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Designation : |
Director |
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Name : |
Mr. Niten Malhan |
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Designation : |
Director |
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Name : |
Dr. Adarsh Kishore |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
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|
25271476 |
20.25 |
|
|
51622178 |
41.37 |
|
|
76893654 |
61.63 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
76893654 |
61.63 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1149536 |
0.92 |
|
|
7863 |
0.01 |
|
|
40000 |
0.03 |
|
|
32170144 |
25.78 |
|
|
33367543 |
26.74 |
|
|
|
|
|
|
1551525 |
1.24 |
|
|
|
|
|
|
5404230 |
4.33 |
|
|
769822 |
0.62 |
|
|
6788038 |
5.44 |
|
|
163026 |
0.13 |
|
|
602906 |
0.48 |
|
|
52270 |
0.04 |
|
|
149836 |
0.12 |
|
|
5820000 |
4.66 |
|
|
14513615 |
11.63 |
|
Total Public
shareholding (B) |
47881158 |
38.37 |
|
Total (A)+(B) |
124774812 |
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) |
124774812 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 1 lakhBUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Electrical Products. |
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Products : |
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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 : |
1000 (Approximately) |
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Bankers : |
·
Canara Bank ·
IDBI Bank Limited ·
Yes Bank Limited ·
Axis Bank Limited ·
Standard Chartered Bank ·
HSBC Bank Limited. ·
HSBC Bank ( ·
ICICI Bank Limited ·
Corporation Bank ·
State Bank of |
|||||||||||||||||||||
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Facilities : |
(Rs in Millions)
Note : (A) External commercial borrowing is from HSBC Bank ( i) First charge on movable
fixed assets aquired out of the said loan and ii) Equitable mortgage over land and building situated at plot no. 2A,
sector 10, BHEL Industrial Estate, Haridwar, Uttarakhand. The charge in respect of said securities is pending for creation. (b) Term loan from Canara Bank, Prime Corporate Branch-II, 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. c) Current maturities of long
term borrowings is Rs. nil (previous year Rs. 315.000 Millions) (d) Working capital limits are under consortium of Canara Bank,
Corporation Bank, IDBI Bank Limited, State Bank of India, Standard Chartered
Bank, ICICI Bank, Yes Bank Limited and The Hongkong and Shanghai Banking
Corporation Limited. (e) 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, iii) Pari-passu second charge
by way of hypothecation on plant and machinery, generators, furnitures and
fixtures, electric fans and installations. |
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Auditors 1 : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
Golf View Corporate Tower-B, Sector-42, |
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Auditors 2 : |
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Name : |
V.R. Bansal and Associates Chartered Accountants |
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Address : |
B-11, Sector – 2, Noida, |
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Subsidiaries : |
· Havells Holdings Limited · Havells Exim Limited · Havells Malta Limited · Havell’s Netherlands Holding B.V. · Sylvania India Limited · Havell’s Netherlands B.V. ·
SLI · Havells Sylvania Holdings (BVI-1) Limited · Havells USA Inc. · Flowil International Lighting (Holding) B.V. ·
·
Havells Sylvania ( · Guangzhou Havells Sylvania Enterprise Limited · Havells Sylvania Asia Pacific Limited ·
Havells Sylvania ·
Havells Sylvania ·
Havells Sylvania ·
Havells Sylvania Fixtures ·
Havells Sylvania Lighting ·
Havells Sylvania ·
Havells Sylvania ·
Havells Sylvania ·
Havells Sylvania · Havells Sylvania Spain S.A. ·
Havells Sylvania ·
Havells Sylvania ·
Havells Sylvania Lighting · Havells Sylvania South Africa Proprietary Limited. ·
Havells ·
Havells · Havells Sylvania Argentina S.A. · Havells Sylvania N.V. · Havells Sylvania Colombia S.A. · Havells Mexico S.A. de C.V. · Havells Mexico Servicios Generales SA de CV · Havells Sylvania EI Salvador S.A. de C.V. · Havells Sylvania Guatemala S.A. · Havells Sylvania Costa Rica S.A. · Havells Sylvania Panama S.A. ·
Havells Sylvania · Havells Sylvania Europe Limited · Havells Sylvania UK Limited · Havells Sylvania Fixtures UK Limited ·
Havells Sylvania · Havells Sylvania Export N.V · Havells Sylvania Holdings (BVI-2) Limited ·
Havells Sylvania ·
Havells Sylvania ( ·
Havells Sylvania ·
Havells Sylvania Iluminacion ( ·
Havells Sylvania ( ·
Havells Sylvania ·
·
PT. Havells · Havells Sylvania Tr Elektrik Urunleri Ticaret Limited Sirketi · Thai Lighting Asset Company, Limited. |
|
|
|
|
Joint Venture : |
· Jiangsu Havells Sylvania Lighting Company, Limited |
CAPITAL STRUCTURE
As on : 31.03.2013
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 |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the year
As on 31.03.2013
|
Particulars |
No.
of Shares |
Rs
in Millions |
|
At the beginning of the year |
124774812 |
623.900 |
|
Issued during the year |
-- |
-- |
|
Outstanding
at the end of the year |
124774812 |
623.900 |
Terms/rights attached to equity shares :
The Company has only one class of equity
shares having a par value of Rs. 5/- 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 March 31, 2013, the amount of per share dividend recognised as
distributions to equity shareholders is Rs. 7.50 (Previous Year Rs. 6.50).
In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive 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.
Details of shareholders holding more than 5% shares in the Company is
set out below (legal ownership unless otherwise stated)
As on 31.03.2013
|
Particulars |
No.
of Shares |
%
of Holding |
|
Shri Qimat Rai Gupta, Chairman |
9535888 |
7.64 |
|
Shri Surjit Gupta, Director |
6530160 |
5.23 |
|
QRG Enterprises Limited |
37971776 |
30.43 |
|
|
13650402 |
10.94 |
|
Seacrest Investment Limited |
|
|
Shareholding of Shri Qimat Rai Gupta, Chairman
includes 26,64,000 equity shares (previous year 26,64,000 equity shares) for and
behalf of M/s Guptajee and Company, a firm in which he is a partner.
The holding of Seacrest Investment Limited has
decreased from 10.27% as at March 31, 2012 to 4.66% (representing 58,20,000
equity shares) as at March 31, 2013.
e)
Aggregate number of shares issued as fully paid up pursuant to contract
without payment being received in cash or by way of bonus shares during the
period of five years immediately preceding the date of balance sheet.
As on 31.03.2013
|
Equity Shares |
No.
of Shares |
|
Equity shares allotted as fully paid-up
pursuant to contracts for consideration other than cash. |
2219000 |
|
Equity shares allotted as fully paid up
bonus shares by capitalisation of securities premium account and general
reserve. |
62387406 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
623.900 |
623.900 |
623.900 |
|
(b) Reserves & Surplus |
18078.300 |
15459.300 |
12784.200 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
18702.200 |
16083.200 |
13408.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1087.800 |
692.700 |
857.100 |
|
(b) Deferred tax liabilities (Net) |
619.000 |
556.100 |
536.200 |
|
(c) Other long term liabilities |
332.600 |
27.200 |
7.500 |
|
(d) long-term provisions |
16.300 |
3.400 |
2.400 |
|
Total Non-current Liabilities (3) |
2055.700 |
1279.400 |
1403.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
278.100 |
164.100 |
|
(b)
Trade payables |
3989.600 |
5424.600 |
4282.000 |
|
(c)
Other current liabilities |
2267.600 |
2117.800 |
1869.700 |
|
(d) Short-term
provisions |
1567.700 |
1286.400 |
574.700 |
|
Total Current Liabilities (4) |
7824.900 |
9106.900 |
6890.500 |
|
|
|
|
|
|
TOTAL |
28582.800 |
26469.500 |
21701.800 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8946.300 |
7720.900 |
7034.500 |
|
(ii)
Intangible Assets |
90.900 |
54.700 |
51.600 |
|
(iii)
Capital work-in-progress |
98.200 |
563.900 |
216.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7919.200 |
7750.700 |
7154.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
594.000 |
416.600 |
295.300 |
|
(e) Other
Non-current assets |
0.000 |
3.400 |
3.200 |
|
Total Non-Current Assets |
17648.600 |
16510.200 |
14756.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6630.300 |
6488.800 |
4698.500 |
|
(c)
Trade receivables |
1301.700 |
1597.100 |
1117.500 |
|
(d) Cash
and cash equivalents |
2465.400 |
1362.100 |
491.800 |
|
(e)
Short-term loans and advances |
411.000 |
394.700 |
524.300 |
|
(f)
Other current assets |
125.800 |
116.600 |
113.500 |
|
Total Current Assets |
10934.200 |
9959.300 |
6945.600 |
|
|
|
|
|
|
TOTAL |
28582.800 |
26469.500 |
21701.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42249.900 |
36156.100 |
28816.500 |
|
|
|
Other Income |
104.900 |
71.700 |
177.200 |
|
|
|
TOTAL (A) |
42354.800 |
36227.800 |
28993.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
22663.300 |
20515.900 |
17064.400 |
|
|
|
Purchase of Stock in Trade |
4226.600 |
3533.800 |
3015.400 |
|
|
|
Changes in Inventories of Finished Goods |
(393.200) |
(1138.800) |
(1138.000) |
|
|
|
Employees Benefits Expenses |
1753.400 |
1417.100 |
1103.400 |
|
|
|
Other expenses |
8668.600 |
7271.200 |
5365.800 |
|
|
|
TOTAL (B) |
36918.700 |
31599.200 |
25411.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5436.100 |
4628.600 |
3582.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
285.500 |
443.900 |
191.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5150.600 |
4184.700 |
3391.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
578.800 |
446.600 |
293.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
4571.800 |
3738.100 |
3098.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
857.900 |
683.800 |
677.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3713.900 |
3054.300 |
2420.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9930.300 |
7783.700 |
5968.200 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED IN PURSUANCE OF SCHEME OF AMALGAMATION |
0.000 |
340.400 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
375.000 |
305.500 |
242.500 |
|
|
|
Proposed Dividend |
935.800 |
811.000 |
311.900 |
|
|
|
Corporate Dividend Tax |
159.100 |
131.600 |
50.600 |
|
|
BALANCE CARRIED
TO THE B/S |
12174.300 |
9930.300 |
7783.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2072.600 |
1712.900 |
1738.200 |
|
|
|
Merchant Trade Sales |
4.700 |
12.600 |
13.300 |
|
|
|
Reimbursement of Expenses |
0.000 |
0.000 |
7.700 |
|
|
TOTAL EARNINGS |
2077.300 |
1725.500 |
1759.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
2013.300 |
2118.200 |
2902.500 |
|
|
|
Traded goods |
1740.500 |
1614.100 |
0.000 |
|
|
|
Machinery |
104.000 |
169.100 |
243.600 |
|
|
|
Spare parts |
36.100 |
19.500 |
1.100 |
|
|
|
R&D |
0.500 |
0.500 |
1.500 |
|
|
|
Dies and Tools |
7.700 |
1.900 |
0.000 |
|
|
TOTAL IMPORTS |
3902.100 |
3923.300 |
3148.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
29.76 |
24.48 |
19.36 |
|
|
|
Diluted |
29.76 |
24.48 |
19.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.77
|
8.43 |
8.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.82
|
8.45 |
8.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.23
|
20.59 |
21.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.23 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06
|
0.06 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.09 |
1.08 |
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 |
Yes |
|
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 |
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 |
Yes |
CASE DETAILS :
CS(OS) 1168/2009
ASIAN ELECTRONICS LIMITED.
..... Plaintiff
Through: None.
versus
HAVELLS INDIA LIMITED
..... Defendant
Through: Mr. P.C. Arya, Adv. and Mr. V.K.
`
Shukla, Adv.
CORAM:
JOINT REGISTRAR SH. DEEPAK GARG (DHJS)
ORDER
20.05.2013
Affidavit of
admission/denial has been filed by the defendant.
The document of plaintiff admitted by the defendant is marked as
Ex. P-1
Plaintiff in its affidavit of admission/denial is denying all the
documents of
defendant.
In view of the above, admission/denial of the documents stands
complete.
List the matter
before the Hon?ble Court on 11th September, 2013
for further directions.
DEEPAK GARG (DHJS),
JOINT REGISTRAR
MAY 20, 2013/nk
$ 4
FY 2013 IN RETROSPECT :
Havells, on a standalone basis had net sales
of Rs.42250.000 Millions in 2012-13 against Rs.36160.000 Millions in 2011-12.
The operating profit before Finance cost, depreciation and tax was Rs.5440.000
Millions in financial year 2012-13 against Rs.4630.000 Millions in financial
year 2011-12. The comparison includes foreign exchange loss of Rs.33.800
Millions in 2011-12 and foreign exchange gain of Rs.8.700Millions in 2012-13.
Profit after tax was Rs.3710.000 Millions in current year 2012-13 against
Rs.3050.000 Millions in previous year 2011-12. Havells, on a consolidated basis
had net sales of Rs.72480.000 Millions in financial year 2012-13 against
Rs.65180.000 Millions in previous financial year 2011-12. The consolidated
operating profit before Finance cost, depreciation and tax was Rs. 7020.000 Millions
in current year 2012-13 against Rs.6990.000 Millions in previous year 2011-12
PERFORMANCE REVIEW :
The year 2012-13 has been a satisfactory year
keeping in view the global economic conditions. Havells
Havells 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 -
During the year, Havells marked its foray into
entry level conventional piano switches ‘Reo’, creating a new segment of Premium
Conventional Switches. ‘Reo’ has received enthusiastic response from customers
and dealers. For the first time Havells under its premium brand Crabtree
launched super premium glass plate switches ‘Murano’ in its portfolio. The
Company also expanded the product range in Crabtree brand by introducing
distribution boards, MCB, RCCB and range of Time switches.
The Company continued to invest in brand
building and spent close to Rs.1250.000 Millions. The Company introduced new ad
campaigns. These campaigns over the years have been helping the Company achieve
top of the mind recall amongst its customers and thereby help improve sales.
During the year the Company entered into a
revised Trademark License Agreement with QRG Enterprises Limited (one of the promoter
companies), pursuant to which the brand “Havells” will be transferred to the
Company for no consideration with effect from 1st April 2016.
Presently, the brand is owned by QRG Enterprises Limited and being used by the
Company. The existing Trademark License Agreement between the companies is
expiring in financial year 2015-16.
The Company commissioned a large scale
lighting fixtures plant at Neemrana, Rajasthan under the supervision of
AWARDS AND RECOGNITION :
Most Trusted Electrical Brand of the country
‘HAVELLS’ has been ranked as the ‘Most Trusted
Electrical Brand’ of the country for the second consecutive year by Trust
Research Advisory (TRA), that publishes “The Brand Trust Report” each year
listing India’s most trusted brands. TRA research measures 61 tangible and
intangible aspects of brand trust which combine to reflect the attitudes and
deep-embedded associations the brand makes with its stakeholders.
The Company was also judged as the best Cables
Company by the renowned Zee Business in its First Edition of ‘Good Home
Awards’. The independent research was done by Ipsos, a global market research
agency, to poll some of the key stakeholders for home products, existing users,
intenders/ prospective buyers and contractors to arrive at a ranking of best
brands in 15 categories. Parameters used for recognizing the winner were
familiarity/ brand image; trust/ quality; innovative products/ solutions;
company recommended by trade; availability/ dealer network/ after sales
service.
MANAGEMENT DISCUSSION AND ANALYSIS :
HAVELLS - THE CONSUMERS’ CHOICE
As a leading player in consumer and industrial
electric products sector, Havells has carved a niche for itself in the consumer
mind and market. The expansive breadth of Havells’ portfolio of products has
made it a household name in
Their effort in continuously strengthening the
brand continues with a deeper commitment than ever before. Investing in their
brand has allowed us to strengthen the emotional bonding They have with the
consumers and to create a loyal class of customers who use Havells products in
their day to day life. Leveraging their deep understanding of the ever-transforming
aspirational needs of the consumers, They have entrenched theirselves firmly as
a brand with an enviable consumer connect that is constantly rewriting the
rules of business to create a new experience for each of its customers.
It is satisfying to note that Havells has
emerged as the leading brand in the consumer mind space. For the second year in
a row, Havells has emerged as the most trusted brand in the electrical
industry. Trust Research Advisory, in association with Indian Statistical
Institute in its “Brand Trust Report 2013”, has ranked Havells as the most
trusted brand in the industry.
They have built a strong value added business
network, creating a balanced portfolio of products within and adjacent to their
business core. A clear focus on consumers, with an eye on growth while building
for the future, allows us to maximise group level synergies. Creating premium
products, They continue to invest in their brands to take care of the household
needs of the consumers. Continuous refinement to their existing products,
keeping the consumers’ interest at the fore, has enabled us to remain
competitive in the markets and pursue profitable growth on a sustainable basis.
With a view to further strengthening their bonding
with the customers, They launched Appliances’ Connect with the Consumer.
Havells become the first Fast Moving Electrical Goods company to offer
door-step service via its initiative ‘Havells Connect’, thus, once again,
rewriting the rules of the industry to make them more relevant and more
contemporary. With their strategy firmly focused on ensuring sustained growth,
year on year, They continue to invest significantly in strengthening their
distribution network, which constitutes the core of their difficult to
replicate business model. Working hand in hand with their channel partners,
They continue to find neTheyr and better ways of deepening their consumer
connect and taking their business to the next level.
They have come a long way in the journey of
transforming theirselves from a single product switchgear manufacturer to a
full product Fast Moving Electrical Goods Company. The pursuit of growth has
been built on the foundation of creating value for all their stakeholders. This
has been their mantra since the last four decades. And this has helped us in
underwriting success, in good times and bad. The strategies honed over the last
40 years are being replicated in Havells Sylvania Global. Their exposure to
global markets through Havells Sylvania has helped us in leveraging their
global network of people, products and facilities to meet local consumer needs.
INDIAN INDUSTRY OVERVIEW :
The ever-evolving market scenario makes the
Indian electrical industry fairly dynamic. Operating in a highly competitive
environment, it is challenged by competition not only from emerging indigenous
players, but also cheap imports of global producers struggling to balance the
contraction of demand in the developed markets, like
In contrast to matured markets in developed
countries, the Indian markets are still in a growth stage. Buoyed by rising
income levels, resulting from the sustained GDP growth witnessed over the last
decade, as well as changing lifestyles and aspirations shaped by the higher
exposure to media, print and television, consumption demand has remained fairly
robust. The higher spending power has also seen consumers shifting to branded
products. And, within the branded category, there is a discernible move towards
affordable premium products category.
GLOBAL INDUSTRY OVERVIEW :
Buffeted by the sovereign crisis in a few
member countries, the Euro zone saw a decline in GDP growth by 0.3% as a result
of a slowdown in both private and public consumption. Hopes of stability in
this region were short-lived. In contrast, the
FINANCIAL PERFORMANCE: HAVELLSINDIA STAND ALONE :
The financial performance on a standalone
basis reflects a 17% growth in top line during the period under consideration.
EBIDTA margins were at 12.6% as against 12.7% in the comparable period in
2011-12.
SUBSIDIARY COMPANIES :
As on 31stMarch 2013,
The Company has 56 (fifty six) subsidiaries
out of which 55 (fifty five) companies are registered outside India, 1 (one) of
which is based at Hong Kong, which serves as a Central Procurement Company
(CPC) to procure various electrical products for Havells and Sylvania trading
operations.
In the light of MCA Circular No. 2/2011 issued
by the Central Government dated 8th February 2011 the Company is
exempted from attaching the Annual Accounts of each of its subsidiary companies
with the Balance Sheet of the Company. The Board of Directors of the Company
has, by Resolution passed in its meeting held on 28th May 2013,
given consent for not attaching the Balance Sheets of the subsidiaries
concerned.
The consolidated financial statements of the
Company and all subsidiaries duly audited by the statutory auditors are
presented in the Annual Report. The consolidated financial statements have been
prepared in strict compliance with applicable Accounting Standards and, where
applicable, Listing Agreement as prescribed by the Securities and Exchange
Board of India.
Further, the following information in
aggregate for each subsidiary including subsidiaries of subsidiaries has been
annexed to the consolidated balance sheet:-
(a) capital (b) reserves (c) total assets (d) total liabilities (e) details of
investment (except in case of investment in the subsidiaries) (f) turnover (g)
profit before taxation (h) provision for
taxation (i) profit after taxation (j) proposed dividend.
The annual accounts of the subsidiary
companies and the related detailed information shall be made available to
Shareholders of the Company and its subsidiary companies upon request and it
shall also be made available on the website of the Company i.e.
www.havells.com. The annual accounts of the subsidiary companies shall also be
kept for inspection by any shareholder in the head office of the Company and
the offices of its subsidiary companies
CONTINGENT LIABILITIES AND COMMITMENTS : (31.03.2013)
|
Contingent liabilities (to the extent not provided for) |
2012-2013 |
|
Claims/Suits filed against the Company not acknowledged
as debts {refer note (i)} |
137.200 |
|
Bank guarantees opened with banks |
836.900 |
|
Letter of credits opened with banks |
311.700 |
|
Liability towards banks against receivable
buyout facilities {refer note (ii)} |
638.300 |
|
Bonds to excise department against export of
excisable goods/purchase of goods without payment of duty (to the extent
utilised) |
187.200 |
|
Custom duty payable against export
obligation |
191.700 |
|
Disputed tax liabilities in respect of pending
cases before Appellate Authorities {amount deposited under protest Rs. 52.400
Millions (previous year Rs. 69.300 Millions)} {refer note (iii)} |
460.300 |
|
Demand raised by Uttarakhand Power
Corporation Limited contested before electricity Ombudsman, Dehradun {Amount
deposited under protest Rs. 10.000 Millions (previous year Rs. 2.000
Millions)} |
10.000 |
|
Corporate Guarantees given on behalf of
subsidiary companies (to the extent of outstanding obligation) {refer note
(iv)} |
2916.800 |
Notes :
1. The
Company had supplied switchgear products to one of its international customer
“Electrium” from 2009 onwards after due inspection by the customer. The
customer has claimed that the material supplied by the Company was not of
approved quality norms and consequently Electrium voluntarily recalled the
material from the market. During the year, arbitration proceedings were
initiated by Electrium claiming initial compensation of Rs. 1975.700 Millions,
however till date no hearing has happened.
During the tenure of the dispute period, the
Company had supplied material to Electrium amounting to Rs. 94.500 Millions
only and as per the terms of the contract, the Company is not liable to pay any
consequential cost. Accordingly, management is of the view that the claim made
by customer is not tenable as the contract expressly limits the Company’s
liability with respect to replacement of the defective products. The matter is
subjudice.
2. The Company has utilised a receivable
buyout facility of Rs. 2499.100 Millions (previous year Rs. 2447.500 Millions)
availed from IDBI Bank Limited against insurance backed trade receivables with
a rectheirse of 10% of facility amount. Accordingly, the trade receivables at
the end of the year stand reduced by the said amount. A sum of Rs. 186.000
Millions (previous year Rs. 189.100 Millions) on account of charges paid for
this facility has been debited to trade receivables factoring charges account.
During the year, the Company has utilised a
trade receivable buyout facility of Rs. 911.800 Millions (previous year nil)
availed from Axis Bank Limited against insurance backed trade receivables with
a recourse of 10% of the facility amount. Accordingly, the trade receivables at
the end of the year stand reduced by the said amount. A sum of Rs. 12.200
Millions (previous year nil) on account of charges paid for this facility has
been debited to trade receivables factoring charges account.
The Company has arranged channel finance facility
for its customers of Rs. 3259.200 Millions (previous year Rs. 2695.400
Millions) from Yes Bank Limited and Axis Bank Limited against insurance backed
trade receivables with a recourse of 5% of the facility utilised and 10% of the
facility amount respectively.
PRESS RELEASE :
Havells
New Delhi, May 28, 2013: Havells India Limited, a $1.3 billion leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer, today announced its financial results for the fourth quarter and the financial year ended March 31, 2013.
Standalone basis FY13 vs. FY12
• On a standalone basis, Total Income grew 17% to Rs. 42249.900 Millions compared
to Rs. 36156.1000 Millions in the corresponding period of the previous
financial year.
• Net Profit rose by 22% to Rs. 3713.900 Millions as compared to Rs.
3054.300 Millions in FY12.
Consolidated basis FY13 vs. FY12
• Total Income for the year ended March 31, 2013 increased by 11% to Rs.
72478.900 Millions as compared to Rs. 65182.000 Millions in the corresponding
period of the previous financial year.
• Net Profit (PAT) was Rs. 5814.000 Millions (However this includes
one-time exceptional item of Rs. 1940.000 Millions) as compared to Rs. 3699.200
Millions in FY12.
• The consolidated numbers include the performances of Havells
Q4FY13 vs. Q4FY12 (Standalone basis)
• Total Income for Q4FY13 grew by 12% to Rs. 11696.000 Millions as
compared to Rs. 10466.800 Millions in Q4FY12. Net profit (PAT) grew by 20% to
Rs. 1096.800 Millions for FY13 compared to Rs. 915.200 Millions in FY12.
Management Comments
Commenting on the financial performance Mr. Anil Rai Gupta, Joint Managing
Director (JMD), Havells (
Business Segments
• The performance of the switchgear sales for the year ended March 2013
showed a growth of 20% to Rs. 10780.600 Millions from Rs. 8961.500 Millions
achieved in FY12.
• The electronic, electrical consumer durables grew 38% with revenue of
Rs. 7892.700 Millions as against Rs. 5720.800 Millions in FY12 on the back of
strong growth in fans segment.
• The lighting and fixtures business grew by 7% to Rs. 36930.700 Millions
as against Rs. 34569.800 Millions in FY12.
• The cable segment showed a growth of 6% to Rs. 16924.800 Millions as
against Rs. 15929.900 Millions in FY12.
Other Highlights
• Products have rolled out from
• This facility will equip company to offer wide range of lighting
products and meet distribution reach
• Launched a new range of premium domestic appliances like Coffee Maker,
Induction Cooker, Rice Cooker, Mixer Grinder, etc., pan India.
• Launched premium and unique range of switches under Crabtree Brand -
Crabtree-Xpro and Murano
• New products like Solar Cables, Home Safe Protection Devices Fitted
with MCB, Smoke extraction motors and Fans have performed as per their
expectations.
• Expanded Havells Galaxy chain by opening more stores across
ABOUT HAVELLS
Havells India Limited 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, Cablesand 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,
With 94 branches / representative offices and over 6000 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
Havells
Research conducted by India’s foremost research
agency Trust Research Advisory (TRA)
New Delhi, 27th Feb 2013: 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, has been ranked the most trusted electrical brand of
the country in a research done by Trust Research Advisory (TRA).Havells has earned
this recognition for the second consecutive year.
The research measured 61
tangible and intangible aspects of brand trust which combine to reflect the
attitudes and deep-embedded associations the brand makes with its stakeholders.
This year, Trust Research Advisory has come out with “The Brand Trust Report
2013” in association
with Indian Statistical Institute (ISI), a topmost semi government research
agency and carried out a research across 16 cities generating 3 million data
points and included over 19,000 unique brands.
Speaking on the occasion,
Mr. Anil Rai Gupta, JMD, Havells India Limited., said, ‘They are proud to be
ranked as the most trusted electrical brand for the second consecutive year.
They would like to thank all their stakeholders especially consumers for
showing so much of trust in us. This recognition is a testimony of their
efforts to provide high quality and innovative products and will continue to
delight their customers with innovative offerings in the future.”
Each year, TRA publishes
“The Brand Trust Report” which lists
About Havells India Limited
Havells India Limited 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, Cablesand
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,
With 94 branches / representative offices and over
6000 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
Havells
Q3FY13 Standalone Net Revenue up by 18% to Rs. 1058 Millions; PAT up 20%
23 January 2012, Havells
Q3 Standalone Performance
·Net Income grew by 18% to Rs. 10580.000 Millions during the third quarter ended December31, 2012 compared to Rs. 8960.000 Millions in the corresponding quarter ended December 31, 2011. Growth In revenue has come from new product launches in switchgear and electrical consumer goods segments.
·During the period EBIDTA grew by 11% to Rs. 1400.000 Millions as against Rs. 1260.000 Millions in the corresponding quarter previous year.
·Net Profit grew by 20% to Rs. 950.000 Millions for the period ended December 31, 2012compared to Rs. 790.000 Millions during the similar period.
Q3 Consolidated Performance
·Net Income grew by 9% to Rs. 18140.000 Millions during the third quarter ended December31, 2012 compared to Rs. 16590.000 Millions in the corresponding quarter ended December 31, 2011.
·PAT grew by 33% to Rs. 1180.000 Millions for the period ended December 31, 2012 compared to Rs. 890.000 Millions in the corresponding quarter previous year
Nine month standalone performance
·Net income grew by 19% to Rs. 30550.000 Millions as compared to Rs. 25690.000 Millions of the corresponding period of last year.
·PAT grew by 22% at Rs. 2620.000 Millions as compared to Rs. 2140.000 Millions of the corresponding period of the last year.
·The advertisement and sales promotion expenses during nine months were 3.8% at Rs. 7840.000 Millions as compared to 3.2 % at Rs. 5590.000 Millions in corresponding period last year.
Commenting on the financial performance, Anil Rai Gupta, Joint Managing Director (JMD), Havells India Limited said, “The growth momentum has continued in the current quarter and this has been in line with their targets. It is also reflective of several initiatives undertaken in the last nine months that include enhancing their footprint in the domestic market and expanding their product portfolio. During the quarter, we inauguratedIndia’s first large scale lighting plant. With new product launches in consumer goods receiving good response, we are confident of maintaining growth momentum in the year ahead.
Business segments
·The performance of the switchgear sales showed a growth of 19% to Rs. 2700.000 Millions from Rs. 2260.000 Millions achieved in the corresponding quarter of the previous year.
·The electronic, electrical consumer durables grew 47% with revenue of Rs. 5760.000 Millions as against Rs. 3910.000 Millions in the corresponding quarter of the previous year. Company’s Fan business registered a strong growth of 30%.
·The lighting and fixtures business grew by 20% to Rs. 4830.000 Millions as against Rs. 4030.000 Millions
·The domestic cable segment showed a growth of 27%
Other Highlights
·During the quarter, company inaugurated
·Launched a new range of high-end switches under its premium brand Crabtree called ‘Murano’
·Launched a new range of premium domestic appliances
·Expanded Havells Galaxy chain by opening 12 more stores
across
·The contribution margins improved from 20.6% to 21.7% from Q2 FY13 to Q3FY13 consistent with the margins of Q3 FY12 of 21.7%
FIXED
ASSETS:
Tangible
Assets
·
·
· Office Premises
· Plant and Machinery
· Generator
· Furniture and Fixtures
· Electrical Fans and Installations
· Water Supply Installations
· Weighting Scale
· EDP Equipments
· Office Equipments
· Air Conditioner
· Vehicles
· R and D Equipments
Intangible
Assets
·
Computer Software
·
Technical know-how
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 proeeding 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. 60.10 |
|
|
1 |
Rs. 91.07 |
|
Euro |
1 |
Rs. 77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
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 |
YES |
|
--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.